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                      Fractionally Cointegrated VAR: Estimation Results                              
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Dimension of system:       3      Number of observations in sample:          316 
Number of lags:            2      Number of observations for estimation:     316 
Restricted constant:      No      Initial values:                              0
Unrestricted constant:    No      Level parameter:                           Yes
Starting value for d:    1.000    Parameter space for d: (1.000 , 1.000) 
Starting value for b:    1.000    Parameter space for b: (1.000 , 1.000) 
Imposing d >= b:          No
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Cointegrating rank:            1  AIC:              -832.053 
Log-likelihood:          442.027  BIC:              -734.404 
log(det(Omega_hat)):     -11.311  Free parameters:        26 
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    Fractional parameters:                                                                             
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    Coefficient               Estimate                Standard error 
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         d                       1.000                      0.000                
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    Cointegrating equations (beta):                                                                  
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      Variable        CI equation 1  
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        Var1              1.000     
        Var2              0.073     
        Var3              0.064     
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Note: Identifying restriction imposed.                                                               
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    Adjustment matrix (alpha):                                                                         
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      Variable        CI equation 1  
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        Var 1            -0.139     
         SE 1         (   0.032  )  
        Var 2             0.009     
         SE 2         (   0.116  )  
        Var 3             0.009     
         SE 3         (   0.006  )  
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Note: Standard errors in parenthesis.                                                                
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    Long-run matrix (Pi):                                                                       
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      Variable         Var 1          Var 2          Var 3   
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      Var 1           -0.139         -0.010         -0.009    
      Var 2            0.009          0.001          0.001    
      Var 3            0.009          0.001          0.001    
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    Level parameter (mu):                                                                         
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        Var 1            -0.168     
         SE 1         (   0.070  )  
        Var 2            11.754     
         SE 2         (   0.570  )  
        Var 3            -2.878     
         SE 3         (   0.033  )  
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Note: Standard errors in parenthesis (from numerical Hessian) 
      but asymptotic distribution is unknown. 
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    Lag matrix 1 (Gamma_1):                                                                            
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      Variable         Var 1          Var 2          Var 3   
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      Var 1           -0.226         -0.022         -0.386    
       SE 1        (   0.058  )   (   0.016  )   (   0.289  )  
      Var 2           -0.062          0.227         -2.302    
       SE 2        (   0.211  )   (   0.059  )   (   1.057  )  
      Var 3           -0.020          0.007          0.038    
       SE 3        (   0.011  )   (   0.003  )   (   0.058  )  
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Note: Standard errors in parentheses.                                                                
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    Lag matrix 2 (Gamma_2):                                                                            
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      Variable         Var 1          Var 2          Var 3   
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      Var 1            0.004          0.025          0.309    
       SE 1        (   0.056  )   (   0.016  )   (   0.287  )  
      Var 2            0.062          0.028         -2.588    
       SE 2        (   0.203  )   (   0.058  )   (   1.051  )  
      Var 3           -0.010         -0.006          0.073    
       SE 3        (   0.011  )   (   0.003  )   (   0.057  )  
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Note: Standard errors in parentheses.                                                                
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    Roots of the characteristic polynomial                                                           
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    Number     Real part    Imaginary part       Modulus                                             
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       1        -10.793          0.000           10.793                                        
       2          1.268         -2.778            3.054                                        
       3          1.268          2.778            3.054                                        
       4         -3.034         -0.291            3.048                                        
       5         -3.034          0.291            3.048                                        
       6          2.019          0.000            2.019                                        
       7          1.136          0.000            1.136                                        
       8          1.000          0.000            1.000                                        
       9          1.000          0.000            1.000                                        
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Restrictions imposed on the following parameters:
- Psi. For details see "options$R_psi"
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