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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: (0.010 , 2.000) 
Starting value for b:    1.000    Parameter space for b: (0.010 , 2.000) 
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Cointegrating rank:            1  AIC:              -836.791 
Log-likelihood:          444.395  BIC:              -739.141 
log(det(Omega_hat)):     -11.326  Free parameters:        26 
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    Fractional parameters:                                                                             
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    Coefficient               Estimate                Standard error 
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         d                       0.673                      0.058                
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    Cointegrating equations (beta):                                                                  
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      Variable        CI equation 1  
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        Var1              0.000     
        Var2             -0.051     
        Var3             -0.223     
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    Adjustment matrix (alpha):                                                                         
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      Variable        CI equation 1  
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        Var 1             0.032     
         SE 1         (   0.080  )  
        Var 2            -0.184     
         SE 2         (   0.301  )  
        Var 3            -0.042     
         SE 3         (   0.016  )  
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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            0.000         -0.002         -0.007    
      Var 2            0.000          0.009          0.041    
      Var 3            0.000          0.002          0.009    
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    Level parameter (mu):                                                                         
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        Var 1            -0.030     
         SE 1         (   0.162  )  
        Var 2            11.525     
         SE 2         (   0.529  )  
        Var 3            -2.874     
         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           -0.038         -0.043         -0.665    
       SE 1        (   0.112  )   (   0.024  )   (   0.440  )  
      Var 2            0.018          0.803         -2.387    
       SE 2        (   0.295  )   (   0.177  )   (   1.571  )  
      Var 3           -0.023          0.010          0.471    
       SE 3        (   0.016  )   (   0.005  )   (   0.140  )  
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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            0.234          0.030          0.475    
       SE 1        (   0.133  )   (   0.031  )   (   0.555  )  
      Var 2            0.616         -0.222         -2.252    
       SE 2        (   0.420  )   (   0.152  )   (   2.071  )  
      Var 3           -0.009         -0.014          0.300    
       SE 3        (   0.023  )   (   0.006  )   (   0.107  )  
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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         -2.104         -0.107            2.106                                        
       2         -2.104          0.107            2.106                                        
       3          1.991          0.000            1.991                                        
       4          1.256         -1.284            1.796                                        
       5          1.256          1.284            1.796                                        
       6          1.035         -0.077            1.037                                        
       7          1.035          0.077            1.037                                        
       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$R_psi"
- Beta. For details see "options$R_Beta"
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