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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:              -849.715 
Log-likelihood:          450.857  BIC:              -752.065 
log(det(Omega_hat)):     -11.367  Free parameters:        26 
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    Fractional parameters:                                                                             
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    Coefficient               Estimate                Standard error 
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         d                       0.575                      0.048                
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    Cointegrating equations (beta):                                                                  
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      Variable        CI equation 1  
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        Var1              0.994     
        Var2              0.105     
        Var3             -0.181     
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    Adjustment matrix (alpha):                                                                         
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      Variable        CI equation 1  
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        Var 1            -0.189     
         SE 1         (   0.065  )  
        Var 2             0.000     
         SE 2         (   0.000  )  
        Var 3             0.039     
         SE 3         (   0.014  )  
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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           -0.188         -0.020          0.034    
      Var 2            0.000          0.000          0.000    
      Var 3            0.039          0.004         -0.007    
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    Level parameter (mu):                                                                         
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        Var 1            -0.310     
         SE 1         (   0.067  )  
        Var 2            11.538     
         SE 2         (   0.553  )  
        Var 3            -2.873     
         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            0.269         -0.032         -0.512    
       SE 1        (   0.157  )   (   0.026  )   (   0.507  )  
      Var 2           -0.013          1.115         -3.001    
       SE 2        (   0.345  )   (   0.189  )   (   1.909  )  
      Var 3           -0.053          0.008          0.694    
       SE 3        (   0.022  )   (   0.005  )   (   0.164  )  
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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            0.570          0.104          0.586    
       SE 1        (   0.184  )   (   0.044  )   (   0.606  )  
      Var 2            0.685         -0.371          0.223    
       SE 2        (   0.508  )   (   0.159  )   (   2.509  )  
      Var 3           -0.043         -0.020          0.330    
       SE 3        (   0.032  )   (   0.008  )   (   0.138  )  
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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         -2.710          0.000            2.710                                        
       2         -1.498          0.000            1.498                                        
       3          1.129         -0.939            1.469                                        
       4          1.129          0.939            1.469                                        
       5          1.098          0.000            1.098                                        
       6          1.000          0.000            1.000                                        
       7          1.000          0.000            1.000                                        
       8          0.934         -0.281            0.976                                        
       9          0.934          0.281            0.976                                        
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Restrictions imposed on the following parameters:
- Psi. For details see "options$R_psi"
- Alpha. For details see "options$R_Alpha"
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