Sample (adjusted): 1994 2019 Included observations: 26 after adjustments Trend assumption: Linear deterministic trend Series: D_DAX D_GDP D_INF D_UNE Lags interval (in first differences): 1 to 1
Unrestricted Cointegration Rank Test (Trace)
Hypothesized Trace 0.05
No. of CE(s) Eigenvalue Statistic Critical Value Prob.**
None * 0.768976 76.85975 47.85613 0.0000
At most 1 * 0.612608 38.76368 29.79707 0.0036 At most 2 0.336732 14.10741 15.49471 0.0800 At most 3 0.123673 3.432411 3.841465 0.0639
Trace test indicates 2 cointegrating eqn(s) at the 0.05 level
* denotes rejection of the hypothesis at the 0.05 level **MacKinnon-Haug-Michelis (1999) p-values
Unrestricted Cointegration Rank Test (Maximum Eigenvalue)
Hypothesized Max-Eigen 0.05
No. of CE(s) Eigenvalue Statistic Critical Value Prob.**
None * 0.768976 38.09608 27.58434 0.0016
At most 1 * 0.612608 24.65627 21.13162 0.0153 At most 2 0.336732 10.67500 14.26460 0.1713 At most 3 0.123673 3.432411 3.841465 0.0639
Max-eigenvalue test indicates 2 cointegrating eqn(s) at the 0.05 level
* denotes rejection of the hypothesis at the 0.05 level **MacKinnon-Haug-Michelis (1999) p-values
Unrestricted Cointegrating Coefficients (normalized by b'*S11*b=I):