                                                                                
Enter "INPUT FILE=fn ;" (no quotes): 
  Fair-Parke Program   November 11, 2013

MAIN:  Space allowed in SPA    =  40000000
       Space allowed in LA     =   2000000
       Space allowed in DPA    =     20000
       Space allowed in LSTACK =    500000
       Space allowed in L      =      4000
SPACE MAXVAR=800 MAXS=32 MAXFSR=60 FIRSTPER=1952.1 LASTPER=2022.4             
  IFAIR=1 IFAIRF=1 NFY=84 IFY=129 KFY=9 ITYPE=0 ;                             
JMCB paper                                                              
Space allocations are:
 MAXVAR     =       800
 MAXS       =        32
 MAXCOEF    =        20
 MAXFSR     =        60
 MAXCOV     =         0
Quarterly data. FIRSTPER =  1952.1 LASTPER =  2022.4
Initial space used:
                Used          Allocated
  SPA          690234      40000000
  LA           622149       2000000
  DPA             810         20000
@                                                                             
@ SPECIAL MAXS is 32 for MCCRIS                                               
@                                                                             
@ For solution, do at least 3 iterations, and check only first 30 variables.  
@                                                                             
SETUPSOLVE MINITERS=3 MAXCHECK=30 ;                                           
SETUPSOLVE options are:
MAXITERS =     100
MINITERS =       3
MAXCHECK =      30
TOLALL   =      0.001000000000
DAMPALL  =      1.000000000000
MAXERR   =       0
-NOMISS
-TOLALLABS
-NOMSG
-DEBUGPRINT
-TESTEQS
@                                                                             
@ No missing values in US MODEL                                               
@                                                                             
@SETUPEST NOMISS;                                                             
SETUPSOLVE NOMISS;                                                            
SETUPSOLVE options are:
MAXITERS =     100
MINITERS =       3
MAXCHECK =      30
TOLALL   =      0.001000000000
DAMPALL  =      1.000000000000
MAXERR   =       0
NOMISS
-TOLALLABS
-NOMSG
-DEBUGPRINT
-TESTEQS
SETUPSOLVE NOMSG;                                                             
SETUPSOLVE options are:
MAXITERS =     100
MINITERS =       3
MAXCHECK =      30
TOLALL   =      0.001000000000
DAMPALL  =      1.000000000000
MAXERR   =       0
NOMISS
-TOLALLABS
NOMSG
-DEBUGPRINT
-TESTEQS
@                                                                             
@ Setup for 2SLS estimation                                                   
@                                                                             
SETUPEST ALT2SLS;                                                             
SETUPEST options are:
MAXRHO      =    50
TOLRHO      =    0.000010000000
MAXLAD      =    20
TOLLAD      =    0.002000000000
Q           =    0.500000000000
-DIVIDET
-NOMISS
-PRINTONLY
-LOGLHS
ALT2SLS
-HANSENM
@SETUPEST DIVIDET;                                                            
@                                                                             
@ Load the data                                                               
@                                                                             
LOADDATA FILE=US.DAT;                                                         
 SMPL    1952.1   2013.3 ;                                                    
Sample period is now  1952.1 to  2013.3 Internally:     1 to   247
 LOAD CS       ;                                                              
Name CS       not found.
Name added to list: CS      
 LOAD CN       ;                                                              
Name CN       not found.
Name added to list: CN      
 LOAD CD       ;                                                              
Name CD       not found.
Name added to list: CD      
 LOAD IHH      ;                                                              
Name IHH      not found.
Name added to list: IHH     
 LOAD L1       ;                                                              
Name L1       not found.
Name added to list: L1      
 LOAD L2       ;                                                              
Name L2       not found.
Name added to list: L2      
 LOAD L3       ;                                                              
Name L3       not found.
Name added to list: L3      
 LOAD LM       ;                                                              
Name LM       not found.
Name added to list: LM      
 LOAD NONE9    ;                                                              
Name NONE9    not found.
Name added to list: NONE9   
 LOAD PF       ;                                                              
Name PF       not found.
Name added to list: PF      
 LOAD Y        ;                                                              
Name Y        not found.
Name added to list: Y       
 LOAD IKF      ;                                                              
Name IKF      not found.
Name added to list: IKF     
 LOAD JF       ;                                                              
Name JF       not found.
Name added to list: JF      
 LOAD HF       ;                                                              
Name HF       not found.
Name added to list: HF      
 LOAD HO       ;                                                              
Name HO       not found.
Name added to list: HO      
 LOAD WF       ;                                                              
Name WF       not found.
Name added to list: WF      
 LOAD MF       ;                                                              
Name MF       not found.
Name added to list: MF      
 LOAD DF       ;                                                              
Name DF       not found.
Name added to list: DF      
 LOAD NONE19   ;                                                              
Name NONE19   not found.
Name added to list: NONE19  
 LOAD NONE20   ;                                                              
Name NONE20   not found.
Name added to list: NONE20  
 LOAD NONE21   ;                                                              
Name NONE21   not found.
Name added to list: NONE21  
 LOAD NONE22   ;                                                              
Name NONE22   not found.
Name added to list: NONE22  
 LOAD RB       ;                                                              
Name RB       not found.
Name added to list: RB      
 LOAD RM       ;                                                              
Name RM       not found.
Name added to list: RM      
 LOAD CG       ;                                                              
Name CG       not found.
Name added to list: CG      
 LOAD CUR      ;                                                              
Name CUR      not found.
Name added to list: CUR     
 LOAD IM       ;                                                              
Name IM       not found.
Name added to list: IM      
 LOAD UB       ;                                                              
Name UB       not found.
Name added to list: UB      
 LOAD INTG     ;                                                              
Name INTG     not found.
Name added to list: INTG    
 LOAD RS       ;                                                              
Name RS       not found.
Name added to list: RS      
 LOAD PX       ;                                                              
Name PX       not found.
Name added to list: PX      
 LOAD PEX      ;                                                              
Name PEX      not found.
Name added to list: PEX     
 LOAD PD       ;                                                              
Name PD       not found.
Name added to list: PD      
 LOAD PH       ;                                                              
Name PH       not found.
Name added to list: PH      
 LOAD PCS      ;                                                              
Name PCS      not found.
Name added to list: PCS     
 LOAD PCN      ;                                                              
Name PCN      not found.
Name added to list: PCN     
 LOAD PCD      ;                                                              
Name PCD      not found.
Name added to list: PCD     
 LOAD PIH      ;                                                              
Name PIH      not found.
Name added to list: PIH     
 LOAD PIK      ;                                                              
Name PIK      not found.
Name added to list: PIK     
 LOAD PG       ;                                                              
Name PG       not found.
Name added to list: PG      
 LOAD PS       ;                                                              
Name PS       not found.
Name added to list: PS      
 LOAD PIV      ;                                                              
Name PIV      not found.
Name added to list: PIV     
 LOAD WH       ;                                                              
Name WH       not found.
Name added to list: WH      
 LOAD WG       ;                                                              
Name WG       not found.
Name added to list: WG      
 LOAD WM       ;                                                              
Name WM       not found.
Name added to list: WM      
 LOAD WS       ;                                                              
Name WS       not found.
Name added to list: WS      
 LOAD THG      ;                                                              
Name THG      not found.
Name added to list: THG     
 LOAD THS      ;                                                              
Name THS      not found.
Name added to list: THS     
 LOAD TFG      ;                                                              
Name TFG      not found.
Name added to list: TFG     
 LOAD TFS      ;                                                              
Name TFS      not found.
Name added to list: TFS     
 LOAD IBTG     ;                                                              
Name IBTG     not found.
Name added to list: IBTG    
 LOAD IBTS     ;                                                              
Name IBTS     not found.
Name added to list: IBTS    
 LOAD SIHG     ;                                                              
Name SIHG     not found.
Name added to list: SIHG    
 LOAD SIFG     ;                                                              
Name SIFG     not found.
Name added to list: SIFG    
 LOAD PKH      ;                                                              
Name PKH      not found.
Name added to list: PKH     
 LOAD INTGR    ;                                                              
Name INTGR    not found.
Name added to list: INTGR   
 LOAD USROW    ;                                                              
Name USROW    not found.
Name added to list: USROW   
 LOAD KD       ;                                                              
Name KD       not found.
Name added to list: KD      
 LOAD KH       ;                                                              
Name KH       not found.
Name added to list: KH      
 LOAD X        ;                                                              
Name X        not found.
Name added to list: X       
 LOAD XX       ;                                                              
Name XX       not found.
Name added to list: XX      
 LOAD HN       ;                                                              
Name HN       not found.
Name added to list: HN      
 LOAD V        ;                                                              
Name V        not found.
Name added to list: V       
 LOAD YT       ;                                                              
Name YT       not found.
Name added to list: YT      
 LOAD SH       ;                                                              
Name SH       not found.
Name added to list: SH      
 LOAD AH       ;                                                              
Name AH       not found.
Name added to list: AH      
 LOAD CCF1     ;                                                              
Name CCF1     not found.
Name added to list: CCF1    
 LOAD PIEF     ;                                                              
Name PIEF     not found.
Name added to list: PIEF    
 LOAD SF       ;                                                              
Name SF       not found.
Name added to list: SF      
 LOAD AF       ;                                                              
Name AF       not found.
Name added to list: AF      
 LOAD MB       ;                                                              
Name MB       not found.
Name added to list: MB      
 LOAD SB       ;                                                              
Name SB       not found.
Name added to list: SB      
 LOAD AB       ;                                                              
Name AB       not found.
Name added to list: AB      
 LOAD SR       ;                                                              
Name SR       not found.
Name added to list: SR      
 LOAD AR       ;                                                              
Name AR       not found.
Name added to list: AR      
 LOAD SG       ;                                                              
Name SG       not found.
Name added to list: SG      
 LOAD AG       ;                                                              
Name AG       not found.
Name added to list: AG      
 LOAD SS       ;                                                              
Name SS       not found.
Name added to list: SS      
 LOAD AS       ;                                                              
Name AS       not found.
Name added to list: AS      
 LOAD TESTZERO ;                                                              
Name TESTZERO not found.
Name added to list: TESTZERO
 LOAD M1       ;                                                              
Name M1       not found.
Name added to list: M1      
 LOAD GDP      ;                                                              
Name GDP      not found.
Name added to list: GDP     
 LOAD GDPR     ;                                                              
Name GDPR     not found.
Name added to list: GDPR    
 LOAD GDPD     ;                                                              
Name GDPD     not found.
Name added to list: GDPD    
 LOAD E        ;                                                              
Name E        not found.
Name added to list: E       
 LOAD U        ;                                                              
Name U        not found.
Name added to list: U       
 LOAD UR       ;                                                              
Name UR       not found.
Name added to list: UR      
 LOAD ZERO1    ;                                                              
Name ZERO1    not found.
Name added to list: ZERO1   
 LOAD AA       ;                                                              
Name AA       not found.
Name added to list: AA      
 LOAD D1GM     ;                                                              
Name D1GM     not found.
Name added to list: D1GM    
 LOAD D1SM     ;                                                              
Name D1SM     not found.
Name added to list: D1SM    
 LOAD KK       ;                                                              
Name KK       not found.
Name added to list: KK      
 LOAD KKMIN    ;                                                              
Name KKMIN    not found.
Name added to list: KKMIN   
 LOAD JHMIN    ;                                                              
Name JHMIN    not found.
Name added to list: JHMIN   
 LOAD JJ       ;                                                              
Name JJ       not found.
Name added to list: JJ      
 LOAD CDH      ;                                                              
Name CDH      not found.
Name added to list: CDH     
 LOAD NICD     ;                                                              
Name NICD     not found.
Name added to list: NICD    
 LOAD YS       ;                                                              
Name YS       not found.
Name added to list: YS      
 LOAD YNL      ;                                                              
Name YNL      not found.
Name added to list: YNL     
 LOAD HFF      ;                                                              
Name HFF      not found.
Name added to list: HFF     
 LOAD TF1      ;                                                              
Name TF1      not found.
Name added to list: TF1     
 LOAD TCG      ;                                                              
Name TCG      not found.
Name added to list: TCG     
 LOAD SIG      ;                                                              
Name SIG      not found.
Name added to list: SIG     
 LOAD PUG      ;                                                              
Name PUG      not found.
Name added to list: PUG     
 LOAD RECG     ;                                                              
Name RECG     not found.
Name added to list: RECG    
 LOAD EXPG     ;                                                              
Name EXPG     not found.
Name added to list: EXPG    
 LOAD SGP      ;                                                              
Name SGP      not found.
Name added to list: SGP     
 LOAD TCS      ;                                                              
Name TCS      not found.
Name added to list: TCS     
 LOAD SIS      ;                                                              
Name SIS      not found.
Name added to list: SIS     
 LOAD PUS      ;                                                              
Name PUS      not found.
Name added to list: PUS     
 LOAD PFA      ;                                                              
Name PFA      not found.
Name added to list: PFA     
 LOAD RECS     ;                                                              
Name RECS     not found.
Name added to list: RECS    
 LOAD EXPS     ;                                                              
Name EXPS     not found.
Name added to list: EXPS    
 LOAD SSP      ;                                                              
Name SSP      not found.
Name added to list: SSP     
 LOAD YD       ;                                                              
Name YD       not found.
Name added to list: YD      
 LOAD SRZ      ;                                                              
Name SRZ      not found.
Name added to list: SRZ     
 LOAD IVF      ;                                                              
Name IVF      not found.
Name added to list: IVF     
 LOAD PROD     ;                                                              
Name PROD     not found.
Name added to list: PROD    
 LOAD WR       ;                                                              
Name WR       not found.
Name added to list: WR      
 LOAD POP      ;                                                              
Name POP      not found.
Name added to list: POP     
 LOAD SHRPIE   ;                                                              
Name SHRPIE   not found.
Name added to list: SHRPIE  
 LOAD PCGDPR   ;                                                              
Name PCGDPR   not found.
Name added to list: PCGDPR  
 LOAD PCGDPD   ;                                                              
Name PCGDPD   not found.
Name added to list: PCGDPD  
 LOAD PCM1     ;                                                              
Name PCM1     not found.
Name added to list: PCM1    
 LOAD UBR      ;                                                              
Name UBR      not found.
Name added to list: UBR     
 LOAD WA       ;                                                              
Name WA       not found.
Name added to list: WA      
 LOAD RSA      ;                                                              
Name RSA      not found.
Name added to list: RSA     
 LOAD RMA      ;                                                              
Name RMA      not found.
Name added to list: RMA     
 LOAD GNP      ;                                                              
Name GNP      not found.
Name added to list: GNP     
 LOAD GNPR     ;                                                              
Name GNPR     not found.
Name added to list: GNPR    
 LOAD GNPD     ;                                                              
Name GNPD     not found.
Name added to list: GNPD    
 LOAD GNPD     ;                                                              
 LOAD PIEFRET  ;                                                              
Name PIEFRET  not found.
Name added to list: PIEFRET 
 LOAD AG1      ;                                                              
Name AG1      not found.
Name added to list: AG1     
 LOAD AG2      ;                                                              
Name AG2      not found.
Name added to list: AG2     
 LOAD AG3      ;                                                              
Name AG3      not found.
Name added to list: AG3     
 LOAD BO       ;                                                              
Name BO       not found.
Name added to list: BO      
 LOAD BR       ;                                                              
Name BR       not found.
Name added to list: BR      
 LOAD CCGQ     ;                                                              
Name CCGQ     not found.
Name added to list: CCGQ    
 LOAD CCHQ     ;                                                              
Name CCHQ     not found.
Name added to list: CCHQ    
 LOAD CCSQ     ;                                                              
Name CCSQ     not found.
Name added to list: CCSQ    
 LOAD CDA      ;                                                              
Name CDA      not found.
Name added to list: CDA     
 LOAD COG      ;                                                              
Name COG      not found.
Name added to list: COG     
 LOAD COS      ;                                                              
Name COS      not found.
Name added to list: COS     
 LOAD CTB      ;                                                              
Name CTB      not found.
Name added to list: CTB     
 LOAD CTF1     ;                                                              
Name CTF1     not found.
Name added to list: CTF1    
 LOAD CTGB     ;                                                              
Name CTGB     not found.
Name added to list: CTGB    
 LOAD CTGMB    ;                                                              
Name CTGMB    not found.
Name added to list: CTGMB   
 LOAD CTH      ;                                                              
Name CTH      not found.
Name added to list: CTH     
 LOAD CTNN     ;                                                              
Name CTNN     not found.
Name added to list: CTNN    
 LOAD CTR      ;                                                              
Name CTR      not found.
Name added to list: CTR     
 LOAD CTS      ;                                                              
Name CTS      not found.
Name added to list: CTS     
 LOAD D1G      ;                                                              
Name D1G      not found.
Name added to list: D1G     
 LOAD D1S      ;                                                              
Name D1S      not found.
Name added to list: D1S     
 LOAD D2G      ;                                                              
Name D2G      not found.
Name added to list: D2G     
 LOAD D2S      ;                                                              
Name D2S      not found.
Name added to list: D2S     
 LOAD D3G      ;                                                              
Name D3G      not found.
Name added to list: D3G     
 LOAD D3S      ;                                                              
Name D3S      not found.
Name added to list: D3S     
 LOAD D4G      ;                                                              
Name D4G      not found.
Name added to list: D4G     
 LOAD D5G      ;                                                              
Name D5G      not found.
Name added to list: D5G     
 LOAD D6G      ;                                                              
Name D6G      not found.
Name added to list: D6G     
 LOAD D593     ;                                                              
Name D593     not found.
Name added to list: D593    
 LOAD D594     ;                                                              
Name D594     not found.
Name added to list: D594    
 LOAD D601     ;                                                              
Name D601     not found.
Name added to list: D601    
 LOAD D691     ;                                                              
Name D691     not found.
Name added to list: D691    
 LOAD D692     ;                                                              
Name D692     not found.
Name added to list: D692    
 LOAD D714     ;                                                              
Name D714     not found.
Name added to list: D714    
 LOAD D721     ;                                                              
Name D721     not found.
Name added to list: D721    
 LOAD D794823  ;                                                              
Name D794823  not found.
Name added to list: D794823 
 LOAD DBQ      ;                                                              
Name DBQ      not found.
Name added to list: DBQ     
 LOAD DELD     ;                                                              
Name DELD     not found.
Name added to list: DELD    
 LOAD DELH     ;                                                              
Name DELH     not found.
Name added to list: DELH    
 LOAD DELK     ;                                                              
Name DELK     not found.
Name added to list: DELK    
 LOAD ZERO4    ;                                                              
Name ZERO4    not found.
Name added to list: ZERO4   
 LOAD DG       ;                                                              
Name DG       not found.
Name added to list: DG      
 LOAD DISB     ;                                                              
Name DISB     not found.
Name added to list: DISB    
 LOAD DISF     ;                                                              
Name DISF     not found.
Name added to list: DISF    
 LOAD DISG     ;                                                              
Name DISG     not found.
Name added to list: DISG    
 LOAD DISH     ;                                                              
Name DISH     not found.
Name added to list: DISH    
 LOAD DISR     ;                                                              
Name DISR     not found.
Name added to list: DISR    
 LOAD DISS     ;                                                              
Name DISS     not found.
Name added to list: DISS    
 LOAD DRQ      ;                                                              
Name DRQ      not found.
Name added to list: DRQ     
 LOAD DS       ;                                                              
Name DS       not found.
Name added to list: DS      
 LOAD EX       ;                                                              
Name EX       not found.
Name added to list: EX      
 LOAD FA       ;                                                              
Name FA       not found.
Name added to list: FA      
 LOAD GSBQ     ;                                                              
Name GSBQ     not found.
Name added to list: GSBQ    
 LOAD GSCA     ;                                                              
Name GSCA     not found.
Name added to list: GSCA    
 LOAD GSMA     ;                                                              
Name GSMA     not found.
Name added to list: GSMA    
 LOAD GSNNQ    ;                                                              
Name GSNNQ    not found.
Name added to list: GSNNQ   
 LOAD HFS      ;                                                              
Name HFS      not found.
Name added to list: HFS     
 LOAD HG       ;                                                              
Name HG       not found.
Name added to list: HG      
 LOAD HM       ;                                                              
Name HM       not found.
Name added to list: HM      
 LOAD HS       ;                                                              
Name HS       not found.
Name added to list: HS      
 LOAD IGZQ     ;                                                              
Name IGZQ     not found.
Name added to list: IGZQ    
 LOAD IHB      ;                                                              
Name IHB      not found.
Name added to list: IHB     
 LOAD IHF      ;                                                              
Name IHF      not found.
Name added to list: IHF     
 LOAD IHHA     ;                                                              
Name IHHA     not found.
Name added to list: IHHA    
 LOAD IKB      ;                                                              
Name IKB      not found.
Name added to list: IKB     
 LOAD IKG      ;                                                              
Name IKG      not found.
Name added to list: IKG     
 LOAD IKH      ;                                                              
Name IKH      not found.
Name added to list: IKH     
 LOAD INS      ;                                                              
Name INS      not found.
Name added to list: INS     
 LOAD INTS     ;                                                              
Name INTS     not found.
Name added to list: INTS    
 LOAD INTZQ    ;                                                              
Name INTZQ    not found.
Name added to list: INTZQ   
 LOAD ISZQ     ;                                                              
Name ISZQ     not found.
Name added to list: ISZQ    
 LOAD IVA      ;                                                              
Name IVA      not found.
Name added to list: IVA     
 LOAD JG       ;                                                              
Name JG       not found.
Name added to list: JG      
 LOAD JJP      ;                                                              
Name JJP      not found.
Name added to list: JJP     
 LOAD JM       ;                                                              
Name JM       not found.
Name added to list: JM      
 LOAD JS       ;                                                              
Name JS       not found.
Name added to list: JS      
 LOAD LAM      ;                                                              
Name LAM      not found.
Name added to list: LAM     
 LOAD MDIF     ;                                                              
Name MDIF     not found.
Name added to list: MDIF    
 LOAD MGQ      ;                                                              
Name MGQ      not found.
Name added to list: MGQ     
 LOAD MHQ      ;                                                              
Name MHQ      not found.
Name added to list: MHQ     
 LOAD MRQ      ;                                                              
Name MRQ      not found.
Name added to list: MRQ     
 LOAD MSQ      ;                                                              
Name MSQ      not found.
Name added to list: MSQ     
 LOAD MUH      ;                                                              
Name MUH      not found.
Name added to list: MUH     
 LOAD NNF      ;                                                              
Name NNF      not found.
Name added to list: NNF     
 LOAD NNG      ;                                                              
Name NNG      not found.
Name added to list: NNG     
 LOAD NNH      ;                                                              
Name NNH      not found.
Name added to list: NNH     
 LOAD NNR      ;                                                              
Name NNR      not found.
Name added to list: NNR     
 LOAD NNS      ;                                                              
Name NNS      not found.
Name added to list: NNS     
 LOAD PIM      ;                                                              
Name PIM      not found.
Name added to list: PIM     
 LOAD POP1     ;                                                              
Name POP1     not found.
Name added to list: POP1    
 LOAD POP2     ;                                                              
Name POP2     not found.
Name added to list: POP2    
 LOAD POP3     ;                                                              
Name POP3     not found.
Name added to list: POP3    
 LOAD PSI1     ;                                                              
Name PSI1     not found.
Name added to list: PSI1    
 LOAD PSI2     ;                                                              
Name PSI2     not found.
Name added to list: PSI2    
 LOAD PSI3     ;                                                              
Name PSI3     not found.
Name added to list: PSI3    
 LOAD PSI4     ;                                                              
Name PSI4     not found.
Name added to list: PSI4    
 LOAD PSI5     ;                                                              
Name PSI5     not found.
Name added to list: PSI5    
 LOAD PSI6     ;                                                              
Name PSI6     not found.
Name added to list: PSI6    
 LOAD PSI7     ;                                                              
Name PSI7     not found.
Name added to list: PSI7    
 LOAD PSI8     ;                                                              
Name PSI8     not found.
Name added to list: PSI8    
 LOAD PSI9     ;                                                              
Name PSI9     not found.
Name added to list: PSI9    
 LOAD PSI10    ;                                                              
Name PSI10    not found.
Name added to list: PSI10   
 LOAD PSI11    ;                                                              
Name PSI11    not found.
Name added to list: PSI11   
 LOAD PSI12    ;                                                              
Name PSI12    not found.
Name added to list: PSI12   
 LOAD PSI13    ;                                                              
Name PSI13    not found.
Name added to list: PSI13   
 LOAD PSI14    ;                                                              
Name PSI14    not found.
Name added to list: PSI14   
 LOAD PSI15    ;                                                              
Name PSI15    not found.
Name added to list: PSI15   
 LOAD QQ       ;                                                              
Name QQ       not found.
Name added to list: QQ      
 LOAD RNTQ     ;                                                              
Name RNTQ     not found.
Name added to list: RNTQ    
 LOAD SIFS     ;                                                              
Name SIFS     not found.
Name added to list: SIFS    
 LOAD SIGG     ;                                                              
Name SIGG     not found.
Name added to list: SIGG    
 LOAD SIHS     ;                                                              
Name SIHS     not found.
Name added to list: SIHS    
 LOAD SISS     ;                                                              
Name SISS     not found.
Name added to list: SISS    
 LOAD STAT     ;                                                              
Name STAT     not found.
Name added to list: STAT    
 LOAD STATP    ;                                                              
Name STATP    not found.
Name added to list: STATP   
 LOAD SUBG     ;                                                              
Name SUBG     not found.
Name added to list: SUBG    
 LOAD SUBS     ;                                                              
Name SUBS     not found.
Name added to list: SUBS    
 LOAD T        ;                                                              
Name T        not found.
Name added to list: T       
 LOAD TAUG     ;                                                              
Name TAUG     not found.
Name added to list: TAUG    
 LOAD TAUS     ;                                                              
Name TAUS     not found.
Name added to list: TAUS    
 LOAD TFR      ;                                                              
Name TFR      not found.
Name added to list: TFR     
 LOAD TBGQ     ;                                                              
Name TBGQ     not found.
Name added to list: TBGQ    
 LOAD TBS      ;                                                              
Name TBS      not found.
Name added to list: TBS     
 LOAD TFA      ;                                                              
Name TFA      not found.
Name added to list: TFA     
 LOAD THETA1   ;                                                              
Name THETA1   not found.
Name added to list: THETA1  
 LOAD THETA2   ;                                                              
Name THETA2   not found.
Name added to list: THETA2  
 LOAD THETA3   ;                                                              
Name THETA3   not found.
Name added to list: THETA3  
 LOAD THETA4   ;                                                              
Name THETA4   not found.
Name added to list: THETA4  
 LOAD TRFG     ;                                                              
Name TRFG     not found.
Name added to list: TRFG    
 LOAD TRFH     ;                                                              
Name TRFH     not found.
Name added to list: TRFH    
 LOAD TRFR     ;                                                              
Name TRFR     not found.
Name added to list: TRFR    
 LOAD TRFS     ;                                                              
Name TRFS     not found.
Name added to list: TRFS    
 LOAD TRGHQ    ;                                                              
Name TRGHQ    not found.
Name added to list: TRGHQ   
 LOAD TRGR     ;                                                              
Name TRGR     not found.
Name added to list: TRGR    
 LOAD TRGSQ    ;                                                              
Name TRGSQ    not found.
Name added to list: TRGSQ   
 LOAD TRHR     ;                                                              
Name TRHR     not found.
Name added to list: TRHR    
 LOAD TRSHQ    ;                                                              
Name TRSHQ    not found.
Name added to list: TRSHQ   
 LOAD USAFF    ;                                                              
Name USAFF    not found.
Name added to list: USAFF   
 LOAD USOTHER  ;                                                              
Name USOTHER  not found.
Name added to list: USOTHER 
 LOAD USROW    ;                                                              
 LOAD INTF     ;                                                              
Name INTF     not found.
Name added to list: INTF    
 LOAD ZERO2    ;                                                              
Name ZERO2    not found.
Name added to list: ZERO2   
 LOAD ZERO3    ;                                                              
Name ZERO3    not found.
Name added to list: ZERO3   
 LOAD CCG      ;                                                              
Name CCG      not found.
Name added to list: CCG     
 LOAD CCH      ;                                                              
Name CCH      not found.
Name added to list: CCH     
 LOAD CCS      ;                                                              
Name CCS      not found.
Name added to list: CCS     
 LOAD DB       ;                                                              
Name DB       not found.
Name added to list: DB      
 LOAD DR       ;                                                              
Name DR       not found.
Name added to list: DR      
 LOAD GSB      ;                                                              
Name GSB      not found.
Name added to list: GSB     
 LOAD GSNN     ;                                                              
Name GSNN     not found.
Name added to list: GSNN    
 LOAD IGZ      ;                                                              
Name IGZ      not found.
Name added to list: IGZ     
 LOAD INTZ     ;                                                              
Name INTZ     not found.
Name added to list: INTZ    
 LOAD ISZ      ;                                                              
Name ISZ      not found.
Name added to list: ISZ     
 LOAD MG       ;                                                              
Name MG       not found.
Name added to list: MG      
 LOAD MH       ;                                                              
Name MH       not found.
Name added to list: MH      
 LOAD MR       ;                                                              
Name MR       not found.
Name added to list: MR      
 LOAD MS       ;                                                              
Name MS       not found.
Name added to list: MS      
 LOAD Q        ;                                                              
Name Q        not found.
Name added to list: Q       
 LOAD RNT      ;                                                              
Name RNT      not found.
Name added to list: RNT     
 LOAD TBG      ;                                                              
Name TBG      not found.
Name added to list: TBG     
 LOAD TRGH     ;                                                              
Name TRGH     not found.
Name added to list: TRGH    
 LOAD TRGS     ;                                                              
Name TRGS     not found.
Name added to list: TRGS    
 LOAD TRSH     ;                                                              
Name TRSH     not found.
Name added to list: TRSH    
 LOAD RECGZGDP ;                                                              
Name RECGZGDP not found.
Name added to list: RECGZGDP
 LOAD EXPGZGDP ;                                                              
Name EXPGZGDP not found.
Name added to list: EXPGZGDP
 LOAD SGPZGDP  ;                                                              
Name SGPZGDP  not found.
Name added to list: SGPZGDP 
 LOAD AGZGDP   ;                                                              
Name AGZGDP   not found.
Name added to list: AGZGDP  
 LOAD INTGZGDP ;                                                              
Name INTGZGDP not found.
Name added to list: INTGZGDP
 LOAD SRZGDP   ;                                                              
Name SRZGDP   not found.
Name added to list: SRZGDP  
 LOAD ASZGDP   ;                                                              
Name ASZGDP   not found.
Name added to list: ASZGDP  
 LOAD PCGDPR4  ;                                                              
Name PCGDPR4  not found.
Name added to list: PCGDPR4 
 LOAD PCGDPD4  ;                                                              
Name PCGDPD4  not found.
Name added to list: PCGDPD4 
 END;                                                                         
SMPL 1952.1 2013.3;                                                           
Sample period is now  1952.1 to  2013.3 Internally:     1 to   247
PLOTVAR FILEVAR=KEYBOARD;                                                     

         Plot of variable(s)
         PSI14     *

Values for PSI14   

 1952.1 0.8026     *                                                          
 1952.2 0.8231     !*                                                         
 1952.3 0.8198     !*                                                         
 1952.4 0.8328     !*                                                         
 1953.1 0.8381     !*                                                         
 1953.2 0.8490     ! *                                                        
 1953.3 0.8617     ! *                                                        
 1953.4 0.8515     ! *                                                        
 1954.1 0.8472     ! *                                                        
 1954.2 0.8479     ! *                                                        
 1954.3 0.8629     ! *                                                        
 1954.4 0.8705     !  *                                                       
 1955.1 0.8696     !  *                                                       
 1955.2 0.8777     !  *                                                       
 1955.3 0.8823     !  *                                                       
 1955.4 0.8853     !  *                                                       
 1956.1 0.8932     !   *                                                      
 1956.2 0.8971     !   *                                                      
 1956.3 0.8956     !   *                                                      
 1956.4 0.8930     !   *                                                      
 1957.1 0.8913     !  *                                                       
 1957.2 0.8953     !   *                                                      
 1957.3 0.8950     !   *                                                      
 1957.4 0.8959     !   *                                                      
 1958.1 0.8875     !  *                                                       
 1958.2 0.8959     !   *                                                      
 1958.3 0.9073     !   *                                                      
 1958.4 0.9176     !   *                                                      
 1959.1 0.9044     !   *                                                      
 1959.2 0.9102     !   *                                                      
 1959.3 0.9154     !   *                                                      
 1959.4 0.9207     !    *                                                     
 1960.1 0.9327     !    *                                                     
 1960.2 0.9261     !    *                                                     
 1960.3 0.9309     !    *                                                     
 1960.4 0.9263     !    *                                                     
 1961.1 0.9237     !    *                                                     
 1961.2 0.9335     !    *                                                     
 1961.3 0.9410     !    *                                                     
 1961.4 0.9459     !     *                                                    
 1962.1 0.9481     !     *                                                    
 1962.2 0.9449     !     *                                                    
 1962.3 0.9451     !     *                                                    
 1962.4 0.9512     !     *                                                    
 1963.1 0.9513     !     *                                                    
 1963.2 0.9450     !     *                                                    
 1963.3 0.9535     !     *                                                    
 1963.4 0.9491     !     *                                                    
 1964.1 0.9394     !    *                                                     
 1964.2 0.9459     !     *                                                    
 1964.3 0.9409     !    *                                                     
 1964.4 0.9509     !     *                                                    
 1965.1 0.9444     !    *                                                     
 1965.2 0.9390     !    *                                                     
 1965.3 0.9326     !    *                                                     
 1965.4 0.9360     !    *                                                     
 1966.1 0.9182     !   *                                                      
 1966.2 0.9434     !    *                                                     
 1966.3 0.9298     !    *                                                     
 1966.4 0.9427     !    *                                                     
 1967.1 0.9440     !    *                                                     
 1967.2 0.9461     !     *                                                    
 1967.3 0.9495     !     *                                                    
 1967.4 0.9615     !     *                                                    
 1968.1 0.9702     !     *                                                    
 1968.2 0.9770     !      *                                                   
 1968.3 0.9771     !      *                                                   
 1968.4  1.004     !       *                                                  
 1969.1  1.013     !       *                                                  
 1969.2  1.014     !       *                                                  
 1969.3  1.010     !       *                                                  
 1969.4  1.017     !       *                                                  
 1970.1  1.011     !       *                                                  
 1970.2  1.027     !        *                                                 
 1970.3  1.016     !       *                                                  
 1970.4  1.025     !        *                                                 
 1971.1  1.030     !        *                                                 
 1971.2  1.036     !        *                                                 
 1971.3  1.043     !        *                                                 
 1971.4  1.047     !        *                                                 
 1972.1  1.065     !         *                                                
 1972.2  1.067     !         *                                                
 1972.3  1.082     !          *                                               
 1972.4  1.108     !           *                                              
 1973.1  1.107     !           *                                              
 1973.2  1.112     !           *                                              
 1973.3  1.130     !            *                                             
 1973.4  1.133     !            *                                             
 1974.1  1.085     !          *                                               
 1974.2  1.046     !        *                                                 
 1974.3  1.016     !       *                                                  
 1974.4  1.016     !       *                                                  
 1975.1  1.035     !        *                                                 
 1975.2  1.056     !         *                                                
 1975.3  1.031     !        *                                                 
 1975.4  1.035     !        *                                                 
 1976.1  1.034     !        *                                                 
 1976.2  1.058     !         *                                                
 1976.3  1.055     !         *                                                
 1976.4  1.060     !         *                                                
 1977.1  1.068     !         *                                                
 1977.2  1.091     !          *                                               
 1977.3  1.102     !           *                                              
 1977.4  1.115     !           *                                              
 1978.1  1.125     !           *                                              
 1978.2  1.137     !            *                                             
 1978.3  1.144     !            *                                             
 1978.4  1.151     !             *                                            
 1979.1  1.174     !             *                                            
 1979.2  1.190     !              *                                           
 1979.3  1.189     !              *                                           
 1979.4  1.189     !              *                                           
 1980.1  1.193     !              *                                           
 1980.2  1.201     !              *                                           
 1980.3  1.213     !               *                                          
 1980.4  1.200     !              *                                           
 1981.1  1.184     !              *                                           
 1981.2  1.217     !               *                                          
 1981.3  1.222     !               *                                          
 1981.4  1.220     !               *                                          
 1982.1  1.230     !                *                                         
 1982.2  1.227     !               *                                          
 1982.3  1.216     !               *                                          
 1982.4  1.216     !               *                                          
 1983.1  1.224     !               *                                          
 1983.2  1.224     !               *                                          
 1983.3  1.216     !               *                                          
 1983.4  1.212     !               *                                          
 1984.1  1.243     !                *                                         
 1984.2  1.259     !                 *                                        
 1984.3  1.278     !                 *                                        
 1984.4  1.294     !                  *                                       
 1985.1  1.309     !                   *                                      
 1985.2  1.332     !                    *                                     
 1985.3  1.356     !                    *                                     
 1985.4  1.382     !                     *                                    
 1986.1  1.392     !                      *                                   
 1986.2  1.416     !                       *                                  
 1986.3  1.427     !                       *                                  
 1986.4  1.440     !                        *                                 
 1987.1  1.458     !                        *                                 
 1987.2  1.466     !                         *                                
 1987.3  1.470     !                         *                                
 1987.4  1.472     !                         *                                
 1988.1  1.479     !                         *                                
 1988.2  1.495     !                          *                               
 1988.3  1.500     !                          *                               
 1988.4  1.500     !                          *                               
 1989.1  1.503     !                          *                               
 1989.2  1.504     !                          *                               
 1989.3  1.526     !                           *                              
 1989.4  1.531     !                           *                              
 1990.1  1.524     !                           *                              
 1990.2  1.513     !                          *                               
 1990.3  1.499     !                          *                               
 1990.4  1.475     !                         *                                
 1991.1  1.471     !                         *                                
 1991.2  1.474     !                         *                                
 1991.3  1.464     !                         *                                
 1991.4  1.463     !                         *                                
 1992.1  1.466     !                         *                                
 1992.2  1.453     !                        *                                 
 1992.3  1.449     !                        *                                 
 1992.4  1.441     !                        *                                 
 1993.1  1.425     !                       *                                  
 1993.2  1.420     !                       *                                  
 1993.3  1.421     !                       *                                  
 1993.4  1.418     !                       *                                  
 1994.1  1.416     !                       *                                  
 1994.2  1.416     !                       *                                  
 1994.3  1.409     !                      *                                   
 1994.4  1.400     !                      *                                   
 1995.1  1.392     !                      *                                   
 1995.2  1.385     !                      *                                   
 1995.3  1.385     !                      *                                   
 1995.4  1.385     !                      *                                   
 1996.1  1.385     !                      *                                   
 1996.2  1.381     !                     *                                    
 1996.3  1.379     !                     *                                    
 1996.4  1.377     !                     *                                    
 1997.1  1.386     !                      *                                   
 1997.2  1.395     !                      *                                   
 1997.3  1.397     !                      *                                   
 1997.4  1.411     !                       *                                  
 1998.1  1.435     !                       *                                  
 1998.2  1.449     !                        *                                 
 1998.3  1.468     !                         *                                
 1998.4  1.485     !                         *                                
 1999.1  1.499     !                          *                               
 1999.2  1.506     !                          *                               
 1999.3  1.528     !                           *                              
 1999.4  1.546     !                            *                             
 2000.1  1.565     !                             *                            
 2000.2  1.598     !                              *                           
 2000.3  1.639     !                               *                          
 2000.4  1.673     !                                 *                        
 2001.1  1.704     !                                  *                       
 2001.2  1.722     !                                   *                      
 2001.3  1.760     !                                    *                     
 2001.4  1.771     !                                     *                    
 2002.1  1.794     !                                     *                    
 2002.2  1.811     !                                      *                   
 2002.3  1.838     !                                       *                  
 2002.4  1.854     !                                        *                 
 2003.1  1.870     !                                        *                 
 2003.2  1.895     !                                         *                
 2003.3  1.920     !                                          *               
 2003.4  1.946     !                                           *              
 2004.1  1.989     !                                             *            
 2004.2  2.032     !                                               *          
 2004.3  2.067     !                                                *         
 2004.4  2.101     !                                                 *        
 2005.1  2.176     !                                                    *     
 2005.2  2.216     !                                                      *   
 2005.3  2.248     !                                                       *  
 2005.4  2.275     !                                                        * 
 2006.1  2.301     !                                                         *
 2006.2  2.259     !                                                       *  
 2006.3  2.234     !                                                      *   
 2006.4  2.234     !                                                      *   
 2007.1  2.191     !                                                     *    
 2007.2  2.126     !                                                  *       
 2007.3  2.073     !                                                *         
 2007.4  1.999     !                                             *            
 2008.1  1.908     !                                          *               
 2008.2  1.806     !                                      *                   
 2008.3  1.727     !                                   *                      
 2008.4  1.658     !                                *                         
 2009.1  1.589     !                             *                            
 2009.2  1.563     !                            *                             
 2009.3  1.556     !                            *                             
 2009.4  1.555     !                            *                             
 2010.1  1.554     !                            *                             
 2010.2  1.556     !                            *                             
 2010.3  1.521     !                           *                              
 2010.4  1.503     !                          *                               
 2011.1  1.483     !                         *                                
 2011.2  1.462     !                         *                                
 2011.3  1.453     !                        *                                 
 2011.4  1.447     !                        *                                 
 2012.1  1.474     !                         *                                
 2012.2  1.496     !                          *                               
 2012.3  1.520     !                           *                              
 2012.4  1.542     !                            *                             
 2013.1  1.604     !                              *                           
 2013.2  1.650     !                                *                         
 2013.3  1.690     !                                 *                        

@                                                                             
SMPL 1952.1 2013.3;                                                           
Sample period is now  1952.1 to  2013.3 Internally:     1 to   247
CREATE CNST2=1;                                                               
Name added to list: CNST2           
CREATE TB=1;                                                                  
Name added to list: TB              
CREATE C=1;                                                                   
Name added to list: C               
GENR CSZ=CS/POP   ;                                                           
Name added to list: CSZ             
GENR CNZ=CN/POP   ;                                                           
Name added to list: CNZ             
GENR CDZ=CD/POP   ;                                                           
Name added to list: CDZ             
GENR IHHZ=IHH/POP ;                                                           
Name added to list: IHHZ            
GENR L1Z=L1/POP1  ;                                                           
Name added to list: L1Z             
GENR L2Z=L2/POP2  ;                                                           
Name added to list: L2Z             
GENR L3Z=L3/POP3  ;                                                           
Name added to list: L3Z             
GENR LL1Z=LOG(L1Z);                                                           
Name added to list: LL1Z            
GENR LL2Z=LOG(L2Z);                                                           
Name added to list: LL2Z            
GENR LL3Z=LOG(L3Z);                                                           
Name added to list: LL3Z            
GENR LMZ=LM/POP   ;                                                           
Name added to list: LMZ             
GENR LLMZ=LOG(LMZ);                                                           
Name added to list: LLMZ            
GENR LPF=LOG(PF)       ;                                                      
Name added to list: LPF             
GENR LJF1=LOG(JF/JF(-1)) ;                                                    
Name added to list: LJF1            
GENR LHF1=LOG(HF/HF(-1)) ;                                                    
Name added to list: LHF1            
GENR LHFL1A=LOG(HF(-1)/HFS(-1));                                              
Name added to list: LHFL1A          
GENR LHO=LOG(HO)         ;                                                    
Name added to list: LHO             
GENR LWF=LOG(WF)         ;                                                    
Name added to list: LWF             
GENR LWFQ=LOG(WF)-LOG(LAM);                                                   
Name added to list: LWFQ            
GENR LMFZ=LOG(MF/PF)     ;                                                    
Name added to list: LMFZ            
GENR LY1=LOG(Y/Y(-1))    ;                                                    
Name added to list: LY1             
GENR LHF=LOG(HF)         ;                                                    
Name added to list: LHF             
GENR LXMFAZ=LOG((X-FA)/POP)      ;                                            
Name added to list: LXMFAZ          
GENR RB1=RB-RB(-1)       ;                                                    
Name added to list: RB1             
GENR RS1=RS-RS(-1);                                                           
Name added to list: RS1             
GENR LCURZ=LOG(CUR/(POP*PF)) ;                                                
Name added to list: LCURZ           
GENR IMZ=IM/POP          ;                                                    
Name added to list: IMZ             
GENR LUB=LOG(UB)         ;                                                    
Name added to list: LUB             
GENR CGZ=CG/(PX(-1)*YS(-1));                                                  
Name added to list: CGZ             
GENR GAP=(YS-Y)/YS;                                                           
Name added to list: GAP             
GENR GAPA=(YS-Y)/YS+.04;                                                      
Name added to list: GAPA            
GENR GAPAM=(ABS(GAPA-.00001)+GAPA-.00001)/2+.00001;                           
Name added to list: GAPAM           
GENR LGAPA=LOG(GAPAM);                                                        
Name added to list: LGAPA           
GENR XMFAZ=(X-FA)/POP            ;                                            
Name added to list: XMFAZ           
GENR LXMFA=LOG(X-FA)           ;                                              
Name added to list: LXMFA           
GENR UMM=(ABS(U-1.0)+U-1.0)/2 + 1.0;                                          
Name added to list: UMM             
GENR LU=LOG(UMM);                                                             
Name added to list: LU              
GENR LWFD5=LOG(WF*(1+D5G)) - LOG(LAM);                                        
Name added to list: LWFD5           
GENR PCM1L1A=D794823*PCM1(-1) ;                                               
Name added to list: PCM1L1A         
GENR LMFL1Q=LOG(MF(-1)/PF)           ;                                        
Name added to list: LMFL1Q          
GENR LCURL1Q=LOG(CUR(-1)/(POP(-1)*PF)) ;                                      
Name added to list: LCURL1Q         
GENR LEXL=LOG(JF/(JHMIN/HFS))   ;                                             
Name added to list: LEXL            
GENR LY=LOG(Y)            ;                                                   
Name added to list: LY              
GENR LYZ=LOG(Y/POP);                                                          
Name added to list: LYZ             
@ SPECIAL MCCRIS                                                              
CREATE YDZ=YD/(POP*PH)      ;                                                 
Name added to list: YDZ             
@GENR YDZ=YD/(POP*PH)      ;                                                  
GENR AAZ=AA/POP           ;                                                   
Name added to list: AAZ             
GENR YNLZ=YNL/(POP*PH);                                                       
Name added to list: YNLZ            
GENR LYNLZ=LOG(YNLZ);                                                         
Name added to list: LYNLZ           
GENR KHZ=KH/POP           ;                                                   
Name added to list: KHZ             
GENR KDZ=KD/POP;                                                              
Name added to list: KDZ             
GENR LPIM=LOG(PIM)        ;                                                   
Name added to list: LPIM            
GENR LPIMZ=LOG(PIM/PF);                                                       
Name added to list: LPIMZ           
@ SPECIAL MCCRIS                                                              
CREATE LYDZ=LOG(YD/(POP*PH)) ;                                                
Name added to list: LYDZ            
@GENR LYDZ=LOG(YD/(POP*PH)) ;                                                 
GENR RSB=RS*(1-D2G-D2S)    ;                                                  
Name added to list: RSB             
GENR EXKK=KK-KKMIN         ;                                                  
Name added to list: EXKK            
GENR RBA=RB*(1-D2G-D2S)        ;                                              
Name added to list: RBA             
GENR PCPD=100*((PD/PD(-1))**4-1) ;                                            
Name added to list: PCPD            
GENR PCPD4=100*(PD/PD(-4)-1);                                                 
Name added to list: PCPD4           
GENR PCPD8=100*((PD/PD(-8))**.5-1);                                           
Name added to list: PCPD8           
GENR RBA4=RBA-PCPD4;                                                          
Name added to list: RBA4            
GENR Y1=Y-Y(-1)            ;                                                  
Name added to list: Y1              
GENR COGS=COG+COS         ;                                                   
Name added to list: COGS            
GENR LCOGSZ=LOG(COGS/POP)       ;                                             
Name added to list: LCOGSZ          
GENR JHGSZ=(JG*HG+JM*HM+JS*HS)/POP ;                                          
Name added to list: JHGSZ           
GENR LJHGSZ=LOG(JHGSZ)              ;                                         
Name added to list: LJHGSZ          
GENR TRGSZ=(TRGH+TRSH)/(POP*PH(-1)) ;                                         
Name added to list: TRGSZ           
GENR LTRGSZ=LOG(TRGSZ)         ;                                              
Name added to list: LTRGSZ          
GENR ODHM=1-D1GM-D1SM-D4G  ;                                                  
Name added to list: ODHM            
GENR LODHM=LOG(ODHM)           ;                                              
Name added to list: LODHM           
GENR EXL=JF-JHMIN/HFS             ;                                           
Name added to list: EXL             
GENR LEX=LOG(EX)               ;                                              
Name added to list: LEX             
GENR LEXZ=LOG(EX/POP);                                                        
Name added to list: LEXZ            
GENR TFGS=TFG+TFS              ;                                              
Name added to list: TFGS            
GENR LCSZ=LOG(CSZ)             ;                                              
Name added to list: LCSZ            
GENR LAAZ=LOG(AAZ)             ;                                              
Name added to list: LAAZ            
GENR LCNZ=LOG(CNZ)             ;                                              
Name added to list: LCNZ            
GENR LCNZ1=LCNZ-LCNZ(-1);                                                     
Name added to list: LCNZ1           
GENR LCDZ=LOG(CDZ)             ;                                              
Name added to list: LCDZ            
GENR LKHZ=LOG(KHZ)             ;                                              
Name added to list: LKHZ            
GENR LIHHZ=LOG(IHHZ)           ;                                              
Name added to list: LIHHZ           
GENR LV=LOG(V)                 ;                                              
Name added to list: LV              
GENR LVZ=LOG(V/X);                                                            
Name added to list: LVZ             
GENR LEXKK=LOG(KK/KKMIN)       ;                                              
Name added to list: LEXKK           
GENR LIMZ=LOG(IMZ)             ;                                              
Name added to list: LIMZ            
GENR LXXXZ=LOG((CS+CN+CD+IHH+IKF+IKH+IKB+IHF+IHB)/POP);                       
Name added to list: LXXXZ           
GENR WAZPH=WA/PH;                                                             
Name added to list: WAZPH           
GENR LWAZPH=LOG(WAZPH);                                                       
Name added to list: LWAZPH          
GENR LKDZ=LOG(KDZ);                                                           
Name added to list: LKDZ            
GENR LDF=LOG(DF);                                                             
Name added to list: LDF             
GENR LDF1=LOG(DF/DF(-1));                                                     
Name added to list: LDF1            
GENR LPFZPIM=LOG(PF/PIM);                                                     
Name added to list: LPFZPIM         
GENR LWFZPF=LWF-LPF;                                                          
Name added to list: LWFZPF          
GENR LWFQZPF=LWFQ-LPF;                                                        
Name added to list: LWFQZPF         
GENR RBMRSL2=RB-RS(-2);                                                       
Name added to list: RBMRSL2         
GENR RSMRSL2=RS-RS(-2);                                                       
Name added to list: RSMRSL2         
GENR RSLMRSL2=RS(-1)-RS(-2);                                                  
Name added to list: RSLMRSL2        
GENR RMMRSL2=RM-RS(-2);                                                       
Name added to list: RMMRSL2         
GENR RBLMRSL2=RB(-1)-RS(-2);                                                  
Name added to list: RBLMRSL2        
GENR RMLMRSL2=RM(-1)-RS(-2);                                                  
Name added to list: RMLMRSL2        
GENR RMACDZ=RMA*CDA;                                                          
Name added to list: RMACDZ          
GENR RMALIHHZ=RMA(-1)*IHHA;                                                   
Name added to list: RMALIHHZ        
GENR LKK=LOG(KK);                                                             
Name added to list: LKK             
GENR LPH=LOG(PH);                                                             
Name added to list: LPH             
GENR UR1=UR-UR(-1);                                                           
Name added to list: UR1             
GENR PIEFA=PIEF-TFG-TFS-TFR  ;                                                
Name added to list: PIEFA           
GENR PIEFAMM=(ABS(PIEFA-4.)+PIEFA-4.)/2+4.;                                   
Name added to list: PIEFAMM         
GENR LPIEFAZ=LOG(PIEFAMM/DF(-1));                                             
Name added to list: LPIEFAZ         
GENR TPIEM=PIEF-TFG-TFS-TFR;                                                  
Name added to list: TPIEM           
GENR TPIEM1=TPIEM-TPIEM(-1);                                                  
Name added to list: TPIEM1          
GENR TPIEM1Z=TPIEM1/(PX(-1)*YS(-1));                                          
Name added to list: TPIEM1Z         
GENR AAF=-AF;                                                                 
Name added to list: AAF             
GENR AAG=-(AG-200);                                                           
Name added to list: AAG             
GENR INTFZ=INTF/AAF;                                                          
Name added to list: INTFZ           
GENR INTGZ=INTG/AAG;                                                          
Name added to list: INTGZ           
GENR RQF=(.4*(RS/400)+.6*(1/8)*(1/400)*(RB                                    
 +RB(-1)+RB(-2)+RB(-3)+RB(-4)+RB(-5)+RB(-6)+RB(-7)));                         
Name added to list: RQF             
GENR RQG=(.4*(RS/400)+.75*.6*(1/8)*(1/400)*(RB                                
 +RB(-1)+RB(-2)+RB(-3)+RB(-4)+RB(-5)+RB(-6)+RB(-7)));                         
Name added to list: RQG             
GENR LX=LOG(X);                                                               
Name added to list: LX              
GENR CGZ3=(CG+CG(-1)+CG(-2))/(PX*YS+PX(-1)*YS(-1)+PX(-2)*YS(-2));             
Name added to list: CGZ3            
GENR LKK1=LKK-LKK(-1);                                                        
Name added to list: LKK1            
GENR DKDZCDL1=(DELD*KD(-1)-CD(-1))/POP(-1);                                   
Name added to list: DKDZCDL1        
GENR CDZ1=CDZ-CDZ(-1);                                                        
Name added to list: CDZ1            
GENR DKHZIHL1=(DELH*KH(-1)-IHH(-1))/POP(-1);                                  
Name added to list: DKHZIHL1        
GENR IHHZ1=IHHZ-IHHZ(-1);                                                     
Name added to list: IHHZ1           
@                                                                             
EQ 1 LCSZ CNST2 C AG1 AG2 AG3 LCSZ(-1) LYDZ RSA LAAZ(-1)  ;                   
EQUATION 1  LCSZ  
   RHS     CNST2  C  AG1  AG2  AG3  LCSZ(-1)  LYDZ  RSA  LAAZ(-1)  
LHS CS=EXP(LCSZ)*POP;                                                         
EQ 2 LCNZ CNST2 C AG1 AG2 AG3 LCNZ(-1) LCNZ1(-1) LAAZ(-1) LYDZ RMA ;          
EQUATION 2  LCNZ  
   RHS     CNST2  C  AG1  AG2  AG3  LCNZ(-1)  LCNZ1(-1)  LAAZ(-1)  
   RHS     LYDZ  RMA  
LHS CN=EXP(LCNZ)*POP;                                                         
EQ 3 CDZ1 CNST2 C AG1 AG2 AG3 DKDZCDL1 KDZ(-1) YDZ RMACDZ AAZ(-1) ;           
EQUATION 3  CDZ1  
   RHS     CNST2  C  AG1  AG2  AG3  DKDZCDL1  KDZ(-1)  YDZ  
   RHS     RMACDZ  AAZ(-1)  
LHS CD=(CDZ1+CD(-1)/POP(-1))*POP;                                             
EQ 4 IHHZ1 CNST2 C DKHZIHL1 KHZ(-1) YDZ RMALIHHZ RHO=2 ;                      
EQUATION 4  IHHZ1  RHO=2  
   RHS     CNST2  C  DKHZIHL1  KHZ(-1)  YDZ  RMALIHHZ  
LHS IHH=(IHHZ1+IHH(-1)/POP(-1))*POP;                                          
EQ 5 LL1Z C LL1Z(-1) LAAZ(-1) UR ;                                            
EQUATION 5  LL1Z  
   RHS     C  LL1Z(-1)  LAAZ(-1)  UR  
LHS L1=EXP(LL1Z)*POP1;                                                        
EQ 6 LL2Z C LL2Z(-1) LWAZPH LAAZ(-1) ;                                        
EQUATION 6  LL2Z  
   RHS     C  LL2Z(-1)  LWAZPH  LAAZ(-1)  
LHS L2=EXP(LL2Z)*POP2;                                                        
EQ 7 LL3Z C LL3Z(-1) LWAZPH LAAZ(-1) UR;                                      
EQUATION 7  LL3Z  
   RHS     C  LL3Z(-1)  LWAZPH  LAAZ(-1)  UR  
LHS L3=EXP(LL3Z)*POP3;                                                        
EQ 8 LLMZ C LLMZ(-1) LWAZPH UR ;                                              
EQUATION 8  LLMZ  
   RHS     C  LLMZ(-1)  LWAZPH  UR  
LHS LM=EXP(LLMZ)*POP;                                                         
EQ 9 NONE9 C;                                                                 
EQUATION 9  NONE9  
   RHS     C  
EQ 10 LPF LPF(-1) LWFD5 CNST2 TB C T LPIM UR ;                                
EQUATION 10  LPF  
   RHS     LPF(-1)  LWFD5  CNST2  TB  C  T  LPIM  UR  
LHS PF=EXP(LPF);                                                              
EQ 11 LY C LY(-1) LX LV(-1) D593 D594 D601 RHO=3;                             
EQUATION 11  LY  RHO=3  
   RHS     C  LY(-1)  LX  LV(-1)  D593  D594  D601  
LHS Y=EXP(LY);                                                                
EQ 12 LKK1 CNST2 C LEXKK(-1) LKK1(-1) LY1 LY1(-1) LY1(-2) LY1(-3) LY1(-4)     
 RBA4(-2) CGZ3(-2) ;                                                          
EQUATION 12  LKK1  
   RHS     CNST2  C  LEXKK(-1)  LKK1(-1)  LY1  LY1(-1)  LY1(-2)  
   RHS     LY1(-3)  LY1(-4)  RBA4(-2)  CGZ3(-2)  
LHS KK=EXP(LKK1)*KK(-1);                                                      
EQ 13 LJF1 C LEXL(-1) LJF1(-1) LY1 D593 ;                                     
EQUATION 13  LJF1  
   RHS     C  LEXL(-1)  LJF1(-1)  LY1  D593  
LHS JF=EXP(LJF1)*JF(-1);                                                      
EQ 14 LHF1 C LHFL1A LEXL(-1) LY1 T ;                                          
EQUATION 14  LHF1  
   RHS     C  LHFL1A  LEXL(-1)  LY1  T  
LHS HF=EXP(LHF1)*HF(-1);                                                      
EQ 15 LHO C HFF HFF(-1) RHO=1;                                                
EQUATION 15  LHO  RHO=1  
   RHS     C  HFF  HFF(-1)  
LHS HO=EXP(LHO);                                                              
EQ 17 LMFZ C LMFL1Q LXMFA  RSB ;                                              
EQUATION 17  LMFZ  
   RHS     C  LMFL1Q  LXMFA  RSB  
LHS MF=EXP(LMFZ)*PF;                                                          
EQ 18 LDF1 LPIEFAZ ;                                                          
EQUATION 18  LDF1  
   RHS     LPIEFAZ  
LHS DF=EXP(LDF1)*DF(-1);                                                      
EQ 19 NONE19 C;                                                               
EQUATION 19  NONE19  
   RHS     C  
EQ 20 NONE20 C;                                                               
EQUATION 20  NONE20  
   RHS     C  
EQ 21 NONE21 C;                                                               
EQUATION 21  NONE21  
   RHS     C  
EQ 22 NONE22 C;                                                               
EQUATION 22  NONE22  
   RHS     C  
EQ 23 RBMRSL2 C RBLMRSL2 RSMRSL2 RSLMRSL2 RHO=1;                              
EQUATION 23  RBMRSL2  RHO=1  
   RHS     C  RBLMRSL2  RSMRSL2  RSLMRSL2  
LHS RB=RBMRSL2+RS(-2);                                                        
EQ 24 RMMRSL2 C RMLMRSL2 RSMRSL2 RSLMRSL2;                                    
EQUATION 24  RMMRSL2  
   RHS     C  RMLMRSL2  RSMRSL2  RSLMRSL2  
LHS RM=RMMRSL2+RS(-2);                                                        
EQ 25 CGZ C RB1 TPIEM1Z;                                                      
EQUATION 25  CGZ  
   RHS     C  RB1  TPIEM1Z  
LHS CG=CGZ*PX(-1)*YS(-1);                                                     
EQ 26 LCURZ C LCURL1Q LXMFAZ RSA RHO=1;                                       
EQUATION 26  LCURZ  RHO=1  
   RHS     C  LCURL1Q  LXMFAZ  RSA  
LHS CUR=EXP(LCURZ)*(POP*PF);                                                  
EQ 27 LIMZ CNST2 C LIMZ(-1) LXXXZ LPFZPIM D691 D692 D714 D721 RHO=0;          
EQUATION 27  LIMZ  
   RHS     CNST2  C  LIMZ(-1)  LXXXZ  LPFZPIM  D691  D692  
   RHS     D714  D721  
LHS IM=EXP(LIMZ)*POP;                                                         
EQ 28 LUB C LUB(-1) LU LWF RHO=1;                                             
EQUATION 28  LUB  RHO=1  
   RHS     C  LUB(-1)  LU  LWF  
LHS UB=EXP(LUB);                                                              
EQ 29 INTGZ C INTGZ(-1) RQG RHO=1;                                            
EQUATION 29  INTGZ  RHO=1  
   RHS     C  INTGZ(-1)  RQG  
LHS INTG=(INTGZ)*AAG*1.0;                                                     
EQ 30 RS C RS(-1) PCPD UR UR1 PCM1(-1) PCM1L1A RS1(-1) RS1(-2) ;              
EQUATION 30  RS  
   RHS     C  RS(-1)  PCPD  UR  UR1  PCM1(-1)  PCM1L1A  RS1(-1)  
   RHS     RS1(-2)  
LHS RS=(ABS(RS-.0)+RS-.0)/2.+.0;                                              
@                                                                             
@ Beginning with equation 31                                                  
@                                                                             
IDENT PX=(PF*(X-FA)+PFA*FA)/X;                                                
IDENT PEX=PSI1*PX            ;                                                
IDENT PD=(PX*X-PEX*EX+PIM*IM)/(X-EX+IM);                                      
IDENT PH=(PCS*CS+PCN*CN+PCD*CD+PIH*IHH+IBTG+IBTS)/(CS+CN+CD+IHH);             
IDENT PCS=PSI2*(1+D3G+D3S)*PD                                   ;             
IDENT PCN=PSI3*(1+D3G+D3S)*PD                                   ;             
IDENT PCD=PSI4*(1+D3G+D3S)*PD                                   ;             
IDENT PIH=PSI5*PD                                               ;             
IDENT PIK=PSI6*PD                                               ;             
IDENT PG=PSI7*PD                                                ;             
IDENT PS=PSI8*PD                                                ;             
IDENT PIV=PSI9*PD                                               ;             
IDENT WH=100*((WF*JF*(HN+1.5*HO)+WG*JG*HG+WM*JM*HM+WS*JS*HS)/                 
(JF*(HN+1.5*HO)+JG*HG+JM*HM+JS*HS))                             ;             
IDENT WG=PSI10*WF                                               ;             
IDENT WM=PSI11*WF                                               ;             
IDENT WS=PSI12*WF                                               ;             
IDENT THG=(D1G+((TAUG*YT)/(POP*PH)))*YT                              ;        
IDENT THS=(D1S+((TAUS*YT)/(POP*PH)))*YT                              ;        
IDENT TFG=D2G*(PIEF-TFS)                                        ;             
IDENT TFS=D2S*PIEF                                              ;             
IDENT IBTG=(D3G/(1+D3G))*(PCS*CS+PCN*CN+PCD*CD-IBTS)            ;             
IDENT IBTS=(D3S/(1+D3S))*(PCS*CS+PCN*CN+PCD*CD-IBTG)            ;             
IDENT SIHG=D4G*(WF*JF*(HN+1.5*HO))               ;                            
IDENT SIFG=D5G*(WF*JF*(HN+1.5*HO))                    ;                       
IDENT PKH=PSI14*PD;                                                           
IDENT INTGR=PSI15*INTG;                                                       
IDENT USROW=-INTGR+DR+PIEFRET+USOTHER;                                        
IDENT KD=(1-DELD)*KD(-1)+CD                                     ;             
IDENT KH=(1-DELH)*KH(-1)+IHH                                    ;             
IDENT X=CS+CN+CD+IHH+IKF+EX-IM+COG+COS+IKH+IKB+IKG+IHF+IHB;                   
IDENT XX=PCS*CS+PCN*CN+PCD*CD+PIH*(IHB+IHF+IHH)+PIK*(IKH+IKG+IKB+IKF)         
 +PEX*EX-PIM*IM+PG*COG+PS*COS-IBTG-IBTS;                                      
IDENT HN=HF-HO                                                  ;             
IDENT V=V(-1)+Y-X ;                                                           
IDENT YT=WF*JF*(HN+1.5*HO)+WG*JG*HG+WM*JM*HM+WS*JS*HS                         
+RNT+INTZ+INTF+INTG-INTGR+INTS+DF+DB+DR+DG+DS+TRFH-TRHR-SIGG-SISS;            
IDENT SH=YT-SIHG-SIHS+USAFF-THG-THS                                           
-PCS*CS-PCN*CN-PCD*CD+TRGH+TRSH+UB                                            
+INS+NICD+CCH-CTH-PIH*IHH-CDH-PIK*IKH-NNH;                                    
IDENT AH=AH(-1)+SH-MH+MH(-1)+CG-DISH                            ;             
IDENT CCF1=D6G*(PIK*IKF+PIK(-1)*IKF(-1)+PIK(-2)*IKF(-2)+PIK(-3)*IKF(-3))/4.;  
IDENT PIEF=XX+PIV*IVF+SUBS+SUBG+USOTHER                                       
-WF*JF*(HN+1.5*HO)-RNT-INTZ-INTF-TRFH-NICD-CCH+CDH                            
-TBS-TRFS-CCS-TRFR-DB-GSB-CTGB                                                
-GSMA-GSCA-TBG-TRFG-CCG                                                       
-SIFG-SIFS                                                                    
-GSNN-IVA-CCF1-TFA-STAT                                                       
;                                                                             
IDENT SF=XX+SUBS+SUBG+USOTHER+PIEFRET                                         
-WF*JF*(HN+1.5*HO)-RNT-INTZ-INTF-TRFH-NICD-CCH+CDH                            
-TBS-TRFS-CCS                                                                 
-TRFR                                                                         
-DB-GSB-CTGB                                                                  
-GSMA-GSCA-TBG-TRFG-CCG                                                       
-SIFG-SIFS                                                                    
-STAT                                                                         
-DF-TF1-TFA                                                                   
-PIK*IKF-PIH*IHF-NNF-CTF1-CTNN                                                
;                                                                             
IDENT AF=AF(-1)+SF-MF+MF(-1) -DISF;                                           
IDENT MB=MB(-1) -MH+MH(-1) -MF+MF(-1) -MR+MR(-1) -MG+MG(-1) -MS+MS(-1)        
 +CUR-CUR(-1);                                                                
IDENT SB=GSB-CTB-PIH*IHB-PIK*IKB;                                             
IDENT AB=AB(-1)+SB-MB+MB(-1) -(BR-BO)+(BR(-1) -BO(-1)) -DISB ;                
IDENT SR=-PEX*EX-USROW+PIM*IM+TFR+TRFR+TRHR+TRGR-USAFF-CTR-NNR;               
IDENT AR=AR(-1)+SR-MR+MR(-1)+Q-Q(-1) -DISR                     ;              
IDENT SG=GSMA+GSCA+THG+IBTG+TBG+TFG+SIHG+SIFG-DG+TRFG                         
-PG*COG-WG*JG*HG-WM*JM*HM                                                     
-TRGH-TRGR-TRGS-INTG-SUBG                                                     
+CCG-INS-USAFF-CTGMB-NNG-PIK*IKG+SIGG;                                        
IDENT AG=AG(-1)+SG-MG+MG(-1)+CUR-CUR(-1)+(BR-BO) -(BR(-1) -BO(-1))            
 -Q+Q(-1) -DISG ;                                                             
IDENT SS=THS+IBTS+TBS+TFS+SIHS+SIFS-DS+TRGS+TRFS                              
-PS*COS-WS*JS*HS                                                              
-TRSH-UB-INTS-SUBS                                                            
+CCS-CTS-NNS+SISS;                                                            
IDENT AS=AS(-1)+SS-MS+MS(-1) -DISS                               ;            
IDENT TESTZERO=SH+SF+SB+SR+SG+SS+STAT+USAFF;                                  
IDENT M1=M1(-1)+MH-MH(-1)+MF-MF(-1)+MR-MR(-1)+MS-MS(-1)+MDIF    ;             
IDENT GDP=XX+PIV*(V-V(-1))+IBTG+IBTS+WG*JG*HG+WM*JM*HM+WS*JS*HS;              
IDENT GDPR=Y+PSI13*(JG*HG+JM*HM+JS*HS) +STATP      ;                          
IDENT GDPD=GDP/GDPR                                             ;             
IDENT E=JF+JG+JM+JS-LM                                          ;             
IDENT U=L1+L2+L3-E                                              ;             
IDENT UR=U/(L1+L2+L3-JM)                                        ;             
@ SPECIAL MCCRIS                                                              
@IDENT AA=(AH+MH)/PH+(KH*PKH)/PH ;                                            
IDENT D1GM=D1G+(2*TAUG*YT)/(POP*PH)                                  ;        
IDENT D1SM=D1S+(2*TAUS*YT)/(POP*PH)                                  ;        
IDENT IKF=KK-(1-DELK)*KK(-1);                                                 
IDENT KKMIN=Y/MUH                                               ;             
IDENT JHMIN=Y/LAM                                               ;             
IDENT JJ=(JF*HF+JG*HG+JM*HM+JS*HS)/POP                          ;             
IDENT CDH=THETA2*PCD*CD;                                                      
IDENT NICD=THETA3*PCD*CD;                                                     
IDENT YS=LAM*(JJP*POP-JG*HG-JM*HM-JS*HS)                        ;             
IDENT YNL=RNT+INTZ+INTF+INTG-INTGR+INTS+DF+DB+DR+DG+DS+TRFH+TRGH+TRSH+UB;     
IDENT HFF=HF-HFS                                           ;                  
IDENT TF1=TFG+TFS+TFR-TFA;                                                    
IDENT TCG=TFG+TBG                                           ;                 
IDENT SIG=SIHG+SIFG+SIGG                                        ;             
IDENT PUG=PG*COG+WG*JG*HG+WM*JM*HM;                                           
IDENT RECG=THG+TCG+IBTG+SIG+TRFG-DG;                                          
IDENT EXPG=PUG+TRGH+TRGR+TRGS+INTG+SUBG-IGZ               ;                   
IDENT SGP=RECG-EXPG                                             ;             
IDENT TCS=TFS+TBS                                               ;             
IDENT SIS=SIHS+SIFS+SISS                                        ;             
IDENT PUS=PS*COS+WS*JS*HS;                                                    
IDENT PFA=THETA1*GDPD;                                                        
IDENT RECS=THS+TCS+IBTS+SIS+TRGS+TRFS-DS;                                     
IDENT EXPS=PUS+TRSH+UB+INTS+SUBS-ISZ                    ;                     
IDENT SSP=RECS-EXPS                                             ;             
IDENT YD=WF*JF*(HN+1.5*HO)+WG*JG*HG+WM*JM*HM+WS*JS*HS                         
+RNT+INTZ+INTF+INTG-INTGR+INTS+DF+DB+DR+DG+DS                                 
 +TRFH+TRGH+TRSH+UB                                                           
-SIHG-SIHS                                                                    
+USAFF-THG-THS-TRHR-SIGG-SISS;                                                
IDENT SRZ=(YD-PCS*CS-PCN*CN-PCD*CD)/YD                          ;             
IDENT IVF=V-V(-1)                                               ;             
IDENT PROD=Y/(JF*HF)                                            ;             
IDENT WR=WF/PF                                                  ;             
IDENT POP=POP1+POP2+POP3                                        ;             
IDENT SHRPIE=((1-D2G-D2S)*PIEF)/(WF*JF*(HN+1.5*HO))             ;             
IDENT PCGDPR=100*((GDPR/GDPR(-1))**4-1)                          ;            
IDENT PCGDPD=100*((GDPD/GDPD(-1))**4-1)                          ;            
IDENT PCM1=100*((M1/M1(-1))**4-1)                                ;            
IDENT UBR=BR-BO                                                 ;             
IDENT WA=100*((1-D1GM-D1SM-D4G)*WF*JF*(HN+1.5*HO)+                            
(1-D1GM-D1SM)*(WG*JG*HG+WM*JM*HM+WS*JS*HS-SIGG-SISS))/(JF*(HN                 
       +1.5*HO)+JG*HG+JM*HM+JS*HS);                                           
@ SPECIAL MCCRIS                                                              
@IDENT RSA=RS*(1-D1GM-D1SM)                                      ;            
@IDENT RMA=RM*(1-D1GM-D1SM)                                      ;            
@ END SPECIAL MCCRIS                                                          
IDENT GNP=GDP+USROW;                                                          
IDENT GNPR=GDPR+USROW/GDPD;                                                   
IDENT GNPD=GNP/GNPR;                                                          
IDENT PIEFRET=THETA4*PIEF;                                                    
@                                                                             
@ Begin new variables                                                         
@                                                                             
GENR CCG=CCGQ*GDPD;                                                           
GENR CCH=CCHQ*GDPD;                                                           
GENR CCS=CCSQ*GDPD;                                                           
GENR DB=DBQ*GDPD;                                                             
GENR DR=DRQ*GDPD;                                                             
GENR GSB=GSBQ*GDPD;                                                           
GENR GSNN=GSNNQ*GDPD;                                                         
GENR IGZ=IGZQ*GDPD;                                                           
GENR INTZ=INTZQ*GDPD;                                                         
GENR ISZ=ISZQ*GDPD;                                                           
GENR MG=MGQ*GDPD;                                                             
GENR MH=MHQ*GDPD;                                                             
GENR MR=MRQ*GDPD;                                                             
GENR MS=MSQ*GDPD;                                                             
GENR Q=QQ*GDPD;                                                               
GENR RNT=RNTQ*GDPD;                                                           
GENR TBG=TBGQ*GDPD;                                                           
GENR TRGH=TRGHQ*GDPD;                                                         
GENR TRGS=TRGSQ*GDPD;                                                         
GENR TRSH=TRSHQ*GDPD;                                                         
GENR RECGZGDP=RECG/GDP;                                                       
GENR EXPGZGDP=EXPG/GDP;                                                       
GENR SGPZGDP=-SGP/GDP;                                                        
GENR AGZGDP=-AG/(4*GDP);                                                      
GENR INTGZGDP=INTG/GDP;                                                       
GENR SRZGDP=SR/GDP;                                                           
GENR ASZGDP=-AS/(4*GDP);                                                      
GENR PCGDPR4=100*((GDPR/GDPR(-4))**1-1)    ;                                  
GENR PCGDPD4=100*((GDPD/GDPD(-4))**1-1)    ;                                  
@                                                                             
@ End new variables                                                           
@                                                                             
@ Read first stage regressor information                                      
@                                                                             
EQ 1 FSR CNST2 C AG1 AG2 AG3 LCSZ(-1) LAAZ(-1) T LYDZ(-1) RSA(-1)             
 LODHM(-1) LIMZ(-1) LJHGSZ LPIMZ(-1) LYNLZ(-1) PCPD(-1)                       
 LCOGSZ LTRGSZ RS(-2) RB(-1) LYZ(-1) LVZ(-1) UR(-1)                           
 LYDZ                                                                         
;                                                                             
EQUATION 1  LCSZ  
   RHS     CNST2  C  AG1  AG2  AG3  LCSZ(-1)  LYDZ  RSA  LAAZ(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  LCSZ(-1)  LAAZ(-1)  T  
   FSR     LYDZ(-1)  RSA(-1)  LODHM(-1)  LIMZ(-1)  LJHGSZ  
   FSR     LPIMZ(-1)  LYNLZ(-1)  PCPD(-1)  LCOGSZ  LTRGSZ  
   FSR     RS(-2)  RB(-1)  LYZ(-1)  LVZ(-1)  UR(-1)  LYDZ  
EQ 2 FSR CNST2 C AG1 AG2 AG3 LCNZ(-1) LCNZ1(-1) LAAZ(-1) LYDZ(-1) RMA(-1)     
 LCOGSZ LEXZ(-1) LODHM(-1) LIMZ(-1)                                           
 LTRGSZ LJHGSZ LYNLZ(-1) LPIMZ(-1) PCPD(-1) UR(-1) LVZ(-1) RS(-1) RS(-2)      
T                                                                             
;                                                                             
EQUATION 2  LCNZ  
   RHS     CNST2  C  AG1  AG2  AG3  LCNZ(-1)  LCNZ1(-1)  LAAZ(-1)  
   RHS     LYDZ  RMA  
   FSR     CNST2  C  AG1  AG2  AG3  LCNZ(-1)  LCNZ1(-1)  LAAZ(-1)  
   FSR     LYDZ(-1)  RMA(-1)  LCOGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LIMZ(-1)  LTRGSZ  LJHGSZ  LYNLZ(-1)  LPIMZ(-1)  
   FSR     PCPD(-1)  UR(-1)  LVZ(-1)  RS(-1)  RS(-2)  T  
EQ 3 FSR CNST2 C AG1 AG2 AG3 KDZ(-1) AAZ(-1) YDZ(-1) RMACDZ(-1)               
 LCOGSZ LEXZ(-1) LODHM(-1) LYZ(-1) LVZ(-1) LIMZ(-1)                           
 LTRGSZ LYNLZ(-1) LPIMZ(-1)                                                   
 DKDZCDL1                                                                     
T                                                                             
;                                                                             
EQUATION 3  CDZ1  
   RHS     CNST2  C  AG1  AG2  AG3  DKDZCDL1  KDZ(-1)  YDZ  
   RHS     RMACDZ  AAZ(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  KDZ(-1)  AAZ(-1)  YDZ(-1)  
   FSR     RMACDZ(-1)  LCOGSZ  LEXZ(-1)  LODHM(-1)  LYZ(-1)  
   FSR     LVZ(-1)  LIMZ(-1)  LTRGSZ  LYNLZ(-1)  LPIMZ(-1)  
   FSR     DKDZCDL1  T  
EQ 4 FSR CNST2 CNST2(-1) CNST2(-2) C KHZ(-1) RMALIHHZ YDZ(-1)                 
KHZ(-2) KHZ(-3) RMALIHHZ(-1) RMALIHHZ(-2) YDZ(-2)                             
 LCOGSZ LJHGSZ LTRGSZ LEXZ(-1) LODHM(-1) LYNLZ(-1) PCPD(-1)                   
 LIMZ(-1)                                                                     
 DKHZIHL1 DKHZIHL1(-1) DKHZIHL1(-2) IHHZ1(-1) IHHZ1(-2)                       
;                                                                             
EQUATION 4  IHHZ1  RHO=2  
   RHS     CNST2  C  DKHZIHL1  KHZ(-1)  YDZ  RMALIHHZ  
   FSR     CNST2  CNST2(-1)  CNST2(-2)  C  KHZ(-1)  RMALIHHZ  
   FSR     YDZ(-1)  KHZ(-2)  KHZ(-3)  RMALIHHZ(-1)  RMALIHHZ(-2)  
   FSR     YDZ(-2)  LCOGSZ  LJHGSZ  LTRGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LYNLZ(-1)  PCPD(-1)  LIMZ(-1)  DKHZIHL1  DKHZIHL1(-1)  
   FSR     DKHZIHL1(-2)  IHHZ1(-1)  IHHZ1(-2)  
EQ 5 FSR C LL1Z(-1) LAAZ(-1) UR(-1)                                           
 LCOGSZ LJHGSZ LPIMZ(-1) LYNLZ(-1) LYZ(-1) LVZ(-1) PCPD(-1)                   
 LODHM(-1) LIMZ(-1)                                                           
T                                                                             
;                                                                             
EQUATION 5  LL1Z  
   RHS     C  LL1Z(-1)  LAAZ(-1)  UR  
   FSR     C  LL1Z(-1)  LAAZ(-1)  UR(-1)  LCOGSZ  LJHGSZ  LPIMZ(-1)  
   FSR     LYNLZ(-1)  LYZ(-1)  LVZ(-1)  PCPD(-1)  LODHM(-1)  
   FSR     LIMZ(-1)  T  
EQ 6 FSR C LAAZ(-1) LWAZPH(-1) T ;                                            
EQUATION 6  LL2Z  
   RHS     C  LL2Z(-1)  LWAZPH  LAAZ(-1)  
   FSR     C  LAAZ(-1)  LWAZPH(-1)  T  
EQ 7 FSR C LL3Z(-1) LAAZ(-1) LWAZPH(-1) UR(-1)                                
 LJHGSZ LTRGSZ LEXZ(-1) LIMZ(-1) LODHM(-1) LPIMZ(-1) PCPD(-1) LYZ(-1)         
T                                                                             
;                                                                             
EQUATION 7  LL3Z  
   RHS     C  LL3Z(-1)  LWAZPH  LAAZ(-1)  UR  
   FSR     C  LL3Z(-1)  LAAZ(-1)  LWAZPH(-1)  UR(-1)  LJHGSZ  
   FSR     LTRGSZ  LEXZ(-1)  LIMZ(-1)  LODHM(-1)  LPIMZ(-1)  
   FSR     PCPD(-1)  LYZ(-1)  T  
EQ 8 FSR C LLMZ(-1) LWAZPH(-1)  UR(-1)                                        
 LJHGSZ LPIMZ(-1) PCPD(-1) RS(-1) RS(-2) RB(-1)                               
 LCOGSZ LTRGSZ LODHM(-1) LYNLZ(-1) LAAZ(-1) LEXZ(-1) LIMZ(-1) LYZ(-1) LVZ(-1) 
T                                                                             
;                                                                             
EQUATION 8  LLMZ  
   RHS     C  LLMZ(-1)  LWAZPH  UR  
   FSR     C  LLMZ(-1)  LWAZPH(-1)  UR(-1)  LJHGSZ  LPIMZ(-1)  
   FSR     PCPD(-1)  RS(-1)  RS(-2)  RB(-1)  LCOGSZ  LTRGSZ  
   FSR     LODHM(-1)  LYNLZ(-1)  LAAZ(-1)  LEXZ(-1)  LIMZ(-1)  
   FSR     LYZ(-1)  LVZ(-1)  T  
EQ 10 FSR LPF(-1) LWFD5(-1) CNST2 TB C T LPIMZ(-1) UR(-1)                     
 LCOGSZ LEXZ(-1) LIMZ(-1) LODHM(-1) LYNLZ(-1)                                 
 LTRGSZ LAAZ(-1) LYZ(-1)                                                      
;                                                                             
EQUATION 10  LPF  
   RHS     LPF(-1)  LWFD5  CNST2  TB  C  T  LPIM  UR  
   FSR     LPF(-1)  LWFD5(-1)  CNST2  TB  C  T  LPIMZ(-1)  
   FSR     UR(-1)  LCOGSZ  LEXZ(-1)  LIMZ(-1)  LODHM(-1)  LYNLZ(-1)  
   FSR     LTRGSZ  LAAZ(-1)  LYZ(-1)  
EQ 11 FSR C LY(-1) LV(-1) LY(-2) LY(-3) LY(-4) LV(-2) LV(-3) LV(-4)           
D593 D594 D601 D601(-1) D601(-2) D601(-3)                                     
 T LCOGSZ LTRGSZ LEXZ(-1) LIMZ(-1) LODHM(-1) LPIMZ(-1) LYNLZ(-1) UR(-1)       
 RS(-1) RB(-1)                                                                
 PCPD(-1);                                                                    
EQUATION 11  LY  RHO=3  
   RHS     C  LY(-1)  LX  LV(-1)  D593  D594  D601  
   FSR     C  LY(-1)  LV(-1)  LY(-2)  LY(-3)  LY(-4)  LV(-2)  
   FSR     LV(-3)  LV(-4)  D593  D594  D601  D601(-1)  D601(-2)  
   FSR     D601(-3)  T  LCOGSZ  LTRGSZ  LEXZ(-1)  LIMZ(-1)  
   FSR     LODHM(-1)  LPIMZ(-1)  LYNLZ(-1)  UR(-1)  RS(-1)  
   FSR     RB(-1)  PCPD(-1)  
EQ 12 FSR CNST2 C LKK(-1) LKK(-2) LY(-1) LY(-2) LY(-3) LY(-4) LY(-5)          
 LJHGSZ LTRGSZ LODHM(-1) LYNLZ(-1) UR(-1)                                     
 LEXZ(-1) LAAZ(-1) RBA4(-2) CGZ3(-2) LEXKK(-1)                                
T                                                                             
;                                                                             
EQUATION 12  LKK1  
   RHS     CNST2  C  LEXKK(-1)  LKK1(-1)  LY1  LY1(-1)  LY1(-2)  
   RHS     LY1(-3)  LY1(-4)  RBA4(-2)  CGZ3(-2)  
   FSR     CNST2  C  LKK(-1)  LKK(-2)  LY(-1)  LY(-2)  LY(-3)  
   FSR     LY(-4)  LY(-5)  LJHGSZ  LTRGSZ  LODHM(-1)  LYNLZ(-1)  
   FSR     UR(-1)  LEXZ(-1)  LAAZ(-1)  RBA4(-2)  CGZ3(-2)  
   FSR     LEXKK(-1)  T  
EQ 13 FSR C LEXL(-1) LJF1(-1) LY1(-1) D593                                    
 LCOGSZ LJHGSZ LEXZ(-1) LIMZ(-1) LODHM(-1) PCPD(-1) UR(-1) LYZ(-1) LVZ(-1)    
 RS(-1) RS(-2) RB(-1)                                                         
 LTRGSZ LYNLZ(-1) LAAZ(-1) LPIMZ(-1)                                          
T                                                                             
;                                                                             
EQUATION 13  LJF1  
   RHS     C  LEXL(-1)  LJF1(-1)  LY1  D593  
   FSR     C  LEXL(-1)  LJF1(-1)  LY1(-1)  D593  LCOGSZ  LJHGSZ  
   FSR     LEXZ(-1)  LIMZ(-1)  LODHM(-1)  PCPD(-1)  UR(-1)  
   FSR     LYZ(-1)  LVZ(-1)  RS(-1)  RS(-2)  RB(-1)  LTRGSZ  
   FSR     LYNLZ(-1)  LAAZ(-1)  LPIMZ(-1)  T  
EQ 14 FSR C LHFL1A LEXL(-1) LY1(-1) T                                         
 LJHGSZ PCPD(-1) UR(-1) RS(-1) RS(-2)                                         
 LPIMZ(-1) ;                                                                  
EQUATION 14  LHF1  
   RHS     C  LHFL1A  LEXL(-1)  LY1  T  
   FSR     C  LHFL1A  LEXL(-1)  LY1(-1)  T  LJHGSZ  PCPD(-1)  
   FSR     UR(-1)  RS(-1)  RS(-2)  LPIMZ(-1)  
EQ 17 FSR C LMFZ(-1) LXMFA(-1) RSB(-1)                                        
 T LCOGSZ LJHGSZ LEXZ(-1) LIMZ(-1) LODHM(-1) LPIMZ(-1) LYNLZ(-1) PCPD(-1)     
 UR(-1) LYZ(-1) LVZ(-1)                                                       
 RS(-2) RB(-1) ;                                                              
EQUATION 17  LMFZ  
   RHS     C  LMFL1Q  LXMFA  RSB  
   FSR     C  LMFZ(-1)  LXMFA(-1)  RSB(-1)  T  LCOGSZ  LJHGSZ  
   FSR     LEXZ(-1)  LIMZ(-1)  LODHM(-1)  LPIMZ(-1)  LYNLZ(-1)  
   FSR     PCPD(-1)  UR(-1)  LYZ(-1)  LVZ(-1)  RS(-2)  RB(-1)  
EQ 18 FSR LPIEFAZ(-1) C                                                       
 LJHGSZ PCPD(-1) UR(-1) RS(-1) RS(-2)                                         
 LPIMZ(-1)                                                                    
T                                                                             
;                                                                             
EQUATION 18  LDF1  
   RHS     LPIEFAZ  
   FSR     LPIEFAZ(-1)  C  LJHGSZ  PCPD(-1)  UR(-1)  RS(-1)  
   FSR     RS(-2)  LPIMZ(-1)  T  
EQ 23 FSR C RB(-1) RB(-2) RS(-1) RS(-2) RS(-3)                                
 LCOGSZ LJHGSZ LTRGSZ LEXZ(-1) LIMZ(-1) LODHM(-1) LPIMZ(-1) LYNLZ(-1)         
 PCPD(-1) UR(-1) LYZ(-1) LVZ(-1)                                              
 LAAZ(-1)                                                                     
T                                                                             
;                                                                             
EQUATION 23  RBMRSL2  RHO=1  
   RHS     C  RBLMRSL2  RSMRSL2  RSLMRSL2  
   FSR     C  RB(-1)  RB(-2)  RS(-1)  RS(-2)  RS(-3)  LCOGSZ  
   FSR     LJHGSZ  LTRGSZ  LEXZ(-1)  LIMZ(-1)  LODHM(-1)  LPIMZ(-1)  
   FSR     LYNLZ(-1)  PCPD(-1)  UR(-1)  LYZ(-1)  LVZ(-1)  LAAZ(-1)  
   FSR     T  
EQ 24 FSR C RM(-1) RS(-1) RS(-2)                                              
 LCOGSZ LJHGSZ LTRGSZ LEXZ(-1) LIMZ(-1) LODHM(-1) LPIMZ(-1) LYNLZ(-1)         
 PCPD(-1) UR(-1) LYZ(-1) LVZ(-1)                                              
 LAAZ(-1)                                                                     
T                                                                             
;                                                                             
EQUATION 24  RMMRSL2  
   RHS     C  RMLMRSL2  RSMRSL2  RSLMRSL2  
   FSR     C  RM(-1)  RS(-1)  RS(-2)  LCOGSZ  LJHGSZ  LTRGSZ  
   FSR     LEXZ(-1)  LIMZ(-1)  LODHM(-1)  LPIMZ(-1)  LYNLZ(-1)  
   FSR     PCPD(-1)  UR(-1)  LYZ(-1)  LVZ(-1)  LAAZ(-1)  T  
EQ 25 FSR C RB1(-1) TPIEM1Z(-1)                                               
 T LCOGSZ LJHGSZ LTRGSZ LEXZ(-1) LIMZ(-1) LODHM(-1) LPIMZ(-1) LYNLZ(-1)       
 PCPD(-1) UR(-1) LYZ(-1) LVZ(-1) RS(-1) RS(-2) RB(-1)                         
 LAAZ(-1);                                                                    
EQUATION 25  CGZ  
   RHS     C  RB1  TPIEM1Z  
   FSR     C  RB1(-1)  TPIEM1Z(-1)  T  LCOGSZ  LJHGSZ  LTRGSZ  
   FSR     LEXZ(-1)  LIMZ(-1)  LODHM(-1)  LPIMZ(-1)  LYNLZ(-1)  
   FSR     PCPD(-1)  UR(-1)  LYZ(-1)  LVZ(-1)  RS(-1)  RS(-2)  
   FSR     RB(-1)  LAAZ(-1)  
EQ 26 FSR C LCURZ(-1) LXMFAZ(-1) RSA(-1) LCURL1Q(-1)                          
 T LCOGSZ LJHGSZ LTRGSZ LEXZ(-1) LIMZ(-1) LODHM(-1) LPIMZ(-1) LYNLZ(-1)       
 UR(-1) LYZ(-1) LVZ(-1) RS(-2) RB(-1)                                         
 LAAZ(-1) PCPD(-1);                                                           
EQUATION 26  LCURZ  RHO=1  
   RHS     C  LCURL1Q  LXMFAZ  RSA  
   FSR     C  LCURZ(-1)  LXMFAZ(-1)  RSA(-1)  LCURL1Q(-1)  
   FSR     T  LCOGSZ  LJHGSZ  LTRGSZ  LEXZ(-1)  LIMZ(-1)  LODHM(-1)  
   FSR     LPIMZ(-1)  LYNLZ(-1)  UR(-1)  LYZ(-1)  LVZ(-1)  
   FSR     RS(-2)  RB(-1)  LAAZ(-1)  PCPD(-1)  
EQ 27 FSR CNST2 C LIMZ(-1) LXXXZ(-1) LPFZPIM(-1) D691 D692 D714 D721          
 LCOGSZ LJHGSZ LTRGSZ LEXZ(-1) LODHM(-1) LYNLZ(-1)                            
 PCPD(-1) UR(-1) LYZ(-1) LVZ(-1) RS(-1) RB(-1)                                
 LAAZ(-1)                                                                     
T                                                                             
;                                                                             
EQUATION 27  LIMZ  
   RHS     CNST2  C  LIMZ(-1)  LXXXZ  LPFZPIM  D691  D692  
   RHS     D714  D721  
   FSR     CNST2  C  LIMZ(-1)  LXXXZ(-1)  LPFZPIM(-1)  D691  
   FSR     D692  D714  D721  LCOGSZ  LJHGSZ  LTRGSZ  LEXZ(-1)  
   FSR     LODHM(-1)  LYNLZ(-1)  PCPD(-1)  UR(-1)  LYZ(-1)  
   FSR     LVZ(-1)  RS(-1)  RB(-1)  LAAZ(-1)  T  
EQ 28 FSR C LUB(-1) LU(-1) LWF(-1) LUB(-2)                                    
 LCOGSZ LJHGSZ LTRGSZ LIMZ(-1) LODHM(-1) LPIMZ(-1) LYNLZ(-1) PCPD(-1)         
 RS(-1) RS(-2)                                                                
T                                                                             
;                                                                             
EQUATION 28  LUB  RHO=1  
   RHS     C  LUB(-1)  LU  LWF  
   FSR     C  LUB(-1)  LU(-1)  LWF(-1)  LUB(-2)  LCOGSZ  LJHGSZ  
   FSR     LTRGSZ  LIMZ(-1)  LODHM(-1)  LPIMZ(-1)  LYNLZ(-1)  
   FSR     PCPD(-1)  RS(-1)  RS(-2)  T  
EQ 30 FSR C RS(-1) PCPD(-1) UR(-1) UR1(-1) PCM1(-1) PCM1L1A RS1(-1) RS1(-2)   
 T LCOGSZ LJHGSZ LTRGSZ LEXZ(-1) LIMZ(-1) LODHM(-1) LPIMZ(-1) LYNLZ(-1)       
 LYZ(-1) LVZ(-1)                                                              
 LAAZ(-1);                                                                    
EQUATION 30  RS  
   RHS     C  RS(-1)  PCPD  UR  UR1  PCM1(-1)  PCM1L1A  RS1(-1)  
   RHS     RS1(-2)  
   FSR     C  RS(-1)  PCPD(-1)  UR(-1)  UR1(-1)  PCM1(-1)  
   FSR     PCM1L1A  RS1(-1)  RS1(-2)  T  LCOGSZ  LJHGSZ  LTRGSZ  
   FSR     LEXZ(-1)  LIMZ(-1)  LODHM(-1)  LPIMZ(-1)  LYNLZ(-1)  
   FSR     LYZ(-1)  LVZ(-1)  LAAZ(-1)  
@                                                                             
@ Begin changing                                                              
@                                                                             
SMPL 1952.1 2013.3;                                                           
Sample period is now  1952.1 to  2013.3 Internally:     1 to   247
CREATE D1=0;                                                                  
Name added to list: D1              
CREATE D2=0;                                                                  
Name added to list: D2              
CREATE D3=0;                                                                  
Name added to list: D3              
CREATE T1= 68;                                                                
Name added to list: T1              
CREATE T2=148;                                                                
Name added to list: T2              
SMPL 1952.1 1968.4;                                                           
Sample period is now  1952.1 to  1968.4 Internally:     1 to    68
CREATE D1=1;                                                                  
SMPL 1969.1 1988.4;                                                           
Sample period is now  1969.1 to  1988.4 Internally:    69 to   148
CREATE D2=1;                                                                  
SMPL 1989.1 2013.3;                                                           
Sample period is now  1989.1 to  2013.3 Internally:   149 to   247
CREATE D3=1;                                                                  
SMPL 1952.1 2013.3;                                                           
Sample period is now  1952.1 to  2013.3 Internally:     1 to   247
CREATE CNST1=D1-T2*D2/(T1-T2)+T*D2/(T1-T2);                                   
Name added to list: CNST1           
CREATE CNST2=D3+T1*D2/(T1-T2)-T*D2/(T1-T2);                                   
@CREATE CNST3=CNST1+CNST2; (equals C)                                         
CREATE TA=T*CNST1;                                                            
Name added to list: TA              
CREATE TB=T*CNST2;                                                            
@CREATE TC=TA+TB; (equals T)                                                  
PRINTVAR CNST2 TB;                                                            

NAME          CNST2         TB      
  1952.1  0.000000      0.000000    
  1952.2  0.000000      0.000000    
  1952.3  0.000000      0.000000    
  1952.4  0.000000      0.000000    
  1953.1  0.000000      0.000000    
  1953.2  0.000000      0.000000    
  1953.3  0.000000      0.000000    
  1953.4  0.000000      0.000000    
  1954.1  0.000000      0.000000    
  1954.2  0.000000      0.000000    
  1954.3  0.000000      0.000000    
  1954.4  0.000000      0.000000    
  1955.1  0.000000      0.000000    
  1955.2  0.000000      0.000000    
  1955.3  0.000000      0.000000    
  1955.4  0.000000      0.000000    
  1956.1  0.000000      0.000000    
  1956.2  0.000000      0.000000    
  1956.3  0.000000      0.000000    
  1956.4  0.000000      0.000000    
  1957.1  0.000000      0.000000    
  1957.2  0.000000      0.000000    
  1957.3  0.000000      0.000000    
  1957.4  0.000000      0.000000    
  1958.1  0.000000      0.000000    
  1958.2  0.000000      0.000000    
  1958.3  0.000000      0.000000    
  1958.4  0.000000      0.000000    
  1959.1  0.000000      0.000000    
  1959.2  0.000000      0.000000    
  1959.3  0.000000      0.000000    
  1959.4  0.000000      0.000000    
  1960.1  0.000000      0.000000    
  1960.2  0.000000      0.000000    
  1960.3  0.000000      0.000000    
  1960.4  0.000000      0.000000    
  1961.1  0.000000      0.000000    
  1961.2  0.000000      0.000000    
  1961.3  0.000000      0.000000    
  1961.4  0.000000      0.000000    
  1962.1  0.000000      0.000000    
  1962.2  0.000000      0.000000    
  1962.3  0.000000      0.000000    
  1962.4  0.000000      0.000000    
  1963.1  0.000000      0.000000    
  1963.2  0.000000      0.000000    
  1963.3  0.000000      0.000000    
  1963.4  0.000000      0.000000    
  1964.1  0.000000      0.000000    
  1964.2  0.000000      0.000000    
  1964.3  0.000000      0.000000    
  1964.4  0.000000      0.000000    
  1965.1  0.000000      0.000000    
  1965.2  0.000000      0.000000    
  1965.3  0.000000      0.000000    
  1965.4  0.000000      0.000000    
  1966.1  0.000000      0.000000    
  1966.2  0.000000      0.000000    
  1966.3  0.000000      0.000000    
  1966.4  0.000000      0.000000    
  1967.1  0.000000      0.000000    
  1967.2  0.000000      0.000000    
  1967.3  0.000000      0.000000    
  1967.4  0.000000      0.000000    
  1968.1  0.000000      0.000000    
  1968.2  0.000000      0.000000    
  1968.3  0.000000      0.000000    
  1968.4  0.000000      0.000000    
  1969.1 0.1250000E-01 0.8625000    
  1969.2 0.2500000E-01  1.750000    
  1969.3 0.3750000E-01  2.662500    
  1969.4 0.5000000E-01  3.600000    
  1970.1 0.6250000E-01  4.562500    
  1970.2 0.7500000E-01  5.550000    
  1970.3 0.8750000E-01  6.562500    
  1970.4 0.1000000      7.600000    
  1971.1 0.1125000      8.662500    
  1971.2 0.1250000      9.750000    
  1971.3 0.1375000      10.86250    
  1971.4 0.1500000      12.00000    
  1972.1 0.1625000      13.16250    
  1972.2 0.1750000      14.35000    
  1972.3 0.1875000      15.56250    
  1972.4 0.2000000      16.80000    
  1973.1 0.2125000      18.06250    
  1973.2 0.2250000      19.35000    
  1973.3 0.2375000      20.66250    
  1973.4 0.2500000      22.00000    
  1974.1 0.2625000      23.36250    
  1974.2 0.2750000      24.75000    
  1974.3 0.2875000      26.16250    
  1974.4 0.3000000      27.60000    
  1975.1 0.3125000      29.06250    
  1975.2 0.3250000      30.55000    
  1975.3 0.3375000      32.06250    
  1975.4 0.3500000      33.60000    
  1976.1 0.3625000      35.16250    
  1976.2 0.3750000      36.75000    
  1976.3 0.3875000      38.36250    
  1976.4 0.4000000      40.00000    
  1977.1 0.4125000      41.66250    
  1977.2 0.4250000      43.35000    
  1977.3 0.4375000      45.06250    
  1977.4 0.4500000      46.80000    
  1978.1 0.4625000      48.56250    
  1978.2 0.4750000      50.35000    
  1978.3 0.4875000      52.16250    
  1978.4 0.5000000      54.00000    
  1979.1 0.5125000      55.86250    
  1979.2 0.5250000      57.75000    
  1979.3 0.5375000      59.66250    
  1979.4 0.5500000      61.60000    
  1980.1 0.5625000      63.56250    
  1980.2 0.5750000      65.55000    
  1980.3 0.5875000      67.56250    
  1980.4 0.6000000      69.60000    
  1981.1 0.6125000      71.66250    
  1981.2 0.6250000      73.75000    
  1981.3 0.6375000      75.86250    
  1981.4 0.6500000      78.00000    
  1982.1 0.6625000      80.16250    
  1982.2 0.6750000      82.35000    
  1982.3 0.6875000      84.56250    
  1982.4 0.7000000      86.80000    
  1983.1 0.7125000      89.06250    
  1983.2 0.7250000      91.35000    
  1983.3 0.7375000      93.66250    
  1983.4 0.7500000      96.00000    
  1984.1 0.7625000      98.36250    
  1984.2 0.7750000      100.7500    
  1984.3 0.7875000      103.1625    
  1984.4 0.8000000      105.6000    
  1985.1 0.8125000      108.0625    
  1985.2 0.8250000      110.5500    
  1985.3 0.8375000      113.0625    
  1985.4 0.8500000      115.6000    
  1986.1 0.8625000      118.1625    
  1986.2 0.8750000      120.7500    
  1986.3 0.8875000      123.3625    
  1986.4 0.9000000      126.0000    
  1987.1 0.9125000      128.6625    
  1987.2 0.9250000      131.3500    
  1987.3 0.9375000      134.0625    
  1987.4 0.9500000      136.8000    
  1988.1 0.9625000      139.5625    
  1988.2 0.9750000      142.3500    
  1988.3 0.9875000      145.1625    
  1988.4  1.000000      148.0000    
  1989.1  1.000000      149.0000    
  1989.2  1.000000      150.0000    
  1989.3  1.000000      151.0000    
  1989.4  1.000000      152.0000    
  1990.1  1.000000      153.0000    
  1990.2  1.000000      154.0000    
  1990.3  1.000000      155.0000    
  1990.4  1.000000      156.0000    
  1991.1  1.000000      157.0000    
  1991.2  1.000000      158.0000    
  1991.3  1.000000      159.0000    
  1991.4  1.000000      160.0000    
  1992.1  1.000000      161.0000    
  1992.2  1.000000      162.0000    
  1992.3  1.000000      163.0000    
  1992.4  1.000000      164.0000    
  1993.1  1.000000      165.0000    
  1993.2  1.000000      166.0000    
  1993.3  1.000000      167.0000    
  1993.4  1.000000      168.0000    
  1994.1  1.000000      169.0000    
  1994.2  1.000000      170.0000    
  1994.3  1.000000      171.0000    
  1994.4  1.000000      172.0000    
  1995.1  1.000000      173.0000    
  1995.2  1.000000      174.0000    
  1995.3  1.000000      175.0000    
  1995.4  1.000000      176.0000    
  1996.1  1.000000      177.0000    
  1996.2  1.000000      178.0000    
  1996.3  1.000000      179.0000    
  1996.4  1.000000      180.0000    
  1997.1  1.000000      181.0000    
  1997.2  1.000000      182.0000    
  1997.3  1.000000      183.0000    
  1997.4  1.000000      184.0000    
  1998.1  1.000000      185.0000    
  1998.2  1.000000      186.0000    
  1998.3  1.000000      187.0000    
  1998.4  1.000000      188.0000    
  1999.1  1.000000      189.0000    
  1999.2  1.000000      190.0000    
  1999.3  1.000000      191.0000    
  1999.4  1.000000      192.0000    
  2000.1  1.000000      193.0000    
  2000.2  1.000000      194.0000    
  2000.3  1.000000      195.0000    
  2000.4  1.000000      196.0000    
  2001.1  1.000000      197.0000    
  2001.2  1.000000      198.0000    
  2001.3  1.000000      199.0000    
  2001.4  1.000000      200.0000    
  2002.1  1.000000      201.0000    
  2002.2  1.000000      202.0000    
  2002.3  1.000000      203.0000    
  2002.4  1.000000      204.0000    
  2003.1  1.000000      205.0000    
  2003.2  1.000000      206.0000    
  2003.3  1.000000      207.0000    
  2003.4  1.000000      208.0000    
  2004.1  1.000000      209.0000    
  2004.2  1.000000      210.0000    
  2004.3  1.000000      211.0000    
  2004.4  1.000000      212.0000    
  2005.1  1.000000      213.0000    
  2005.2  1.000000      214.0000    
  2005.3  1.000000      215.0000    
  2005.4  1.000000      216.0000    
  2006.1  1.000000      217.0000    
  2006.2  1.000000      218.0000    
  2006.3  1.000000      219.0000    
  2006.4  1.000000      220.0000    
  2007.1  1.000000      221.0000    
  2007.2  1.000000      222.0000    
  2007.3  1.000000      223.0000    
  2007.4  1.000000      224.0000    
  2008.1  1.000000      225.0000    
  2008.2  1.000000      226.0000    
  2008.3  1.000000      227.0000    
  2008.4  1.000000      228.0000    
  2009.1  1.000000      229.0000    
  2009.2  1.000000      230.0000    
  2009.3  1.000000      231.0000    
  2009.4  1.000000      232.0000    
  2010.1  1.000000      233.0000    
  2010.2  1.000000      234.0000    
  2010.3  1.000000      235.0000    
  2010.4  1.000000      236.0000    
  2011.1  1.000000      237.0000    
  2011.2  1.000000      238.0000    
  2011.3  1.000000      239.0000    
  2011.4  1.000000      240.0000    
  2012.1  1.000000      241.0000    
  2012.2  1.000000      242.0000    
  2012.3  1.000000      243.0000    
  2012.4  1.000000      244.0000    
  2013.1  1.000000      245.0000    
  2013.2  1.000000      246.0000    
  2013.3  1.000000      247.0000    
@                                                                             
@ Estimate the 30 equations                                                   
@                                                                             
SMPL 1954.1 2013.3;                                                           
Sample period is now  1954.1 to  2013.3 Internally:     9 to   247
2SLS; EST 10 PLOT=0; END;                                                     

Equation number =   10
**********************

Dependent variable = LPF     

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  319 LPF      ( -1)
  344 LWFD5    ( -1)
  304 CNST2    (  0)
  305 TB       (  0)
  306 C        (  0)
  250 T        (  0)
  358 LPIMZ    ( -1)
   87 UR       ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  390 LIMZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  373 LTRGSZ   (  0)
  381 LAAZ     ( -1)
  350 LYZ      ( -1)

Mean of dependent variable       -0.894240051

                     Coef est             SE           T statistic      Mean
  319 LPF     ( -1)       0.905233048       0.011860818  76.32130    -0.902089
  344 LWFD5   (  0)       0.048085510       0.010950749   4.39107    -1.395709
  304 CNST2   (  0)       0.002319768       0.006054301   0.38316     0.583682
  305 TB      (  0)      -0.000125674       0.000019026  -6.60521   102.633891
  306 C       (  0)       0.006057586       0.017433354   0.34747     1.000000
  250 T       (  0)       0.000251806       0.000037982   6.62953   128.000000
  357 LPIM    (  0)       0.039196747       0.002841735  13.79325    -0.680191
   87 UR      (  0)      -0.176815327       0.019647423  -8.99942     0.059999

SE of equation            =     0.003597723
Sum of squared residuals  = 0.298997404E-02  -0.985742113E-10
Average absolute error    =     0.002709130
Sum of ABS residuals      = 0.647482133    
R squared                 =   0.99997
Durbin-Watson statistic   =   1.81991
Overid test: p-value      = 0.28007         (df =   8)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.122478148E-03

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1+                                      !!      0   .   .   .          !
 1954.2+                                      !!          .   .  0.          !
 1954.3+                                      !!         0.   .   .          !
 1954.4+                                      !!          .   .  0.          !
 1955.1+                                      !!          . 0 .   .          !
 1955.2+                                      !!          .   0   .          !
 1955.3+*                                     !!          .   .   .      0   !
 1955.4!+                                     !!          .   .   .0         !
 1956.1!+                                     !!          .   0   .          !
 1956.2!+                                     !!          .   .   0          !
 1956.3!+                                     !!          .   .   .0         !
 1956.4!+                                     !!          .   . 0 .          !
 1957.1! +                                    !!          .   .   .    0     !
 1957.2! +                                    !!          . 0 .   .          !
 1957.3! +                                    !!          .   .  0.          !
 1957.4! +                                    !!         0.   .   .          !
 1958.1! +                                    !0          .   .   .          !
 1958.2! +                                    !!          .0  .   .          !
 1958.3! +                                    !!          .   .  0.          !
 1958.4! +                                    !!          .   0   .          !
 1959.1! +                                    !!          .   .   0          !
 1959.2! +                                    !!          .   .   .0         !
 1959.3! +                                    !!          .   .0  .          !
 1959.4! +                                    !!         0.   .   .          !
 1960.1! +                                    !!          .   .0  .          !
 1960.2! +                                    !!          .   .  0.          !
 1960.3! +                                    !!         0.   .   .          !
 1960.4! +                                    !!          .  0.   .          !
 1961.1! +                                    !!    0     .   .   .          !
 1961.2! +                                    !!          .   .  0.          !
 1961.3! +                                    !!          .  0.   .          !
 1961.4! +                                    !!          .  0.   .          !
 1962.1! +                                    !!          .   .0  .          !
 1962.2! +                                    !!          .   .   0          !
 1962.3! *+                                   !!          0   .   .          !
 1962.4! *+                                   !!        0 .   .   .          !
 1963.1!  +                                   !!          .   0   .          !
 1963.2!  +                                   !!          .  0.   .          !
 1963.3!  +                                   !!      0   .   .   .          !
 1963.4!  +                                   !!          .  0.   .          !
 1964.1!  +                                   !!          .   0   .          !
 1964.2!  +                                   !!          .   0   .          !
 1964.3!  +                                   !!          .   .0  .          !
 1964.4!  +                                   !!      0   .   .   .          !
 1965.1!  +                                   !!          .   0   .          !
 1965.2!  +                                   !!          .   .0  .          !
 1965.3!   +                                  !!          .  0.   .          !
 1965.4!   +                                  !!          .   .  0.          !
 1966.1!   +                                  !!          .  0.   .          !
 1966.2!   +                                  !!          .   .   .0         !
 1966.3!   +                                  !!          .   .  0.          !
 1966.4!    +                                 !!          .   . 0 .          !
 1967.1!    +                                 !!       0  .   .   .          !
 1967.2!    +                                 !!          .0  .   .          !
 1967.3!    +                                 !!        0 .   .   .          !
 1967.4!    +                                 !!          . 0 .   .          !
 1968.1!    +                                 !!          .   .   .0         !
 1968.2!     +                                !!          .   .0  .          !
 1968.3!     +                                !!          . 0 .   .          !
 1968.4!     +                                !!          .   . 0 .          !
 1969.1!     +                                !!          .   .0  .          !
 1969.2!     +                                !!          .   .   .0         !
 1969.3!      +                               !!          .   .0  .          !
 1969.4!      +                               !!          .   . 0 .          !
 1970.1!      +                               !!          .0  .   .          !
 1970.2!      +                               !!          .   .   .    0     !
 1970.3!      *+                              !!        0 .   .   .          !
 1970.4!       +                              !!          .0  .   .          !
 1971.1!       +                              !!          .   .   .  0       !
 1971.2!       +                              !!          .   .   0          !
 1971.3!       +                              !!          .   . 0 .          !
 1971.4!       +                              !!          .0  .   .          !
 1972.1!       +*                             !!          .   .   .     0    !
 1972.2!        +                             !!        0 .   .   .          !
 1972.3!        +                             !!          . 0 .   .          !
 1972.4!        +                             !!          0   .   .          !
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 1973.2!         +                            !!          . 0 .   .          !
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 1974.1!          +                           !!          .   .   .    0     !
 1974.2!           +                          !!          .   .   . 0        !
 1974.3!           +                          !!          .   .   .0         !
 1974.4!            +                         !!          .   . 0 .          !
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 1975.2!             +                        !!        0 .   .   .          !
 1975.3!             +                        !!          0   .   .          !
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 1976.1!              +                       !!          . 0 .   .          !
 1976.2!              +                       !!       0  .   .   .          !
 1976.3!              +                       !!          . 0 .   .          !
 1976.4!              *+                      !!          . 0 .   .          !
 1977.1!               +                      !!          0   .   .          !
 1977.2!               +                      !!          .   0   .          !
 1977.3!                +                     !!          .  0.   .          !
 1977.4!                +                     !!      0   .   .   .          !
 1978.1!                +                     !!       0  .   .   .          !
 1978.2!                 +                    !!          .   .   .   0      !
 1978.3!                 +                    !!          .   .  0.          !
 1978.4!                  +                   !!          .   .   . 0        !
 1979.1!                  +                   !!         0.   .   .          !
 1979.2!                  +*                  !!          .   .   0          !
 1979.3!                   +                  !!          .   .   0          !
 1979.4!                   *+                 !!          0   .   .          !
 1980.1!                    +                 !!          .   . 0 .          !
 1980.2!                     +                !!          .   . 0 .          !
 1980.3!                     +                !!          .   .0  .          !
 1980.4!                     +                !!          .0  .   .          !
 1981.1!                      +               !!          .   0   .          !
 1981.2!                      +               !!          .0  .   .          !
 1981.3!                       +              !!          .   .   .0         !
 1981.4!                       +              !!          .   . 0 .          !
 1982.1!                       +              !!          .   .  0.          !
 1982.2!                        +             !!          .   .0  .          !
 1982.3!                        +             !!          . 0 .   .          !
 1982.4!                        +             !!          .   . 0 .          !
 1983.1!                        +             !!          . 0 .   .          !
 1983.2!                        +             !!          .   0   .          !
 1983.3!                        +*            !!          .   .   .  0       !
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 1985.2!                          +           !!          .   0   .          !
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 1987.4!                           +          !!         0.   .   .          !
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 1988.3!                           +          !!          .   0   .          !
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 1989.2!                            +         !!          .   .   0          !
 1989.3!                            +         !!          .   .0  .          !
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 1990.1!                            +         !!          .   .0  .          !
 1990.2!                             +        !!          .   .0  .          !
 1990.3!                             +        !!          .   0   .          !
 1990.4!                             +        !!          0   .   .          !
 1991.1!                             +        !!          .   0   .          !
 1991.2!                             +        !!          .   0   .          !
 1991.3!                             +        !!          .   .0  .          !
 1991.4!                             +        !!         0.   .   .          !
 1992.1!                             +        !!          .0  .   .          !
 1992.2!                              +       !!          .   0   .          !
 1992.3!                              +       !!          .  0.   .          !
 1992.4!                              +       !!          .   .   0          !
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 1993.2!                              +       !!          .   . 0 .          !
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 1995.2!                               +      !!          .   . 0 .          !
 1995.3!                               +      !!          .   .0  .          !
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 1996.2!                               +      !!          .   .0  .          !
 1996.3!                               +*     !!          .   . 0 .          !
 1996.4!                                +     !!          .   . 0 .          !
 1997.1!                                +     !!          .   . 0 .          !
 1997.2!                                +     !!          .   .  0.          !
 1997.3!                                +     !!          .   . 0 .          !
 1997.4!                                +     !!          .   .0  .          !
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 1998.2!                                +     !!          .   .0  .          !
 1998.3!                                +     !!          .   . 0 .          !
 1998.4!                                +     !!          .   .0  .          !
 1999.1!                                +     !!          .  0.   .          !
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 1999.3!                                 +    !!          .   0   .          !
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 2001.4!                                  +   !!          .   .  0.          !
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 2002.3!                                  +   !!          .   .0  .          !
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 2004.3!                                  +*  !!          .   .  0.          !
 2004.4!                                   +  !!          .   .0  .          !
 2005.1!                                   +  !!          .   . 0 .          !
 2005.2!                                   +  !!          .   .0  .          !
 2005.3!                                   +  !!          .   .  0.          !
 2005.4!                                   +  !!          .   0   .          !
 2006.1!                                    + !!          .  0.   .          !
 2006.2!                                    + !!          .   .0  .          !
 2006.3!                                    + !!          . 0 .   .          !
 2006.4!                                    + !!        0 .   .   .          !
 2007.1!                                    + !!          .   .0  .          !
 2007.2!                                    + !!          . 0 .   .          !
 2007.3!                                    + !!        0 .   .   .          !
 2007.4!                                    + !!        0 .   .   .          !
 2008.1!                                    *+!!       0  .   .   .          !
 2008.2!                                    *+!!      0   .   .   .          !
 2008.3!                                     +!!          .0  .   .          !
 2008.4!                                     +!!          0   .   .          !
 2009.1!                                     +!!          .   .   .  0       !
 2009.2!                                     +!!          .   0   .          !
 2009.3!                                     +!!          .   .0  .          !
 2009.4!                                     +!!          .   .0  .          !
 2010.1!                                     +!!          .   . 0 .          !
 2010.2!                                     +!!          .   .   0          !
 2010.3!                                     +!!          .   .   0          !
 2010.4!                                     +!!          .   .   .0         !
 2011.1!                                     +!!          . 0 .   .          !
 2011.2!                                     +!!          .   . 0 .          !
 2011.3!                                     +!!          .   .  0.          !
 2011.4!                                     +!!          . 0 .   .          !
 2012.1!                                      +!          .  0.   .          !
 2012.2!                                      +!          .   .0  .          !
 2012.3!                                      +!          .   .   0          !
 2012.4!                                      +!          .0  .   .          !
 2013.1!                                      +!       0  .   .   .          !
 2013.2!                                      +!          . 0 .   .          !
 2013.3!                                      +!          .   .0  .          !


     25.94 percent of the residuals exceed 1 SE
      4.18 percent of the residuals exceed 2 SE
SMPL 1952.1 2013.3;                                                           
Sample period is now  1952.1 to  2013.3 Internally:     1 to   247
CREATE BETA1=0;                                                               
Name added to list: BETA1           
CREATE BETA2=0;                                                               
Name added to list: BETA2           
CREATE BETA1=COEF(1,10);                                                      
CREATE BETA2=COEF(2,10);                                                      
CREATE DELTA1=BETA1/(1-BETA2);                                                
Name added to list: DELTA1          
GENR LWFQZ=LWFQ-DELTA1*LPF(-1);                                               
Name added to list: LWFQZ           
GENR LPFZ=LPF-DELTA1*LPF(-1);                                                 
Name added to list: LPFZ            
EQ 16 LWFQZ LWFQZPF(-1) LPFZ C T ;                                            
EQUATION 16  LWFQZ  
   RHS     LWFQZPF(-1)  LPFZ  C  T  
LHS WF=EXP(LWFQZ+DELTA1*LPF(-1))*LAM;                                         
EQ 16 FSR LWFQZPF(-1) LPFZ(-1) C T                                            
 LCOGSZ LJHGSZ LTRGSZ LEXZ(-1) LODHM(-1) LYNLZ(-1) UR(-1)                     
 LYZ(-1) LVZ(-1) LPIMZ(-1) RS(-1) RS(-2) RB(-1) ;                             
EQUATION 16  LWFQZ  
   RHS     LWFQZPF(-1)  LPFZ  C  T  
   FSR     LWFQZPF(-1)  LPFZ(-1)  C  T  LCOGSZ  LJHGSZ  LTRGSZ  
   FSR     LEXZ(-1)  LODHM(-1)  LYNLZ(-1)  UR(-1)  LYZ(-1)  
   FSR     LVZ(-1)  LPIMZ(-1)  RS(-1)  RS(-2)  RB(-1)  
2SLS ;                                                                        
SMPL 1954.1 2013.3;                                                           
Sample period is now  1954.1 to  2013.3 Internally:     9 to   247
EST 1-14 PLOT=0;                                                              

Equation number =    1
**********************

Dependent variable = LCSZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)

Mean of dependent variable        1.472625842

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.022445659       0.003401602   6.59856     0.583682
  306 C       (  0)      -0.133993155       0.022868372  -5.85932     1.000000
  133 AG1     (  0)      -0.052103084       0.024838332  -2.09769     0.320965
  134 AG2     (  0)      -0.287774364       0.034131929  -8.43124    -0.086665
  135 AG3     (  0)       0.247344950       0.061554386   4.01832    -0.067461
  380 LCSZ    ( -1)       0.817531311       0.023210854  35.22194     1.467453
  359 LYDZ    (  0)       0.120221501       0.023504887   5.11474     1.881586
  127 RSA     (  0)      -0.001151254       0.000226842  -5.07513     3.824044
  381 LAAZ    ( -1)       0.037866127       0.005688147   6.65702     4.766640

SE of equation            =     0.003733070
Sum of squared residuals  = 0.320523727E-02   0.205118045E-08
Average absolute error    =     0.002860475
Sum of ABS residuals      = 0.683653425    
R squared                 =   0.99990
Durbin-Watson statistic   =   1.50986
Overid test: p-value      = 0.00001         (df =  15)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.663439144E-03

Plot of actual(*) and fitted(+) values and residuals(0)


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 2013.2!                                      +!         .0   .    .         !
 2013.3!                                      +!     0   .    .    .         !


     26.78 percent of the residuals exceed 1 SE
      4.18 percent of the residuals exceed 2 SE

Equation number =    2
**********************

Dependent variable = LCNZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)

Mean of dependent variable        0.561478697

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.014670677       0.007865448  -1.86521     0.583682
  306 C       (  0)      -0.341126949       0.067733519  -5.03631     1.000000
  133 AG1     (  0)       0.124153786       0.050762509   2.44578     0.320965
  134 AG2     (  0)       0.124364797       0.059613214   2.08620    -0.086665
  135 AG3     (  0)      -0.309846192       0.118744472  -2.60935    -0.067461
  382 LCNZ    ( -1)       0.740457999       0.043677356  16.95290     0.558622
  383 LCNZ1   ( -1)       0.214353698       0.059630067   3.59473     0.002834
  381 LAAZ    ( -1)       0.047949153       0.010857881   4.41607     4.766640
  359 LYDZ    (  0)       0.119179298       0.031039046   3.83966     1.881586
  128 RMA     (  0)      -0.000919452       0.000516800  -1.77913     6.363393

SE of equation            =     0.006578902
Sum of squared residuals  = 0.991156768E-02  -0.816439694E-10
Average absolute error    =     0.004880680
Sum of ABS residuals      =  1.16648242    
R squared                 =   0.99886
Durbin-Watson statistic   =   1.95265
Overid test: p-value      = 0.00001         (df =  14)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.202349884E-02

Plot of actual(*) and fitted(+) values and residuals(0)


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 1975.1!             +                        !!          .0  .   .          !
 1975.2!              +                       !!          .   . 0 .          !
 1975.3!              *+                      !!         0.   .   .          !
 1975.4!              +                       !!      0   .   .   .          !
 1976.1!              +*                      !!          .   .   . 0        !
 1976.2!               +                      !!          .   . 0 .          !
 1976.3!               *+                     !!          . 0 .   .          !
 1976.4!                +                     !!          .   . 0 .          !
 1977.1!               *+                     !!         0.   .   .          !
 1977.2!               *+                     !!          0   .   .          !
 1977.3!               +                      !!          . 0 .   .          !
 1977.4!                +                     !!          .   .   .  0       !
 1978.1!                +                     !!          0   .   .          !
 1978.2!                +                     !!          .   .0  .          !
 1978.3!                +                     !!          .   0   .          !
 1978.4!                 +                    !!          .   .   0          !
 1979.1!                 +                    !!          .  0.   .          !
 1979.2!                 +                    !!          0   .   .          !
 1979.3!                 +                    !!          .   .   .0         !
 1979.4!                 +                    !!          .   0   .          !
 1980.1!                 +                    !!          .  0.   .          !
 1980.2!                +                     !!      0   .   .   .          !
 1980.3!               *+                     !!          .0  .   .          !
 1980.4!               *+                     !!          . 0 .   .          !
 1981.1!                +                     !!          .   .0  .          !
 1981.2!                +                     !!          .   0   .          !
 1981.3!                +                     !!          .  0.   .          !
 1981.4!                +                     !!          .   .0  .          !
 1982.1!                +                     !!          .  0.   .          !
 1982.2!               *+                     !!          .0  .   .          !
 1982.3!               +                      !!          .   0   .          !
 1982.4!                +                     !!          .   . 0 .          !
 1983.1!                +                     !!          .0  .   .          !
 1983.2!                +                     !!          .   .  0.          !
 1983.3!                 +                    !!          .   .   .0         !
 1983.4!                 +*                   !!          .   .  0.          !
 1984.1!                 *+                   !!          .0  .   .          !
 1984.2!                  +*                  !!          .   .   .       0  !
 1984.3!                  *+                  !!          . 0 .   .          !
 1984.4!                  +*                  !!          .   .   0          !
 1985.1!                   +                  !!          .   .  0.          !
 1985.2!                   +                  !!          .   .  0.          !
 1985.3!                   +                  !!          .   .   0          !
 1985.4!                   +*                 !!          .   .   0          !
 1986.1!                    +                 !!          .   .   0          !
 1986.2!                    +*                !!          .   .  0.          !
 1986.3!                     +                !!          .  0.   .          !
 1986.4!                    +*                !!          .   .   0          !
 1987.1!                     +                !!          .0  .   .          !
 1987.2!                     +                !!          .   .  0.          !
 1987.3!                     +                !!          . 0 .   .          !
 1987.4!                     +                !!          . 0 .   .          !
 1988.1!                     +                !!          .   .   0          !
 1988.2!                     +*               !!          .   . 0 .          !
 1988.3!                      +               !!          .   .0  .          !
 1988.4!                      +               !!          .   .   0          !
 1989.1!                      +               !!          .   0   .          !
 1989.2!                      +               !!          .   0   .          !
 1989.3!                      +*              !!          .   .   0          !
 1989.4!                       +              !!          .   .   0          !
 1990.1!                       +              !!          .0  .   .          !
 1990.2!                       +              !!          .   0   .          !
 1990.3!                       +              !!          .  0.   .          !
 1990.4!                      *+              !!       0  .   .   .          !
 1991.1!                      +               !!          .  0.   .          !
 1991.2!                      +               !!          .   0   .          !
 1991.3!                      +               !!          .0  .   .          !
 1991.4!                     *+               !!    0     .   .   .          !
 1992.1!                      +               !!          .   .  0.          !
 1992.2!                      *+              !!        0 .   .   .          !
 1992.3!                      *+              !!          .0  .   .          !
 1992.4!                       +              !!          .  0.   .          !
 1993.1!                       +              !!       0  .   .   .          !
 1993.2!                       +              !!          . 0 .   .          !
 1993.3!                       +              !!          .  0.   .          !
 1993.4!                        +             !!          . 0 .   .          !
 1994.1!                        +             !!          .   .  0.          !
 1994.2!                        +             !!          .   .0  .          !
 1994.3!                         +            !!          .   . 0 .          !
 1994.4!                         +            !!          .   .   0          !
 1995.1!                         +            !!          .   .0  .          !
 1995.2!                         +            !!          .   .0  .          !
 1995.3!                         +            !!          .   0   .          !
 1995.4!                          +           !!          .   0   .          !
 1996.1!                          +           !!          .   0   .          !
 1996.2!                          +           !!          .   .   0          !
 1996.3!                           +          !!          .   0   .          !
 1996.4!                           +          !!          .   . 0 .          !
 1997.1!                           +          !!          .   0   .          !
 1997.2!                           +          !!          . 0 .   .          !
 1997.3!                           +          !!          .   .   . 0        !
 1997.4!                            +         !!          . 0 .   .          !
 1998.1!                            +         !!          . 0 .   .          !
 1998.2!                            +         !!          .   0   .          !
 1998.3!                             +        !!          0   .   .          !
 1998.4!                             +        !!          .   . 0 .          !
 1999.1!                              +       !!          .   .   0          !
 1999.2!                              +       !!          .   0   .          !
 1999.3!                              *+      !!          .  0.   .          !
 1999.4!                               +      !!          .   .   .    0     !
 2000.1!                               *+     !!     0    .   .   .          !
 2000.2!                                +     !!          .   .   . 0        !
 2000.3!                                +     !!          .0  .   .          !
 2000.4!                                +*    !!          .   .0  .          !
 2001.1!                                *+    !!      0   .   .   .          !
 2001.2!                                +     !!          .   .0  .          !
 2001.3!                                *+    !!          .0  .   .          !
 2001.4!                                +*    !!          .   . 0 .          !
 2002.1!                                 +    !!          .0  .   .          !
 2002.2!                                 +    !!         0.   .   .          !
 2002.3!                                *+    !!          . 0 .   .          !
 2002.4!                                 +    !!          .   .   .0         !
 2003.1!                                 +    !!          .   .0  .          !
 2003.2!                                 +    !!          .   .0  .          !
 2003.3!                                  +   !!          .   .   .  0       !
 2003.4!                                  +*  !!          .   0   .          !
 2004.1!                                   +  !!          .   .0  .          !
 2004.2!                                   +  !!          . 0 .   .          !
 2004.3!                                   +  !!          .0  .   .          !
 2004.4!                                   +  !!          .   . 0 .          !
 2005.1!                                   +* !!          .   .   .  0       !
 2005.2!                                    + !!          .  0.   .          !
 2005.3!                                    + !!          .  0.   .          !
 2005.4!                                    +*!!          .   .   .  0       !
 2006.1!                                     +!!          .   .0  .          !
 2006.2!                                     +!!          .  0.   .          !
 2006.3!                                     +!!          .   .0  .          !
 2006.4!                                     +*!          .   .   .   0      !
 2007.1!                                      +!          . 0 .   .          !
 2007.2!                                      +!          .0  .   .          !
 2007.3!                                     *+!          .  0.   .          !
 2007.4!                                     +!!          . 0 .   .          !
 2008.1!                                     +!!         0.   .   .          !
 2008.2!                                     +!!          .   . 0 .          !
 2008.3!                                    *+!!     0    .   .   .          !
 2008.4!                                   *+ !!     0    .   .   .          !
 2009.1!                                   +  !!          .   . 0 .          !
 2009.2!                                  *+  !!         0.   .   .          !
 2009.3!                                  +*  !!          .   . 0 .          !
 2009.4!                                   +  !!          .   .0  .          !
 2010.1!                                   +  !!          .   .  0.          !
 2010.2!                                   +  !!          .   0   .          !
 2010.3!                                   +  !!          .   . 0 .          !
 2010.4!                                   +* !!          .   .   . 0        !
 2011.1!                                    + !!          .  0.   .          !
 2011.2!                                    + !!          .  0.   .          !
 2011.3!                                    + !!          .0  .   .          !
 2011.4!                                    + !!          .   .0  .          !
 2012.1!                                    + !!          .   .0  .          !
 2012.2!                                    + !!          .  0.   .          !
 2012.3!                                    + !!          .   0   .          !
 2012.4!                                    + !!          0   .   .          !
 2013.1!                                    + !!          .   . 0 .          !
 2013.2!                                     +!!          .  0.   .          !
 2013.3!                                     +!!          .   .0  .          !


     25.52 percent of the residuals exceed 1 SE
      5.02 percent of the residuals exceed 2 SE

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)

Mean of dependent variable        0.005078653

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.062234867       0.015666226   3.97255     0.583682
  306 C       (  0)      -0.247662250       0.071493436  -3.46413     1.000000
  133 AG1     (  0)       0.181660846       0.113265762   1.60385     0.320965
  134 AG2     (  0)       2.637716062       0.420443641   6.27365    -0.086665
  135 AG3     (  0)      -2.346852723       0.426475205  -5.50291    -0.067461
  426 DKDZCDL1(  0)       0.231672295       0.045441455   5.09826    -0.095734
  356 KDZ     ( -1)      -0.027704393       0.004081017  -6.78860     8.585965
  351 YDZ     (  0)       0.063889774       0.010287490   6.21043     6.883520
  406 RMACDZ  (  0)      -0.010051761       0.002539865  -3.95760     3.299496
  352 AAZ     ( -1)       0.000629958       0.000163568   3.85135   129.870051

SE of equation            =     0.014548924
Sum of squared residuals  = 0.484727008E-01   0.200443828E-10
Average absolute error    =     0.010249032
Sum of ABS residuals      =  2.44951872    
R squared                 =   0.20705
Durbin-Watson statistic   =   1.95327
Overid test: p-value      = 0.00001         (df =  10)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.857095772E-02

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1!                   +                  !!           .  0  .           !
 1954.2!                   +  *               !!           .  . 0.           !
 1954.3!                    +                 !!           .  .0 .           !
 1954.4!                    + *               !!           .  . 0.           !
 1955.1!                    +   *             !!           .  .  0           !
 1955.2!                    + *               !!           .  . 0.           !
 1955.3!                    + *               !!           .  . 0.           !
 1955.4!                   *+                 !!           . 0.  .           !
 1956.1!                  *  +                !!           .0 .  .           !
 1956.2!                    * +               !!           . 0.  .           !
 1956.3!                   *  +               !!           .0 .  .           !
 1956.4!                     *+               !!           . 0.  .           !
 1957.1!                     +                !!           .  0  .           !
 1957.2!                   * +                !!           .0 .  .           !
 1957.3!                    *+                !!           . 0.  .           !
 1957.4!                    +                 !!           . 0.  .           !
 1958.1!                 *  +                 !!           .0 .  .           !
 1958.2!                   * +                !!           . 0.  .           !
 1958.3!                     *+               !!           . 0.  .           !
 1958.4!                     *+               !!           . 0.  .           !
 1959.1!                      +               !!           .  0  .           !
 1959.2!                     +*               !!           .  0  .           !
 1959.3!                    +*                !!           .  .0 .           !
 1959.4!                  * +                 !!           . 0.  .           !
 1960.1!                    +*                !!           .  .0 .           !
 1960.2!                    +*                !!           .  .0 .           !
 1960.3!                   +*                 !!           .  .0 .           !
 1960.4!                  +*                  !!           .  .0 .           !
 1961.1!                  *+                  !!           . 0.  .           !
 1961.2!                    +*                !!           .  0  .           !
 1961.3!                     +                !!           .  0  .           !
 1961.4!                     +*               !!           .  .0 .           !
 1962.1!                     +                !!           .  0  .           !
 1962.2!                     +                !!           .  0  .           !
 1962.3!                   +*                 !!           .  .0 .           !
 1962.4!                   +  *               !!           .  . 0.           !
 1963.1!                   + *                !!           .  .0 .           !
 1963.2!                   + *                !!           .  .0 .           !
 1963.3!                   + *                !!           .  .0 .           !
 1963.4!                    +*                !!           .  .0 .           !
 1964.1!                    + *               !!           .  . 0.           !
 1964.2!                     +                !!           .  .0 .           !
 1964.3!                    + *               !!           .  .0 .           !
 1964.4!                  * +                 !!           .0 .  .           !
 1965.1!                     +   *            !!           .  .  0           !
 1965.2!                    +                 !!           .  0  .           !
 1965.3!                     +*               !!           .  .0 .           !
 1965.4!                      +               !!           .  .0 .           !
 1966.1!                     + *              !!           .  .0 .           !
 1966.2!                 *  +                 !!           .0 .  .           !
 1966.3!                    + *               !!           .  .0 .           !
 1966.4!                    +                 !!           .  0  .           !
 1967.1!                   * +                !!           . 0.  .           !
 1967.2!                     + *              !!           .  .0 .           !
 1967.3!                   * +                !!           . 0.  .           !
 1967.4!                    *+                !!           . 0.  .           !
 1968.1!                      + *             !!           .  . 0.           !
 1968.2!                     +                !!           .  0  .           !
 1968.3!                    +  *              !!           .  . 0.           !
 1968.4!                   *+                 !!           .  0  .           !
 1969.1!                    +*                !!           .  .0 .           !
 1969.2!                    +                 !!           .  0  .           !
 1969.3!                    *+                !!           . 0.  .           !
 1969.4!                    *+                !!           . 0.  .           !
 1970.1!                   * +                !!           .0 .  .           !
 1970.2!                     +                !!           .  0  .           !
 1970.3!                    *+                !!           . 0.  .           !
 1970.4!               *     +                !!         0 .  .  .           !
 1971.1!                        + *           !!           .  . 0.           !
 1971.2!                     *  +             !!           .0 .  .           !
 1971.3!                      *+              !!           . 0.  .           !
 1971.4!                       +              !!           .  0  .           !
 1972.1!                      *+              !!           . 0.  .           !
 1972.2!                      *+              !!           . 0.  .           !
 1972.3!                      *+              !!           . 0.  .           !
 1972.4!                        * +           !!           .0 .  .           !
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 1973.2!                   *    +             !!          0.  .  .           !
 1973.3!                   *   +              !!           0  .  .           !
 1973.4!                  *     +             !!         0 .  .  .           !
 1974.1!                  *   +               !!           0  .  .           !
 1974.2!                    +                 !!           .  0  .           !
 1974.3!                   +*                 !!           .  .0 .           !
 1974.4!            *     +                   !!          0.  .  .           !
 1975.1!                    +*                !!           .  .0 .           !
 1975.2!                     *  +             !!           .0 .  .           !
 1975.3!                     +  *             !!           .  .  0           !
 1975.4!                    + *               !!           .  . 0.           !
 1976.1!                    +   *             !!           .  .  0           !
 1976.2!                    +                 !!           .  0  .           !
 1976.3!                    +*                !!           .  .0 .           !
 1976.4!                    +*                !!           .  .0 .           !
 1977.1!                    +  *              !!           .  .  0           !
 1977.2!                   +  *               !!           .  . 0.           !
 1977.3!                   + *                !!           .  .0 .           !
 1977.4!                    + *               !!           .  .0 .           !
 1978.1!                 *  +                 !!           .0 .  .           !
 1978.2!                     +    *           !!           .  .  .0          !
 1978.3!                  * +                 !!           . 0.  .           !
 1978.4!                    +*                !!           .  0  .           !
 1979.1!                   *+                 !!           . 0.  .           !
 1979.2!                  * +                 !!           .0 .  .           !
 1979.3!                    + *               !!           .  . 0.           !
 1979.4!                 * +                  !!           . 0.  .           !
 1980.1!                  *+                  !!           .  0  .           !
 1980.2!           *     +                    !!         0 .  .  .           !
 1980.3!                     + *              !!           .  . 0.           !
 1980.4!                     +*               !!           .  .0 .           !
 1981.1!                  +   *               !!           .  .  0           !
 1981.2!                +*                    !!           .  0  .           !
 1981.3!                  +   *               !!           .  .  .0          !
 1981.4!              *  +                    !!           .0 .  .           !
 1982.1!                  +   *               !!           .  .  0           !
 1982.2!                   +*                 !!           .  .0 .           !
 1982.3!                   + *                !!           .  .0 .           !
 1982.4!                     +  *             !!           .  . 0.           !
 1983.1!                     *+               !!           . 0.  .           !
 1983.2!                      +   *           !!           .  .  0           !
 1983.3!                     + *              !!           .  . 0.           !
 1983.4!                     +  *             !!           .  . 0.           !
 1984.1!                      +*              !!           .  . 0.           !
 1984.2!                     +*               !!           .  .0 .           !
 1984.3!                    *+                !!           . 0.  .           !
 1984.4!                      +*              !!           .  .0 .           !
 1985.1!                     +  *             !!           .  . 0.           !
 1985.2!                     *+               !!           . 0.  .           !
 1985.3!                     +     *          !!           .  .  .0          !
 1985.4!                *    +                !!          0.  .  .           !
 1986.1!                      * +             !!           . 0.  .           !
 1986.2!                        *+            !!           . 0.  .           !
 1986.3!                        +     *       !!           .  .  . 0         !
 1986.4!                  *  +                !!           .0 .  .           !
 1987.1!            *          +              !!      0    .  .  .           !
 1987.2!                      +  *            !!           .  . 0.           !
 1987.3!                     +   *            !!           .  .  0           !
 1987.4!                 *  +                 !!           0  .  .           !
 1988.1!                      +   *           !!           .  .  0           !
 1988.2!                    *+                !!           . 0.  .           !
 1988.3!                  *   +               !!           0  .  .           !
 1988.4!                       +              !!           .  0  .           !
 1989.1!                   *  +               !!           .0 .  .           !
 1989.2!                     +*               !!           .  0  .           !
 1989.3!                     + *              !!           .  .0 .           !
 1989.4!                *    +                !!          0.  .  .           !
 1990.1!                      +  *            !!           .  . 0.           !
 1990.2!                *   +                 !!          0.  .  .           !
 1990.3!                   * +                !!           .0 .  .           !
 1990.4!                *  +                  !!           .0 .  .           !
 1991.1!                 *  +                 !!           0  .  .           !
 1991.2!                    *+                !!           . 0.  .           !
 1991.3!                     +*               !!           .  .0 .           !
 1991.4!                  *   +               !!           0  .  .           !
 1992.1!                        *+            !!           . 0.  .           !
 1992.2!                     *   +            !!           0  .  .           !
 1992.3!                      *  +            !!           .0 .  .           !
 1992.4!                      *  +            !!           .0 .  .           !
 1993.1!                     *   +            !!           0  .  .           !
 1993.2!                        +             !!           .  0  .           !
 1993.3!                     * +              !!           . 0.  .           !
 1993.4!                       +              !!           .  0  .           !
 1994.1!                      +*              !!           .  0  .           !
 1994.2!                     +                !!           .  0  .           !
 1994.3!                    +*                !!           .  .0 .           !
 1994.4!                    +    *            !!           .  .  .0          !
 1995.1!                 *  +                 !!           .0 .  .           !
 1995.2!                     +                !!           .  0  .           !
 1995.3!                      + *             !!           .  . 0.           !
 1995.4!                      +               !!           .  0  .           !
 1996.1!                     * +              !!           . 0.  .           !
 1996.2!                      + *             !!           .  . 0.           !
 1996.3!                     +                !!           .  0  .           !
 1996.4!                     + *              !!           .  .0 .           !
 1997.1!                     +  *             !!           .  . 0.           !
 1997.2!                   *+                 !!           . 0.  .           !
 1997.3!                       +   *          !!           .  .  0           !
 1997.4!                        +             !!           .  0  .           !
 1998.1!                     *    +           !!          0.  .  .           !
 1998.2!                            +         !!           .  0  .           !
 1998.3!                         *  +         !!           .0 .  .           !
 1998.4!                          +   *       !!           .  .  0           !
 1999.1!                    *     +           !!         0 .  .  .           !
 1999.2!                          +  *        !!           .  .  0           !
 1999.3!                       +*             !!           .  .0 .           !
 1999.4!                      *+              !!           . 0.  .           !
 2000.1!                          +     *     !!           .  .  . 0         !
 2000.2!               *        +             !!       0   .  .  .           !
 2000.3!                       *  +           !!           .0 .  .           !
 2000.4!                     *   +            !!           0  .  .           !
 2001.1!                       * +            !!           .0 .  .           !
 2001.2!                   *   +              !!           0  .  .           !
 2001.3!                      *   +           !!           0  .  .           !
 2001.4!                     +                *!           .  .  .         0 !
 2002.1!                 *  +                 !!           0  .  .           !
 2002.2!                     +*               !!           .  0  .           !
 2002.3!                    +     *           !!           .  .  . 0         !
 2002.4!                * +                   !!           . 0.  .           !
 2003.1!                    *+                !!           .  0  .           !
 2003.2!                      +       *       !!           .  .  .  0        !
 2003.3!                      +        *      !!           .  .  .   0       !
 2003.4!                    +  *              !!           .  . 0.           !
 2004.1!                      + *             !!           .  .0 .           !
 2004.2!                      +               !!           .  0  .           !
 2004.3!                      +*              !!           .  .0 .           !
 2004.4!                       +              !!           .  0  .           !
 2005.1!                     +  *             !!           .  . 0.           !
 2005.2!                     +     *          !!           .  .  . 0         !
 2005.3!                   +   *              !!           .  .  0           !
 2005.4!            *      +                  !!        0  .  .  .           !
 2006.1!                        +      *      !!           .  .  . 0         !
 2006.2!                   * +                !!           .0 .  .           !
 2006.3!                     + *              !!           .  . 0.           !
 2006.4!                     + *              !!           .  .0 .           !
 2007.1!                       +              !!           .  0  .           !
 2007.2!                      + *             !!           .  . 0.           !
 2007.3!                    +  *              !!           .  . 0.           !
 2007.4!                   +*                 !!           .  .0 .           !
 2008.1!           *       +                  !!       0   .  .  .           !
 2008.2!                  *   +               !!           0  .  .           !
 2008.3!          *     +                     !!         0 .  .  .           !
 2008.4*                  +                   !0           .  .  .           !
 2009.1!                    * +               !!           . 0.  .           !
 2009.2!                  *   +               !!           0  .  .           !
 2009.3!                     +          *     !!           .  .  .     0     !
 2009.4!               *   +                  !!          0.  .  .           !
 2010.1!                     + *              !!           .  .0 .           !
 2010.2!                        +   *         !!           .  .  0           !
 2010.3!                       +*             !!           .  .0 .           !
 2010.4!                        +   *         !!           .  .  0           !
 2011.1!                       * +            !!           . 0.  .           !
 2011.2!                   *     +            !!         0 .  .  .           !
 2011.3!                       *   +          !!           0  .  .           !
 2011.4!                         +   *        !!           .  .  0           !
 2012.1!                           +          !!           .  0  .           !
 2012.2!                      *    +          !!          0.  .  .           !
 2012.3!                          +           !!           .  0  .           !
 2012.4!                           *+         !!           . 0.  .           !
 2013.1!                      + *             !!           .  . 0.           !
 2013.2!                      + *             !!           .  . 0.           !
 2013.3!                   +      *           !!           .  .  . 0         !


     23.01 percent of the residuals exceed 1 SE
      3.77 percent of the residuals exceed 2 SE

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)

Iter   Rhos:  1            2
   1     0.395181478  0.133438183
   2     0.422539158  0.177839970
   3     0.442302380  0.204347099
   4     0.460640460  0.227602458
   5     0.480885705  0.252309357
   6     0.505561956  0.281010377
   7     0.535653830  0.312274860
   8     0.568111627  0.334651386
   9     0.595563802  0.337572276
  10     0.610863952  0.334207248
  11     0.617369188  0.332779402
  12     0.620167578  0.332475394
  13     0.621493337  0.332490032
  14     0.622182042  0.332560152
  15     0.622563749  0.332621354
  16     0.622783946  0.332664402
  17     0.622913999  0.332692518
  18     0.622991875  0.332710302
  19     0.623038885  0.332721378
  20     0.623067399  0.332728220
  21     0.623084744  0.332732426
  22     0.623095313  0.332735007
  23     0.623101759  0.332736587

Number of iterations for RHO =   23


Mean of dependent variable        0.000416100

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.146331387       0.082713019   1.76915     0.583682
  306 C       (  0)       0.589739453       0.229176431   2.57330     1.000000
  428 DKHZIHL1(  0)       0.299657696       0.048373302   6.19469    -0.245763
  355 KHZ     ( -1)      -0.020417755       0.009047761  -2.25666    39.409752
  351 YDZ     (  0)       0.043920571       0.034336405   1.27913     6.883520
  407 RMALIHHZ(  0)      -0.025455467       0.004765586  -5.34152     3.401850
    0 RHO     ( -1)       0.623101759       0.071580315   8.70493     0.000000
    0 RHO     ( -2)       0.332736587       0.068543992   4.85435     0.000000

SE of equation            =     0.015683589
Sum of squared residuals  = 0.568202197E-01   0.242846107E-04
Average absolute error    =     0.011390468
Sum of ABS residuals      =  2.72232196    
R squared                 =   0.42428
Durbin-Watson statistic   =   2.00611
Overid test: p-value      = 0.00552         (df =  19)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.909301689E-02

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1!                       + *            !!          .   .0  .          !
 1954.2!                         +   *        !!          .   .   0          !
 1954.3!                           + *        !!          .   . 0 .          !
 1954.4!                            + *       !!          .   .0  .          !
 1955.1!                            +   *     !!          .   .  0.          !
 1955.2!                         *  +         !!          .0  .   .          !
 1955.3!                     *    +           !!          0   .   .          !
 1955.4!                   *   +              !!          0   .   .          !
 1956.1!                    * +               !!          .  0.   .          !
 1956.2!                      +*              !!          .   .0  .          !
 1956.3!                     * +              !!          .  0.   .          !
 1956.4!                      *+              !!          .  0.   .          !
 1957.1!                     * +              !!          . 0 .   .          !
 1957.2!                     *+               !!          .  0.   .          !
 1957.3!                      +               !!          .   0   .          !
 1957.4!                       +              !!          .   .0  .          !
 1958.1!                 *     +              !!         0.   .   .          !
 1958.2!                      +*              !!          .   .0  .          !
 1958.3!                        +    *        !!          .   .   .0         !
 1958.4!                           +     *    !!          .   .   .0         !
 1959.1!                            +      *  !!          .   .   . 0        !
 1959.2!                           *  +       !!          . 0 .   .          !
 1959.3!                     *     +          !!          0   .   .          !
 1959.4!                    *  +              !!          . 0 .   .          !
 1960.1!                     +     *          !!          .   .   .0         !
 1960.2!              *        +              !!      0   .   .   .          !
 1960.3!                   * +                !!          .  0.   .          !
 1960.4!                    + *               !!          .   . 0 .          !
 1961.1!                      *+              !!          .  0.   .          !
 1961.2!                      * +             !!          .  0.   .          !
 1961.3!                        +  *          !!          .   .  0.          !
 1961.4!                          +           !!          .   0   .          !
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 1962.3!                       *+             !!          . 0 .   .          !
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 1963.3!                         * +          !!          . 0 .   .          !
 1963.4!                          +           !!          .   0   .          !
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 1964.2!                 *         +          !!      0   .   .   .          !
 1964.3!                      *+              !!          .  0.   .          !
 1964.4!                      +               !!          .   0   .          !
 1965.1!                       + *            !!          .   . 0 .          !
 1965.2!                        +*            !!          .   .0  .          !
 1965.3!                        *+            !!          .  0.   .          !
 1965.4!                     *   +            !!          .0  .   .          !
 1966.1!                       +  *           !!          .   . 0 .          !
 1966.2!               *       +              !!       0  .   .   .          !
 1966.3!                    +                 !!          .   0   .          !
 1966.4!              *    +                  !!         0.   .   .          !
 1967.1!                    + *               !!          .   .0  .          !
 1967.2!                     +            *   !!          .   .   .     0    !
 1967.3!                            +         !!          .   0   .          !
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 1968.1!                      *   +           !!          .0  .   .          !
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 1968.3!                       +*             !!          .   .0  .          !
 1968.4!                      + *             !!          .   .0  .          !
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 1969.2!                     *  +             !!          . 0 .   .          !
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 1969.4!                *     +               !!         0.   .   .          !
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 1970.3!                      +     *         !!          .   .   .0         !
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 1971.3!                            *  +      !!          . 0 .   .          !
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 1972.2!                         *  +         !!          . 0 .   .          !
 1972.3!                        *  +          !!          . 0 .   .          !
 1972.4!                          +  *        !!          .   . 0 .          !
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 1973.2!                 *         +          !!      0   .   .   .          !
 1973.3!                  *   +               !!          .0  .   .          !
 1973.4!                  *+                  !!          .  0.   .          !
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 1974.3!                   + *                !!          .   . 0 .          !
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 1975.3!                          +    *      !!          .   .   0          !
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 1976.3!                     *      +         !!        0 .   .   .          !
 1976.4!                        +             *!          .   .   .      0   !
 1977.1!                           * +        !!          .  0.   .          !
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 1977.3!                      *      +        !!        0 .   .   .          !
 1977.4!                     *    +           !!         0.   .   .          !
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 1978.2!                      +      *        !!          .   .   . 0        !
 1978.3!                       *+             !!          .   0   .          !
 1978.4!                     * +              !!          . 0 .   .          !
 1979.1!                 *    +               !!          0   .   .          !
 1979.2!                   +                  !!          .   0   .          !
 1979.3!                   + *                !!          .   .0  .          !
 1979.4!                  *  +                !!          .0  .   .          !
 1980.1!              *  +                    !!          . 0 .   .          !
 1980.2! *           +                        !!    0     .   .   .          !
 1980.3!            +             *           !!          .   .   .       0  !
 1980.4!                       +        *     !!          .   .   .  0       !
 1981.1!                    * +               !!          . 0 .   .          !
 1981.2!                    *  +              !!          . 0 .   .          !
 1981.3!                *  +                  !!          .0  .   .          !
 1981.4!              * +                     !!          .  0.   .          !
 1982.1!                 +  *                 !!          .   . 0 .          !
 1982.2!                      +               !!          .   0   .          !
 1982.3!                        * +           !!          . 0 .   .          !
 1982.4!                          +   *       !!          .   .  0.          !
 1983.1!                                   +  *!          .   . 0 .          !
 1983.2!                                   +  !!          .   0   .          !
 1983.3!                                 +*   !!          .   .0  .          !
 1983.4!                            +*        !!          .   .0  .          !
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 1984.2!                          * +         !!          . 0 .   .          !
 1984.3!                      * +             !!          .  0.   .          !
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 1985.1!                       *  +           !!          . 0 .   .          !
 1985.2!                        *  +          !!          .0  .   .          !
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 1985.4!                          * +         !!          . 0 .   .          !
 1986.1!                           +*         !!          .   .0  .          !
 1986.2!                              +*      !!          .   .0  .          !
 1986.3!                          *    +      !!          0   .   .          !
 1986.4!                         *+           !!          .  0.   .          !
 1987.1!                       *  +           !!          . 0 .   .          !
 1987.2!                         +            !!          .   0   .          !
 1987.3!                       +              !!          .   0   .          !
 1987.4!                      +  *            !!          .   . 0 .          !
 1988.1!                      *+              !!          .  0.   .          !
 1988.2!                          +           !!          .   0   .          !
 1988.3!                        +             !!          .   0   .          !
 1988.4!                        +             !!          .   0   .          !
 1989.1!                     *   +            !!          .0  .   .          !
 1989.2!                  *  +                !!          . 0 .   .          !
 1989.3!                    + *               !!          .   . 0 .          !
 1989.4!                    *    +            !!          0   .   .          !
 1990.1!                       +*             !!          .   .0  .          !
 1990.2!                  *   +               !!          0   .   .          !
 1990.3!                 *  +                 !!          .0  .   .          !
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 1991.2!                      +     *         !!          .   .   0          !
 1991.3!                        +   *         !!          .   .  0.          !
 1991.4!                           +          !!          .   0   .          !
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 1992.3!                        *  +          !!          . 0 .   .          !
 1992.4!                           +      *   !!          .   .   . 0        !
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 1993.3!                        +       *     !!          .   .   .  0       !
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 1995.3!                       +   *          !!          .   .   0          !
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 1998.4!                         *+           !!          .  0.   .          !
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 2002.3!                     +  *             !!          .   . 0 .          !
 2002.4!                        +*            !!          .   .0  .          !
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 2003.3!                          +     *     !!          .   .   .0         !
 2003.4!                      +         *     !!          .   .   .   0      !
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 2004.2!                           + *        !!          .   . 0 .          !
 2004.3!                     +*               !!          .   .0  .          !
 2004.4!                        + *           !!          .   . 0 .          !
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 2005.2!                        +  *          !!          .   .  0.          !
 2005.3!                       + *            !!          .   . 0 .          !
 2005.4!                      +               !!          .   0   .          !
 2006.1!               +      *               !!          .   .   .0         !
 2006.2!           *     +                    !!         0.   .   .          !
 2006.3!             * +                      !!          . 0 .   .          !
 2006.4!          *     +                     !!         0.   .   .          !
 2007.1!             *    +                   !!          0   .   .          !
 2007.2!              *  +                    !!          . 0 .   .          !
 2007.3*                 +                    !0          .   .   .          !
 2007.4!             +        *               !!          .   .   .   0      !
 2008.1!         *         +                  !!     0    .   .   .          !
 2008.2!                  *   +               !!          0   .   .          !
 2008.3!               + *                    !!          .   .0  .          !
 2008.4!           *       +                  !!        0 .   .   .          !
 2009.1!              *   +                   !!          .0  .   .          !
 2009.2!                 *  +                 !!          .0  .   .          !
 2009.3!                    +       *         !!          .   .   .  0       !
 2009.4!                        +             !!          .   0   .          !
 2010.1!                        * +           !!          .  0.   .          !
 2010.2!                          +*          !!          .   .0  .          !
 2010.3!                *          +          !!     0    .   .   .          !
 2010.4!                       *  +           !!          . 0 .   .          !
 2011.1!                       * +            !!          .  0.   .          !
 2011.2!                        +             !!          .   0   .          !
 2011.3!                          +           !!          .   0   .          !
 2011.4!                          *+          !!          .  0.   .          !
 2012.1!                          *    +      !!          0   .   .          !
 2012.2!                         *   +        !!          .0  .   .          !
 2012.3!                          +           !!          .   0   .          !
 2012.4!                            * +       !!          .  0.   .          !
 2013.1!                          +           !!          .   0   .          !
 2013.2!                          +*          !!          .   0   .          !
 2013.3!                           +          !!          .   .0  .          !


     25.10 percent of the residuals exceed 1 SE
      5.86 percent of the residuals exceed 2 SE

Equation number =    5
**********************

Dependent variable = LL1Z    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  306 C        (  0)
  314 LL1Z     ( -1)
  381 LAAZ     ( -1)
   87 UR       ( -1)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  363 PCPD     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  250 T        (  0)

Mean of dependent variable       -0.063496851

                     Coef est             SE           T statistic      Mean
  306 C       (  0)       0.014625130       0.005574449   2.62360     1.000000
  314 LL1Z    ( -1)       0.937965166       0.024472738  38.32694    -0.063096
  381 LAAZ    ( -1)      -0.003672616       0.001381693  -2.65806     4.766640
   87 UR      (  0)      -0.023902444       0.013141440  -1.81886     0.059999

SE of equation            =     0.002461276
Sum of squared residuals  = 0.142360212E-02   0.257847910E-11
Average absolute error    =     0.001876534
Sum of ABS residuals      = 0.448491631    
R squared                 =   0.99182
Durbin-Watson statistic   =   2.20273
Overid test: p-value      = 0.00000         (df =  10)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.305053523E-03

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1!                                    *+!!         0.   .   .          !
 1954.2!                                    +*!!          .   .   0          !
 1954.3!                                      +!          .   0   .          !
 1954.4!                                     *+!          .0  .   .          !
 1955.1!                                     +!!          . 0 .   .          !
 1955.2!                                     +!!          .  0.   .          !
 1955.3!                                    *+!!          .0  .   .          !
 1955.4!                                     +!!          .   . 0 .          !
 1956.1!                                     +*!          .   . 0 .          !
 1956.2!                                     *+!        0 .   .   .          !
 1956.3!                                    *+!!          0   .   .          !
 1956.4!                                    + !!          .  0.   .          !
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 1957.2!                                     +!!          . 0 .   .          !
 1957.3!                                    *+!!          0   .   .          !
 1957.4!                                   *+ !!          0   .   .          !
 1958.1!                                  *+  !!         0.   .   .          !
 1958.2!                                  + * !!          .   .   .    0     !
 1958.3!                                    + *!          .   .   .  0       !
 1958.4!                                     +!!          .0  .   .          !
 1959.1!                                   *+ !!         0.   .   .          !
 1959.2!                                   +* !!          .   . 0 .          !
 1959.3!                                    + !!          .   0   .          !
 1959.4!                                    + !!          .   .0  .          !
 1960.1!                                   *+ !!          . 0 .   .          !
 1960.2!                                   +  !!          .   . 0 .          !
 1960.3!                                   +* !!          .   .0  .          !
 1960.4!                                   +* !!          .   .  0.          !
 1961.1!                                  * + !!      0   .   .   .          !
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 1961.3!                                   +  !!          .  0.   .          !
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 1962.1!                                  *+  !!          .0  .   .          !
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 1962.4!                                   +  !!          .  0.   .          !
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 1963.3!                                  +   !!          .   .0  .          !
 1963.4!                                  +*  !!          .   .  0.          !
 1964.1!                                   +  !!          .   0   .          !
 1964.2!                                   +  !!          .   . 0 .          !
 1964.3!                                  *+  !!          . 0 .   .          !
 1964.4!                                  +   !!          .   0   .          !
 1965.1!                                  +   !!          .   .0  .          !
 1965.2!                                  +*  !!          .   .  0.          !
 1965.3!                                  +   !!          . 0 .   .          !
 1965.4!                                  +   !!          .   0   .          !
 1966.1!                                  +   !!          .   . 0 .          !
 1966.2!                                  +   !!          .   0   .          !
 1966.3!                                 *+   !!          .  0.   .          !
 1966.4!                                 +*   !!          .   .  0.          !
 1967.1!                                  +   !!          .   .0  .          !
 1967.2!                                  +   !!          .   .0  .          !
 1967.3!                                 *+   !!          . 0 .   .          !
 1967.4!                                 +    !!          .   0   .          !
 1968.1!                                 +    !!          .   0   .          !
 1968.2!                                 +    !!          .   .0  .          !
 1968.3!                                 +    !!          .   0   .          !
 1968.4!                                *+    !!          .  0.   .          !
 1969.1!                                +*    !!          .   .  0.          !
 1969.2!                                *+    !!          0   .   .          !
 1969.3!                               +*     !!          .   .0  .          !
 1969.4!                               +      !!          . 0 .   .          !
 1970.1!                               +      !!          .   . 0 .          !
 1970.2!                               +      !!          .   .0  .          !
 1970.3!                              *+      !!          .0  .   .          !
 1970.4!                              +*      !!          .   .0  .          !
 1971.1!                             *+       !!          0   .   .          !
 1971.2!                             +*       !!          .   . 0 .          !
 1971.3!                             +*       !!          .   . 0 .          !
 1971.4!                             +        !!          0   .   .          !
 1972.1!                            +         !!          . 0 .   .          !
 1972.2!                            +         !!          .   . 0 .          !
 1972.3!                            +         !!          .   0   .          !
 1972.4!                           *+         !!          .0  .   .          !
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 1980.3!                        +*            !!          .   .  0.          !
 1980.4!                        +             !!          . 0 .   .          !
 1981.1!                        +             !!          .   . 0 .          !
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 1981.3!                       *+             !!          0   .   .          !
 1981.4!                       +              !!          .   .0  .          !
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 1982.3!                        +             !!          .   . 0 .          !
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 1983.1!                     * +              !!      0   .   .   .          !
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 1984.4!                       +              !!          .   0   .          !
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 1985.3!                       +              !!          .   . 0 .          !
 1985.4!                       +              !!          .   .0  .          !
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 1986.2!                       +              !!          .   0   .          !
 1986.3!                      +*              !!          .   .  0.          !
 1986.4!                       +              !!          .   .0  .          !
 1987.1!                       +              !!          .   . 0 .          !
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 1987.3!                      +               !!          .   0   .          !
 1987.4!                      +               !!          .   .0  .          !
 1988.1!                      +               !!          .   .0  .          !
 1988.2!                      +               !!          .   0   .          !
 1988.3!                      +               !!          .   .0  .          !
 1988.4!                      +               !!          .   .0  .          !
 1989.1!                     +*               !!          .   .   0          !
 1989.2!                      +               !!          .  0.   .          !
 1989.3!                      +               !!          .   .0  .          !
 1989.4!                      +*              !!          .   .   0          !
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 1990.2!                    * +               !!       0  .   .   .          !
 1990.3!                    +                 !!          .  0.   .          !
 1990.4!                    +                 !!          .   . 0 .          !
 1991.1!                    +                 !!          .   .0  .          !
 1991.2!                    +                 !!          .   0   .          !
 1991.3!                   *+                 !!          . 0 .   .          !
 1991.4!                  *+                  !!          .  0.   .          !
 1992.1!                  +*                  !!          .   . 0 .          !
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 1995.1!               +                      !!          .   0   .          !
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 1995.3!            * +                       !!         0.   .   .          !
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 1996.1!            +*                        !!          .   .   0          !
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 1996.3!             +*                       !!          .   .   .0         !
 1996.4!              +*                      !!          .   .0  .          !
 1997.1!              *+                      !!          . 0 .   .          !
 1997.2!              +                       !!          .0  .   .          !
 1997.3!             + *                      !!          .   .   .0         !
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 1998.2!              +                       !!          . 0 .   .          !
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 2002.1!          +   *                       !!          .   .   .          0
 2002.2!              +                       !!          .   0   .          !
 2002.3!             +                        !!          . 0 .   .          !
 2002.4!           * +                        !!         0.   .   .          !
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 2005.2!         +                            !!          .   . 0 .          !
 2005.3!         +*                           !!          .   . 0 .          !
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 2006.2!         +                            !!          .  0.   .          !
 2006.3!        *+                            !!          .  0.   .          !
 2006.4!        +*                            !!          .   .   0          !
 2007.1!         +  *                         !!          .   .   .        0 !
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 2007.4!        +                             !!          .   . 0 .          !
 2008.1!        + *                           !!          .   .   .    0     !
 2008.2!        * +                           !!       0  .   .   .          !
 2008.3!        +                             !!          .   .0  .          !
 2008.4!      * +                             !!        0 .   .   .          !
 2009.1!     *+                               !!          0   .   .          !
 2009.2!     +*                               !!          .   .  0.          !
 2009.3!     +                                !!          .  0.   .          !
 2009.4!   * +                                !!      0   .   .   .          !
 2010.1!  *+                                  !!          .  0.   .          !
 2010.2!  + *                                 !!          .   .   .0         !
 2010.3!  *+                                  !!        0 .   .   .          !
 2010.4!* +                                   !!     0    .   .   .          !
 2011.1!+*                                    !!          .   .   0          !
 2011.2! +                                    !!          .   . 0 .          !
 2011.3!*+                                    !!        0 .   .   .          !
 2011.4*+                                     !!          .0  .   .          !
 2012.1!+ *                                   !!          .   .   .   0      !
 2012.2! *+                                   !!          . 0 .   .          !
 2012.3!*+                                    !!         0.   .   .          !
 2012.4*+                                     !!          . 0 .   .          !
 2013.1!+                                     !!          .   . 0 .          !
 2013.2!+                                     !!          .   .0  .          !
 2013.3*+                                     !!         0.   .   .          !


     28.03 percent of the residuals exceed 1 SE
      4.60 percent of the residuals exceed 2 SE

Equation number =    6
**********************

Dependent variable = LL2Z    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  306 C        (  0)
  381 LAAZ     ( -1)
  393 LWAZPH   ( -1)
  250 T        (  0)

Mean of dependent variable       -0.496349638

                     Coef est             SE           T statistic      Mean
  306 C       (  0)       0.008441745       0.022772185   0.37070     1.000000
  315 LL2Z    ( -1)       0.991233511       0.006440619 153.90345    -0.499060
  393 LWAZPH  (  0)       0.005849552       0.007137788   0.81952     0.390876
  381 LAAZ    ( -1)      -0.002600000       0.004670101  -0.55673     4.766640

SE of equation            =     0.005650451
Sum of squared residuals  = 0.750298625E-02  -0.107332199E-09
Average absolute error    =     0.004096307
Sum of ABS residuals      = 0.979017381    
R squared                 =   0.99942
Durbin-Watson statistic   =   1.94351
Overid test: p-value      = 9.90000         (df =   0)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.852224152E-22

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1!+                                     !!          .   .   0          !
 1954.2!+                                     !!    0     .   .   .          !
 1954.3*+                                     !!0         .   .   .          !
 1954.4+                                      !!          . 0 .   .          !
 1955.1!+                                     !!          .   .0  .          !
 1955.2!+*                                    !!          .   .   .   0      !
 1955.3! +*                                   !!          .   .   .          0
 1955.4!  +                                   !!          .0  .   .          !
 1956.1!  +                                   !!          0   .   .          !
 1956.2!  +*                                  !!          .   .   0          !
 1956.3!   +                                  !!          .   . 0 .          !
 1956.4!   +                                  !!       0  .   .   .          !
 1957.1!   +                                  !!       0  .   .   .          !
 1957.2!   +                                  !!          .   0   .          !
 1957.3!   +*                                 !!          .   .  0.          !
 1957.4!    +                                 !!          .   . 0 .          !
 1958.1!    +                                 !!       0  .   .   .          !
 1958.2!    +                                 !!          .   0   .          !
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 1959.1!    +*                                !!          .   . 0 .          !
 1959.2!     +                                !!          . 0 .   .          !
 1959.3!    *+                                !!    0     .   .   .          !
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 1960.2!    +*                                !!          .   .   .        0 !
 1960.3!      +                               !!          .   .   0          !
 1960.4!      +                               !!   0      .   .   .          !
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 1989.1!                                   +  !!          .   . 0 .          !
 1989.2!                                   +  !!          . 0 .   .          !
 1989.3!                                   +  !!          .   . 0 .          !
 1989.4!                                    + !!          .   .  0.          !
 1990.1!                                    + !!          .   0   .          !
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 1994.1!                                    +*!!          .   . 0 .          !
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 1997.3!                                      +!          .   .   .0         !
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 2008.2!                                     +!!          .   .0  .          !
 2008.3!                                     +!!          .  0.   .          !
 2008.4!                                     +!!          .  0.   .          !
 2009.1!                                     +!!          .  0.   .          !
 2009.2!                                     +!!          .  0.   .          !
 2009.3!                                     +!!          0   .   .          !
 2009.4!                                     +!!          0   .   .          !
 2010.1!                                     +!!          .   .0  .          !
 2010.2!                                     +!!          0   .   .          !
 2010.3!                                    *+!!         0.   .   .          !
 2010.4!                                     +!!          .   .0  .          !
 2011.1!                                    *+!!          0   .   .          !
 2011.2!                                    + !!          . 0 .   .          !
 2011.3!                                    + !!          . 0 .   .          !
 2011.4!                                    + !!          .0  .   .          !
 2012.1!                                    + !!          .   0   .          !
 2012.2!                                    + !!          . 0 .   .          !
 2012.3!                                    + !!          .   0   .          !
 2012.4!                                    + !!          . 0 .   .          !
 2013.1!                                    + !!       0  .   .   .          !
 2013.2!                                    + !!          .  0.   .          !
 2013.3!                                    + !!          .  0.   .          !


     24.69 percent of the residuals exceed 1 SE
      5.86 percent of the residuals exceed 2 SE

Equation number =    7
**********************

Dependent variable = LL3Z    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  306 C        (  0)
  316 LL3Z     ( -1)
  381 LAAZ     ( -1)
  393 LWAZPH   ( -1)
   87 UR       ( -1)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  390 LIMZ     ( -1)
  375 LODHM    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
  350 LYZ      ( -1)
  250 T        (  0)

Mean of dependent variable       -0.748476795

                     Coef est             SE           T statistic      Mean
  306 C       (  0)       0.045140895       0.018477726   2.44299     1.000000
  316 LL3Z    ( -1)       0.965339193       0.015069667  64.05843    -0.748117
  393 LWAZPH  (  0)       0.029978911       0.010697525   2.80242     0.390876
  381 LAAZ    ( -1)      -0.015751514       0.005689089  -2.76872     4.766640
   87 UR      (  0)      -0.134458335       0.031860845  -4.22017     0.059999

SE of equation            =     0.005359591
Sum of squared residuals  = 0.672170128E-02   0.700163261E-10
Average absolute error    =     0.004130416
Sum of ABS residuals      = 0.987169433    
R squared                 =   0.98596
Durbin-Watson statistic   =   2.12338
Overid test: p-value      = 0.06410         (df =   9)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.453808037E-03

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1!                              +   *   !!         .    .    .        0!
 1954.2!                                * +   !!       0 .    .    .         !
 1954.3!                                +     !!         .    .  0 .         !
 1954.4!                             *  +     !!    0    .    .    .         !
 1955.1!                            * +       !!        0.    .    .         !
 1955.2!                            +*        !!         .    .   0.         !
 1955.3!                              +   *   !!         .    .    .         0
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 1956.4!                                   * +!!       0 .    .    .         !
 1957.1!                                 * +  !!         .0   .    .         !
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 1959.1!                         *+           !!         0    .    .         !
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 1959.3!                         + *          !!         .    .    0         !
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 1960.1!                        * +           !!     0   .    .    .         !
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 1989.1!              +*                      !!         .    . 0  .         !
 1989.2!               +*                     !!         .    .   0.         !
 1989.3!               *+                     !!         . 0  .    .         !
 1989.4!             * +                      !!         .0   .    .         !
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 1992.4! *  +                                 !!     0   .    .    .         !
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 2003.3!      *  +                            !!       0 .    .    .         !
 2003.4!       +                              !!         .   0.    .         !
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 2005.2!        + *                           !!         .    .    .  0      !
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 2008.2!            +*                        !!         .    . 0  .         !
 2008.3!            +*                        !!         .    .0   .         !
 2008.4!             +                        !!         .    0    .         !
 2009.1!             +                        !!         .   0.    .         !
 2009.2!            +                         !!         .    0    .         !
 2009.3!          * +                         !!      0  .    .    .         !
 2009.4!        *+                            !!         0    .    .         !
 2010.1!       +*                             !!         .    .  0 .         !
 2010.2!        +*                            !!         .    .   0.         !
 2010.3!        +*                            !!         .    .0   .         !
 2010.4!       *+                             !!         . 0  .    .         !
 2011.1!       +                              !!         .    .0   .         !
 2011.2!       +                              !!         .   0.    .         !
 2011.3!       +*                             !!         .    .   0.         !
 2011.4!        +*                            !!         .    .  0 .         !
 2012.1!        *+                            !!         .0   .    .         !
 2012.2!        +*                            !!         .    .0   .         !
 2012.3!        *+                            !!         . 0  .    .         !
 2012.4!        + *                           !!         .    .    .0        !
 2013.1!         *+                           !!         . 0  .    .         !
 2013.2!        *+                            !!         .   0.    .         !
 2013.3!        +                             !!         .   0.    .         !


     27.20 percent of the residuals exceed 1 SE
      4.60 percent of the residuals exceed 2 SE

Equation number =    8
**********************

Dependent variable = LLMZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  306 C        (  0)
  318 LLMZ     ( -1)
  393 LWAZPH   ( -1)
   87 UR       ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
   23 RB       ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  381 LAAZ     ( -1)
  378 LEXZ     ( -1)
  390 LIMZ     ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  250 T        (  0)

Mean of dependent variable       -3.318024939

                     Coef est             SE           T statistic      Mean
  306 C       (  0)      -0.355366323       0.069051852  -5.14637     1.000000
  318 LLMZ    ( -1)       0.865697168       0.024080227  35.95054    -3.316130
  393 LWAZPH  (  0)       0.026016406       0.015004551   1.73390     0.390876
   87 UR      (  0)      -1.701079049       0.300922991  -5.65287     0.059999

SE of equation            =     0.046338810
Sum of squared residuals  = 0.504612042       0.161972658E-10
Average absolute error    =     0.037345959
Sum of ABS residuals      =  8.92568415    
R squared                 =   0.93955
Durbin-Watson statistic   =   2.04160
Overid test: p-value      = 0.37077         (df =  16)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.363816119E-01

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1!                        *+            !!         . 0  .    .         !
 1954.2!                      +               !!         .   0.    .         !
 1954.3!                     + *              !!         .    .    .0        !
 1954.4!                      +*              !!         .    .  0 .         !
 1955.1!                       +*             !!         .    .   0.         !
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 1955.3!                       *+             !!         . 0  .    .         !
 1955.4!                       + *            !!         .    .   0.         !
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 1956.3!                       *  +           !!        0.    .    .         !
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 1957.4!                      * +             !!       0 .    .    .         !
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 1958.2!              *  +                    !!        0.    .    .         !
 1958.3!             +  *                     !!         .    .    . 0       !
 1958.4!                +                     !!         .    .0   .         !
 1959.1!                +   *                 !!         .    .    .    0    !
 1959.2!                    +   *             !!         .    .    .    0    !
 1959.3!                   *   +              !!     0   .    .    .         !
 1959.4!                   + *                !!         .    .    .0        !
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 1960.2!                *    +                !!0        .    .    .         !
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 1960.4!               +                      !!         .    0    .         !
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 1961.3!           +  *                       !!         .    .    .   0     !
 1961.4!              +   *                   !!         .    .    .   0     !
 1962.1!                 +  *                 !!         .    .    0         !
 1962.2!                   +                  !!         .   0.    .         !
 1962.3!               *   +                  !!    0    .    .    .         !
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 1964.3!         +  *                         !!         .    .    .  0      !
 1964.4!             +*                       !!         .    .0   .         !
 1965.1!             * +                      !!         0    .    .         !
 1965.2!              + *                     !!         .    .    0         !
 1965.3!               * +                    !!        0.    .    .         !
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 1966.1!                   +*                 !!         .    .  0 .         !
 1966.2!                     +  *             !!         .    .    . 0       !
 1966.3!                        +*            !!         .    .0   .         !
 1966.4!                     *   +            !!     0   .    .    .         !
 1967.1!                      +   *           !!         .    .    .  0      !
 1967.2!                       *  +           !!      0  .    .    .         !
 1967.3!                    *   +             !!      0  .    .    .         !
 1967.4!                     +                !!         .   0.    .         !
 1968.1!                      +  *            !!         .    .    . 0       !
 1968.2!                       *  +           !!        0.    .    .         !
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 1968.4!                         + *          !!         .    .  0 .         !
 1969.1!                           + *        !!         .    .   0.         !
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 1969.3!                           * +        !!         0    .    .         !
 1969.4!                        *  +          !!       0 .    .    .         !
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 1970.4!                  *  +                !!      0  .    .    .         !
 1971.1!                 +   *                !!         .    .    .  0      !
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 1971.3!                 *   +                !!    0    .    .    .         !
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 1974.4!              *+                      !!         .  0 .    .         !
 1975.1!             +                        !!         .    .0   .         !
 1975.2!          *+                          !!         . 0  .    .         !
 1975.3!       * +                            !!         0    .    .         !
 1975.4!      +   *                           !!         .    .    .   0     !
 1976.1!       *  +                           !!        0.    .    .         !
 1976.2!    *  +                              !!     0   .    .    .         !
 1976.3!  * +                                 !!         .0   .    .         !
 1976.4!   +                                  !!         .    0    .         !
 1977.1!   +                                  !!         .    0    .         !
 1977.2!    + *                               !!         .    .   0.         !
 1977.3!      + *                             !!         .    .   0.         !
 1977.4!       * +                            !!        0.    .    .         !
 1978.1!        + *                           !!         .    .    . 0       !
 1978.2!           +  *                       !!         .    .    .0        !
 1978.3!              + *                     !!         .    .  0 .         !
 1978.4!               *+                     !!         .  0 .    .         !
 1979.1!               +                      !!         .    0    .         !
 1979.2!                +  *                  !!         .    .    . 0       !
 1979.3!                  +*                  !!         .    . 0  .         !
 1979.4!                *  +                  !!       0 .    .    .         !
 1980.1!                +                     !!         .    .0   .         !
 1980.2!               +   *                  !!         .    .    .   0     !
 1980.3!                *+                    !!         .  0 .    .         !
 1980.4!               +  *                   !!         .    .    .0        !
 1981.1!              * +                     !!         0    .    .         !
 1981.2!           * +                        !!         0    .    .         !
 1981.3!           +   *                      !!         .    .    .    0    !
 1981.4!             + *                      !!         .    .    0         !
 1982.1!             +                        !!         .    0    .         !
 1982.2!          *+                          !!         .  0 .    .         !
 1982.3!      * +                             !!         .0   .    .         !
 1982.4!    +                                 !!         .    . 0  .         !
 1983.1!  +  *                                !!         .    .    . 0       !
 1983.2!    +*                                !!         .    .  0 .         !
 1983.3*    +                                 !!   0     .    .    .         !
 1983.4+  *                                   !!         .    .    . 0       !
 1984.1!   +                                  !!         .    . 0  .         !
 1984.2! *  +                                 !!      0  .    .    .         !
 1984.3!  +  *                                !!         .    .    .  0      !
 1984.4!      +                               !!         .    .0   .         !
 1985.1!      *+                              !!         .    0    .         !
 1985.2!       + *                            !!         .    .    .0        !
 1985.3!         + *                          !!         .    .   0.         !
 1985.4!        *  +                          !!       0 .    .    .         !
 1986.1!    *    +                            !!   0     .    .    .         !
 1986.2!   * +                                !!         .0   .    .         !
 1986.3!   *+                                 !!         . 0  .    .         !
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 1987.2!    * +                               !!        0.    .    .         !
 1987.3!    * +                               !!         0    .    .         !
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 1988.1!        +                             !!         .    0    .         !
 1988.2!          +   *                       !!         .    .    .   0     !
 1988.3!             * +                      !!         .0   .    .         !
 1988.4!              + *                     !!         .    .  0 .         !
 1989.1!               *+                     !!         . 0  .    .         !
 1989.2!               *+                     !!         . 0  .    .         !
 1989.3!               *+                     !!         .  0 .    .         !
 1989.4!                +                     !!         .    0    .         !
 1990.1!                +   *                 !!         .    .    .    0    !
 1990.2!                     +  *             !!         .    .    . 0       !
 1990.3!                       +              !!         .    .0   .         !
 1990.4!                      + *             !!         .    .   0.         !
 1991.1!                       +*             !!         .    .  0 .         !
 1991.2!                      +               !!         .    0    .         !
 1991.3!                     +*               !!         .    .  0 .         !
 1991.4!                     +                !!         .    0    .         !
 1992.1!                *  +                  !!      0  .    .    .         !
 1992.2!               +                      !!         .   0.    .         !
 1992.3!              +*                      !!         .    . 0  .         !
 1992.4!              + *                     !!         .    .    0         !
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 1994.4!                    *  +              !!       0 .    .    .         !
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 1995.2!                      +    *          !!         .    .    .     0   !
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 1996.1!                          + *         !!         .    .    .0        !
 1996.2!                           +          !!         .    .0   .         !
 1996.3!                          *+          !!         .   0.    .         !
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 1997.1!                           +*         !!         .    .  0 .         !
 1997.2!                           *+         !!         . 0  .    .         !
 1997.3!                          +           !!         .   0.    .         !
 1997.4!                          +*          !!         .    .0   .         !
 1998.1!                           + *        !!         .    .    0         !
 1998.2!                            + *       !!         .    .    0         !
 1998.3!                              +*      !!         .    .  0 .         !
 1998.4!                               +      !!         .    0    .         !
 1999.1!                            * +       !!         0    .    .         !
 1999.2!                            +   *     !!         .    .    .  0      !
 1999.3!                               + *    !!         .    .   0.         !
 1999.4!                                +*    !!         .    .0   .         !
 2000.1!                                +   * !!         .    .    .    0    !
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 2000.3!                                    + *!         .    .   0.         !
 2000.4!                                  *  +!!       0 .    .    .         !
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 2001.4!                                 +*   !!         .    .  0 .         !
 2002.1!                               * +    !!         . 0  .    .         !
 2002.2!                              +*      !!         .    . 0  .         !
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 2002.4!                           +  *       !!         .    .    .  0      !
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 2003.2!                         * +          !!         .0   .    .         !
 2003.3!                        +   *         !!         .    .    .  0      !
 2003.4!                          *+          !!         .  0 .    .         !
 2004.1!                        *+            !!         .  0 .    .         !
 2004.2!                        + *           !!         .    .   0.         !
 2004.3!                         +            !!         .    0    .         !
 2004.4!                         +*           !!         .    .0   .         !
 2005.1!                         + *          !!         .    .   0.         !
 2005.2!                         * +          !!         .0   .    .         !
 2005.3!                        *+            !!         . 0  .    .         !
 2005.4!                        +             !!         .    .0   .         !
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 2006.3!                        *+            !!         .  0 .    .         !
 2006.4!                     *   +            !!     0   .    .    .         !
 2007.1!                      +               !!         .   0.    .         !
 2007.2!                       +*             !!         .    .  0 .         !
 2007.3!                       * +            !!         0    .    .         !
 2007.4!                       +              !!         .    0    .         !
 2008.1!                   *   +              !!    0    .    .    .         !
 2008.2!                   *+                 !!         . 0  .    .         !
 2008.3!                  *+                  !!         . 0  .    .         !
 2008.4!             *   +                    !!  0      .    .    .         !
 2009.1!            +                         !!         .    0    .         !
 2009.2!       *  +                           !!      0  .    .    .         !
 2009.3!     *+                               !!         .   0.    .         !
 2009.4!    +   *                             !!         .    .    .    0    !
 2010.1!    *  +                              !!      0  .    .    .         !
 2010.2!   +                                  !!         .    0    .         !
 2010.3*  +                                   !!      0  .    .    .         !
 2010.4+   *                                  !!         .    .    .   0     !
 2011.1!  *+                                  !!         .  0 .    .         !
 2011.2!  + *                                 !!         .    .   0.         !
 2011.3!   +*                                 !!         .    . 0  .         !
 2011.4!  * +                                 !!         .0   .    .         !
 2012.1!*  +                                  !!      0  .    .    .         !
 2012.2! +*                                   !!         .    . 0  .         !
 2012.3!   +*                                 !!         .    . 0  .         !
 2012.4! *  +                                 !!     0   .    .    .         !
 2013.1!  + *                                 !!         .    .   0.         !
 2013.2!   * +                                !!         .0   .    .         !
 2013.3!    +                                 !!         .    0    .         !


     33.47 percent of the residuals exceed 1 SE
      2.51 percent of the residuals exceed 2 SE

Equation number =    9
**********************

Dependent variable = NONE9   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

Mean of dependent variable        1.000000000

                     Coef est             SE           T statistic      Mean
  306 C       (  0)       1.000000000       0.000000000**********     1.000000

SE of equation            =     0.000000000
Sum of squared residuals  = 0.294590244E-29   0.265343303E-13
Average absolute error    =     0.000000000
Sum of ABS residuals      = 0.265343303E-13
R squared                 =   0.00000
Durbin-Watson statistic   =   0.00000
SMPL and No. Obs.         = 1954.1   2013.3    239

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1+                                      *.              .              0
 1954.2+                                      *.              .              0
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 2009.4+                                      *.              .              0
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 2010.4+                                      *.              .              0
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 2011.4+                                      *.              .              0
 2012.1+                                      *.              .              0
 2012.2+                                      *.              .              0
 2012.3+                                      *.              .              0
 2012.4+                                      *.              .              0
 2013.1+                                      *.              .              0
 2013.2+                                      *.              .              0
 2013.3+                                      *.              .              0


      0.00 percent of the residuals exceed 1 SE
      0.00 percent of the residuals exceed 2 SE

Equation number =   10
**********************

Dependent variable = LPF     

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  319 LPF      ( -1)
  344 LWFD5    ( -1)
  304 CNST2    (  0)
  305 TB       (  0)
  306 C        (  0)
  250 T        (  0)
  358 LPIMZ    ( -1)
   87 UR       ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  390 LIMZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  373 LTRGSZ   (  0)
  381 LAAZ     ( -1)
  350 LYZ      ( -1)

Mean of dependent variable       -0.894240051

                     Coef est             SE           T statistic      Mean
  319 LPF     ( -1)       0.905233048       0.011860818  76.32130    -0.902089
  344 LWFD5   (  0)       0.048085510       0.010950749   4.39107    -1.395709
  304 CNST2   (  0)       0.002319768       0.006054301   0.38316     0.583682
  305 TB      (  0)      -0.000125674       0.000019026  -6.60521   102.633891
  306 C       (  0)       0.006057586       0.017433354   0.34747     1.000000
  250 T       (  0)       0.000251806       0.000037982   6.62953   128.000000
  357 LPIM    (  0)       0.039196747       0.002841735  13.79325    -0.680191
   87 UR      (  0)      -0.176815327       0.019647423  -8.99942     0.059999

SE of equation            =     0.003597723
Sum of squared residuals  = 0.298997404E-02  -0.985742113E-10
Average absolute error    =     0.002709130
Sum of ABS residuals      = 0.647482133    
R squared                 =   0.99997
Durbin-Watson statistic   =   1.81991
Overid test: p-value      = 0.28007         (df =   8)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.122478148E-03

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1+                                      !!      0   .   .   .          !
 1954.2+                                      !!          .   .  0.          !
 1954.3+                                      !!         0.   .   .          !
 1954.4+                                      !!          .   .  0.          !
 1955.1+                                      !!          . 0 .   .          !
 1955.2+                                      !!          .   0   .          !
 1955.3+*                                     !!          .   .   .      0   !
 1955.4!+                                     !!          .   .   .0         !
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 1956.3!+                                     !!          .   .   .0         !
 1956.4!+                                     !!          .   . 0 .          !
 1957.1! +                                    !!          .   .   .    0     !
 1957.2! +                                    !!          . 0 .   .          !
 1957.3! +                                    !!          .   .  0.          !
 1957.4! +                                    !!         0.   .   .          !
 1958.1! +                                    !0          .   .   .          !
 1958.2! +                                    !!          .0  .   .          !
 1958.3! +                                    !!          .   .  0.          !
 1958.4! +                                    !!          .   0   .          !
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 1959.2! +                                    !!          .   .   .0         !
 1959.3! +                                    !!          .   .0  .          !
 1959.4! +                                    !!         0.   .   .          !
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 1960.3! +                                    !!         0.   .   .          !
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 1961.1! +                                    !!    0     .   .   .          !
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 1962.3! *+                                   !!          0   .   .          !
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 2013.3!                                      +!          .   .0  .          !


     25.94 percent of the residuals exceed 1 SE
      4.18 percent of the residuals exceed 2 SE

Equation number =   11
**********************

Dependent variable = LY      

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  306 C        (  0)
  349 LY       ( -1)
  387 LV       ( -1)
  349 LY       ( -2)
  349 LY       ( -3)
  349 LY       ( -4)
  387 LV       ( -2)
  387 LV       ( -3)
  387 LV       ( -4)
  161 D593     (  0)
  162 D594     (  0)
  163 D601     (  0)
  163 D601     ( -1)
  163 D601     ( -2)
  163 D601     ( -3)
  250 T        (  0)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  390 LIMZ     ( -1)
  375 LODHM    ( -1)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
   87 UR       ( -1)
   30 RS       ( -1)
   23 RB       ( -1)
  363 PCPD     ( -1)

Iter   Rhos:  1            2            3
   1     0.371357513  0.255458915 -0.015814397
   2     0.394007837  0.281111207  0.040504699
   3     0.398365210  0.315810662  0.094252967
   4     0.394793150  0.355955508  0.144139910
   5     0.394701503  0.383506836  0.160615314
   6     0.399335360  0.391908415  0.158001791
   7     0.401548119  0.393637387  0.156644051
   8     0.402327930  0.394060161  0.156233912
   9     0.402589788  0.394188135  0.156104369
  10     0.402677483  0.394230262  0.156061887
  11     0.402706977  0.394244456  0.156047700
  12     0.402716932  0.394249264  0.156042923

Number of iterations for RHO =   12


Mean of dependent variable        7.322275849

                     Coef est             SE           T statistic      Mean
  306 C       (  0)       0.321424678       0.089742920   3.58162     1.000000
  349 LY      ( -1)       0.359233853       0.041448302   8.66703     7.314140
  423 LX      (  0)       0.800859179       0.044116090  18.15345     7.317813
  387 LV      ( -1)      -0.212725904       0.023861401  -8.91506     6.986823
  161 D593    (  0)      -0.009894640       0.003460108  -2.85963     0.004184
  162 D594    (  0)      -0.004036445       0.003373887  -1.19638     0.004184
  163 D601    (  0)       0.008379405       0.003439196   2.43644     0.004184
    0 RHO     ( -1)       0.402716932       0.072102550   5.58534     0.000000
    0 RHO     ( -2)       0.394249264       0.066422474   5.93548     0.000000
    0 RHO     ( -3)       0.156042923       0.068614756   2.27419     0.000000

SE of equation            =     0.003783749
Sum of squared residuals  = 0.327853659E-02   0.220477395E-05
Average absolute error    =     0.002869783
Sum of ABS residuals      = 0.685878049    
R squared                 =   0.99996
Durbin-Watson statistic   =   2.04738
Overid test: p-value      = 0.01574         (df =  20)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.492669021E-03

Plot of actual(*) and fitted(+) values and residuals(0)


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 1995.3!                             +        !!         .  0 .    .         !
 1995.4!                             +        !!         .  0 .    .         !
 1996.1!                             +        !!         . 0  .    .         !
 1996.2!                             +        !!         .    . 0  .         !
 1996.3!                              +       !!         .    . 0  .         !
 1996.4!                              +       !!         .   0.    .         !
 1997.1!                              +       !!         .   0.    .         !
 1997.2!                              +       !!         .    .    .   0     !
 1997.3!                               +      !!         .    .  0 .         !
 1997.4!                               +      !!         .    . 0  .         !
 1998.1!                               +      !!         .    .    . 0       !
 1998.2!                               +      !!         .   0.    .         !
 1998.3!                               +      !!         .    .0   .         !
 1998.4!                                +     !!         .    . 0  .         !
 1999.1!                                +     !!         .    . 0  .         !
 1999.2!                                +     !!         . 0  .    .         !
 1999.3!                                +     !!         .    0    .         !
 1999.4!                                 +    !!         .    .    . 0       !
 2000.1!                                 +    !!      0  .    .    .         !
 2000.2!                                 +    !!         .    .    .  0      !
 2000.3!                                 +    !!         .  0 .    .         !
 2000.4!                                 +    !!         .    .0   .         !
 2001.1!                                 +    !!    0    .    .    .         !
 2001.2!                                 +    !!         .   0.    .         !
 2001.3!                                 +    !!        0.    .    .         !
 2001.4!                                 +    !!      0  .    .    .         !
 2002.1!                                 +*   !!         .    .  0 .         !
 2002.2!                                  +   !!         .    . 0  .         !
 2002.3!                                  +   !!         .    .0   .         !
 2002.4!                                  +   !!         .    0    .         !
 2003.1!                                  +   !!         .    . 0  .         !
 2003.2!                                  +   !!         .   0.    .         !
 2003.3!                                  +   !!         .    0    .         !
 2003.4!                                   +  !!         .   0.    .         !
 2004.1!                                   +  !!         .  0 .    .         !
 2004.2!                                   +  !!         .    . 0  .         !
 2004.3!                                   +  !!         .    . 0  .         !
 2004.4!                                   +  !!         .    . 0  .         !
 2005.1!                                   +* !!         .    .    0         !
 2005.2!                                    + !!         .0   .    .         !
 2005.3!                                    + !!         . 0  .    .         !
 2005.4!                                    + !!         .    .  0 .         !
 2006.1!                                    + !!         .    .    0         !
 2006.2!                                    + !!         .    0    .         !
 2006.3!                                    + !!         .    .0   .         !
 2006.4!                                    + !!         .    . 0  .         !
 2007.1!                                    *+!!         . 0  .    .         !
 2007.2!                                     +!!         .    .  0 .         !
 2007.3!                                     +!!         .    . 0  .         !
 2007.4!                                     +!!         .  0 .    .         !
 2008.1!                                     +!!      0  .    .    .         !
 2008.2!                                     +!!         .    0    .         !
 2008.3!                                     +!!         .0   .    .         !
 2008.4!                                    + !!    0    .    .    .         !
 2009.1!                                    + !!       0 .    .    .         !
 2009.2!                                    + !!         .0   .    .         !
 2009.3!                                    + !!      0  .    .    .         !
 2009.4!                                    + !!         .    . 0  .         !
 2010.1!                                    + !!         .    .0   .         !
 2010.2!                                    + !!         .    .   0.         !
 2010.3!                                    +*!!         .    .    .0        !
 2010.4!                                     +!!         .    .0   .         !
 2011.1!                                     +!!        0.    .    .         !
 2011.2!                                     +!!         .    . 0  .         !
 2011.3!                                     +!!         . 0  .    .         !
 2011.4!                                     +!!         .    .    0         !
 2012.1!                                     +!!         .    .  0 .         !
 2012.2!                                     +!!         .  0 .    .         !
 2012.3!                                      +!         .    . 0  .         !
 2012.4!                                      +!         .0   .    .         !
 2013.1!                                      +!         .    0    .         !
 2013.2!                                      +!         .    .  0 .         !
 2013.3!                                      +!         .    .    0         !


     29.71 percent of the residuals exceed 1 SE
      4.60 percent of the residuals exceed 2 SE

Equation number =   12
**********************

Dependent variable = LKK1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  408 LKK      ( -1)
  408 LKK      ( -2)
  349 LY       ( -1)
  349 LY       ( -2)
  349 LY       ( -3)
  349 LY       ( -4)
  349 LY       ( -5)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
   87 UR       ( -1)
  378 LEXZ     ( -1)
  381 LAAZ     ( -1)
  366 RBA4     ( -2)
  424 CGZ3     ( -2)
  389 LEXKK    ( -1)
  250 T        (  0)

Mean of dependent variable        0.007384738

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.000371128       0.000116524  -3.18499     0.583682
  306 C       (  0)       0.000614816       0.000218930   2.80828     1.000000
  389 LEXKK   ( -1)      -0.006958504       0.002510712  -2.77153     0.016710
  425 LKK1    ( -1)       0.905444442       0.015723746  57.58453     0.007409
  327 LY1     (  0)       0.012767177       0.008916017   1.43194     0.008136
  327 LY1     ( -1)       0.011167793       0.004756910   2.34770     0.008069
  327 LY1     ( -2)       0.003993484       0.004254712   0.93860     0.008016
  327 LY1     ( -3)       0.004034571       0.004004718   1.00745     0.008058
  327 LY1     ( -4)       0.006558717       0.003938529   1.66527     0.008150
  366 RBA4    ( -2)      -0.000005404       0.000018599  -0.29053     1.382244
  424 CGZ3    ( -2)       0.000800027       0.000201084   3.97857     0.112554

SE of equation            =     0.000437583
Sum of squared residuals  = 0.436571114E-04   0.236247157E-08
Average absolute error    =     0.000311171
Sum of ABS residuals      = 0.743698498E-01
R squared                 =   0.97832
Durbin-Watson statistic   =   1.76066
Overid test: p-value      = 0.03072         (df =   9)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.336265428E-05

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1!                      * +             !!       0   .  .  .           !
 1954.2!                     +                !!           .  .0 .           !
 1954.3!                     +*               !!           .  .  0           !
 1954.4!                     *+               !!           . 0.  .           !
 1955.1!                       +              !!           .  .0 .           !
 1955.2!                        +*            !!           .  .0 .           !
 1955.3!                          +           !!           .  .0 .           !
 1955.4!                           +          !!           .  0  .           !
 1956.1!                           +          !!           . 0.  .           !
 1956.2!                           +          !!           .  .0 .           !
 1956.3!                           +          !!           .  .0 .           !
 1956.4!                           +          !!           .  .0 .           !
 1957.1!                          *+          !!           .0 .  .           !
 1957.2!                         +            !!           .  0  .           !
 1957.3!                         +*           !!           .  .  0           !
 1957.4!                         +            !!           .0 .  .           !
 1958.1!                 *     +              !0           .  .  .           !
 1958.2!                +                     !!           .  0  .           !
 1958.3!               *+                     !!           .0 .  .           !
 1958.4!                +                     !!           .  0  .           !
 1959.1!                  +                   !!           .  0  .           !
 1959.2!                   *+                 !!          0.  .  .           !
 1959.3!                   *+                 !!          0.  .  .           !
 1959.4!                   *+                 !!          0.  .  .           !
 1960.1!                    +*                !!           .  .  0           !
 1960.2!                     +                !!           . 0.  .           !
 1960.3!                    *+                !!           . 0.  .           !
 1960.4!                    +                 !!           .  .0 .           !
 1961.1!                  *+                  !!           .0 .  .           !
 1961.2!                   +                  !!           .  .0 .           !
 1961.3!                   *+                 !!           .0 .  .           !
 1961.4!                    +                 !!           . 0.  .           !
 1962.1!                     +                !!           .  0  .           !
 1962.2!                      *+              !!           .0 .  .           !
 1962.3!                      *+              !!           0  .  .           !
 1962.4!                      +               !!           .0 .  .           !
 1963.1!                      +               !!           .  0  .           !
 1963.2!                      +               !!           .  .0 .           !
 1963.3!                       *+             !!           0  .  .           !
 1963.4!                        *+            !!           .0 .  .           !
 1964.1!                         +*           !!           .  . 0.           !
 1964.2!                          *+          !!           .0 .  .           !
 1964.3!                           +          !!           .  0  .           !
 1964.4!                           +          !!           .  .0 .           !
 1965.1!                            +   *     !!           .  .  .       0   !
 1965.2!                                +*    !!           .  . 0.           !
 1965.3!                                 +*   !!           .  . 0.           !
 1965.4!                                  + * !!           .  .  0           !
 1966.1!                                    + *!           .  .  .0          !
 1966.2!                                      +!           .  .0 .           !
 1966.3!                                     +*!           .  . 0.           !
 1966.4!                                     +!!           .  . 0.           !
 1967.1!                                 *  + !!      0    .  .  .           !
 1967.2!                                +     !!           .  .0 .           !
 1967.3!                               +*     !!           .  0  .           !
 1967.4!                               +*     !!           .  .0 .           !
 1968.1!                                +     !!           . 0.  .           !
 1968.2!                              * +     !!           0  .  .           !
 1968.3!                               +      !!           .  0  .           !
 1968.4!                               +      !!           .  . 0.           !
 1969.1!                               +*     !!           .  .0 .           !
 1969.2!                                +     !!           . 0.  .           !
 1969.3!                               +*     !!           .  .  0           !
 1969.4!                               +      !!           .  .0 .           !
 1970.1!                            *+        !!         0 .  .  .           !
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 1970.3!                         + *          !!           .  .  0           !
 1970.4!                         +            !!           .  0  .           !
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 1971.2!                       +              !!           .  0  .           !
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 1973.3!                              +       !!           .  .0 .           !
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 1974.1!                           * +        !!          0.  .  .           !
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 1974.3!                         +*           !!           .  .  0           !
 1974.4!                       +*             !!           .  .  0           !
 1975.1!                  *  +                !!     0     .  .  .           !
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 1975.3!                +*                    !!           .  .  0           !
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 1976.1!                 *+                   !!           . 0.  .           !
 1976.2!                  +                   !!           . 0.  .           !
 1976.3!                  +                   !!           .  .0 .           !
 1976.4!                   +                  !!           .  0  .           !
 1977.1!                    +*                !!           .  .  .0          !
 1977.2!                     +*               !!           .  .0 .           !
 1977.3!                      +               !!           .  0  .           !
 1977.4!                       +              !!           .  . 0.           !
 1978.1!                       + *            !!           .  .  .0          !
 1978.2!                         + *          !!           .  .  .  0        !
 1978.3!                            +*        !!           .  .0 .           !
 1978.4!                             +*       !!           .  . 0.           !
 1979.1!                              +       !!           .  .0 .           !
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 1979.4!                              +       !!           .  0  .           !
 1980.1!                            *+        !!         0 .  .  .           !
 1980.2!                         *+           !!          0.  .  .           !
 1980.3!                       + *            !!           .  .  . 0         !
 1980.4!                        +*            !!           .  .  .0          !
 1981.1!                         +*           !!           .  .0 .           !
 1981.2!                         +*           !!           .  .  0           !
 1981.3!                         + *          !!           .  .  .0          !
 1981.4!                         + *          !!           .  .  . 0         !
 1982.1!                      * +             !!         0 .  .  .           !
 1982.2!                    +                 !!           .  . 0.           !
 1982.3!                  +                   !!           .  .0 .           !
 1982.4!                +*                    !!           .  . 0.           !
 1983.1!              * +                     !!          0.  .  .           !
 1983.2!              +                       !!           .  0  .           !
 1983.3!               +*                     !!           .  . 0.           !
 1983.4!                 +*                   !!           .  .  0           !
 1984.1!                   + *                !!           .  .  .  0        !
 1984.2!                      +*              !!           .  .  0           !
 1984.3!                       +*             !!           .  . 0.           !
 1984.4!                        +*            !!           .  .  0           !
 1985.1!                        *+            !!           .  0  .           !
 1985.2!                        +*            !!           .  .0 .           !
 1985.3!                       *+             !!           0  .  .           !
 1985.4!                       +*             !!           .  .0 .           !
 1986.1!                    *  +              !!    0      .  .  .           !
 1986.2!                  * +                 !!          0.  .  .           !
 1986.3!                 * +                  !!           0  .  .           !
 1986.4!                 *+                   !!           . 0.  .           !
 1987.1!               * +                    !!       0   .  .  .           !
 1987.2!               +                      !!           .  0  .           !
 1987.3!                +                     !!           .  .0 .           !
 1987.4!                *+                    !!           0  .  .           !
 1988.1!               *+                     !!          0.  .  .           !
 1988.2!               +*                     !!           .  . 0.           !
 1988.3!                +                     !!           .  0  .           !
 1988.4!                +                     !!           .  0  .           !
 1989.1!               *+                     !!           0  .  .           !
 1989.2!               *+                     !!           . 0.  .           !
 1989.3!                +                     !!           .  .0 .           !
 1989.4!                *+                    !!           0  .  .           !
 1990.1!                +                     !!           . 0.  .           !
 1990.2!               *+                     !!           0  .  .           !
 1990.3!               +                      !!           .  .0 .           !
 1990.4!              +                       !!           .  0  .           !
 1991.1!           * +                        !!         0 .  .  .           !
 1991.2!          +                           !!           .  .0 .           !
 1991.3!          +                           !!           .  0  .           !
 1991.4!          +                           !!           .  0  .           !
 1992.1!        * +                           !!         0 .  .  .           !
 1992.2!         +                            !!           .  .0 .           !
 1992.3!          +                           !!           . 0.  .           !
 1992.4!           +                          !!           .  .0 .           !
 1993.1!           +*                         !!           .  .0 .           !
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 1993.4!             +*                       !!           .  . 0.           !
 1994.1!             * +                      !!           0  .  .           !
 1994.2!              +                       !!           . 0.  .           !
 1994.3!               +                      !!           .  0  .           !
 1994.4!               + *                    !!           .  .  .0          !
 1995.1!                 +*                   !!           .  .  .0          !
 1995.2!                  +*                  !!           .  .0 .           !
 1995.3!                  +*                  !!           .  .0 .           !
 1995.4!                   +                  !!           .  . 0.           !
 1996.1!                   +                  !!           .  0  .           !
 1996.2!                    +                 !!           .  . 0.           !
 1996.3!                     +*               !!           .  . 0.           !
 1996.4!                      +*              !!           .  .  0           !
 1997.1!                      *+              !!           . 0.  .           !
 1997.2!                      +*              !!           .  . 0.           !
 1997.3!                       + *            !!           .  .  . 0         !
 1997.4!                        *+            !!           . 0.  .           !
 1998.1!                       * +            !!          0.  .  .           !
 1998.2!                        +             !!           .  . 0.           !
 1998.3!                         +            !!           .  0  .           !
 1998.4!                         +*           !!           .  . 0.           !
 1999.1!                        *+            !!          0.  .  .           !
 1999.2!                        +*            !!           .  .  .0          !
 1999.3!                         +*           !!           .  .  .0          !
 1999.4!                          *+          !!           0  .  .           !
 2000.1!                          +           !!           .  0  .           !
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 2000.3!                           *+         !!           . 0.  .           !
 2000.4!                           +          !!           .  0  .           !
 2001.1!                     *   +            !!   0       .  .  .           !
 2001.2!                   +                  !!           .  0  .           !
 2001.3!                 +*                   !!           .  .  0           !
 2001.4!                +                     !!           .  0  .           !
 2002.1!            * +                       !!        0  .  .  .           !
 2002.2!          *+                          !!           .0 .  .           !
 2002.3!         +*                           !!           .  0  .           !
 2002.4!         +                            !!           .  0  .           !
 2003.1!       +*                             !!           .  .0 .           !
 2003.2!       + *                            !!           .  .  .  0        !
 2003.3!         +*                           !!           .  .  0           !
 2003.4!          *+                          !!           . 0.  .           !
 2004.1!       *   +                          !!    0      .  .  .           !
 2004.2!         +                            !!           . 0.  .           !
 2004.3!          +                           !!           .  0  .           !
 2004.4!           +                          !!           .  0  .           !
 2005.1!           *+                         !!           0  .  .           !
 2005.2!            +                         !!           . 0.  .           !
 2005.3!            +                         !!           .  0  .           !
 2005.4!             +                        !!           .0 .  .           !
 2006.1!             + *                      !!           .  .  .0          !
 2006.2!               *+                     !!           .  0  .           !
 2006.3!                +                     !!           .  0  .           !
 2006.4!                +                     !!           . 0.  .           !
 2007.1!               *+                     !!           0  .  .           !
 2007.2!               +*                     !!           .  .  0           !
 2007.3!                 +                    !!           .  0  .           !
 2007.4!                 +                    !!           .  .0 .           !
 2008.1!                 +                    !!           . 0.  .           !
 2008.2!                +                     !!           .  0  .           !
 2008.3!              +                       !!           .0 .  .           !
 2008.4!          *+                          !!           0  .  .           !
 2009.1!    * +                               !!          0.  .  .           !
 2009.2! +*                                   !!           .  . 0.           !
 2009.3+ *                                    !!           .  .  . 0         !
 2009.4+*                                     !!           .  .  0           !
 2010.1!+ *                                   !!           .  .  0           !
 2010.2!  + *                                 !!           .  .  0           !
 2010.3!    +*                                !!           .  .0 .           !
 2010.4!     +*                               !!           .  .  0           !
 2011.1!     *+                               !!          0.  .  .           !
 2011.2!      +                               !!           .  . 0.           !
 2011.3!        +*                            !!           .  .  0           !
 2011.4!          +                           !!           .  . 0.           !
 2012.1!         *+                           !!           0  .  .           !
 2012.2!         +*                           !!           .  .0 .           !
 2012.3!          +                           !!           . 0.  .           !
 2012.4!          +*                          !!           .  . 0.           !
 2013.1!          *+                          !!         0 .  .  .           !
 2013.2!          +                           !!           .  .0 .           !
 2013.3!          *+                          !!           0  .  .           !


     26.78 percent of the residuals exceed 1 SE
      4.18 percent of the residuals exceed 2 SE

Equation number =   13
**********************

Dependent variable = LJF1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  306 C        (  0)
  348 LEXL     ( -1)
  320 LJF1     ( -1)
  327 LY1      ( -1)
  161 D593     (  0)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  378 LEXZ     ( -1)
  390 LIMZ     ( -1)
  375 LODHM    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
   23 RB       ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  381 LAAZ     ( -1)
  358 LPIMZ    ( -1)
  250 T        (  0)

Mean of dependent variable        0.003277203

                     Coef est             SE           T statistic      Mean
  306 C       (  0)       0.000219835       0.000531357   0.41372     1.000000
  348 LEXL    ( -1)      -0.036215017       0.011702456  -3.09465     0.026629
  320 LJF1    ( -1)       0.605629676       0.039061533  15.50450     0.003207
  327 LY1     (  0)       0.264923965       0.042879681   6.17831     0.008136
  161 D593    (  0)      -0.018104615       0.003471973  -5.21450     0.004184

SE of equation            =     0.003355060
Sum of squared residuals  = 0.263400392E-02  -0.566985695E-13
Average absolute error    =     0.002601584
Sum of ABS residuals      = 0.621778608    
R squared                 =   0.71832
Durbin-Watson statistic   =   2.17184
Overid test: p-value      = 0.01302         (df =  17)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.358226918E-03

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1!           +                          !!         .    0    .         !
 1954.2!          *  +                        !!         0    .    .         !
 1954.3!                 + *                  !!         .    .   0.         !
 1954.4!                        +             !!         .    0    .         !
 1955.1!                             +*       !!         .    . 0  .         !
 1955.2!                              +*      !!         .    .0   .         !
 1955.3!                             +    *   !!         .    .    .  0      !
 1955.4!                             +*       !!         .    .0   .         !
 1956.1!                     *   +            !!        0.    .    .         !
 1956.2!                      +*              !!         .    . 0  .         !
 1956.3!                *  +                  !!         0    .    .         !
 1956.4!                 *  +                 !!         .0   .    .         !
 1957.1!                   +*                 !!         .    .0   .         !
 1957.2!                  +    *              !!         .    .    . 0       !
 1957.3!                  *   +               !!        0.    .    .         !
 1957.4!        *        +                    !!0        .    .    .         !
 1958.1*      +                               !!   0     .    .    .         !
 1958.2!        *+                            !!         .    0    .         !
 1958.3!                  +    *              !!         .    .    .   0     !
 1958.4!                          * +         !!         .  0 .    .         !
 1959.1!                             + *      !!         .    .  0 .         !
 1959.2!                                +     *!         .    .    .  0      !
 1959.3!             +                        !!         .    0    .         !
 1959.4!                +    *                !!         .    .    . 0       !
 1960.1!                       *+             !!         .  0 .    .         !
 1960.2!                   +  *               !!         .    .    0         !
 1960.3!                 *   +                !!        0.    .    .         !
 1960.4!               +                      !!         .   0.    .         !
 1961.1!                * +                   !!         . 0  .    .         !
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 1992.3!                      +               !!         .   0.    .         !
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 2008.4!   *    +                             !!       0 .    .    .         !
 2009.1! *  +                                 !!         0    .    .         !
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 2011.1!                    +    *            !!         .    .    . 0       !
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 2011.3!                      +*              !!         .    . 0  .         !
 2011.4!                        +             !!         .    0    .         !
 2012.1!                        +             !!         .    .0   .         !
 2012.2!                      + *             !!         .    . 0  .         !
 2012.3!                       +              !!         .    0    .         !
 2012.4!                     + *              !!         .    .  0 .         !
 2013.1!                     +*               !!         .    .0   .         !
 2013.2!                     +*               !!         .    .0   .         !
 2013.3!                     + *              !!         .    .  0 .         !


     27.62 percent of the residuals exceed 1 SE
      4.18 percent of the residuals exceed 2 SE

Equation number =   14
**********************

Dependent variable = LHF1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  306 C        (  0)
  322 LHFL1A   (  0)
  348 LEXL     ( -1)
  327 LY1      ( -1)
  250 T        (  0)
  371 LJHGSZ   (  0)
  363 PCPD     ( -1)
   87 UR       ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  358 LPIMZ    ( -1)

Mean of dependent variable       -0.000528204

                     Coef est             SE           T statistic      Mean
  306 C       (  0)      -0.003900691       0.000686419  -5.68267     1.000000
  322 LHFL1A  (  0)      -0.173785019       0.029716987  -5.84800    -0.005787
  348 LEXL    ( -1)      -0.026727781       0.009784646  -2.73160     0.026629
  327 LY1     (  0)       0.186937819       0.042015140   4.44930     0.008136
  250 T       (  0)       0.000012169       0.000002776   4.38296   128.000000

SE of equation            =     0.002658909
Sum of squared residuals  = 0.165433240E-02  -0.511895214E-14
Average absolute error    =     0.001993801
Sum of ABS residuals      = 0.476518376    
R squared                 =   0.37056
Durbin-Watson statistic   =   2.01467
Overid test: p-value      = 0.00408         (df =   6)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.131852086E-03

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1!                +       *             !!          .   .   .0         !
 1954.2!              *+                      !!          .  0.   .          !
 1954.3!              *      +                !!         0.   .   .          !
 1954.4!                        +    *        !!          .   .  0.          !
 1955.1!                           +      *   !!          .   .   .0         !
 1955.2!                 *  +                 !!          . 0 .   .          !
 1955.3!                  +   *               !!          .   .  0.          !
 1955.4!               +       *              !!          .   .   .0         !
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 1956.3!            +       *                 !!          .   .   . 0        !
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 1957.2!    *        +                        !!       0  .   .   .          !
 1957.3!                    +  *              !!          .   . 0 .          !
 1957.4*                +                     !!  0       .   .   .          !
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 1988.3!                 * +                  !!          .  0.   .          !
 1988.4!                      +     *         !!          .   .   0          !
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 1989.2!                  +     *             !!          .   .   0          !
 1989.3!                 +       *            !!          .   .   .0         !
 1989.4!               +                      !!          .   0   .          !
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 1990.3!              *   +                   !!          . 0 .   .          !
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 1991.1!              * +                     !!          . 0 .   .          !
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 1993.3!                     +                !!          .   0   .          !
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 1994.2!                       +         *    !!          .   .   .  0       !
 1994.3!                  +  *                !!          .   . 0 .          !
 1994.4!                   +   *              !!          .   . 0 .          !
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 1995.2!              * +                     !!          .  0.   .          !
 1995.3!                   +          *       !!          .   .   .   0      !
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 1996.1!       *          +                   !!      0   .   .   .          !
 1996.2!                      * +             !!          .  0.   .          !
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 1997.4!                  +*                  !!          .   .0  .          !
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 1998.3!                *    +                !!          .0  .   .          !
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 2000.4!                * +                   !!          .  0.   .          !
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 2001.2!                *  +                  !!          . 0 .   .          !
 2001.3!             * +                      !!          . 0 .   .          !
 2001.4!                  +                   !!          .   0   .          !
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 2002.2!                    +       *         !!          .   .   . 0        !
 2002.3!                  +*                  !!          .   .0  .          !
 2002.4!                 +  *                 !!          .   . 0 .          !
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 2003.3!                      *   +           !!          .0  .   .          !
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 2004.2!             *       +                !!         0.   .   .          !
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 2004.4!                   *  +               !!          . 0 .   .          !
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 2005.3!                   *  +               !!          . 0 .   .          !
 2005.4!                      +*              !!          .   .0  .          !
 2006.1!                      * +             !!          . 0 .   .          !
 2006.2!                    +                 !!          .   0   .          !
 2006.3!                   +       *          !!          .   .   . 0        !
 2006.4!                     +                !!          .   0   .          !
 2007.1!                  +                   !!          .   0   .          !
 2007.2!                     +*               !!          .   .0  .          !
 2007.3!                   * +                !!          .  0.   .          !
 2007.4!                 *  +                 !!          . 0 .   .          !
 2008.1!                +    *                !!          .   .   0          !
 2008.2!                    +                 !!          .   0   .          !
 2008.3!                +                     !!          .   0   .          !
 2008.4!          +                           !!          .   0   .          !
 2009.1!        *      +                      !!          0   .   .          !
 2009.2!              *       +               !!        0 .   .   .          !
 2009.3!               *          +           !!      0   .   .   .          !
 2009.4!                              + *     !!          .   .0  .          !
 2010.1!                          *+          !!          .   0   .          !
 2010.2!                            +   *     !!          .   .  0.          !
 2010.3!                          + *         !!          .   . 0 .          !
 2010.4!                        *+            !!          .  0.   .          !
 2011.1!                 *  +                 !!          . 0 .   .          !
 2011.2!                        +  *          !!          .   . 0 .          !
 2011.3!                      + *             !!          .   .0  .          !
 2011.4!                         +            !!          .   0   .          !
 2012.1!                       + *            !!          .   . 0 .          !
 2012.2!               *    +                 !!          0   .   .          !
 2012.3!                    * +               !!          .  0.   .          !
 2012.4!                    +   *             !!          .   . 0 .          !
 2013.1!                    +*                !!          .   .0  .          !
 2013.2!                   * +                !!          .  0.   .          !
 2013.3!                   *  +               !!          . 0 .   .          !


     28.03 percent of the residuals exceed 1 SE
      5.86 percent of the residuals exceed 2 SE
SMPL 1956.1 2013.3;                                                           
Sample period is now  1956.1 to  2013.3 Internally:    17 to   247
EST 15 PLOT=0;                                                                

Equation number =   15
**********************

Dependent variable = LHO     

 1956.1 -   2013.3,    0 missing obs.,  231 obs. used.

Iter   Rhos:  1
   1     0.936637443
   2     0.968342303
   3     0.969141372
   4     0.969195975
   5     0.969199878

Number of iterations for RHO =    5


Mean of dependent variable        3.820595122

                     Coef est             SE           T statistic      Mean
  306 C       (  0)       3.935156249       0.104309913  37.72562     1.000000
  100 HFF     (  0)       0.017682252       0.002219169   7.96796    -2.594205
  100 HFF     ( -1)       0.008160581       0.002216885   3.68110    -2.580574
    0 RHO     ( -1)       0.969199878       0.016888523  57.38808     0.000000

SE of equation            =     0.047152124
Sum of squared residuals  = 0.504694270       0.443063944E-04
Average absolute error    =     0.034979665
Sum of ABS residuals      =  8.08030255    
R squared                 =   0.95738
Durbin-Watson statistic   =   1.64761
SMPL and No. Obs.         = 1956.1   2013.3    231

Plot of actual(*) and fitted(+) values and residuals(0)


 1956.1!                *   +                 !!       0   .  .  .           !
 1956.2!             * +                      !!          0.  .  .           !
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 1957.3!      *  +                            !!         0 .  .  .           !
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 1958.1+*                                     !!           .  0  .           !
 1958.2* +                                    !!          0.  .  .           !
 1958.3! + *                                  !!           .  .  0           !
 1958.4!      + *                             !!           .  .  . 0         !
 1959.1!           +*                         !!           .  .  0           !
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 1959.3!               *+                     !!           .0 .  .           !
 1959.4!             * +                      !!          0.  .  .           !
 1960.1!            +  *                      !!           .  .  .   0       !
 1960.2!          *      +                    !0           .  .  .           !
 1960.3!        *   +                         !!       0   .  .  .           !
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 1990.3!                          +*          !!           .  . 0.           !
 1990.4!                         *+           !!           .0 .  .           !
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 1996.4!                                    + !!           .  0  .           !
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 1997.2!                                     +!!           . 0.  .           !
 1997.3!                                     +!!           . 0.  .           !
 1997.4!                                    + *!           .  .  0           !
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 2002.3!                              +       !!           .  0  .           !
 2002.4!                              +       !!           .  0  .           !
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 2008.3!                        *  +          !!         0 .  .  .           !
 2008.4!                    *  +              !!        0  .  .  .           !
 2009.1!             *   +                    !!      0    .  .  .           !
 2009.2!            + *                       !!           .  .  .0          !
 2009.3!             +   *                    !!           .  .  .     0     !
 2009.4!                  +   *               !!           .  .  .  0        !
 2010.1!                       +              !!           .  0  .           !
 2010.2!                         +*           !!           .  .  0           !
 2010.3!                           *+         !!           . 0.  .           !
 2010.4!                            +         !!           .  .0 .           !
 2011.1!                           +  *       !!           .  .  .0          !
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 2011.3!                             +        !!           . 0.  .           !
 2011.4!                             +        !!           . 0.  .           !
 2012.1!                              +       !!           .  0  .           !
 2012.2!                             +*       !!           .  .0 .           !
 2012.3!                             +*       !!           .  .0 .           !
 2012.4!                              +       !!           .  0  .           !
 2013.1!                             + *      !!           .  . 0.           !
 2013.2!                              +*      !!           .  .0 .           !
 2013.3!                              +*      !!           .  . 0.           !


     28.14 percent of the residuals exceed 1 SE
      5.63 percent of the residuals exceed 2 SE
SMPL 1954.1 2013.3;                                                           
Sample period is now  1954.1 to  2013.3 Internally:     9 to   247
EST 16-29 PLOT=0;                                                             

Equation number =   16
**********************

Dependent variable = LWFQZ   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  399 LWFQZPF  ( -1)
  441 LPFZ     ( -1)
  306 C        (  0)
  250 T        (  0)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
   87 UR       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  358 LPIMZ    ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
   23 RB       ( -1)

Mean of dependent variable       -0.583471714

                     Coef est             SE           T statistic      Mean
  399 LWFQZPF ( -1)       0.935893000       0.017900535  52.28296    -0.546115
  441 LPFZ    (  0)       0.766471006       0.073109779  10.48384    -0.036389
  306 C       (  0)      -0.051175994       0.013336707  -3.83723     1.000000
  250 T       (  0)       0.000052350       0.000025977   2.01522   128.000000

SE of equation            =     0.007690435
Sum of squared residuals  = 0.138985551E-01   0.296934699E-11
Average absolute error    =     0.005965038
Sum of ABS residuals      =  1.42564416    
R squared                 =   0.96838
Durbin-Watson statistic   =   1.91207
Overid test: p-value      = 0.02604         (df =  13)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.143054086E-02

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1!                                   +  !!          .   0   .          !
 1954.2!                                   *+ !!          . 0 .   .          !
 1954.3!                                 +    !!          .   0   .          !
 1954.4!                                  +   !!          .  0.   .          !
 1955.1!                                +     !!          .  0.   .          !
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 1955.4!                            * +       !!         0.   .   .          !
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 1956.3!                               +      !!          .   . 0 .          !
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 1957.3!                               +      !!          .   .0  .          !
 1957.4!                             + *      !!          .   .   . 0        !
 1958.1!                             +    *   !!          .   .   .        0 !
 1958.2!                                    + !!          .   0   .          !
 1958.3!                                    + *!          .   .   0          !
 1958.4!                                   * +!!         0.   .   .          !
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 1959.3!                             +        !!          .   0   .          !
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 2013.3!      * +                             !!         0.   .   .          !


     30.96 percent of the residuals exceed 1 SE
      5.86 percent of the residuals exceed 2 SE

Equation number =   17
**********************

Dependent variable = LMFZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  306 C        (  0)
  326 LMFZ     ( -1)
  341 LXMFA    ( -1)
  360 RSB      ( -1)
  250 T        (  0)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  378 LEXZ     ( -1)
  390 LIMZ     ( -1)
  375 LODHM    ( -1)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   30 RS       ( -2)
   23 RB       ( -1)

Mean of dependent variable        6.039893717

                     Coef est             SE           T statistic      Mean
  306 C       (  0)       0.232551841       0.085544355   2.71849     1.000000
  346 LMFL1Q  (  0)       0.935321576       0.020063985  46.61694     6.027807
  341 LXMFA   (  0)       0.025529661       0.007660991   3.33242     7.310140
  360 RSB     (  0)      -0.005730946       0.001816224  -3.15542     3.004996

SE of equation            =     0.039678883
Sum of squared residuals  = 0.369987236       0.150473944E-08
Average absolute error    =     0.027539869
Sum of ABS residuals      =  6.58202868    
R squared                 =   0.97750
Durbin-Watson statistic   =   1.68130
Overid test: p-value      = 0.01915         (df =  14)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.418258411E-01

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1!        *+                            !!            .0. .            !
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 2007.2!                           +*         !!            . . . 0          !
 2007.3!                            +*        !!            . . 0            !
 2007.4!                             +        !!            .0. .            !
 2008.1!                           * +        !!         0  . . .            !
 2008.2!                         * +          !!          0 . . .            !
 2008.3!                        *+            !!           0. . .            !
 2008.4!                     *  +             !!       0    . . .            !
 2009.1!                      +               !!            . .0.            !
 2009.2!                       +              !!            .0. .            !
 2009.3!                        +*            !!            . . .0           !
 2009.4!                          +  *        !!            . . .     0      !
 2010.1!                              +       !!            . 0 .            !
 2010.2!                              +*      !!            . . 0            !
 2010.3!                               +*     !!            . .0.            !
 2010.4!                                +     !!            . .0.            !
 2011.1!                                +     !!            . 0 .            !
 2011.2!                                +*    !!            . .0.            !
 2011.3!                                 +    !!            . 0 .            !
 2011.4!                                 +    !!            . 0 .            !
 2012.1!                                 +    !!            . 0 .            !
 2012.2!                                 + *  !!            . . . 0          !
 2012.3!                                   +* !!            . . 0            !
 2012.4!                                    + !!            . 0 .            !
 2013.1!                                    +*!!            . . 0            !
 2013.2!                                     +*!            . 0 .            !
 2013.3!                                     +*!            . .0.            !


     22.59 percent of the residuals exceed 1 SE
      5.02 percent of the residuals exceed 2 SE

Equation number =   18
**********************

Dependent variable = LDF1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  413 LPIEFAZ  ( -1)
  306 C        (  0)
  371 LJHGSZ   (  0)
  363 PCPD     ( -1)
   87 UR       ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  358 LPIMZ    ( -1)
  250 T        (  0)

Mean of dependent variable        0.018288009

                     Coef est             SE           T statistic      Mean
  413 LPIEFAZ (  0)       0.024618959       0.005639292   4.36561     0.727433

SE of equation            =     0.070769550
Sum of squared residuals  =  1.19198236       0.906668386E-01
Average absolute error    =     0.047396189
Sum of ABS residuals      =  11.3276892    
R squared                 =   0.02717
Durbin-Watson statistic   =   2.55639
Overid test: p-value      = 0.81003         (df =   8)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.224135556E-01

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1!                    +*                !!           .  .0 .           !
 1954.2!             *      +                 !!         0 .  .  .           !
 1954.3!                    + *               !!           .  .0 .           !
 1954.4!                  * +                 !!           . 0.  .           !
 1955.1!                    +  *              !!           .  . 0.           !
 1955.2!                    +                 !!           .  0  .           !
 1955.3!                    + *               !!           .  . 0.           !
 1955.4!                   *+                 !!           . 0.  .           !
 1956.1!                   *+                 !!           . 0.  .           !
 1956.2!                  * +                 !!           . 0.  .           !
 1956.3!                  * +                 !!           . 0.  .           !
 1956.4!                    +*                !!           .  .0 .           !
 1957.1!                  * +                 !!           . 0.  .           !
 1957.2!                 *  +                 !!           .0 .  .           !
 1957.3!                   *+                 !!           . 0.  .           !
 1957.4!                  * +                 !!           . 0.  .           !
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 1958.4!                 *  +                 !!           .0 .  .           !
 1959.1!                    + *               !!           .  . 0.           !
 1959.2!                    +*                !!           .  .0 .           !
 1959.3!                  * +                 !!           . 0.  .           !
 1959.4!                   *+                 !!           . 0.  .           !
 1960.1!                    +                 !!           .  0  .           !
 1960.2!                  *+                  !!           . 0.  .           !
 1960.3!                   + *                !!           .  .0 .           !
 1960.4!                 * +                  !!           .0 .  .           !
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 1961.3!                  *+                  !!           . 0.  .           !
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 1962.2!                   +*                 !!           .  0  .           !
 1962.3!                   +                  !!           .  0  .           !
 1962.4!                *  +                  !!           0  .  .           !
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 1966.3!                 *  +                 !!           .0 .  .           !
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 1967.1!                    +  *              !!           .  . 0.           !
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 1967.3!                 *  +                 !!           .0 .  .           !
 1967.4!              *     +                 !!          0.  .  .           !
 1968.1!                    +     *           !!           .  .  . 0         !
 1968.2!                  * +                 !!           . 0.  .           !
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 1969.3!                 * +                  !!           .0 .  .           !
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 1980.2!                    +                *!!           .  .  .         0 !
 1980.3!       *            +                 !!    0      .  .  .           !
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 1981.1!                    +  *              !!           .  . 0.           !
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 1982.2!     *             +                  !!   0       .  .  .           !
 1982.3!                    +    *            !!           .  .  .0          !
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 1983.1!                   +   *              !!           .  .  0           !
 1983.2!                *  +                  !!           0  .  .           !
 1983.3!                    +*                !!           .  .0 .           !
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 1987.2!                 * +                  !!           . 0.  .           !
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 1988.1!          *        +                  !!       0   .  .  .           !
 1988.2!                   +    *             !!           .  .  0           !
 1988.3!                   +          *       !!           .  .  .    0      !
 1988.4!            *      +                  !!        0  .  .  .           !
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 1989.2!                  *+                  !!           .  0  .           !
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 1989.4!              *   +                   !!           0  .  .           !
 1990.1!                   +        *         !!           .  .  .   0       !
 1990.2!                * +                   !!           .0 .  .           !
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 1996.2!                   +*                 !!           .  0  .           !
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 1997.4!                   +  *               !!           .  . 0.           !
 1998.1!                   + *                !!           .  .0 .           !
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 1998.3!                 * +                  !!           . 0.  .           !
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 1999.3!              *    +                  !!           0  .  .           !
 1999.4!                   +    *             !!           .  .  .0          !
 2000.1!                   + *                !!           .  . 0.           !
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 2000.4!             *    +                   !!          0.  .  .           !
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 2001.3!                  +       *           !!           .  .  .  0        !
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 2002.3!             *    +                   !!          0.  .  .           !
 2002.4!                   +     *            !!           .  .  .0          !
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 2003.4!                   +  *               !!           .  . 0.           !
 2004.1!                   +  *               !!           .  .  0           !
 2004.2!                *  +                  !!           .0 .  .           !
 2004.3!                   +                  !!           .  0  .           !
 2004.4!                   +*                 !!           .  .0 .           !
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 2005.2!                   +*                 !!           .  .0 .           !
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 2006.3!                   +         *        !!           .  .  .   0       !
 2006.4!                   +          *       !!           .  .  .    0      !
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 2007.2!                   +                  !!           .  0  .           !
 2007.3!                   + *                !!           .  . 0.           !
 2007.4!               *   +                  !!           0  .  .           !
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 2008.2!                   +*                 !!           .  .0 .           !
 2008.3!                 * +                  !!           . 0.  .           !
 2008.4!                * +                   !!           . 0.  .           !
 2009.1!                * +                   !!           .0 .  .           !
 2009.2!       *          +                   !!     0     .  .  .           !
 2009.3*                   +                  !0           .  .  .           !
 2009.4!                    +    *            !!           .  .  .0          !
 2010.1!                    +       *         !!           .  .  .  0        !
 2010.2!                *  +                  !!           .0 .  .           !
 2010.3!                    +     *           !!           .  .  . 0         !
 2010.4!                   +*                 !!           .  0  .           !
 2011.1!                   +                  !!           .  0  .           !
 2011.2!                   +  *               !!           .  . 0.           !
 2011.3!                   +  *               !!           .  . 0.           !
 2011.4!               *   +                  !!           0  .  .           !
 2012.1!                    +                 !!           .  0  .           !
 2012.2!                  *+                  !!           . 0.  .           !
 2012.3!                   +                  !!           . 0.  .           !
 2012.4!                   +        *         !!           .  .  .   0       !
 2013.1!           *       +                  !!        0  .  .  .           !
 2013.2!                *  +                  !!           0  .  .           !
 2013.3!                    +           *     !!           .  .  .     0     !


     21.34 percent of the residuals exceed 1 SE
      6.28 percent of the residuals exceed 2 SE

Equation number =   19
**********************

Dependent variable = NONE19  

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

Mean of dependent variable        1.000000000

                     Coef est             SE           T statistic      Mean
  306 C       (  0)       1.000000000       0.000000000**********     1.000000

SE of equation            =     0.000000000
Sum of squared residuals  = 0.294590244E-29   0.265343303E-13
Average absolute error    =     0.000000000
Sum of ABS residuals      = 0.265343303E-13
R squared                 =   0.00000
Durbin-Watson statistic   =   0.00000
SMPL and No. Obs.         = 1954.1   2013.3    239

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1+                                      *.              .              0
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 2000.1+                                      *.              .              0
 2000.2+                                      *.              .              0
 2000.3+                                      *.              .              0
 2000.4+                                      *.              .              0
 2001.1+                                      *.              .              0
 2001.2+                                      *.              .              0
 2001.3+                                      *.              .              0
 2001.4+                                      *.              .              0
 2002.1+                                      *.              .              0
 2002.2+                                      *.              .              0
 2002.3+                                      *.              .              0
 2002.4+                                      *.              .              0
 2003.1+                                      *.              .              0
 2003.2+                                      *.              .              0
 2003.3+                                      *.              .              0
 2003.4+                                      *.              .              0
 2004.1+                                      *.              .              0
 2004.2+                                      *.              .              0
 2004.3+                                      *.              .              0
 2004.4+                                      *.              .              0
 2005.1+                                      *.              .              0
 2005.2+                                      *.              .              0
 2005.3+                                      *.              .              0
 2005.4+                                      *.              .              0
 2006.1+                                      *.              .              0
 2006.2+                                      *.              .              0
 2006.3+                                      *.              .              0
 2006.4+                                      *.              .              0
 2007.1+                                      *.              .              0
 2007.2+                                      *.              .              0
 2007.3+                                      *.              .              0
 2007.4+                                      *.              .              0
 2008.1+                                      *.              .              0
 2008.2+                                      *.              .              0
 2008.3+                                      *.              .              0
 2008.4+                                      *.              .              0
 2009.1+                                      *.              .              0
 2009.2+                                      *.              .              0
 2009.3+                                      *.              .              0
 2009.4+                                      *.              .              0
 2010.1+                                      *.              .              0
 2010.2+                                      *.              .              0
 2010.3+                                      *.              .              0
 2010.4+                                      *.              .              0
 2011.1+                                      *.              .              0
 2011.2+                                      *.              .              0
 2011.3+                                      *.              .              0
 2011.4+                                      *.              .              0
 2012.1+                                      *.              .              0
 2012.2+                                      *.              .              0
 2012.3+                                      *.              .              0
 2012.4+                                      *.              .              0
 2013.1+                                      *.              .              0
 2013.2+                                      *.              .              0
 2013.3+                                      *.              .              0


      0.00 percent of the residuals exceed 1 SE
      0.00 percent of the residuals exceed 2 SE

Equation number =   20
**********************

Dependent variable = NONE20  

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

Mean of dependent variable        1.000000000

                     Coef est             SE           T statistic      Mean
  306 C       (  0)       1.000000000       0.000000000**********     1.000000

SE of equation            =     0.000000000
Sum of squared residuals  = 0.294590244E-29   0.265343303E-13
Average absolute error    =     0.000000000
Sum of ABS residuals      = 0.265343303E-13
R squared                 =   0.00000
Durbin-Watson statistic   =   0.00000
SMPL and No. Obs.         = 1954.1   2013.3    239

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1+                                      *.              .              0
 1954.2+                                      *.              .              0
 1954.3+                                      *.              .              0
 1954.4+                                      *.              .              0
 1955.1+                                      *.              .              0
 1955.2+                                      *.              .              0
 1955.3+                                      *.              .              0
 1955.4+                                      *.              .              0
 1956.1+                                      *.              .              0
 1956.2+                                      *.              .              0
 1956.3+                                      *.              .              0
 1956.4+                                      *.              .              0
 1957.1+                                      *.              .              0
 1957.2+                                      *.              .              0
 1957.3+                                      *.              .              0
 1957.4+                                      *.              .              0
 1958.1+                                      *.              .              0
 1958.2+                                      *.              .              0
 1958.3+                                      *.              .              0
 1958.4+                                      *.              .              0
 1959.1+                                      *.              .              0
 1959.2+                                      *.              .              0
 1959.3+                                      *.              .              0
 1959.4+                                      *.              .              0
 1960.1+                                      *.              .              0
 1960.2+                                      *.              .              0
 1960.3+                                      *.              .              0
 1960.4+                                      *.              .              0
 1961.1+                                      *.              .              0
 1961.2+                                      *.              .              0
 1961.3+                                      *.              .              0
 1961.4+                                      *.              .              0
 1962.1+                                      *.              .              0
 1962.2+                                      *.              .              0
 1962.3+                                      *.              .              0
 1962.4+                                      *.              .              0
 1963.1+                                      *.              .              0
 1963.2+                                      *.              .              0
 1963.3+                                      *.              .              0
 1963.4+                                      *.              .              0
 1964.1+                                      *.              .              0
 1964.2+                                      *.              .              0
 1964.3+                                      *.              .              0
 1964.4+                                      *.              .              0
 1965.1+                                      *.              .              0
 1965.2+                                      *.              .              0
 1965.3+                                      *.              .              0
 1965.4+                                      *.              .              0
 1966.1+                                      *.              .              0
 1966.2+                                      *.              .              0
 1966.3+                                      *.              .              0
 1966.4+                                      *.              .              0
 1967.1+                                      *.              .              0
 1967.2+                                      *.              .              0
 1967.3+                                      *.              .              0
 1967.4+                                      *.              .              0
 1968.1+                                      *.              .              0
 1968.2+                                      *.              .              0
 1968.3+                                      *.              .              0
 1968.4+                                      *.              .              0
 1969.1+                                      *.              .              0
 1969.2+                                      *.              .              0
 1969.3+                                      *.              .              0
 1969.4+                                      *.              .              0
 1970.1+                                      *.              .              0
 1970.2+                                      *.              .              0
 1970.3+                                      *.              .              0
 1970.4+                                      *.              .              0
 1971.1+                                      *.              .              0
 1971.2+                                      *.              .              0
 1971.3+                                      *.              .              0
 1971.4+                                      *.              .              0
 1972.1+                                      *.              .              0
 1972.2+                                      *.              .              0
 1972.3+                                      *.              .              0
 1972.4+                                      *.              .              0
 1973.1+                                      *.              .              0
 1973.2+                                      *.              .              0
 1973.3+                                      *.              .              0
 1973.4+                                      *.              .              0
 1974.1+                                      *.              .              0
 1974.2+                                      *.              .              0
 1974.3+                                      *.              .              0
 1974.4+                                      *.              .              0
 1975.1+                                      *.              .              0
 1975.2+                                      *.              .              0
 1975.3+                                      *.              .              0
 1975.4+                                      *.              .              0
 1976.1+                                      *.              .              0
 1976.2+                                      *.              .              0
 1976.3+                                      *.              .              0
 1976.4+                                      *.              .              0
 1977.1+                                      *.              .              0
 1977.2+                                      *.              .              0
 1977.3+                                      *.              .              0
 1977.4+                                      *.              .              0
 1978.1+                                      *.              .              0
 1978.2+                                      *.              .              0
 1978.3+                                      *.              .              0
 1978.4+                                      *.              .              0
 1979.1+                                      *.              .              0
 1979.2+                                      *.              .              0
 1979.3+                                      *.              .              0
 1979.4+                                      *.              .              0
 1980.1+                                      *.              .              0
 1980.2+                                      *.              .              0
 1980.3+                                      *.              .              0
 1980.4+                                      *.              .              0
 1981.1+                                      *.              .              0
 1981.2+                                      *.              .              0
 1981.3+                                      *.              .              0
 1981.4+                                      *.              .              0
 1982.1+                                      *.              .              0
 1982.2+                                      *.              .              0
 1982.3+                                      *.              .              0
 1982.4+                                      *.              .              0
 1983.1+                                      *.              .              0
 1983.2+                                      *.              .              0
 1983.3+                                      *.              .              0
 1983.4+                                      *.              .              0
 1984.1+                                      *.              .              0
 1984.2+                                      *.              .              0
 1984.3+                                      *.              .              0
 1984.4+                                      *.              .              0
 1985.1+                                      *.              .              0
 1985.2+                                      *.              .              0
 1985.3+                                      *.              .              0
 1985.4+                                      *.              .              0
 1986.1+                                      *.              .              0
 1986.2+                                      *.              .              0
 1986.3+                                      *.              .              0
 1986.4+                                      *.              .              0
 1987.1+                                      *.              .              0
 1987.2+                                      *.              .              0
 1987.3+                                      *.              .              0
 1987.4+                                      *.              .              0
 1988.1+                                      *.              .              0
 1988.2+                                      *.              .              0
 1988.3+                                      *.              .              0
 1988.4+                                      *.              .              0
 1989.1+                                      *.              .              0
 1989.2+                                      *.              .              0
 1989.3+                                      *.              .              0
 1989.4+                                      *.              .              0
 1990.1+                                      *.              .              0
 1990.2+                                      *.              .              0
 1990.3+                                      *.              .              0
 1990.4+                                      *.              .              0
 1991.1+                                      *.              .              0
 1991.2+                                      *.              .              0
 1991.3+                                      *.              .              0
 1991.4+                                      *.              .              0
 1992.1+                                      *.              .              0
 1992.2+                                      *.              .              0
 1992.3+                                      *.              .              0
 1992.4+                                      *.              .              0
 1993.1+                                      *.              .              0
 1993.2+                                      *.              .              0
 1993.3+                                      *.              .              0
 1993.4+                                      *.              .              0
 1994.1+                                      *.              .              0
 1994.2+                                      *.              .              0
 1994.3+                                      *.              .              0
 1994.4+                                      *.              .              0
 1995.1+                                      *.              .              0
 1995.2+                                      *.              .              0
 1995.3+                                      *.              .              0
 1995.4+                                      *.              .              0
 1996.1+                                      *.              .              0
 1996.2+                                      *.              .              0
 1996.3+                                      *.              .              0
 1996.4+                                      *.              .              0
 1997.1+                                      *.              .              0
 1997.2+                                      *.              .              0
 1997.3+                                      *.              .              0
 1997.4+                                      *.              .              0
 1998.1+                                      *.              .              0
 1998.2+                                      *.              .              0
 1998.3+                                      *.              .              0
 1998.4+                                      *.              .              0
 1999.1+                                      *.              .              0
 1999.2+                                      *.              .              0
 1999.3+                                      *.              .              0
 1999.4+                                      *.              .              0
 2000.1+                                      *.              .              0
 2000.2+                                      *.              .              0
 2000.3+                                      *.              .              0
 2000.4+                                      *.              .              0
 2001.1+                                      *.              .              0
 2001.2+                                      *.              .              0
 2001.3+                                      *.              .              0
 2001.4+                                      *.              .              0
 2002.1+                                      *.              .              0
 2002.2+                                      *.              .              0
 2002.3+                                      *.              .              0
 2002.4+                                      *.              .              0
 2003.1+                                      *.              .              0
 2003.2+                                      *.              .              0
 2003.3+                                      *.              .              0
 2003.4+                                      *.              .              0
 2004.1+                                      *.              .              0
 2004.2+                                      *.              .              0
 2004.3+                                      *.              .              0
 2004.4+                                      *.              .              0
 2005.1+                                      *.              .              0
 2005.2+                                      *.              .              0
 2005.3+                                      *.              .              0
 2005.4+                                      *.              .              0
 2006.1+                                      *.              .              0
 2006.2+                                      *.              .              0
 2006.3+                                      *.              .              0
 2006.4+                                      *.              .              0
 2007.1+                                      *.              .              0
 2007.2+                                      *.              .              0
 2007.3+                                      *.              .              0
 2007.4+                                      *.              .              0
 2008.1+                                      *.              .              0
 2008.2+                                      *.              .              0
 2008.3+                                      *.              .              0
 2008.4+                                      *.              .              0
 2009.1+                                      *.              .              0
 2009.2+                                      *.              .              0
 2009.3+                                      *.              .              0
 2009.4+                                      *.              .              0
 2010.1+                                      *.              .              0
 2010.2+                                      *.              .              0
 2010.3+                                      *.              .              0
 2010.4+                                      *.              .              0
 2011.1+                                      *.              .              0
 2011.2+                                      *.              .              0
 2011.3+                                      *.              .              0
 2011.4+                                      *.              .              0
 2012.1+                                      *.              .              0
 2012.2+                                      *.              .              0
 2012.3+                                      *.              .              0
 2012.4+                                      *.              .              0
 2013.1+                                      *.              .              0
 2013.2+                                      *.              .              0
 2013.3+                                      *.              .              0


      0.00 percent of the residuals exceed 1 SE
      0.00 percent of the residuals exceed 2 SE

Equation number =   21
**********************

Dependent variable = NONE21  

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

Mean of dependent variable        1.000000000

                     Coef est             SE           T statistic      Mean
  306 C       (  0)       1.000000000       0.000000000**********     1.000000

SE of equation            =     0.000000000
Sum of squared residuals  = 0.294590244E-29   0.265343303E-13
Average absolute error    =     0.000000000
Sum of ABS residuals      = 0.265343303E-13
R squared                 =   0.00000
Durbin-Watson statistic   =   0.00000
SMPL and No. Obs.         = 1954.1   2013.3    239

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1+                                      *.              .              0
 1954.2+                                      *.              .              0
 1954.3+                                      *.              .              0
 1954.4+                                      *.              .              0
 1955.1+                                      *.              .              0
 1955.2+                                      *.              .              0
 1955.3+                                      *.              .              0
 1955.4+                                      *.              .              0
 1956.1+                                      *.              .              0
 1956.2+                                      *.              .              0
 1956.3+                                      *.              .              0
 1956.4+                                      *.              .              0
 1957.1+                                      *.              .              0
 1957.2+                                      *.              .              0
 1957.3+                                      *.              .              0
 1957.4+                                      *.              .              0
 1958.1+                                      *.              .              0
 1958.2+                                      *.              .              0
 1958.3+                                      *.              .              0
 1958.4+                                      *.              .              0
 1959.1+                                      *.              .              0
 1959.2+                                      *.              .              0
 1959.3+                                      *.              .              0
 1959.4+                                      *.              .              0
 1960.1+                                      *.              .              0
 1960.2+                                      *.              .              0
 1960.3+                                      *.              .              0
 1960.4+                                      *.              .              0
 1961.1+                                      *.              .              0
 1961.2+                                      *.              .              0
 1961.3+                                      *.              .              0
 1961.4+                                      *.              .              0
 1962.1+                                      *.              .              0
 1962.2+                                      *.              .              0
 1962.3+                                      *.              .              0
 1962.4+                                      *.              .              0
 1963.1+                                      *.              .              0
 1963.2+                                      *.              .              0
 1963.3+                                      *.              .              0
 1963.4+                                      *.              .              0
 1964.1+                                      *.              .              0
 1964.2+                                      *.              .              0
 1964.3+                                      *.              .              0
 1964.4+                                      *.              .              0
 1965.1+                                      *.              .              0
 1965.2+                                      *.              .              0
 1965.3+                                      *.              .              0
 1965.4+                                      *.              .              0
 1966.1+                                      *.              .              0
 1966.2+                                      *.              .              0
 1966.3+                                      *.              .              0
 1966.4+                                      *.              .              0
 1967.1+                                      *.              .              0
 1967.2+                                      *.              .              0
 1967.3+                                      *.              .              0
 1967.4+                                      *.              .              0
 1968.1+                                      *.              .              0
 1968.2+                                      *.              .              0
 1968.3+                                      *.              .              0
 1968.4+                                      *.              .              0
 1969.1+                                      *.              .              0
 1969.2+                                      *.              .              0
 1969.3+                                      *.              .              0
 1969.4+                                      *.              .              0
 1970.1+                                      *.              .              0
 1970.2+                                      *.              .              0
 1970.3+                                      *.              .              0
 1970.4+                                      *.              .              0
 1971.1+                                      *.              .              0
 1971.2+                                      *.              .              0
 1971.3+                                      *.              .              0
 1971.4+                                      *.              .              0
 1972.1+                                      *.              .              0
 1972.2+                                      *.              .              0
 1972.3+                                      *.              .              0
 1972.4+                                      *.              .              0
 1973.1+                                      *.              .              0
 1973.2+                                      *.              .              0
 1973.3+                                      *.              .              0
 1973.4+                                      *.              .              0
 1974.1+                                      *.              .              0
 1974.2+                                      *.              .              0
 1974.3+                                      *.              .              0
 1974.4+                                      *.              .              0
 1975.1+                                      *.              .              0
 1975.2+                                      *.              .              0
 1975.3+                                      *.              .              0
 1975.4+                                      *.              .              0
 1976.1+                                      *.              .              0
 1976.2+                                      *.              .              0
 1976.3+                                      *.              .              0
 1976.4+                                      *.              .              0
 1977.1+                                      *.              .              0
 1977.2+                                      *.              .              0
 1977.3+                                      *.              .              0
 1977.4+                                      *.              .              0
 1978.1+                                      *.              .              0
 1978.2+                                      *.              .              0
 1978.3+                                      *.              .              0
 1978.4+                                      *.              .              0
 1979.1+                                      *.              .              0
 1979.2+                                      *.              .              0
 1979.3+                                      *.              .              0
 1979.4+                                      *.              .              0
 1980.1+                                      *.              .              0
 1980.2+                                      *.              .              0
 1980.3+                                      *.              .              0
 1980.4+                                      *.              .              0
 1981.1+                                      *.              .              0
 1981.2+                                      *.              .              0
 1981.3+                                      *.              .              0
 1981.4+                                      *.              .              0
 1982.1+                                      *.              .              0
 1982.2+                                      *.              .              0
 1982.3+                                      *.              .              0
 1982.4+                                      *.              .              0
 1983.1+                                      *.              .              0
 1983.2+                                      *.              .              0
 1983.3+                                      *.              .              0
 1983.4+                                      *.              .              0
 1984.1+                                      *.              .              0
 1984.2+                                      *.              .              0
 1984.3+                                      *.              .              0
 1984.4+                                      *.              .              0
 1985.1+                                      *.              .              0
 1985.2+                                      *.              .              0
 1985.3+                                      *.              .              0
 1985.4+                                      *.              .              0
 1986.1+                                      *.              .              0
 1986.2+                                      *.              .              0
 1986.3+                                      *.              .              0
 1986.4+                                      *.              .              0
 1987.1+                                      *.              .              0
 1987.2+                                      *.              .              0
 1987.3+                                      *.              .              0
 1987.4+                                      *.              .              0
 1988.1+                                      *.              .              0
 1988.2+                                      *.              .              0
 1988.3+                                      *.              .              0
 1988.4+                                      *.              .              0
 1989.1+                                      *.              .              0
 1989.2+                                      *.              .              0
 1989.3+                                      *.              .              0
 1989.4+                                      *.              .              0
 1990.1+                                      *.              .              0
 1990.2+                                      *.              .              0
 1990.3+                                      *.              .              0
 1990.4+                                      *.              .              0
 1991.1+                                      *.              .              0
 1991.2+                                      *.              .              0
 1991.3+                                      *.              .              0
 1991.4+                                      *.              .              0
 1992.1+                                      *.              .              0
 1992.2+                                      *.              .              0
 1992.3+                                      *.              .              0
 1992.4+                                      *.              .              0
 1993.1+                                      *.              .              0
 1993.2+                                      *.              .              0
 1993.3+                                      *.              .              0
 1993.4+                                      *.              .              0
 1994.1+                                      *.              .              0
 1994.2+                                      *.              .              0
 1994.3+                                      *.              .              0
 1994.4+                                      *.              .              0
 1995.1+                                      *.              .              0
 1995.2+                                      *.              .              0
 1995.3+                                      *.              .              0
 1995.4+                                      *.              .              0
 1996.1+                                      *.              .              0
 1996.2+                                      *.              .              0
 1996.3+                                      *.              .              0
 1996.4+                                      *.              .              0
 1997.1+                                      *.              .              0
 1997.2+                                      *.              .              0
 1997.3+                                      *.              .              0
 1997.4+                                      *.              .              0
 1998.1+                                      *.              .              0
 1998.2+                                      *.              .              0
 1998.3+                                      *.              .              0
 1998.4+                                      *.              .              0
 1999.1+                                      *.              .              0
 1999.2+                                      *.              .              0
 1999.3+                                      *.              .              0
 1999.4+                                      *.              .              0
 2000.1+                                      *.              .              0
 2000.2+                                      *.              .              0
 2000.3+                                      *.              .              0
 2000.4+                                      *.              .              0
 2001.1+                                      *.              .              0
 2001.2+                                      *.              .              0
 2001.3+                                      *.              .              0
 2001.4+                                      *.              .              0
 2002.1+                                      *.              .              0
 2002.2+                                      *.              .              0
 2002.3+                                      *.              .              0
 2002.4+                                      *.              .              0
 2003.1+                                      *.              .              0
 2003.2+                                      *.              .              0
 2003.3+                                      *.              .              0
 2003.4+                                      *.              .              0
 2004.1+                                      *.              .              0
 2004.2+                                      *.              .              0
 2004.3+                                      *.              .              0
 2004.4+                                      *.              .              0
 2005.1+                                      *.              .              0
 2005.2+                                      *.              .              0
 2005.3+                                      *.              .              0
 2005.4+                                      *.              .              0
 2006.1+                                      *.              .              0
 2006.2+                                      *.              .              0
 2006.3+                                      *.              .              0
 2006.4+                                      *.              .              0
 2007.1+                                      *.              .              0
 2007.2+                                      *.              .              0
 2007.3+                                      *.              .              0
 2007.4+                                      *.              .              0
 2008.1+                                      *.              .              0
 2008.2+                                      *.              .              0
 2008.3+                                      *.              .              0
 2008.4+                                      *.              .              0
 2009.1+                                      *.              .              0
 2009.2+                                      *.              .              0
 2009.3+                                      *.              .              0
 2009.4+                                      *.              .              0
 2010.1+                                      *.              .              0
 2010.2+                                      *.              .              0
 2010.3+                                      *.              .              0
 2010.4+                                      *.              .              0
 2011.1+                                      *.              .              0
 2011.2+                                      *.              .              0
 2011.3+                                      *.              .              0
 2011.4+                                      *.              .              0
 2012.1+                                      *.              .              0
 2012.2+                                      *.              .              0
 2012.3+                                      *.              .              0
 2012.4+                                      *.              .              0
 2013.1+                                      *.              .              0
 2013.2+                                      *.              .              0
 2013.3+                                      *.              .              0


      0.00 percent of the residuals exceed 1 SE
      0.00 percent of the residuals exceed 2 SE

Equation number =   22
**********************

Dependent variable = NONE22  

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

Mean of dependent variable        1.000000000

                     Coef est             SE           T statistic      Mean
  306 C       (  0)       1.000000000       0.000000000**********     1.000000

SE of equation            =     0.000000000
Sum of squared residuals  = 0.294590244E-29   0.265343303E-13
Average absolute error    =     0.000000000
Sum of ABS residuals      = 0.265343303E-13
R squared                 =   0.00000
Durbin-Watson statistic   =   0.00000
SMPL and No. Obs.         = 1954.1   2013.3    239

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1+                                      *.              .              0
 1954.2+                                      *.              .              0
 1954.3+                                      *.              .              0
 1954.4+                                      *.              .              0
 1955.1+                                      *.              .              0
 1955.2+                                      *.              .              0
 1955.3+                                      *.              .              0
 1955.4+                                      *.              .              0
 1956.1+                                      *.              .              0
 1956.2+                                      *.              .              0
 1956.3+                                      *.              .              0
 1956.4+                                      *.              .              0
 1957.1+                                      *.              .              0
 1957.2+                                      *.              .              0
 1957.3+                                      *.              .              0
 1957.4+                                      *.              .              0
 1958.1+                                      *.              .              0
 1958.2+                                      *.              .              0
 1958.3+                                      *.              .              0
 1958.4+                                      *.              .              0
 1959.1+                                      *.              .              0
 1959.2+                                      *.              .              0
 1959.3+                                      *.              .              0
 1959.4+                                      *.              .              0
 1960.1+                                      *.              .              0
 1960.2+                                      *.              .              0
 1960.3+                                      *.              .              0
 1960.4+                                      *.              .              0
 1961.1+                                      *.              .              0
 1961.2+                                      *.              .              0
 1961.3+                                      *.              .              0
 1961.4+                                      *.              .              0
 1962.1+                                      *.              .              0
 1962.2+                                      *.              .              0
 1962.3+                                      *.              .              0
 1962.4+                                      *.              .              0
 1963.1+                                      *.              .              0
 1963.2+                                      *.              .              0
 1963.3+                                      *.              .              0
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 2012.3+                                      *.              .              0
 2012.4+                                      *.              .              0
 2013.1+                                      *.              .              0
 2013.2+                                      *.              .              0
 2013.3+                                      *.              .              0


      0.00 percent of the residuals exceed 1 SE
      0.00 percent of the residuals exceed 2 SE

Equation number =   23
**********************

Dependent variable = RBMRSL2 

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  306 C        (  0)
   23 RB       ( -1)
   23 RB       ( -2)
   30 RS       ( -1)
   30 RS       ( -2)
   30 RS       ( -3)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  390 LIMZ     ( -1)
  375 LODHM    ( -1)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)

Iter   Rhos:  1
   1     0.191932692
   2     0.201195146
   3     0.201968179
   4     0.202034858
   5     0.202040626

Number of iterations for RHO =    5


Mean of dependent variable        2.309719665

                     Coef est             SE           T statistic      Mean
  306 C       (  0)       0.205576288       0.043469869   4.72917     1.000000
  404 RBLMRSL2(  0)       0.914657952       0.016080010  56.88168     2.303974
  401 RSMRSL2 (  0)       0.327196920       0.053784330   6.08350    -0.014301
  402 RSLMRSL2(  0)      -0.273844752       0.063179419  -4.33440    -0.008250
    0 RHO     ( -1)       0.202040626       0.067705766   2.98410     0.000000

SE of equation            =     0.275478426
Sum of squared residuals  =  17.7578770       0.535003349E-05
Average absolute error    =     0.200933874
Sum of ABS residuals      =  48.0231960    
R squared                 =   0.96305
Durbin-Watson statistic   =   2.00945
Overid test: p-value      = 0.13945         (df =  16)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              =  1.64332316    

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1!                +                     !!           . 0.  .           !
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 1987.3!                               + *    !!           .  .  . 0         !
 1987.4!                                + *   !!           .  .  .  0        !
 1988.1!                             *  +     !!        0  .  .  .           !
 1988.2!                             + *      !!           .  .  .0          !
 1988.3!                                 +    !!           .  0  .           !
 1988.4!                            *  +      !!       0   .  .  .           !
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 1989.3!             * +                      !!         0 .  .  .           !
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 2001.3!                       +              !!           .  0  .           !
 2001.4!                          + *         !!           .  .  .0          !
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 2002.2!                                  + * !!           .  .  .0          !
 2002.3!                                  *+  !!           .0 .  .           !
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 2003.2!                                * +   !!         0 .  .  .           !
 2003.3!                               +   *  !!           .  .  .    0      !
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 2004.2!                                  +  *!!           .  .  .   0       !
 2004.3!                                   * +!!          0.  .  .           !
 2004.4!                                  +   !!           . 0.  .           !
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 2005.4!                       +*             !!           .  . 0.           !
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 2006.3!                  * +                 !!         0 .  .  .           !
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 2007.3!              +*                      !!           .  . 0.           !
 2007.4!               +                      !!           . 0.  .           !
 2008.1!               + *                    !!           .  .  .0          !
 2008.2!                     +*               !!           .  .  0           !
 2008.3!                             +*       !!           .  . 0.           !
 2008.4!                             +   *    !!           .  .  .    0      !
 2009.1!                               * +    !!         0 .  .  .           !
 2009.2!                                   +  *!           .  .  .  0        !
 2009.3!                                     *+!           . 0.  .           !
 2009.4!                                    +*!!           .  . 0.           !
 2010.1!                                    + *!           .  .  0           !
 2010.2!                                     +!!           . 0.  .           !
 2010.3!                                  *+  !!           0  .  .           !
 2010.4!                                 + *  !!           .  .  .  0        !
 2011.1!                                   + *!!           .  .  . 0         !
 2011.2!                                    + !!           .  .0 .           !
 2011.3!                                 * +  !!         0 .  .  .           !
 2011.4!                               * +    !!           0  .  .           !
 2012.1!                              +*      !!           .  . 0.           !
 2012.2!                               +      !!           .  0  .           !
 2012.3!                             *+       !!           0  .  .           !
 2012.4!                            +*        !!           .  .  0           !
 2013.1!                             + *      !!           .  .  . 0         !
 2013.2!                              +*      !!           .  . 0.           !
 2013.3!                               +  *   !!           .  .  .    0      !


     25.10 percent of the residuals exceed 1 SE
      5.02 percent of the residuals exceed 2 SE

Equation number =   24
**********************

Dependent variable = RMMRSL2 

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  306 C        (  0)
   24 RM       ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  390 LIMZ     ( -1)
  375 LODHM    ( -1)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)

Mean of dependent variable        3.118429568

                     Coef est             SE           T statistic      Mean
  306 C       (  0)       0.388182518       0.067870429   5.71946     1.000000
  405 RMLMRSL2(  0)       0.876206482       0.020467100  42.81049     3.120061
  401 RSMRSL2 (  0)       0.326169848       0.076738422   4.25041    -0.014301
  402 RSLMRSL2(  0)      -0.132574377       0.100083486  -1.32464    -0.008250

SE of equation            =     0.351410568
Sum of squared residuals  =  29.0200060       0.101786135E-09
Average absolute error    =     0.251172727
Sum of ABS residuals      =  60.0302816    
R squared                 =   0.90508
Durbin-Watson statistic   =   1.83528
Overid test: p-value      = 0.11923         (df =  14)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              =  2.47202927    

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1!                   +                  !!          .   .0  .          !
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 2011.4!                           +          !!          . 0 .   .          !
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 2012.4!                       +              !!          . 0 .   .          !
 2013.1!                      +*              !!          .   . 0 .          !
 2013.2!                       +*             !!          .   . 0 .          !
 2013.3!                        +    *        !!          .   .   .   0      !


     25.10 percent of the residuals exceed 1 SE
      7.11 percent of the residuals exceed 2 SE

Equation number =   25
**********************

Dependent variable = CGZ     

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  306 C        (  0)
  330 RB1      ( -1)
  416 TPIEM1Z  ( -1)
  250 T        (  0)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  390 LIMZ     ( -1)
  375 LODHM    ( -1)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
   23 RB       ( -1)
  381 LAAZ     ( -1)

Mean of dependent variable        0.116935243

                     Coef est             SE           T statistic      Mean
  306 C       (  0)       0.106398484       0.022305576   4.77004     1.000000
  330 RB1     (  0)      -0.145407110       0.108487670  -1.34031     0.005746
  416 TPIEM1Z (  0)      11.790451420      10.452221501   1.12803     0.000965

SE of equation            =     0.307557391
Sum of squared residuals  =  22.3236055      -0.110774445E-10
Average absolute error    =     0.213872482
Sum of ABS residuals      =  51.1155232    
R squared                 =   0.02232
Durbin-Watson statistic   =   1.83793
Overid test: p-value      = 0.26706         (df =  17)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              =  1.88128741    

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1!                   *+                 !!          .  0.   .          !
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 1985.1!                  +*                  !!          .   .0  .          !
 1985.2!                   *+                 !!          .  0.   .          !
 1985.3!                 *  +                 !!          .0  .   .          !
 1985.4!                    + *               !!          .   . 0 .          !
 1986.1!                   + *                !!          .   . 0 .          !
 1986.2!                   *+                 !!          .  0.   .          !
 1986.3!                *  +                  !!          .0  .   .          !
 1986.4!                    + *               !!          .   . 0 .          !
 1987.1!                    +   *             !!          .   .  0.          !
 1987.2!                  +                   !!          .   0   .          !
 1987.3!                  + *                 !!          .   . 0 .          !
 1987.4!            *     +                   !!         0.   .   .          !
 1988.1!                    *+                !!          .   0   .          !
 1988.2!                  +*                  !!          .   0   .          !
 1988.3!                  *+                  !!          .   0   .          !
 1988.4!                    +*                !!          .   0   .          !
 1989.1!                  + *                 !!          .   . 0 .          !
 1989.2!                   +*                 !!          .   .0  .          !
 1989.3!                   + *                !!          .   .0  .          !
 1989.4!                   +                  !!          .   0   .          !
 1990.1!                * +                   !!          . 0 .   .          !
 1990.2!                  *+                  !!          .   0   .          !
 1990.3!            *      +                  !!         0.   .   .          !
 1990.4!                   + *                !!          .   . 0 .          !
 1991.1!                   +  *               !!          .   . 0 .          !
 1991.2!                *  +                  !!          .0  .   .          !
 1991.3!                   +                  !!          .   0   .          !
 1991.4!                   +  *               !!          .   . 0 .          !
 1992.1!                *  +                  !!          . 0 .   .          !
 1992.2!                *  +                  !!          . 0 .   .          !
 1992.3!                  *+                  !!          .  0.   .          !
 1992.4!                   +  *               !!          .   .  0.          !
 1993.1!                    +                 !!          .   0   .          !
 1993.2!                  * +                 !!          . 0 .   .          !
 1993.3!                   *+                 !!          .  0.   .          !
 1993.4!                    +                 !!          .   0   .          !
 1994.1!                *  +                  !!          . 0 .   .          !
 1994.2!                 +                    !!          .  0.   .          !
 1994.3!                   +                  !!          .   0   .          !
 1994.4!                  +*                  !!          .   0   .          !
 1995.1!                    +*                !!          .   .0  .          !
 1995.2!                    +                 !!          .   0   .          !
 1995.3!                    + *               !!          .   .0  .          !
 1995.4!                    + *               !!          .   . 0 .          !
 1996.1!                   +*                 !!          .   .0  .          !
 1996.2!                  +*                  !!          .   .0  .          !
 1996.3!                   +                  !!          .   0   .          !
 1996.4!                   *+                 !!          .   0   .          !
 1997.1!                  +*                  !!          .   .0  .          !
 1997.2!                   +       *          !!          .   .   .  0       !
 1997.3!                    +   *             !!          .   .  0.          !
 1997.4!                   +*                 !!          .   0   .          !
 1998.1!                  +          *        !!          .   .   .   0      !
 1998.2!                  *+                  !!          .  0.   .          !
 1998.3!       *           +                  !!     0    .   .   .          !
 1998.4!                   +              *   !!          .   .   .       0  !
 1999.1!                  + *                 !!          .   .0  .          !
 1999.2!                  +     *             !!          .   .   .0         !
 1999.3!              *   +                   !!          .0  .   .          !
 1999.4!                  +                   *!          .   .   .          0
 2000.1!                  +    *              !!          .   .   0          !
 2000.2!           *       +                  !!        0 .   .   .          !
 2000.3!                   +                  !!          .   0   .          !
 2000.4!        *         +                   !!      0   .   .   .          !
 2001.1!       *            +                 !!    0     .   .   .          !
 2001.2!                  +    *              !!          .   .   0          !
 2001.3!    *             +                   !!   0      .   .   .          !
 2001.4!                 +        *           !!          .   .   . 0        !
 2002.1!                   * +                !!          .  0.   .          !
 2002.2!        *           +                 !!     0    .   .   .          !
 2002.3!      *             +                 !!   0      .   .   .          !
 2002.4!                    +  *              !!          .   . 0 .          !
 2003.1!                *  +                  !!          . 0 .   .          !
 2003.2!                    +      *          !!          .   .   .0         !
 2003.3!                  + *                 !!          .   . 0 .          !
 2003.4!                   +        *         !!          .   .   . 0        !
 2004.1!                     +    *           !!          .   .   0          !
 2004.2!                   +                  !!          .   .0  .          !
 2004.3!                  * +                 !!          .  0.   .          !
 2004.4!                   +        *         !!          .   .   .  0       !
 2005.1!                   *  +               !!          . 0 .   .          !
 2005.2!                    +                 !!          .   0   .          !
 2005.3!                   +   *              !!          .   .  0.          !
 2005.4!                    +  *              !!          .   . 0 .          !
 2006.1!                   +     *            !!          .   .   0          !
 2006.2!                * +                   !!          .  0.   .          !
 2006.3!                    +*                !!          .   0   .          !
 2006.4!                  +         *         !!          .   .   .  0       !
 2007.1!                  +    *              !!          .   .   0          !
 2007.2!                   +  *               !!          .   .  0.          !
 2007.3!                 + *                  !!          .   .0  .          !
 2007.4!             *      +                 !!         0.   .   .          !
 2008.1!         *        +                   !!       0  .   .   .          !
 2008.2!            *      +                  !!         0.   .   .          !
 2008.3!        *          +                  !!     0    .   .   .          !
 2008.4*              +                       !!  0       .   .   .          !
 2009.1!            *       +                 !!        0 .   .   .          !
 2009.2!                   +  *               !!          .   . 0 .          !
 2009.3!                    +    *            !!          .   .  0.          !
 2009.4!                   * +                !!          .  0.   .          !
 2010.1!                    +                 !!          .   .0  .          !
 2010.2!            *      +                  !!        0 .   .   .          !
 2010.3!                    +    *            !!          .   .   0          !
 2010.4!                 +         *          !!          .   .   .  0       !
 2011.1!                  +    *              !!          .   .   0          !
 2011.2!                 *  +                 !!          . 0 .   .          !
 2011.3!     *              +                 !!   0      .   .   .          !
 2011.4!                    +   *             !!          .   .  0.          !
 2012.1!                      + *             !!          .   . 0 .          !
 2012.2!              *    +                  !!          .0  .   .          !
 2012.3!                    +   *             !!          .   .  0.          !
 2012.4!                   +*                 !!          .   .0  .          !
 2013.1!                  +    *              !!          .   .   0          !
 2013.2!                 + *                  !!          .   . 0 .          !
 2013.3!                    *+                !!          .  0.   .          !


     22.59 percent of the residuals exceed 1 SE
      6.28 percent of the residuals exceed 2 SE

Equation number =   26
**********************

Dependent variable = LCURZ   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  306 C        (  0)
  332 LCURZ    ( -1)
  329 LXMFAZ   ( -1)
  127 RSA      ( -1)
  347 LCURL1Q  ( -1)
  250 T        (  0)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  390 LIMZ     ( -1)
  375 LODHM    ( -1)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
   87 UR       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   30 RS       ( -2)
   23 RB       ( -1)
  381 LAAZ     ( -1)
  363 PCPD     ( -1)

Iter   Rhos:  1
   1    -0.104098178
   2    -0.105124829
   3    -0.105131828

Number of iterations for RHO =    3


Mean of dependent variable        0.762535230

                     Coef est             SE           T statistic      Mean
  306 C       (  0)      -0.056718274       0.007808710  -7.26346     1.000000
  347 LCURL1Q (  0)       0.957976130       0.006943577 137.96581     0.750360
  329 LXMFAZ  (  0)       0.048662345       0.006461622   7.53098     2.167808
  127 RSA     (  0)      -0.001324997       0.000495905  -2.67188     3.824044
    0 RHO     ( -1)      -0.105131828       0.065263012  -1.61089     0.000000

SE of equation            =     0.010072293
Sum of squared residuals  = 0.237395530E-01  -0.401212534E-07
Average absolute error    =     0.007971522
Sum of ABS residuals      =  1.90519382    
R squared                 =   0.99928
Durbin-Watson statistic   =   1.98120
Overid test: p-value      = 0.16691         (df =  17)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.223303749E-02

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1!    +                                 !!         .   0.    .         !
 1954.2!   +                                  !!         .  0 .    .         !
 1954.3!   +                                  !!         .    .  0 .         !
 1954.4!   +                                  !!         .    . 0  .         !
 1955.1!   +                                  !!         .  0 .    .         !
 1955.2!   +                                  !!         .    .   0.         !
 1955.3!  +                                   !!         .    .  0 .         !
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 1956.1!  +                                   !!         .  0 .    .         !
 1956.2!  +                                   !!         .    .    .      0  !
 1956.3! *+                                   !!     0   .    .    .         !
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 1957.1! +                                    !!         .   0.    .         !
 1957.2!+                                     !!         .    .0   .         !
 1957.3!+                                     !!         .    .0   .         !
 1957.4!+                                     !!       0 .    .    .         !
 1958.1!+                                     !!         .    0    .         !
 1958.2! +                                    !!         .   0.    .         !
 1958.3! +                                    !!         .    . 0  .         !
 1958.4!*+                                    !!         .  0 .    .         !
 1959.1!+                                     !!         .    .0   .         !
 1959.2!+                                     !!         . 0  .    .         !
 1959.3!+                                     !!         .    . 0  .         !
 1959.4!+                                     !!         .  0 .    .         !
 1960.1!+                                     !!      0  .    .    .         !
 1960.2*+                                     !!     0   .    .    .         !
 1960.3+                                      !!         .    .0   .         !
 1960.4*+                                     !!         .0   .    .         !
 1961.1*+                                     !!        0.    .    .         !
 1961.2+*                                     !!         .    .   0.         !
 1961.3*+                                     !!       0 .    .    .         !
 1961.4!+                                     !!         .   0.    .         !
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 1962.2!+                                     !!         .    .    .0        !
 1962.3*+                                     !!  0      .    .    .         !
 1962.4*+                                     !!      0  .    .    .         !
 1963.1+*                                     !!         .    .    . 0       !
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 1963.3!*+                                    !!        0.    .    .         !
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 1964.1! +                                    !!         .   0.    .         !
 1964.2! +                                    !!         .0   .    .         !
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 1964.4! *+                                   !!         .   0.    .         !
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 1965.3! +*                                   !!         .    .    . 0       !
 1965.4!  +                                   !!         .    .  0 .         !
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 1966.2!  +                                   !!         . 0  .    .         !
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 1967.1!  +                                   !!         .   0.    .         !
 1967.2!  +                                   !!         .    .  0 .         !
 1967.3!  +                                   !!     0   .    .    .         !
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 1970.4!   *+                                 !!  0      .    .    .         !
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 1982.3!+                                     !!         .    .  0 .         !
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 1985.3!     +                                !!        0.    .    .         !
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 1986.1!     +                                !!         .  0 .    .         !
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 1986.3!      +                               !!         . 0  .    .         !
 1986.4!      +                               !!         .  0 .    .         !
 1987.1!       +                              !!         0    .    .         !
 1987.2!       +                              !!         .0   .    .         !
 1987.3!       +                              !!         . 0  .    .         !
 1987.4!        +                             !!         .    .    .     0   !
 1988.1!        *+                            !!      0  .    .    .         !
 1988.2!        +                             !!         . 0  .    .         !
 1988.3!         +                            !!         .    .   0.         !
 1988.4!         +                            !!         . 0  .    .         !
 1989.1!         +                            !!         .  0 .    .         !
 1989.2!         +                            !!         .    0    .         !
 1989.3!         *+                           !!      0  .    .    .         !
 1989.4!         *+                           !!       0 .    .    .         !
 1990.1!          +                           !!         .    . 0  .         !
 1990.2!          +                           !!         .    .    . 0       !
 1990.3!           +                          !!         .    .    0         !
 1990.4!           +                          !!      0  .    .    .         !
 1991.1!           +*                         !!         .    .    .         0
 1991.2!            *+                        !!         .   0.    .         !
 1991.3!            *+                        !!   0     .    .    .         !
 1991.4!            *+                        !!       0 .    .    .         !
 1992.1!             +                        !!         .  0 .    .         !
 1992.2!             +                        !!         .   0.    .         !
 1992.3!              +                       !!         .    0    .         !
 1992.4!              +*                      !!         .    .    . 0       !
 1993.1!               +                      !!         0    .    .         !
 1993.2!               +                      !!         .    .0   .         !
 1993.3!                +                     !!         .    .    .0        !
 1993.4!                +*                    !!         .    .  0 .         !
 1994.1!                 +                    !!         .    .  0 .         !
 1994.2!                 +*                   !!         .    .   0.         !
 1994.3!                  +                   !!         .    .    .0        !
 1994.4!                  +*                  !!         .    .0   .         !
 1995.1!                   +                  !!         .    .    . 0       !
 1995.2!                   +                  !!         .    .0   .         !
 1995.3!                   *+                 !!        0.    .    .         !
 1995.4!                   *+                 !!    0    .    .    .         !
 1996.1!                   +                  !!         .  0 .    .         !
 1996.2!                    +                 !!         .    . 0  .         !
 1996.3!                    +                 !!         .0   .    .         !
 1996.4!                    +                 !!        0.    .    .         !
 1997.1!                    +                 !!         .    . 0  .         !
 1997.2!                     +                !!         .    .    0         !
 1997.3!                     +                !!         . 0  .    .         !
 1997.4!                     +                !!         .  0 .    .         !
 1998.1!                      +               !!         .    0    .         !
 1998.2!                      +               !!         .    .    .0        !
 1998.3!                       +              !!         .    .0   .         !
 1998.4!                       +              !!         .    .0   .         !
 1999.1!                        +             !!         .    .  0 .         !
 1999.2!                        +             !!         .    .    .  0      !
 1999.3!                         +            !!         .    .   0.         !
 1999.4!                         +            !!         .    . 0  .         !
 2000.1!                         +*           !!         .    .   0.         !
 2000.2!                          +           !!         .  0 .    .         !
 2000.3!                          +           !!         0    .    .         !
 2000.4!                          +           !!         .   0.    .         !
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 2001.2!                          +           !!         .   0.    .         !
 2001.3!                           +          !!         .    .    .    0    !
 2001.4!                           +*         !!         .    .  0 .         !
 2002.1!                            +         !!         .    .    0         !
 2002.2!                             +        !!         .    .   0.         !
 2002.3!                             +        !!         . 0  .    .         !
 2002.4!                             +        !!         .  0 .    .         !
 2003.1!                              +       !!         .    . 0  .         !
 2003.2!                              +       !!         . 0  .    .         !
 2003.3!                              +       !!         .  0 .    .         !
 2003.4!                              +       !!         .  0 .    .         !
 2004.1!                              +       !!         0    .    .         !
 2004.2!                              +       !!         .    . 0  .         !
 2004.3!                              *+      !!         . 0  .    .         !
 2004.4!                              *+      !!         . 0  .    .         !
 2005.1!                              *+      !!         .  0 .    .         !
 2005.2!                              *+      !!         .0   .    .         !
 2005.3!                              +       !!         .   0.    .         !
 2005.4!                              *+      !!         .  0 .    .         !
 2006.1!                               +      !!         .   0.    .         !
 2006.2!                              *+      !!         .0   .    .         !
 2006.3!                              *+      !!       0 .    .    .         !
 2006.4!                              +       !!         . 0  .    .         !
 2007.1!                              +       !!      0  .    .    .         !
 2007.2!                              +       !!         0    .    .         !
 2007.3!                              +       !!        0.    .    .         !
 2007.4!                             *+       !! 0       .    .    .         !
 2008.1!                             *+       !!  0      .    .    .         !
 2008.2!                             *+       !!         . 0  .    .         !
 2008.3!                              +       !!         .   0.    .         !
 2008.4!                              +*      !!         .    .    .     0   !
 2009.1!                               +      !!         .    .    .0        !
 2009.2!                                +     !!         . 0  .    .         !
 2009.3!                                +     !!         . 0  .    .         !
 2009.4!                                +     !!        0.    .    .         !
 2010.1!                                +     !!         . 0  .    .         !
 2010.2!                                +     !!         .   0.    .         !
 2010.3!                                 +    !!         .    .  0 .         !
 2010.4!                                 +    !!         .    .   0.         !
 2011.1!                                  +   !!         .    .   0.         !
 2011.2!                                  +   !!         .    .    .  0      !
 2011.3!                                  +*  !!         .    .   0.         !
 2011.4!                                   +  !!         .    .    .0        !
 2012.1!                                   +* !!         .    .    . 0       !
 2012.2!                                    + !!         .    .   0.         !
 2012.3!                                    +*!!         .    .    0         !
 2012.4!                                     +!!         .    .    0         !
 2013.1!                                     +!!         .    . 0  .         !
 2013.2!                                      +!         .    .    0         !
 2013.3!                                      +!         .    . 0  .         !


     31.38 percent of the residuals exceed 1 SE
      5.44 percent of the residuals exceed 2 SE

Equation number =   27
**********************

Dependent variable = LIMZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  390 LIMZ     ( -1)
  391 LXXXZ    ( -1)
  397 LPFZPIM  ( -1)
  164 D691     (  0)
  165 D692     (  0)
  166 D714     (  0)
  167 D721     (  0)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   23 RB       ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)

Mean of dependent variable       -0.290556463

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.038242807       0.013478942   2.83723     0.583682
  306 C       (  0)      -0.960968605       0.165865019  -5.79368     1.000000
  390 LIMZ    ( -1)       0.790889766       0.032792089  24.11831    -0.301261
  391 LXXXZ   (  0)       0.432912795       0.075789895   5.71201     2.091451
  397 LPFZPIM (  0)       0.089628455       0.016926204   5.29525    -0.214049
  164 D691    (  0)      -0.118100256       0.027868350  -4.23779     0.004184
  165 D692    (  0)       0.136549809       0.028247147   4.83411     0.004184
  166 D714    (  0)      -0.086596239       0.027743497  -3.12132     0.004184
  167 D721    (  0)       0.097727986       0.028016423   3.48824     0.004184

SE of equation            =     0.027555880
Sum of squared residuals  = 0.174645105       0.542980105E-10
Average absolute error    =     0.020059382
Sum of ABS residuals      =  4.79419220    
R squared                 =   0.99887
Durbin-Watson statistic   =   1.62040
Overid test: p-value      = 0.00241         (df =  14)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.245046283E-01

Plot of actual(*) and fitted(+) values and residuals(0)


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     26.78 percent of the residuals exceed 1 SE
      4.18 percent of the residuals exceed 2 SE

Equation number =   28
**********************

Dependent variable = LUB     

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  306 C        (  0)
  334 LUB      ( -1)
  343 LU       ( -1)
  324 LWF      ( -1)
  334 LUB      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  390 LIMZ     ( -1)
  375 LODHM    ( -1)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)

Iter   Rhos:  1
   1     0.608686648
   2     0.684313245
   3     0.732152091
   4     0.768983930
   5     0.798582303
   6     0.821961052
   7     0.839766163
   8     0.852846293
   9     0.862162142
  10     0.868621819
  11     0.872999578
  12     0.875911664
  13     0.877821447
  14     0.879061120
  15     0.879860116
  16     0.880372630
  17     0.880700346
  18     0.880909468
  19     0.881042736
  20     0.881127592
  21     0.881181594
  22     0.881215947
  23     0.881237797
  24     0.881251692
  25     0.881260528

Number of iterations for RHO =   25


Mean of dependent variable        1.128713774

                     Coef est             SE           T statistic      Mean
  306 C       (  0)       0.820033196       0.446911722   1.83489     1.000000
  334 LUB     ( -1)       0.261527850       0.101212436   2.58395     1.112840
  343 LU      (  0)       1.147380516       0.252921735   4.53650     1.822440
  324 LWF     (  0)       0.443836800       0.065343219   6.79239    -4.701968
    0 RHO     ( -1)       0.881260528       0.039490732  22.31563     0.000000

SE of equation            =     0.065932870
Sum of squared residuals  =  1.01723153      -0.323876552E-04
Average absolute error    =     0.047583869
Sum of ABS residuals      =  11.3725446    
R squared                 =   0.99704
Durbin-Watson statistic   =   2.27846
Overid test: p-value      = 0.13067         (df =  12)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.746176026E-01

Plot of actual(*) and fitted(+) values and residuals(0)


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 2008.3!                            + *       !!           .  .  .         0 !
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 2009.2!                                    + !!           .  .  0           !
 2009.3!                                     +!!           .  . 0.           !
 2009.4!                                     *+!           .  0  .           !
 2010.1!                                     +*!           .  .  . 0         !
 2010.2!                                     *+!          0.  .  .           !
 2010.3!                                    + !!           .  0  .           !
 2010.4!                                    + !!           . 0.  .           !
 2011.1!                                   +* !!           .  . 0.           !
 2011.2!                                   +  !!           0  .  .           !
 2011.3!                                  *+  !!           . 0.  .           !
 2011.4!                                  +   !!           .  . 0.           !
 2012.1!                                  +   !!           .  .0 .           !
 2012.2!                                 *+   !!          0.  .  .           !
 2012.3!                                *+    !!           .0 .  .           !
 2012.4!                                +     !!           .  0  .           !
 2013.1!                                +     !!           .  0  .           !
 2013.2!                               +      !!           .0 .  .           !
 2013.3!                              *+      !!           .0 .  .           !


     22.59 percent of the residuals exceed 1 SE
      5.02 percent of the residuals exceed 2 SE

Equation number =   29
**********************

Dependent variable = INTGZ   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

Iter   Rhos:  1
   1     0.157449008
   2     0.193311002
   3     0.205894210
   4     0.210825559
   5     0.212836567
   6     0.213669650
   7     0.214016990
   8     0.214162195
   9     0.214222965
  10     0.214248409
  11     0.214259065
  12     0.214263528

Number of iterations for RHO =   12


Mean of dependent variable        0.017695626

                     Coef est             SE           T statistic      Mean
  306 C       (  0)       0.001474905       0.000278417   5.29746     1.000000
  420 INTGZ   ( -1)       0.793276755       0.034072563  23.28198     0.017697
  422 RQG     (  0)       0.172879142       0.028290764   6.11080     0.012618
    0 RHO     ( -1)       0.214263528       0.073192579   2.92739     0.000000

SE of equation            =     0.000508954
Sum of squared residuals  = 0.608729466E-04  -0.267968628E-08
Average absolute error    =     0.000355659
Sum of ABS residuals      = 0.850026004E-01
R squared                 =   0.98849
Durbin-Watson statistic   =   2.08918
SMPL and No. Obs.         = 1954.1   2013.3    239

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1! *+                                   !!           . 0.  .           !
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 2012.3!*  +                                  !! 0         .  .  .           !
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 2013.1*  +                                   !!    0      .  .  .           !
 2013.2+  *                                   !!           .  .  .   0       !
 2013.3! *+                                   !!        0  .  .  .           !


     23.85 percent of the residuals exceed 1 SE
      5.02 percent of the residuals exceed 2 SE
SMPL 1954.1 2008.3;                                                           
Sample period is now  1954.1 to  2008.3 Internally:     9 to   227
EST 30 PLOT=0;                                                                

Equation number =   30
**********************

Dependent variable = RS      

 1954.1 -   2008.3,    0 missing obs.,  219 obs. used.

First stage regressors 

  306 C        (  0)
   30 RS       ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  410 UR1      ( -1)
  124 PCM1     ( -1)
  345 PCM1L1A  (  0)
  331 RS1      ( -1)
  331 RS1      ( -2)
  250 T        (  0)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  390 LIMZ     ( -1)
  375 LODHM    ( -1)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  381 LAAZ     ( -1)

Mean of dependent variable        5.134135464

                     Coef est             SE           T statistic      Mean
  306 C       (  0)       0.699034668       0.149497015   4.67591     1.000000
   30 RS      ( -1)       0.918646249       0.017803851  51.59818     5.134104
  363 PCPD    (  0)       0.066738897       0.016911354   3.94640     3.381802
   87 UR      (  0)     -10.846126077       3.022996972  -3.58787     0.057564
  410 UR1     (  0)     -69.675303214      13.364488291  -5.21347     0.000106
  124 PCM1    ( -1)       0.013063605       0.005142730   2.54021     4.756015
  345 PCM1L1A (  0)       0.217236472       0.022721863   9.56068     0.289354
  331 RS1     ( -1)       0.265907305       0.054641943   4.86636    -0.001804
  331 RS1     ( -2)      -0.315064084       0.050083224  -6.29081    -0.000728

SE of equation            =     0.476222609
Sum of squared residuals  =  47.6254745       0.884727402E-09
Average absolute error    =     0.341620997
Sum of ABS residuals      =  74.8149983    
R squared                 =   0.97189
Durbin-Watson statistic   =   1.79698
Overid test: p-value      = 0.14120         (df =  12)
SMPL and No. Obs.         = 1954.1   2008.3    219
UDU for 2SLS              =  3.74666156    

Plot of actual(*) and fitted(+) values and residuals(0)


 1954.1+ *                                    !!          .   .   . 0        !
 1954.2!+                                     !!          .   0   .          !
 1954.3!+*                                    !!          .   .0  .          !
 1954.4! *+                                   !!          0   .   .          !
 1955.1!  *+                                  !!          .0  .   .          !
 1955.2!  *+                                  !!          . 0 .   .          !
 1955.3!   *+                                 !!          .0  .   .          !
 1955.4!    +                                 !!          .   . 0 .          !
 1956.1!     +                                !!          . 0 .   .          !
 1956.2!     +                                !!          .   . 0 .          !
 1956.3!     *+                               !!          .0  .   .          !
 1956.4!     +*                               !!          .   .  0.          !
 1957.1!       *+                             !!          .0  .   .          !
 1957.2!      +*                              !!          .   0   .          !
 1957.3!       +                              !!          .   .0  .          !
 1957.4!      +*                              !!          .   .   0          !
 1958.1!   +                                  !!          .   0   .          !
 1958.2+ *                                    !!          .   .   .0         !
 1958.3! + *                                  !!          .   .   0          !
 1958.4!      +                               !!          .   0   .          !
 1959.1!      *+                              !!          .0  .   .          !
 1959.2!      +                               !!          .   0   .          !
 1959.3!      + *                             !!          .   .   .0         !
 1959.4!       +  *                           !!          .   .   .   0      !
 1960.1!         *+                           !!          0   .   .          !
 1960.2!      * +                             !!          0   .   .          !
 1960.3!     +                                !!          .  0.   .          !
 1960.4!   +*                                 !!          .   .   0          !
 1961.1!   +*                                 !!          .   .   .0         !
 1961.2!    +                                 !!          .   .0  .          !
 1961.3!    +                                 !!          .   0   .          !
 1961.4!     *+                               !!          . 0 .   .          !
 1962.1!     *+                               !!          .  0.   .          !
 1962.2!     *+                               !!          .  0.   .          !
 1962.3!     +*                               !!          .   .  0.          !
 1962.4!      +                               !!          .   0   .          !
 1963.1!     +*                               !!          .   . 0 .          !
 1963.2!      +                               !!          .   0   .          !
 1963.3!      +*                              !!          .   .  0.          !
 1963.4!       +                              !!          .   .0  .          !
 1964.1!       +*                             !!          .   0   .          !
 1964.2!       *+                             !!          .  0.   .          !
 1964.3!       *+                             !!          .  0.   .          !
 1964.4!        +                             !!          .   0   .          !
 1965.1!         +                            !!          .   0   .          !
 1965.2!        *+                            !!          . 0 .   .          !
 1965.3!        *+                            !!          . 0 .   .          !
 1965.4!         *+                           !!          . 0 .   .          !
 1966.1!          *+                          !!          .  0.   .          !
 1966.2!          *+                          !!          . 0 .   .          !
 1966.3!           +*                         !!          .   .  0.          !
 1966.4!            *+                        !!          .  0.   .          !
 1967.1!          *+                          !!          .0  .   .          !
 1967.2!        * +                           !!        0 .   .   .          !
 1967.3!        + *                           !!          .   .   0          !
 1967.4!           +                          !!          . 0 .   .          !
 1968.1!            +                         !!          .  0.   .          !
 1968.2!            +*                        !!          .   . 0 .          !
 1968.3!            *+                        !!          .0  .   .          !
 1968.4!             +                        !!          .   0   .          !
 1969.1!              +                       !!          .   0   .          !
 1969.2!               +                      !!          .   0   .          !
 1969.3!              +  *                    !!          .   .   .  0       !
 1969.4!                  +                   !!          .  0.   .          !
 1970.1!                +*                    !!          .   .   .0         !
 1970.2!                +                     !!          .  0.   .          !
 1970.3!              +*                      !!          .   . 0 .          !
 1970.4!            * +                       !!          0   .   .          !
 1971.1!        *  +                          !!      0   .   .   .          !
 1971.2!         +                            !!          .   .0  .          !
 1971.3!           +*                         !!          .   . 0 .          !
 1971.4!         *  +                         !!       0  .   .   .          !
 1972.1!       *+                             !!          .0  .   .          !
 1972.2!        +                             !!          .   0   .          !
 1972.3!         *+                           !!          .   0   .          !
 1972.4!           +                          !!          .   .0  .          !
 1973.1!            +*                        !!          .   . 0 .          !
 1973.2!              + *                     !!          .   .   0          !
 1973.3!                 +  *                 !!          .   .   .     0    !
 1973.4!                  *  +                !!     0    .   .   .          !
 1974.1!                 +*                   !!          .   .   .0         !
 1974.2!                    +                 !!          .   0   .          !
 1974.3!                    *+                !!          . 0 .   .          !
 1974.4!                  +                   !!          .   0   .          !
 1975.1!             +*                       !!          .   .0  .          !
 1975.2!           +*                         !!          .   .  0.          !
 1975.3!              +*                      !!          .   . 0 .          !
 1975.4!             *  +                     !!       0  .   .   .          !
 1976.1!           *+                         !!          .0  .   .          !
 1976.2!           +*                         !!          .   .0  .          !
 1976.3!            +                         !!          .  0.   .          !
 1976.4!           +                          !!          . 0 .   .          !
 1977.1!          *+                          !!          . 0 .   .          !
 1977.2!           *+                         !!          .0  .   .          !
 1977.3!            +*                        !!          .   . 0 .          !
 1977.4!              +                       !!          .   . 0 .          !
 1978.1!               +                      !!          .   .0  .          !
 1978.2!               *+                     !!          .0  .   .          !
 1978.3!                + *                   !!          .   .   .0         !
 1978.4!                   + *                !!          .   .   .  0       !
 1979.1!                     + *              !!          .   .   0          !
 1979.2!                       +              !!          .   .0  .          !
 1979.3!                       +*             !!          .   . 0 .          !
 1979.4!                             *  +     !!      0   .   .   .          !
 1980.1!                                 +*   !!          .   . 0 .          !
 1980.2!                         *   +        !! 0        .   .   .          !
 1980.3!                       * +            !!        0 .   .   .          !
 1980.4!                               +  *   !!          .   .   .    0     !
 1981.1!                                    *+!!          .0  .   .          !
 1981.2!                                    +*!!          .   .   0          !
 1981.3!                                     +*!          .   . 0 .          !
 1981.4!                              *    +  !0          .   .   .          !
 1982.1!                              + *     !!          .   .   . 0        !
 1982.2!                               +      !!          .  0.   .          !
 1982.3!                        * +           !!         0.   .   .          !
 1982.4!                   +                  !!          .   .0  .          !
 1983.1!                  + *                 !!          .   .  0.          !
 1983.2!                    +                 !!          .   . 0 .          !
 1983.3!                    + *               !!          .   .   . 0        !
 1983.4!                     *+               !!          .0  .   .          !
 1984.1!                    + *               !!          .   .   . 0        !
 1984.2!                       +*             !!          .   .   0          !
 1984.3!                       + *            !!          .   .   .   0      !
 1984.4!                      *+              !!         0.   .   .          !
 1985.1!                   +*                 !!          .   .0  .          !
 1985.2!                  *+                  !!          .0  .   .          !
 1985.3!                 *+                   !!          . 0 .   .          !
 1985.4!                 +                    !!          .   0   .          !
 1986.1!                +                     !!          .   0   .          !
 1986.2!              *+                      !!          .  0.   .          !
 1986.3!             *+                       !!          0   .   .          !
 1986.4!            *+                        !!          .  0.   .          !
 1987.1!             +                        !!          .  0.   .          !
 1987.2!             +                        !!          .   .0  .          !
 1987.3!              +                       !!          .   .0  .          !
 1987.4!              +                       !!          .   .0  .          !
 1988.1!             *+                       !!          .  0.   .          !
 1988.2!              +*                      !!          .   .  0.          !
 1988.3!               + *                    !!          .   .   .0         !
 1988.4!                 + *                  !!          .   .   .0         !
 1989.1!                  +  *                !!          .   .   .   0      !
 1989.2!                    +                 !!          .   .0  .          !
 1989.3!                   +                  !!          .   0   .          !
 1989.4!                 +*                   !!          .   .  0.          !
 1990.1!                  +*                  !!          .   .0  .          !
 1990.2!                  +*                  !!          .   .0  .          !
 1990.3!                  +                   !!          .   .0  .          !
 1990.4!                +*                    !!          .   . 0 .          !
 1991.1!              +                       !!          .   0   .          !
 1991.2!            +*                        !!          .   . 0 .          !
 1991.3!            *+                        !!          .   0   .          !
 1991.4!          *+                          !!          .0  .   .          !
 1992.1!         +                            !!          .  0.   .          !
 1992.2!        +                             !!          .   0   .          !
 1992.3!      * +                             !!          0   .   .          !
 1992.4!      *+                              !!          .  0.   .          !
 1993.1!      *+                              !!          0   .   .          !
 1993.2!      +                               !!          .   0   .          !
 1993.3!      +                               !!          .  0.   .          !
 1993.4!      *+                              !!          .  0.   .          !
 1994.1!      +*                              !!          .   .0  .          !
 1994.2!       + *                            !!          .   .   0          !
 1994.3!         +*                           !!          .   . 0 .          !
 1994.4!          + *                         !!          .   .   .0         !
 1995.1!            +*                        !!          .   .   0          !
 1995.2!            +*                        !!          .   . 0 .          !
 1995.3!            +                         !!          .   . 0 .          !
 1995.4!            +                         !!          .   .0  .          !
 1996.1!           *+                         !!          .  0.   .          !
 1996.2!           +*                         !!          .   . 0 .          !
 1996.3!            +                         !!          .   0   .          !
 1996.4!           +                          !!          .   0   .          !
 1997.1!           +*                         !!          .   . 0 .          !
 1997.2!            +                         !!          .   0   .          !
 1997.3!            +                         !!          .   0   .          !
 1997.4!           +*                         !!          .   .0  .          !
 1998.1!           +*                         !!          .   .0  .          !
 1998.2!           *+                         !!          .  0.   .          !
 1998.3!           +                          !!          .   0   .          !
 1998.4!         * +                          !!          0   .   .          !
 1999.1!          +                           !!          .   .0  .          !
 1999.2!          *+                          !!          . 0 .   .          !
 1999.3!          +                           !!          .   . 0 .          !
 1999.4!           +*                         !!          .   . 0 .          !
 2000.1!             +                        !!          .   0   .          !
 2000.2!            +*                        !!          .   .  0.          !
 2000.3!             +*                       !!          .   .   0          !
 2000.4!              +                       !!          .   0   .          !
 2001.1!           * +                        !!        0 .   .   .          !
 2001.2!        *+                            !!         0.   .   .          !
 2001.3!       +                              !!          . 0 .   .          !
 2001.4!   *  +                               !!      0   .   .   .          !
 2002.1!   +                                  !!          .   0   .          !
 2002.2!   *+                                 !!          . 0 .   .          !
 2002.3!   +                                  !!          . 0 .   .          !
 2002.4!  *+                                  !!          .0  .   .          !
 2003.1! *+                                   !!          . 0 .   .          !
 2003.2! +                                    !!          .   0   .          !
 2003.3! *+                                   !!          .0  .   .          !
 2003.4! *+                                   !!          .0  .   .          !
 2004.1! *+                                   !!          .0  .   .          !
 2004.2! *+                                   !!          . 0 .   .          !
 2004.3!  +                                   !!          .   0   .          !
 2004.4!   +*                                 !!          .   .0  .          !
 2005.1!    +*                                !!          .   . 0 .          !
 2005.2!      +                               !!          .   .0  .          !
 2005.3!       +                              !!          .   .0  .          !
 2005.4!        +                             !!          .   . 0 .          !
 2006.1!         +*                           !!          .   .  0.          !
 2006.2!          +*                          !!          .   .0  .          !
 2006.3!          +*                          !!          .   . 0 .          !
 2006.4!           +                          !!          .   .0  .          !
 2007.1!           +                          !!          .   .0  .          !
 2007.2!           *+                         !!          .0  .   .          !
 2007.3!          +                           !!          .  0.   .          !
 2007.4!       * +                            !!        0 .   .   .          !
 2008.1!    *  +                              !!     0    .   .   .          !
 2008.2!   *+                                 !!          .0  .   .          !
 2008.3!  *+                                  !!          . 0 .   .          !


     24.66 percent of the residuals exceed 1 SE
      6.39 percent of the residuals exceed 2 SE
END;                                                                          
SMPL 2013.3 2013.3;                                                           
Sample period is now  2013.3 to  2013.3 Internally:   247 to   247
TEST IDENT;                                                                   
Check IDENT:

 Period is  2013.3
             (PRED-ACT)/ACT          PRED                 ACT
    1 CS        0.00000000     1763.375000         1763.375000    
    2 CN        0.00000000     586.7750000         586.7750000    
    3 CD        0.00000000     337.1000000         337.1000000    
    4 IHH       0.00000000     101.7526111         101.7526111    
    5 L1        0.00000000     54.83933333         54.83933333    
    6 L2        0.00000000     47.01500000         47.01500000    
    7 L3        0.00000000     55.33600000         55.33600000    
    8 LM        0.00000000     6.774000000         6.774000000    
    9 NONE9     0.00000000     1.000000000         1.000000000    
   10 PF        0.00000000    0.9748687092        0.9748687092    
   11 Y         0.00000000     3581.275000         3581.275000    
   12 IKF       0.00000000     409.4854002         409.4854000    
   13 JF        0.00000000     129.1720000         129.1720000    
   14 HF        0.00000000     419.5104202         419.5104202    
   15 HO        0.00000000     56.33333333         56.33333333    
   16 WF        0.00000000    0.3536266904E-01    0.3536266904E-01
   17 MF        0.00000000     918.9475194         918.9475194    
   18 DF        0.00000000     144.3750000         144.3750000    
   19 NONE19    0.00000000     1.000000000         1.000000000    
   20 NONE20    0.00000000     1.000000000         1.000000000    
   21 NONE21    0.00000000     1.000000000         1.000000000    
   22 NONE22    0.00000000     1.000000000         1.000000000    
   23 RB        0.00000000     4.506666667         4.506666667    
   24 RM        0.00000000     4.440000000         4.440000000    
   25 CG        0.00000000     750.0000000         750.0000000    
   26 CUR       0.00000000     1150.000982         1150.000982    
   27 IM        0.00000000     608.5000000         608.5000000    
   28 UB        0.00000000     15.55000000         15.55000000    
   29 INTG      0.00000000     99.77500000         99.77500000    
   30 RS        0.00000000    0.4000000000E-01    0.4000000000E-01
   31 PX        0.00000000    0.9826042376        0.9826042376    
   32 PEX       0.00000000     1.122723674         1.122723674    
   33 PD        0.00000000    0.9885478730        0.9885478730    
   34 PH        0.00000000     1.176419194         1.176419194    
   35 PCS       0.00000000     1.079520805         1.079520805    
   36 PCN       0.00000000     1.123556730         1.123556730    
   37 PCD       0.00000000    0.9447493325        0.9447493325    
   38 PIH       0.00000000     1.061507936         1.061507936    
   39 PIK       0.00000000     1.033045324         1.033045324    
   40 PG        0.00000000     1.070726172         1.070726172    
   41 PS        0.00000000     1.111642743         1.111642743    
   42 PIV       0.00000000     1.282558139         1.282558140    
   43 WH        0.00000000     3.549281607         3.549281607    
   44 WG        0.00000000    0.3151793273E-01    0.3151793273E-01
   45 WM        0.00000000    0.7373218470E-01    0.7373218469E-01
   46 WS        0.00000000    0.3338250525E-01    0.3338250525E-01
   47 THG       0.00000000     321.7750000         321.7750000    
   48 THS       0.00000000     93.10000000         93.10000000    
   49 TFG       0.00000000     65.11820598         65.11820597    
   50 TFS       0.00000000     11.09406612         11.09406612    
   51 IBTG      0.00000000     32.82500000         32.82500000    
   52 IBTS      0.00000000     258.8500000         258.8500000    
   53 SIHG      0.00000000     143.0889665         143.0889665    
   54 SIFG      0.00000000     109.9642172         109.9642172    
   55 PKH       0.00000000     1.670240987         1.670240987    
   56 INTGR     0.00000000     23.15000000         23.15000000    
   57 USROW     0.00000000     61.72500000         61.72500000    
   58 KD        0.00000000     5119.420051         5119.420051    
   59 KH        0.00000000     13031.80871         13031.80871    
   60 X         0.00000000     3559.775000         3559.775000    
   61 XX        0.00000000     3497.850000         3497.850000    
   62 HN        0.00000000     363.1770869         363.1770869    
   63 V         0.00000000     2078.925000         2078.925000    
   64 YT        0.00000000     3007.450000         3007.450000    
   65 SH        0.00000000     110.4742781         110.4742781    
   66 AH        0.00000000     47818.48103         47818.48103    
   67 CCF1      0.00000000     283.4061098         283.4061098    
   68 PIEF      0.00000000     375.9320697         375.9320697    
   69 SF        0.00000000     76.92813406         76.92813401    
   70 AF        0.00000000    -3528.604385        -3528.604385    
   71 MB        0.00000000    -1342.691471        -1342.691471    
   72 SB        0.00000000     30.36614052         30.36614052    
   73 AB        0.00000000     786.1836118         786.1836119    
   74 SR        0.00000000     100.3710000         100.3710000    
   75 AR        0.00000000     8349.798459         8349.798459    
   76 SG        0.00000000    -216.5126250        -216.5126250    
   77 AG        0.00000000    -10859.11777        -10859.11777    
   78 SS        0.00000000    -62.32492763        -62.32492764    
   79 AS        0.00000000    -3188.147952        -3188.147952    
   80 TESTZERO  0.00000000    0.6083733517E-09     0.000000000    
   81 M1        0.00000000     2883.341803         2883.341803    
   82 GDP       0.00000000     4214.400000         4214.400000    
   83 GDPR      0.00000000     3947.525000         3947.525000    
   84 GDPD      0.00000000     1.067605652         1.067605652    
   85 E         0.00000000     145.8286667         145.8286667    
   86 U         0.00000000     11.36166667         11.36166667    
   87 UR        0.00000000    0.7301169772E-01    0.7301169772E-01
   88 ZERO1     0.00000000     0.000000000         0.000000000    
   89 AA        0.00000000     59908.68533         59908.68533    
   90 D1GM      0.00000000    0.1817537484        0.1817537484    
   91 D1SM      0.00000000    0.3928500302E-01    0.3928500302E-01
   92 KK        0.00000000     15578.63245         15578.63245    
   93 KKMIN     0.00000000     15657.52947         15657.52947    
   94 JHMIN     0.00000000     52109.04474         52109.04474    
   95 JJ        0.00000000     263.2768839         263.2768839    
   96 CDH       0.00000000     297.4310837         297.4310837    
   97 NICD      0.00000000     54.20887706         54.20887706    
   98 YS        0.00000000     4110.985050         4110.985050    
   99 YNL       0.00000000     1185.025000         1185.025000    
  100 HFF       0.00000000    -2.561787570        -2.561787561    
  101 TF1       0.00000000     85.36427210         85.36427210    
  102 TCG       0.00000000     98.03519974         98.03519974    
  103 SIG       0.00000000     273.2750000         273.2750000    
  104 PUG       0.00000000     312.7500000         312.7500000    
  105 RECG      0.00000000     748.4101997         748.4101997    
  106 EXPG      0.00000000     946.9000000         946.9000000    
  107 SGP       0.00000000    -198.4898003        -198.4898003    
  108 TCS       0.00000000     16.70207236         16.70207236    
  109 SIS       0.00000000     4.400000000         4.400000000    
  110 PUS       0.00000000     471.1250000         471.1250000    
  111 PFA       0.00000000     1.827399381         1.827399381    
  112 RECS      0.00000000     498.5520724         498.5520724    
  113 EXPS      0.00000000     551.5750000         551.5750000    
  114 SSP       0.00000000    -53.02292763        -53.02292764    
  115 YD        0.00000000     3029.348000         3029.348000    
  116 SRZ       0.00000000    0.4885473705E-01    0.4885473706E-01
  117 IVF       0.00000000     21.50000000         21.50000000    
  118 PROD      0.00000000    0.6608859732E-01    0.6608859732E-01
  119 WR        0.00000000    0.3627428874E-01    0.3627428874E-01
  120 POP       0.00000000     247.5370000         247.5370000    
  121 SHRPIE    0.00000000    0.1455990080        0.1455990080    
  122 PCGDPR    0.00000000     2.848888999         2.848888999    
  123 PCGDPD    0.00000001     1.901157276         1.901157266    
  124 PCM1      0.00000000     8.399999906         8.399999910    
  125 UBR       0.00000000     2073.443000         2073.443000    
  126 WA        0.00000000     2.533505262         2.533505262    
  127 RSA       0.00000000    0.3115844994E-01    0.3115844994E-01
  128 RMA       0.00000000     3.458587944         3.458587944    
  129 GNP       0.00000000     4276.125000         4276.125000    
  130 GNPR      0.00000000     4005.341292         4005.341292    
  131 GNPD      0.00000000     1.067605652         1.067605652    
  132 PIEFRET   0.00000000     51.32900001         51.32900000    
  133 AG1       0.00000000    0.3402122100        0.3402122100    
  134 AG2       0.00000000   -0.2265620000E-01   -0.2265620000E-01
  135 AG3       0.00000000   -0.1032311000E-01   -0.1032311000E-01
  136 BO        0.00000000    0.1200000000        0.1200000000    
  137 BR        0.00000000     2073.563000         2073.563000    
  138 CCGQ      0.00000000     62.78067177         62.78067177    
  139 CCHQ      0.00000000     330.3270517         330.3270517    
  140 CCSQ      0.00000000     55.77902281         55.77902281    
  141 CDA       0.00000000     1.361816617         1.361816617    
  142 COG       0.00000000     198.3000000         198.3000000    
  143 COS       0.00000000     156.7500000         156.7500000    
  144 CTB       0.00000000     0.000000000         0.000000000    
  145 CTF1      0.00000000    -1.418000000        -1.418000000    
  146 CTGB      0.00000000     0.000000000         0.000000000    
  147 CTGMB     0.00000000     14.59500000         14.59500000    
  148 CTH       0.00000000     4.010000000         4.010000000    
  149 CTNN      0.00000000     0.000000000         0.000000000    
  150 CTR       0.00000000   -0.9400000000E-01   -0.9400000000E-01
  151 CTS       0.00000000    -17.09300000        -17.09300000    
  152 D1G       0.00000000    0.3223152151E-01    0.3223152151E-01
  153 D1S       0.00000000    0.2262791324E-01    0.2262791324E-01
  154 D2G       0.00000000    0.1784852601        0.1784852601    
  155 D2S       0.00000000    0.2951082660E-01    0.2951082660E-01
  156 D3G       0.00000000    0.1267533571E-01    0.1267533571E-01
  157 D3S       0.00000000    0.9995462751E-01    0.9995462751E-01
  158 D4G       0.00000000    0.6997257557E-01    0.6997257557E-01
  159 D5G       0.00000000    0.5377409372E-01    0.5377409372E-01
  160 D6G       0.00000000    0.6767717290        0.6767717290    
  161 D593      0.00000000     0.000000000         0.000000000    
  162 D594      0.00000000     0.000000000         0.000000000    
  163 D601      0.00000000     0.000000000         0.000000000    
  164 D691      0.00000000     0.000000000         0.000000000    
  165 D692      0.00000000     0.000000000         0.000000000    
  166 D714      0.00000000     0.000000000         0.000000000    
  167 D721      0.00000000     0.000000000         0.000000000    
  168 D794823   0.00000000     0.000000000         0.000000000    
  169 DBQ       0.00000000     31.21470924         31.21470924    
  170 DELD      0.00000000    0.5574100000E-01    0.5574100000E-01
  171 DELH      0.00000000    0.6517000000E-02    0.6517000000E-02
  172 DELK      0.00000000    0.2264700000E-01    0.2264700000E-01
  173 ZERO4     0.00000000     0.000000000         0.000000000    
  174 DG        0.00000000    -14.82500000        -14.82500000    
  175 DISB      0.00000000     0.000000000         0.000000000    
  176 DISF      0.00000000     0.000000000         0.000000000    
  177 DISG      0.00000000     0.000000000         0.000000000    
  178 DISH      0.00000000     0.000000000         0.000000000    
  179 DISR      0.00000000     0.000000000         0.000000000    
  180 DISS      0.00000000     0.000000000         0.000000000    
  181 DRQ       0.00000000     34.46965642         34.46965642    
  182 DS        0.00000000   -0.6000000000       -0.6000000000    
  183 EX        0.00000000     505.2000000         505.2000000    
  184 FA        0.00000000     32.30000000         32.30000000    
  185 GSBQ      0.00000000     75.54193805         75.54193805    
  186 GSCA      0.00000000     1.316000000         1.316000000    
  187 GSMA      0.00000000   -0.2010000000       -0.2010000000    
  188 GSNNQ     0.00000000     64.12386436         64.12386436    
  189 HFS       0.00000000     422.0722078         422.0722078    
  190 HG        0.00000000     464.9922213         464.9922213    
  191 HM        0.00000000     520.0000000         520.0000000    
  192 HS        0.00000000     464.9922213         464.9922213    
  193 IGZQ      0.00000000     65.12236039         65.12236039    
  194 IHB       0.00000000     0.000000000         0.000000000    
  195 IHF       0.00000000     24.24738894         24.24738894    
  196 IHHA      0.00000000    0.5294801361        0.5294801361    
  197 IKB       0.00000000     48.67439824         48.67439824    
  198 IKG       0.00000000    0.9717141235        0.9717141235    
  199 IKH       0.00000000     35.64348767         35.64348767    
  200 INS       0.00000000   -0.9600000000E-01   -0.9600000000E-01
  201 INTS      0.00000000     35.47500000         35.47500000    
  202 INTZQ     0.00000000     52.94557959         52.94557959    
  203 ISZQ      0.00000000     78.25923352         78.25923352    
  204 IVA       0.00000000     2.225000000         2.225000000    
  205 JG        0.00000000     2.729333333         2.729333333    
  206 JJP       0.00000000     286.0110484         286.0110484    
  207 JM        0.00000000     1.576000000         1.576000000    
  208 JS        0.00000000     19.12533333         19.12533333    
  209 LAM       0.00000000    0.6872655251E-01    0.6872655251E-01
  210 MDIF      0.00000000     7.457472454         7.457472454    
  211 MGQ       0.00000000    -15.99455542        -15.99455542    
  212 MHQ       0.00000000     836.4373543         836.4373543    
  213 MRQ       0.00000000     550.7450617         550.7450617    
  214 MSQ       0.00000000     102.9003773         102.9003773    
  215 MUH       0.00000000    0.2287254198        0.2287254198    
  216 NNF       0.00000000   -0.2290000000       -0.2290000000    
  217 NNG       0.00000000   -0.1880000000       -0.1880000000    
  218 NNH       0.00000000    -1.978000000        -1.978000000    
  219 NNR       0.00000000     0.000000000         0.000000000    
  220 NNS       0.00000000     2.395000000         2.395000000    
  221 PIM       0.00000000     1.134716516         1.134716516    
  222 POP1      0.00000000     61.94800000         61.94800000    
  223 POP2      0.00000000     63.50733333         63.50733333    
  224 POP3      0.00000000     122.0816667         122.0816667    
  225 PSI1      0.00000000     1.142600073         1.142600073    
  226 PSI2      0.00000000    0.9814824976        0.9814824976    
  227 PSI3      0.00000000     1.021519233         1.021519233    
  228 PSI4      0.00000000    0.8589504992        0.8589504992    
  229 PSI5      0.00000000     1.073805291         1.073805291    
  230 PSI6      0.00000000     1.045012945         1.045012945    
  231 PSI7      0.00000000     1.083130318         1.083130318    
  232 PSI8      0.00000000     1.124520899         1.124520899    
  233 PSI9      0.00000000     1.297416316         1.297416316    
  234 PSI10     0.00000000    0.8912769761        0.8912769761    
  235 PSI11     0.00000000     2.085028837         2.085028837    
  236 PSI12     0.00000000    0.9440041195        0.9440041195    
  237 PSI13     0.00000000    0.3381740830E-01    0.3381740830E-01
  238 PSI14     0.00000000     1.689590390         1.689590390    
  239 PSI15     0.00000000    0.2320220496        0.2320220496    
  240 QQ        0.00000000     66.37375879         66.37375879    
  241 RNTQ      0.00000000     140.5481507         140.5481507    
  242 SIFS      0.00000000     2.081531792         2.081531792    
  243 SIGG      0.00000000     20.22181626         20.22181626    
  244 SIHS      0.00000000     1.961033455         1.961033455    
  245 SISS      0.00000000    0.3574347522        0.3574347522    
  246 STAT      0.00000000    -40.62500000        -40.62500000    
  247 STATP     0.00000000    -5.125000000        -5.125000000    
  248 SUBG      0.00000000     21.15000000         21.15000000    
  249 SUBS      0.00000000     4.000000000         4.000000000    
  250 T         0.00000000     247.0000000         247.0000000    
  251 TAUG      0.00000000    0.7239016560E-02    0.7239016560E-02
  252 TAUS      0.00000000    0.8064416328E-03    0.8064416328E-03
  253 TFR       0.00000000     8.500000000         8.500000000    
  254 TBGQ      0.00000000     30.83253982         30.83253982    
  255 TBS       0.00000000     5.608006239         5.608006239    
  256 TFA       0.00000000   -0.6520000000       -0.6520000000    
  257 THETA1    0.00000000     1.711680130         1.711680130    
  258 THETA2    0.00000000    0.9339228628        0.9339228628    
  259 THETA3    0.00000000    0.1702139165        0.1702139165    
  260 THETA4    0.00000000    0.1365379656        0.1365379656    
  261 TRFG      0.00000000     7.675000000         7.675000000    
  262 TRFH      0.00000000     11.22500000         11.22500000    
  263 TRFR      0.00000000   -0.2500000000E-01   -0.2500000000E-01
  264 TRFS      0.00000000     10.97500000         10.97500000    
  265 TRGHQ     0.00000000     427.1005865         427.1005865    
  266 TRGR      0.00000000     12.85000000         12.85000000    
  267 TRGSQ     0.00000000     106.7107502         106.7107502    
  268 TRHR      0.00000000     18.72500000         18.72500000    
  269 TRSHQ     0.00000000     102.0742067         102.0742067    
  270 USAFF     0.00000000     1.323000000         1.323000000    
  271 USOTHER   0.00000000    -3.254000000        -3.254000000    
  272 INTF      0.00000000     75.55000000         75.55000000    
  273 ZERO2     0.00000000     0.000000000         0.000000000    
  274 ZERO3     0.00000000     0.000000000         0.000000000    
  275 CCG       0.00000000     67.02500000         67.02500000    
  276 CCH       0.00000000     352.6590272         352.6590272    
  277 CCS       0.00000000     59.55000000         59.55000000    
  278 DB        0.00000000     33.32500000         33.32500000    
  279 DR        0.00000000     36.80000000         36.80000000    
  280 GSB       0.00000000     80.64900000         80.64900000    
  281 GSNN      0.00000000     68.45900000         68.45900000    
  282 IGZ       0.00000000     69.52500000         69.52500000    
  283 INTZ      0.00000000     56.52500000         56.52500000    
  284 ISZ       0.00000000     83.55000000         83.55000000    
  285 MG        0.00000000    -17.07587776        -17.07587776    
  286 MH        0.00000000     892.9852467         892.9852467    
  287 MR        0.00000000     587.9785405         587.9785405    
  288 MS        0.00000000     109.8570244         109.8570244    
  289 Q         0.00000000     70.86100000         70.86100000    
  290 RNT       0.00000000     150.0500000         150.0500000    
  291 TBG       0.00000000     32.91699376         32.91699376    
  292 TRGH      0.00000000     455.9750000         455.9750000    
  293 TRGS      0.00000000     113.9250000         113.9250000    
  294 TRSH      0.00000000     108.9750000         108.9750000    
  295 RECGZGDP  0.00000000    0.1775840451        0.1775840451    
  296 EXPGZGDP  0.00000000    0.2246820425        0.2246820425    
  297 SGPZGDP   0.00000000    0.4709799740E-01    0.4709799740E-01
  298 AGZGDP    0.00000000    0.6441674832        0.6441674832    
  299 INTGZGDP  0.00000000    0.2367478170E-01    0.2367478170E-01
  300 SRZGDP    0.00000000    0.2381620159E-01    0.2381620159E-01
  301 ASZGDP    0.00000000    0.1891222921        0.1891222921    
  302 PCGDPR4   0.00000000     1.648641689         1.648641689    
  303 PCGDPD4   0.00000000     1.394502312         1.394502312    
  304 CNST2     0.00000000     1.000000000         1.000000000    
  305 TB        0.00000000     247.0000000         247.0000000    
  306 C         0.00000000     1.000000000         1.000000000    
  307 CSZ       0.00000000     7.123682520         7.123682520    
  308 CNZ       0.00000000     2.370453710         2.370453710    
  309 CDZ       0.00000000     1.361816617         1.361816617    
  310 IHHZ      0.00000000    0.4110602094        0.4110602094    
  311 L1Z       0.00000000    0.8852478423        0.8852478423    
  312 L2Z       0.00000000    0.7403082059        0.7403082059    
  313 L3Z       0.00000000    0.4532703518        0.4532703518    
  314 LL1Z      0.00000000   -0.1218876254       -0.1218876254    
  315 LL2Z      0.00000000   -0.3006886851       -0.3006886851    
  316 LL3Z      0.00000000   -0.7912665284       -0.7912665284    
  317 LMZ       0.00000000    0.2736560595E-01    0.2736560595E-01
  318 LLMZ      0.00000000    -3.598468311        -3.598468311    
  319 LPF       0.00000000   -0.2545247428E-01   -0.2545247428E-01
  320 LJF1      0.00000000    0.4523577998E-02    0.4523577998E-02
  321 LHF1      0.00000000   -0.1108389357E-02   -0.1108389357E-02
  322 LHFL1A    0.00000000   -0.4979653332E-02   -0.4979653332E-02
  323 LHO       0.00000000     4.031286426         4.031286426    
  324 LWF       0.00000000    -3.342098562        -3.342098562    
  325 LWFQ      0.00000000   -0.6644789071       -0.6644789071    
  326 LMFZ      0.00000000     6.848681489         6.848681489    
  327 LY1       0.00000000    0.8095450857E-02    0.8095450857E-02
  328 LHF       0.00000000     6.039088365         6.039088365    
  329 LXMFAZ    0.00000000     2.656777531         2.656777531    
  330 RB1       0.00000000    0.5433333334        0.5433333334    
  331 RS1       0.00000000   -0.1000000000E-01   -0.1000000000E-01
  332 LCURZ     0.00000000     1.561410484         1.561410484    
  333 IMZ       0.00000000     2.458218367         2.458218367    
  334 LUB       0.00000000     2.744060639         2.744060639    
  335 CGZ       0.00000000    0.1881497112        0.1881497112    
  336 GAP       0.00000000    0.1288523416        0.1288523416    
  337 GAPA      0.00000000    0.1688523416        0.1688523416    
  338 GAPAM     0.00000000    0.1688523416        0.1688523416    
  339 LGAPA     0.00000000    -1.778730664        -1.778730664    
  340 XMFAZ     0.00000000     14.25029390         14.25029390    
  341 LXMFA     0.00000000     8.168337597         8.168337597    
  342 UMM       0.00000000     11.36166667         11.36166667    
  343 LU        0.00000000     2.430245116         2.430245116    
  344 LWFD5     0.00000000   -0.6121008123       -0.6121008123    
  345 PCM1L1A   0.00000000     0.000000000         0.000000000    
  346 LMFL1Q    0.00000000     6.828517013         6.828517013    
  347 LCURL1Q   0.00000000     1.551630316         1.551630316    
  348 LEXL      0.00000000    0.4522744127E-01    0.4522744127E-01
  349 LY        0.00000000     8.183474161         8.183474161    
  350 LYZ       0.00000000     2.671914095         2.671914095    
  351 YDZ       0.00000000     10.40272077         10.40272077    
  352 AAZ       0.00000000     242.0191136         242.0191136    
  353 YNLZ      0.00000000     4.069352277         4.069352277    
  354 LYNLZ     0.00000000     1.403483841         1.403483841    
  355 KHZ       0.00000000     52.64590229         52.64590229    
  356 KDZ       0.00000000     20.68143369         20.68143369    
  357 LPIM      0.00000000    0.1263828541        0.1263828541    
  358 LPIMZ     0.00000000    0.1518353284        0.1518353284    
  359 LYDZ      0.00000000     2.342067384         2.342067384    
  360 RSB       0.00000000    0.3168015653E-01    0.3168015653E-01
  361 EXKK      0.00000000    -78.89701700        -78.89701700    
  362 RBA       0.00000000     3.569297636         3.569297636    
  363 PCPD      0.00000000     1.957127475         1.957127475    
  364 PCPD4     0.00000000     1.194420862         1.194420862    
  365 PCPD8     0.00000000     1.401085384         1.401085384    
  366 RBA4      0.00000000     2.374876773         2.374876773    
  367 Y1        0.00000000     28.87500000         28.87500000    
  368 COGS      0.00000000     355.0500000         355.0500000    
  369 LCOGSZ    0.00000000    0.3606985588        0.3606985588    
  370 JHGSZ     0.00000000     44.36415566         44.36415566    
  371 LJHGSZ    0.00000000     3.792431838         3.792431838    
  372 TRGSZ     0.00000000     1.948326208         1.948326208    
  373 LTRGSZ    0.00000000    0.6669706491        0.6669706491    
  374 ODHM      0.00000000    0.7089886730        0.7089886730    
  375 LODHM     0.00000000   -0.3439157286       -0.3439157286    
  376 EXL       0.00000000     5.711976375         5.711976375    
  377 LEX       0.00000000     6.224954390         6.224954390    
  378 LEXZ      0.00000000    0.7133943247        0.7133943247    
  379 TFGS      0.00000000     76.21227210         76.21227210    
  380 LCSZ      0.00000000     1.963424800         1.963424800    
  381 LAAZ      0.00000000     5.489016705         5.489016705    
  382 LCNZ      0.00000000    0.8630813756        0.8630813756    
  383 LCNZ1     0.00000000    0.4208422982E-02    0.4208422982E-02
  384 LCDZ      0.00000000    0.3088195565        0.3088195565    
  385 LKHZ      0.00000000     3.963588406         3.963588406    
  386 LIHHZ     0.00000000   -0.8890155803       -0.8890155803    
  387 LV        0.00000000     7.639606212         7.639606212    
  388 LVZ       0.00000000   -0.5378464074       -0.5378464074    
  389 LEXKK     0.00000000   -0.5051656794E-02   -0.5051656794E-02
  390 LIMZ      0.00000000    0.8994368466        0.8994368466    
  391 LXXXZ     0.00000000     2.592252760         2.592252760    
  392 WAZPH     0.00000000     2.153573552         2.153573552    
  393 LWAZPH    0.00000000    0.7671285794        0.7671285794    
  394 LKDZ      0.00000000     3.029236375         3.029236375    
  395 LDF       0.00000000     4.972414081         4.972414081    
  396 LDF1      0.00000000    0.2203336500        0.2203336500    
  397 LPFZPIM   0.00000000   -0.1518353284       -0.1518353284    
  398 LWFZPF    0.00000000    -3.316646088        -3.316646088    
  399 LWFQZPF   0.00000000   -0.6390264329       -0.6390264329    
  400 RBMRSL2   0.00000000     4.420000000         4.420000000    
  401 RSMRSL2   0.00000000   -0.4666666667E-01   -0.4666666667E-01
  402 RSLMRSL2  0.00000000   -0.3666666667E-01   -0.3666666667E-01
  403 RMMRSL2   0.00000000     4.353333333         4.353333333    
  404 RBLMRSL2  0.00000000     3.876666667         3.876666667    
  405 RMLMRSL2  0.00000000     3.600000000         3.600000000    
  406 RMACDZ    0.00000000     4.709962534         4.709962534    
  407 RMALIHHZ  0.00000000     1.517693945         1.517693945    
  408 LKK       0.00000000     9.653655540         9.653655540    
  409 LPH       0.00000000    0.1624752436        0.1624752436    
  410 UR1       0.00000000   -0.2397906524E-02   -0.2397906524E-02
  411 PIEFA     0.00000000     291.2197976         291.2197976    
  412 PIEFAMM   0.00000000     291.2197976         291.2197976    
  413 LPIEFAZ   0.00000000    0.9219978689        0.9219978689    
  414 TPIEM     0.00000000     291.2197976         291.2197976    
  415 TPIEM1    0.00000000     72.87479757         72.87479757    
  416 TPIEM1Z   0.00000000    0.1828182949E-01    0.1828182949E-01
  417 AAF       0.00000000     3528.604385         3528.604385    
  418 AAG       0.00000000     11059.11777         11059.11777    
  419 INTFZ     0.00000000    0.2141073120E-01    0.2141073120E-01
  420 INTGZ     0.00000000    0.9021967405E-02    0.9021967405E-02
  421 RQF       0.00000000    0.5846250000E-02    0.5846250000E-02
  422 RQG       0.00000000    0.4394687500E-02    0.4394687500E-02
  423 LX        0.00000000     8.177452620         8.177452620    
  424 CGZ3      0.00000000    0.2273627295        0.2273627295    
  425 LKK1      0.00000000    0.3729312871E-02    0.3729312871E-02
  426 DKDZCDL1  0.00000000   -0.1963745534       -0.1963745534    
  427 CDZ1      0.00000000    0.2221633760E-01    0.2221633760E-01
  428 DKHZIHL1  0.00000000   -0.5467960514E-01   -0.5467960514E-01
  429 IHHZ1     0.00000000    0.1290379578E-01    0.1290379578E-01
  430 D1        0.00000000     0.000000000         0.000000000    
  431 D2        0.00000000     0.000000000         0.000000000    
  432 D3        0.00000000     1.000000000         1.000000000    
  433 T1        0.00000000     68.00000000         68.00000000    
  434 T2        0.00000000     148.0000000         148.0000000    
  435 CNST1     0.00000000     0.000000000         0.000000000    
  436 TA        0.00000000     0.000000000         0.000000000    
  437 BETA1     0.00000000    0.9052330482        0.9052330482    
  438 BETA2     0.00000000    0.4808550991E-01    0.4808550991E-01
  439 DELTA1    0.00000000    0.9509604671        0.9509604671    
  440 LWFQZ     0.00000000   -0.6346572867       -0.6346572867    
  441 LPFZ      0.00000000    0.4369146149E-02    0.4369146149E-02
TEST LHS;                                                                     
Check LHS:

 Period is  2013.3
             (PRED-ACT)/ACT          PRED                 ACT
    1 CS        0.00000000     1763.375000         1763.375000    
    2 CN        0.00000000     586.7750000         586.7750000    
    3 CD        0.00000000     337.1000000         337.1000000    
    4 IHH       0.00000000     101.7526111         101.7526111    
    5 L1        0.00000000     54.83933333         54.83933333    
    6 L2        0.00000000     47.01500000         47.01500000    
    7 L3        0.00000000     55.33600000         55.33600000    
    8 LM        0.00000000     6.774000000         6.774000000    
    9 NONE9     0.00000000     1.000000000         1.000000000    
   10 PF        0.00000000    0.9748687092        0.9748687092    
   11 Y         0.00000000     3581.275000         3581.275000    
   12 IKF       0.00000000     409.4854000         409.4854000    
   13 JF        0.00000000     129.1720000         129.1720000    
   14 HF        0.00000000     419.5104202         419.5104202    
   15 HO        0.00000000     56.33333333         56.33333333    
   16 WF        0.00000000    0.3536266904E-01    0.3536266904E-01
   17 MF        0.00000000     918.9475194         918.9475194    
   18 DF        0.00000000     144.3750000         144.3750000    
   19 NONE19    0.00000000     1.000000000         1.000000000    
   20 NONE20    0.00000000     1.000000000         1.000000000    
   21 NONE21    0.00000000     1.000000000         1.000000000    
   22 NONE22    0.00000000     1.000000000         1.000000000    
   23 RB        0.00000000     4.506666667         4.506666667    
   24 RM        0.00000000     4.440000000         4.440000000    
   25 CG        0.00000000     750.0000000         750.0000000    
   26 CUR       0.00000000     1150.000982         1150.000982    
   27 IM        0.00000000     608.5000000         608.5000000    
   28 UB        0.00000000     15.55000000         15.55000000    
   29 INTG      0.00000000     99.77500000         99.77500000    
   30 RS        0.00000000    0.4000000000E-01    0.4000000000E-01
   31 PX        0.00000000    0.9826042376        0.9826042376    
   32 PEX       0.00000000     1.122723674         1.122723674    
   33 PD        0.00000000    0.9885478730        0.9885478730    
   34 PH        0.00000000     1.176419194         1.176419194    
   35 PCS       0.00000000     1.079520805         1.079520805    
   36 PCN       0.00000000     1.123556730         1.123556730    
   37 PCD       0.00000000    0.9447493325        0.9447493325    
   38 PIH       0.00000000     1.061507936         1.061507936    
   39 PIK       0.00000000     1.033045324         1.033045324    
   40 PG        0.00000000     1.070726172         1.070726172    
   41 PS        0.00000000     1.111642743         1.111642743    
   42 PIV       0.00000000     1.282558140         1.282558140    
   43 WH        0.00000000     3.549281607         3.549281607    
   44 WG        0.00000000    0.3151793273E-01    0.3151793273E-01
   45 WM        0.00000000    0.7373218469E-01    0.7373218469E-01
   46 WS        0.00000000    0.3338250525E-01    0.3338250525E-01
   47 THG       0.00000000     321.7750000         321.7750000    
   48 THS       0.00000000     93.10000000         93.10000000    
   49 TFG       0.00000000     65.11820597         65.11820597    
   50 TFS       0.00000000     11.09406612         11.09406612    
   51 IBTG      0.00000000     32.82500000         32.82500000    
   52 IBTS      0.00000000     258.8500000         258.8500000    
   53 SIHG      0.00000000     143.0889665         143.0889665    
   54 SIFG      0.00000000     109.9642172         109.9642172    
   55 PKH       0.00000000     1.670240987         1.670240987    
   56 INTGR     0.00000000     23.15000000         23.15000000    
   57 USROW     0.00000000     61.72500000         61.72500000    
   58 KD        0.00000000     5119.420051         5119.420051    
   59 KH        0.00000000     13031.80871         13031.80871    
   60 X         0.00000000     3559.775000         3559.775000    
   61 XX        0.00000000     3497.850000         3497.850000    
   62 HN        0.00000000     363.1770869         363.1770869    
   63 V         0.00000000     2078.925000         2078.925000    
   64 YT        0.00000000     3007.450000         3007.450000    
   65 SH        0.00000000     110.4742781         110.4742781    
   66 AH        0.00000000     47818.48103         47818.48103    
   67 CCF1      0.00000000     283.4061098         283.4061098    
   68 PIEF      0.00000000     375.9320697         375.9320697    
   69 SF        0.00000000     76.92813401         76.92813401    
   70 AF        0.00000000    -3528.604385        -3528.604385    
   71 MB        0.00000000    -1342.691471        -1342.691471    
   72 SB        0.00000000     30.36614052         30.36614052    
   73 AB        0.00000000     786.1836119         786.1836119    
   74 SR        0.00000000     100.3710000         100.3710000    
   75 AR        0.00000000     8349.798459         8349.798459    
   76 SG        0.00000000    -216.5126250        -216.5126250    
   77 AG        0.00000000    -10859.11777        -10859.11777    
   78 SS        0.00000000    -62.32492764        -62.32492764    
   79 AS        0.00000000    -3188.147952        -3188.147952    
   80 TESTZERO  0.00000000     0.000000000         0.000000000    
   81 M1        0.00000000     2883.341803         2883.341803    
   82 GDP       0.00000000     4214.400000         4214.400000    
   83 GDPR      0.00000000     3947.525000         3947.525000    
   84 GDPD      0.00000000     1.067605652         1.067605652    
   85 E         0.00000000     145.8286667         145.8286667    
   86 U         0.00000000     11.36166667         11.36166667    
   87 UR        0.00000000    0.7301169772E-01    0.7301169772E-01
   88 ZERO1     0.00000000     0.000000000         0.000000000    
   89 AA        0.00000000     59908.68533         59908.68533    
   90 D1GM      0.00000000    0.1817537484        0.1817537484    
   91 D1SM      0.00000000    0.3928500302E-01    0.3928500302E-01
   92 KK        0.00000000     15578.63245         15578.63245    
   93 KKMIN     0.00000000     15657.52947         15657.52947    
   94 JHMIN     0.00000000     52109.04474         52109.04474    
   95 JJ        0.00000000     263.2768839         263.2768839    
   96 CDH       0.00000000     297.4310837         297.4310837    
   97 NICD      0.00000000     54.20887706         54.20887706    
   98 YS        0.00000000     4110.985050         4110.985050    
   99 YNL       0.00000000     1185.025000         1185.025000    
  100 HFF       0.00000000    -2.561787561        -2.561787561    
  101 TF1       0.00000000     85.36427210         85.36427210    
  102 TCG       0.00000000     98.03519974         98.03519974    
  103 SIG       0.00000000     273.2750000         273.2750000    
  104 PUG       0.00000000     312.7500000         312.7500000    
  105 RECG      0.00000000     748.4101997         748.4101997    
  106 EXPG      0.00000000     946.9000000         946.9000000    
  107 SGP       0.00000000    -198.4898003        -198.4898003    
  108 TCS       0.00000000     16.70207236         16.70207236    
  109 SIS       0.00000000     4.400000000         4.400000000    
  110 PUS       0.00000000     471.1250000         471.1250000    
  111 PFA       0.00000000     1.827399381         1.827399381    
  112 RECS      0.00000000     498.5520724         498.5520724    
  113 EXPS      0.00000000     551.5750000         551.5750000    
  114 SSP       0.00000000    -53.02292764        -53.02292764    
  115 YD        0.00000000     3029.348000         3029.348000    
  116 SRZ       0.00000000    0.4885473706E-01    0.4885473706E-01
  117 IVF       0.00000000     21.50000000         21.50000000    
  118 PROD      0.00000000    0.6608859732E-01    0.6608859732E-01
  119 WR        0.00000000    0.3627428874E-01    0.3627428874E-01
  120 POP       0.00000000     247.5370000         247.5370000    
  121 SHRPIE    0.00000000    0.1455990080        0.1455990080    
  122 PCGDPR    0.00000000     2.848888999         2.848888999    
  123 PCGDPD    0.00000000     1.901157266         1.901157266    
  124 PCM1      0.00000000     8.399999910         8.399999910    
  125 UBR       0.00000000     2073.443000         2073.443000    
  126 WA        0.00000000     2.533505262         2.533505262    
  127 RSA       0.00000000    0.3115844994E-01    0.3115844994E-01
  128 RMA       0.00000000     3.458587944         3.458587944    
  129 GNP       0.00000000     4276.125000         4276.125000    
  130 GNPR      0.00000000     4005.341292         4005.341292    
  131 GNPD      0.00000000     1.067605652         1.067605652    
  132 PIEFRET   0.00000000     51.32900000         51.32900000    
  133 AG1       0.00000000    0.3402122100        0.3402122100    
  134 AG2       0.00000000   -0.2265620000E-01   -0.2265620000E-01
  135 AG3       0.00000000   -0.1032311000E-01   -0.1032311000E-01
  136 BO        0.00000000    0.1200000000        0.1200000000    
  137 BR        0.00000000     2073.563000         2073.563000    
  138 CCGQ      0.00000000     62.78067177         62.78067177    
  139 CCHQ      0.00000000     330.3270517         330.3270517    
  140 CCSQ      0.00000000     55.77902281         55.77902281    
  141 CDA       0.00000000     1.361816617         1.361816617    
  142 COG       0.00000000     198.3000000         198.3000000    
  143 COS       0.00000000     156.7500000         156.7500000    
  144 CTB       0.00000000     0.000000000         0.000000000    
  145 CTF1      0.00000000    -1.418000000        -1.418000000    
  146 CTGB      0.00000000     0.000000000         0.000000000    
  147 CTGMB     0.00000000     14.59500000         14.59500000    
  148 CTH       0.00000000     4.010000000         4.010000000    
  149 CTNN      0.00000000     0.000000000         0.000000000    
  150 CTR       0.00000000   -0.9400000000E-01   -0.9400000000E-01
  151 CTS       0.00000000    -17.09300000        -17.09300000    
  152 D1G       0.00000000    0.3223152151E-01    0.3223152151E-01
  153 D1S       0.00000000    0.2262791324E-01    0.2262791324E-01
  154 D2G       0.00000000    0.1784852601        0.1784852601    
  155 D2S       0.00000000    0.2951082660E-01    0.2951082660E-01
  156 D3G       0.00000000    0.1267533571E-01    0.1267533571E-01
  157 D3S       0.00000000    0.9995462751E-01    0.9995462751E-01
  158 D4G       0.00000000    0.6997257557E-01    0.6997257557E-01
  159 D5G       0.00000000    0.5377409372E-01    0.5377409372E-01
  160 D6G       0.00000000    0.6767717290        0.6767717290    
  161 D593      0.00000000     0.000000000         0.000000000    
  162 D594      0.00000000     0.000000000         0.000000000    
  163 D601      0.00000000     0.000000000         0.000000000    
  164 D691      0.00000000     0.000000000         0.000000000    
  165 D692      0.00000000     0.000000000         0.000000000    
  166 D714      0.00000000     0.000000000         0.000000000    
  167 D721      0.00000000     0.000000000         0.000000000    
  168 D794823   0.00000000     0.000000000         0.000000000    
  169 DBQ       0.00000000     31.21470924         31.21470924    
  170 DELD      0.00000000    0.5574100000E-01    0.5574100000E-01
  171 DELH      0.00000000    0.6517000000E-02    0.6517000000E-02
  172 DELK      0.00000000    0.2264700000E-01    0.2264700000E-01
  173 ZERO4     0.00000000     0.000000000         0.000000000    
  174 DG        0.00000000    -14.82500000        -14.82500000    
  175 DISB      0.00000000     0.000000000         0.000000000    
  176 DISF      0.00000000     0.000000000         0.000000000    
  177 DISG      0.00000000     0.000000000         0.000000000    
  178 DISH      0.00000000     0.000000000         0.000000000    
  179 DISR      0.00000000     0.000000000         0.000000000    
  180 DISS      0.00000000     0.000000000         0.000000000    
  181 DRQ       0.00000000     34.46965642         34.46965642    
  182 DS        0.00000000   -0.6000000000       -0.6000000000    
  183 EX        0.00000000     505.2000000         505.2000000    
  184 FA        0.00000000     32.30000000         32.30000000    
  185 GSBQ      0.00000000     75.54193805         75.54193805    
  186 GSCA      0.00000000     1.316000000         1.316000000    
  187 GSMA      0.00000000   -0.2010000000       -0.2010000000    
  188 GSNNQ     0.00000000     64.12386436         64.12386436    
  189 HFS       0.00000000     422.0722078         422.0722078    
  190 HG        0.00000000     464.9922213         464.9922213    
  191 HM        0.00000000     520.0000000         520.0000000    
  192 HS        0.00000000     464.9922213         464.9922213    
  193 IGZQ      0.00000000     65.12236039         65.12236039    
  194 IHB       0.00000000     0.000000000         0.000000000    
  195 IHF       0.00000000     24.24738894         24.24738894    
  196 IHHA      0.00000000    0.5294801361        0.5294801361    
  197 IKB       0.00000000     48.67439824         48.67439824    
  198 IKG       0.00000000    0.9717141235        0.9717141235    
  199 IKH       0.00000000     35.64348767         35.64348767    
  200 INS       0.00000000   -0.9600000000E-01   -0.9600000000E-01
  201 INTS      0.00000000     35.47500000         35.47500000    
  202 INTZQ     0.00000000     52.94557959         52.94557959    
  203 ISZQ      0.00000000     78.25923352         78.25923352    
  204 IVA       0.00000000     2.225000000         2.225000000    
  205 JG        0.00000000     2.729333333         2.729333333    
  206 JJP       0.00000000     286.0110484         286.0110484    
  207 JM        0.00000000     1.576000000         1.576000000    
  208 JS        0.00000000     19.12533333         19.12533333    
  209 LAM       0.00000000    0.6872655251E-01    0.6872655251E-01
  210 MDIF      0.00000000     7.457472454         7.457472454    
  211 MGQ       0.00000000    -15.99455542        -15.99455542    
  212 MHQ       0.00000000     836.4373543         836.4373543    
  213 MRQ       0.00000000     550.7450617         550.7450617    
  214 MSQ       0.00000000     102.9003773         102.9003773    
  215 MUH       0.00000000    0.2287254198        0.2287254198    
  216 NNF       0.00000000   -0.2290000000       -0.2290000000    
  217 NNG       0.00000000   -0.1880000000       -0.1880000000    
  218 NNH       0.00000000    -1.978000000        -1.978000000    
  219 NNR       0.00000000     0.000000000         0.000000000    
  220 NNS       0.00000000     2.395000000         2.395000000    
  221 PIM       0.00000000     1.134716516         1.134716516    
  222 POP1      0.00000000     61.94800000         61.94800000    
  223 POP2      0.00000000     63.50733333         63.50733333    
  224 POP3      0.00000000     122.0816667         122.0816667    
  225 PSI1      0.00000000     1.142600073         1.142600073    
  226 PSI2      0.00000000    0.9814824976        0.9814824976    
  227 PSI3      0.00000000     1.021519233         1.021519233    
  228 PSI4      0.00000000    0.8589504992        0.8589504992    
  229 PSI5      0.00000000     1.073805291         1.073805291    
  230 PSI6      0.00000000     1.045012945         1.045012945    
  231 PSI7      0.00000000     1.083130318         1.083130318    
  232 PSI8      0.00000000     1.124520899         1.124520899    
  233 PSI9      0.00000000     1.297416316         1.297416316    
  234 PSI10     0.00000000    0.8912769761        0.8912769761    
  235 PSI11     0.00000000     2.085028837         2.085028837    
  236 PSI12     0.00000000    0.9440041195        0.9440041195    
  237 PSI13     0.00000000    0.3381740830E-01    0.3381740830E-01
  238 PSI14     0.00000000     1.689590390         1.689590390    
  239 PSI15     0.00000000    0.2320220496        0.2320220496    
  240 QQ        0.00000000     66.37375879         66.37375879    
  241 RNTQ      0.00000000     140.5481507         140.5481507    
  242 SIFS      0.00000000     2.081531792         2.081531792    
  243 SIGG      0.00000000     20.22181626         20.22181626    
  244 SIHS      0.00000000     1.961033455         1.961033455    
  245 SISS      0.00000000    0.3574347522        0.3574347522    
  246 STAT      0.00000000    -40.62500000        -40.62500000    
  247 STATP     0.00000000    -5.125000000        -5.125000000    
  248 SUBG      0.00000000     21.15000000         21.15000000    
  249 SUBS      0.00000000     4.000000000         4.000000000    
  250 T         0.00000000     247.0000000         247.0000000    
  251 TAUG      0.00000000    0.7239016560E-02    0.7239016560E-02
  252 TAUS      0.00000000    0.8064416328E-03    0.8064416328E-03
  253 TFR       0.00000000     8.500000000         8.500000000    
  254 TBGQ      0.00000000     30.83253982         30.83253982    
  255 TBS       0.00000000     5.608006239         5.608006239    
  256 TFA       0.00000000   -0.6520000000       -0.6520000000    
  257 THETA1    0.00000000     1.711680130         1.711680130    
  258 THETA2    0.00000000    0.9339228628        0.9339228628    
  259 THETA3    0.00000000    0.1702139165        0.1702139165    
  260 THETA4    0.00000000    0.1365379656        0.1365379656    
  261 TRFG      0.00000000     7.675000000         7.675000000    
  262 TRFH      0.00000000     11.22500000         11.22500000    
  263 TRFR      0.00000000   -0.2500000000E-01   -0.2500000000E-01
  264 TRFS      0.00000000     10.97500000         10.97500000    
  265 TRGHQ     0.00000000     427.1005865         427.1005865    
  266 TRGR      0.00000000     12.85000000         12.85000000    
  267 TRGSQ     0.00000000     106.7107502         106.7107502    
  268 TRHR      0.00000000     18.72500000         18.72500000    
  269 TRSHQ     0.00000000     102.0742067         102.0742067    
  270 USAFF     0.00000000     1.323000000         1.323000000    
  271 USOTHER   0.00000000    -3.254000000        -3.254000000    
  272 INTF      0.00000000     75.55000000         75.55000000    
  273 ZERO2     0.00000000     0.000000000         0.000000000    
  274 ZERO3     0.00000000     0.000000000         0.000000000    
  275 CCG       0.00000000     67.02500000         67.02500000    
  276 CCH       0.00000000     352.6590272         352.6590272    
  277 CCS       0.00000000     59.55000000         59.55000000    
  278 DB        0.00000000     33.32500000         33.32500000    
  279 DR        0.00000000     36.80000000         36.80000000    
  280 GSB       0.00000000     80.64900000         80.64900000    
  281 GSNN      0.00000000     68.45900000         68.45900000    
  282 IGZ       0.00000000     69.52500000         69.52500000    
  283 INTZ      0.00000000     56.52500000         56.52500000    
  284 ISZ       0.00000000     83.55000000         83.55000000    
  285 MG        0.00000000    -17.07587776        -17.07587776    
  286 MH        0.00000000     892.9852467         892.9852467    
  287 MR        0.00000000     587.9785405         587.9785405    
  288 MS        0.00000000     109.8570244         109.8570244    
  289 Q         0.00000000     70.86100000         70.86100000    
  290 RNT       0.00000000     150.0500000         150.0500000    
  291 TBG       0.00000000     32.91699376         32.91699376    
  292 TRGH      0.00000000     455.9750000         455.9750000    
  293 TRGS      0.00000000     113.9250000         113.9250000    
  294 TRSH      0.00000000     108.9750000         108.9750000    
  295 RECGZGDP  0.00000000    0.1775840451        0.1775840451    
  296 EXPGZGDP  0.00000000    0.2246820425        0.2246820425    
  297 SGPZGDP   0.00000000    0.4709799740E-01    0.4709799740E-01
  298 AGZGDP    0.00000000    0.6441674832        0.6441674832    
  299 INTGZGDP  0.00000000    0.2367478170E-01    0.2367478170E-01
  300 SRZGDP    0.00000000    0.2381620159E-01    0.2381620159E-01
  301 ASZGDP    0.00000000    0.1891222921        0.1891222921    
  302 PCGDPR4   0.00000000     1.648641689         1.648641689    
  303 PCGDPD4   0.00000000     1.394502312         1.394502312    
  304 CNST2     0.00000000     1.000000000         1.000000000    
  305 TB        0.00000000     247.0000000         247.0000000    
  306 C         0.00000000     1.000000000         1.000000000    
  307 CSZ       0.00000000     7.123682520         7.123682520    
  308 CNZ       0.00000000     2.370453710         2.370453710    
  309 CDZ       0.00000000     1.361816617         1.361816617    
  310 IHHZ      0.00000000    0.4110602094        0.4110602094    
  311 L1Z       0.00000000    0.8852478423        0.8852478423    
  312 L2Z       0.00000000    0.7403082059        0.7403082059    
  313 L3Z       0.00000000    0.4532703518        0.4532703518    
  314 LL1Z      0.00000000   -0.1218876254       -0.1218876254    
  315 LL2Z      0.00000000   -0.3006886851       -0.3006886851    
  316 LL3Z      0.00000000   -0.7912665284       -0.7912665284    
  317 LMZ       0.00000000    0.2736560595E-01    0.2736560595E-01
  318 LLMZ      0.00000000    -3.598468311        -3.598468311    
  319 LPF       0.00000000   -0.2545247428E-01   -0.2545247428E-01
  320 LJF1      0.00000000    0.4523577998E-02    0.4523577998E-02
  321 LHF1      0.00000000   -0.1108389357E-02   -0.1108389357E-02
  322 LHFL1A    0.00000000   -0.4979653332E-02   -0.4979653332E-02
  323 LHO       0.00000000     4.031286426         4.031286426    
  324 LWF       0.00000000    -3.342098562        -3.342098562    
  325 LWFQ      0.00000000   -0.6644789071       -0.6644789071    
  326 LMFZ      0.00000000     6.848681489         6.848681489    
  327 LY1       0.00000000    0.8095450857E-02    0.8095450857E-02
  328 LHF       0.00000000     6.039088365         6.039088365    
  329 LXMFAZ    0.00000000     2.656777531         2.656777531    
  330 RB1       0.00000000    0.5433333334        0.5433333334    
  331 RS1       0.00000000   -0.1000000000E-01   -0.1000000000E-01
  332 LCURZ     0.00000000     1.561410484         1.561410484    
  333 IMZ       0.00000000     2.458218367         2.458218367    
  334 LUB       0.00000000     2.744060639         2.744060639    
  335 CGZ       0.00000000    0.1881497112        0.1881497112    
  336 GAP       0.00000000    0.1288523416        0.1288523416    
  337 GAPA      0.00000000    0.1688523416        0.1688523416    
  338 GAPAM     0.00000000    0.1688523416        0.1688523416    
  339 LGAPA     0.00000000    -1.778730664        -1.778730664    
  340 XMFAZ     0.00000000     14.25029390         14.25029390    
  341 LXMFA     0.00000000     8.168337597         8.168337597    
  342 UMM       0.00000000     11.36166667         11.36166667    
  343 LU        0.00000000     2.430245116         2.430245116    
  344 LWFD5     0.00000000   -0.6121008123       -0.6121008123    
  345 PCM1L1A   0.00000000     0.000000000         0.000000000    
  346 LMFL1Q    0.00000000     6.828517013         6.828517013    
  347 LCURL1Q   0.00000000     1.551630316         1.551630316    
  348 LEXL      0.00000000    0.4522744127E-01    0.4522744127E-01
  349 LY        0.00000000     8.183474161         8.183474161    
  350 LYZ       0.00000000     2.671914095         2.671914095    
  351 YDZ       0.00000000     10.40272077         10.40272077    
  352 AAZ       0.00000000     242.0191136         242.0191136    
  353 YNLZ      0.00000000     4.069352277         4.069352277    
  354 LYNLZ     0.00000000     1.403483841         1.403483841    
  355 KHZ       0.00000000     52.64590229         52.64590229    
  356 KDZ       0.00000000     20.68143369         20.68143369    
  357 LPIM      0.00000000    0.1263828541        0.1263828541    
  358 LPIMZ     0.00000000    0.1518353284        0.1518353284    
  359 LYDZ      0.00000000     2.342067384         2.342067384    
  360 RSB       0.00000000    0.3168015653E-01    0.3168015653E-01
  361 EXKK      0.00000000    -78.89701700        -78.89701700    
  362 RBA       0.00000000     3.569297636         3.569297636    
  363 PCPD      0.00000000     1.957127475         1.957127475    
  364 PCPD4     0.00000000     1.194420862         1.194420862    
  365 PCPD8     0.00000000     1.401085384         1.401085384    
  366 RBA4      0.00000000     2.374876773         2.374876773    
  367 Y1        0.00000000     28.87500000         28.87500000    
  368 COGS      0.00000000     355.0500000         355.0500000    
  369 LCOGSZ    0.00000000    0.3606985588        0.3606985588    
  370 JHGSZ     0.00000000     44.36415566         44.36415566    
  371 LJHGSZ    0.00000000     3.792431838         3.792431838    
  372 TRGSZ     0.00000000     1.948326208         1.948326208    
  373 LTRGSZ    0.00000000    0.6669706490        0.6669706491    
  374 ODHM      0.00000000    0.7089886730        0.7089886730    
  375 LODHM     0.00000000   -0.3439157286       -0.3439157286    
  376 EXL       0.00000000     5.711976375         5.711976375    
  377 LEX       0.00000000     6.224954390         6.224954390    
  378 LEXZ      0.00000000    0.7133943247        0.7133943247    
  379 TFGS      0.00000000     76.21227210         76.21227210    
  380 LCSZ      0.00000000     1.963424800         1.963424800    
  381 LAAZ      0.00000000     5.489016705         5.489016705    
  382 LCNZ      0.00000000    0.8630813756        0.8630813756    
  383 LCNZ1     0.00000000    0.4208422982E-02    0.4208422982E-02
  384 LCDZ      0.00000000    0.3088195565        0.3088195565    
  385 LKHZ      0.00000000     3.963588406         3.963588406    
  386 LIHHZ     0.00000000   -0.8890155803       -0.8890155803    
  387 LV        0.00000000     7.639606212         7.639606212    
  388 LVZ       0.00000000   -0.5378464074       -0.5378464074    
  389 LEXKK     0.00000000   -0.5051656794E-02   -0.5051656794E-02
  390 LIMZ      0.00000000    0.8994368466        0.8994368466    
  391 LXXXZ     0.00000000     2.592252760         2.592252760    
  392 WAZPH     0.00000000     2.153573552         2.153573552    
  393 LWAZPH    0.00000000    0.7671285794        0.7671285794    
  394 LKDZ      0.00000000     3.029236375         3.029236375    
  395 LDF       0.00000000     4.972414081         4.972414081    
  396 LDF1      0.00000000    0.2203336500        0.2203336500    
  397 LPFZPIM   0.00000000   -0.1518353284       -0.1518353284    
  398 LWFZPF    0.00000000    -3.316646088        -3.316646088    
  399 LWFQZPF   0.00000000   -0.6390264329       -0.6390264329    
  400 RBMRSL2   0.00000000     4.420000000         4.420000000    
  401 RSMRSL2   0.00000000   -0.4666666667E-01   -0.4666666667E-01
  402 RSLMRSL2  0.00000000   -0.3666666667E-01   -0.3666666667E-01
  403 RMMRSL2   0.00000000     4.353333333         4.353333333    
  404 RBLMRSL2  0.00000000     3.876666667         3.876666667    
  405 RMLMRSL2  0.00000000     3.600000000         3.600000000    
  406 RMACDZ    0.00000000     4.709962534         4.709962534    
  407 RMALIHHZ  0.00000000     1.517693945         1.517693945    
  408 LKK       0.00000000     9.653655540         9.653655540    
  409 LPH       0.00000000    0.1624752436        0.1624752436    
  410 UR1       0.00000000   -0.2397906524E-02   -0.2397906524E-02
  411 PIEFA     0.00000000     291.2197976         291.2197976    
  412 PIEFAMM   0.00000000     291.2197976         291.2197976    
  413 LPIEFAZ   0.00000000    0.9219978689        0.9219978689    
  414 TPIEM     0.00000000     291.2197976         291.2197976    
  415 TPIEM1    0.00000000     72.87479757         72.87479757    
  416 TPIEM1Z   0.00000000    0.1828182949E-01    0.1828182949E-01
  417 AAF       0.00000000     3528.604385         3528.604385    
  418 AAG       0.00000000     11059.11777         11059.11777    
  419 INTFZ     0.00000000    0.2141073120E-01    0.2141073120E-01
  420 INTGZ     0.00000000    0.9021967405E-02    0.9021967405E-02
  421 RQF       0.00000000    0.5846250000E-02    0.5846250000E-02
  422 RQG       0.00000000    0.4394687500E-02    0.4394687500E-02
  423 LX        0.00000000     8.177452620         8.177452620    
  424 CGZ3      0.00000000    0.2273627295        0.2273627295    
  425 LKK1      0.00000000    0.3729312871E-02    0.3729312871E-02
  426 DKDZCDL1  0.00000000   -0.1963745534       -0.1963745534    
  427 CDZ1      0.00000000    0.2221633760E-01    0.2221633760E-01
  428 DKHZIHL1  0.00000000   -0.5467960514E-01   -0.5467960514E-01
  429 IHHZ1     0.00000000    0.1290379578E-01    0.1290379578E-01
  430 D1        0.00000000     0.000000000         0.000000000    
  431 D2        0.00000000     0.000000000         0.000000000    
  432 D3        0.00000000     1.000000000         1.000000000    
  433 T1        0.00000000     68.00000000         68.00000000    
  434 T2        0.00000000     148.0000000         148.0000000    
  435 CNST1     0.00000000     0.000000000         0.000000000    
  436 TA        0.00000000     0.000000000         0.000000000    
  437 BETA1     0.00000000    0.9052330482        0.9052330482    
  438 BETA2     0.00000000    0.4808550991E-01    0.4808550991E-01
  439 DELTA1    0.00000000    0.9509604671        0.9509604671    
  440 LWFQZ     0.00000000   -0.6346572867       -0.6346572867    
  441 LPFZ      0.00000000    0.4369146149E-02    0.4369146149E-02
PRINTMODEL;                                                                   
               THE STRUCTURAL MODEL
               ********************


             VALUE           NAME     LAG       NUM

LCSZ     EQUATION    1
          0.0224456590    1  CNST2              1
         -0.1339931549    2  C                  2
         -0.0521030844    3  AG1                3
         -0.2877743643    4  AG2                4
          0.2473449505    5  AG3                5
          0.8175313113    6  LCSZ     (-1)      6
          0.1202215009    7  LYDZ               7
         -0.0011512543    8  RSA                8
          0.0378661268    9  LAAZ     (-1)      9

LCNZ     EQUATION    2
         -0.0146706772    1  CNST2             10
         -0.3411269495    2  C                 11
          0.1241537857    3  AG1               12
          0.1243647969    4  AG2               13
         -0.3098461916    5  AG3               14
          0.7404579993    6  LCNZ     (-1)     15
          0.2143536984    7  LCNZ1    (-1)     16
          0.0479491531    8  LAAZ     (-1)     17
          0.1191792977    9  LYDZ              18
         -0.0009194525   10  RMA               19

CDZ1     EQUATION    3
          0.0622348674    1  CNST2             20
         -0.2476622505    2  C                 21
          0.1816608463    3  AG1               22
          2.6377160622    4  AG2               23
         -2.3468527233    5  AG3               24
          0.2316722945    6  DKDZCDL1          25
         -0.0277043935    7  KDZ      (-1)     26
          0.0638897742    8  YDZ               27
         -0.0100517605    9  RMACDZ            28
          0.0006299582   10  AAZ      (-1)     29

IHHZ1    EQUATION    4
          0.1463313867    1  CNST2             30
          0.5897394534    2  C                 31
          0.2996576960    3  DKHZIHL1          32
         -0.0204177548    4  KHZ      (-1)     33
          0.0439205714    5  YDZ               34
         -0.0254554673    6  RMALIHHZ          35
          0.6231017595    7  RHO      (-1)     36
          0.3327365867    8  RHO      (-2)     37

LL1Z     EQUATION    5
          0.0146251301    1  C                 38
          0.9379651658    2  LL1Z     (-1)     39
         -0.0036726164    3  LAAZ     (-1)     40
         -0.0239024440    4  UR                41

LL2Z     EQUATION    6
          0.0084417455    1  C                 42
          0.9912335106    2  LL2Z     (-1)     43
          0.0058495521    3  LWAZPH            44
         -0.0026000003    4  LAAZ     (-1)     45

LL3Z     EQUATION    7
          0.0451408954    1  C                 46
          0.9653391932    2  LL3Z     (-1)     47
          0.0299789109    3  LWAZPH            48
         -0.0157515138    4  LAAZ     (-1)     49
         -0.1344583351    5  UR                50

LLMZ     EQUATION    8
         -0.3553663229    1  C                 51
          0.8656971683    2  LLMZ     (-1)     52
          0.0260164058    3  LWAZPH            53
         -1.7010790491    4  UR                54

NONE9    EQUATION    9
          1.0000000000    1  C                 55

LPF      EQUATION   10
          0.9052330482    1  LPF      (-1)     56
          0.0480855099    2  LWFD5             57
          0.0023197684    3  CNST2             58
         -0.0001256736    4  TB                59
          0.0060575862    5  C                 60
          0.0002518060    6  T                 61
          0.0391967468    7  LPIM              62
         -0.1768153265    8  UR                63

LY       EQUATION   11
          0.3214246778    1  C                 64
          0.3592338531    2  LY       (-1)     65
          0.8008591793    3  LX                66
         -0.2127259045    4  LV       (-1)     67
         -0.0098946403    5  D593              68
         -0.0040364454    6  D594              69
          0.0083794050    7  D601              70
          0.4027169316    8  RHO      (-1)     71
          0.3942492638    9  RHO      (-2)     72
          0.1560429234   10  RHO      (-3)     73

LKK1     EQUATION   12
         -0.0003711282    1  CNST2             74
          0.0006148165    2  C                 75
         -0.0069585039    3  LEXKK    (-1)     76
          0.9054444417    4  LKK1     (-1)     77
          0.0127671768    5  LY1               78
          0.0111677925    6  LY1      (-1)     79
          0.0039934838    7  LY1      (-2)     80
          0.0040345707    8  LY1      (-3)     81
          0.0065587170    9  LY1      (-4)     82
         -0.0000054035   10  RBA4     (-2)     83
          0.0008000266   11  CGZ3     (-2)     84

LJF1     EQUATION   13
          0.0002198345    1  C                 85
         -0.0362150174    2  LEXL     (-1)     86
          0.6056296760    3  LJF1     (-1)     87
          0.2649239649    4  LY1               88
         -0.0181046149    5  D593              89

LHF1     EQUATION   14
         -0.0039006907    1  C                 90
         -0.1737850189    2  LHFL1A            91
         -0.0267277811    3  LEXL     (-1)     92
          0.1869378187    4  LY1               93
          0.0000121689    5  T                 94

LHO      EQUATION   15
          3.9351562492    1  C                 95
          0.0176822515    2  HFF               96
          0.0081605812    3  HFF      (-1)     97
          0.9691998783    4  RHO      (-1)     98

LWFQZ    EQUATION   16
          0.9358929995    1  LWFQZPF  (-1)     99
          0.7664710057    2  LPFZ             100
         -0.0511759937    3  C                101
          0.0000523499    4  T                102

LMFZ     EQUATION   17
          0.2325518405    1  C                103
          0.9353215758    2  LMFL1Q           104
          0.0255296608    3  LXMFA            105
         -0.0057309457    4  RSB              106

LDF1     EQUATION   18
          0.0246189586    1  LPIEFAZ          107

NONE19   EQUATION   19
          1.0000000000    1  C                108

NONE20   EQUATION   20
          1.0000000000    1  C                109

NONE21   EQUATION   21
          1.0000000000    1  C                110

NONE22   EQUATION   22
          1.0000000000    1  C                111

RBMRSL2  EQUATION   23
          0.2055762880    1  C                112
          0.9146579524    2  RBLMRSL2         113
          0.3271969204    3  RSMRSL2          114
         -0.2738447517    4  RSLMRSL2         115
          0.2020406255    5  RHO      (-1)    116

RMMRSL2  EQUATION   24
          0.3881825183    1  C                117
          0.8762064824    2  RMLMRSL2         118
          0.3261698482    3  RSMRSL2          119
         -0.1325743772    4  RSLMRSL2         120

CGZ      EQUATION   25
          0.1063984839    1  C                121
         -0.1454071098    2  RB1              122
         11.7904514199    3  TPIEM1Z          123

LCURZ    EQUATION   26
         -0.0567182737    1  C                124
          0.9579761303    2  LCURL1Q          125
          0.0486623453    3  LXMFAZ           126
         -0.0013249971    4  RSA              127
         -0.1051318281    5  RHO      (-1)    128

LIMZ     EQUATION   27
          0.0382428071    1  CNST2            129
         -0.9609686055    2  C                130
          0.7908897663    3  LIMZ     (-1)    131
          0.4329127947    4  LXXXZ            132
          0.0896284553    5  LPFZPIM          133
         -0.1181002559    6  D691             134
          0.1365498092    7  D692             135
         -0.0865962394    8  D714             136
          0.0977279859    9  D721             137

LUB      EQUATION   28
          0.8200331965    1  C                138
          0.2615278502    2  LUB      (-1)    139
          1.1473805162    3  LU               140
          0.4438368001    4  LWF              141
          0.8812605279    5  RHO      (-1)    142

INTGZ    EQUATION   29
          0.0014749048    1  C                143
          0.7932767553    2  INTGZ    (-1)    144
          0.1728791417    3  RQG              145
          0.2142635284    4  RHO      (-1)    146

RS       EQUATION   30
          0.6990346684    1  C                147
          0.9186462490    2  RS       (-1)    148
          0.0667388972    3  PCPD             149
        -10.8461260773    4  UR               150
        -69.6753032136    5  UR1              151
          0.0130636054    6  PCM1     (-1)    152
          0.2172364722    7  PCM1L1A          153
          0.2659073052    8  RS1      (-1)    154
         -0.3150640843    9  RS1      (-2)    155
SMPL 1952.1 2013.3;                                                           
Sample period is now  1952.1 to  2013.3 Internally:     1 to   247
GENR LGDPR=LOG(GDPR);                                                         
Name added to list: LGDPR           
GENR LGDPD=LOG(100*GDPD);                                                     
Name added to list: LGDPD           
@                                                                             
INPUT FILE=US11.INP;                                                          
Control passed to data set US11.INP        
SETUPDFP PRINTOBJ STEPSIZE=.0001;                                             

SETUPDFP options are:
STEPSIZE    =    0.000100000000
TOLCOEF     =    0.000099999997
TOLGRAD     =    0.000000100000
PRINTOBJ
-PRINTVALUES
-PRINTSEARCH
-ONESIDED
DFP
SETUPTEST PRINTTEST;                                                          
SETUPTEST options are:
PRINTTEST
-PRINTSTAB
-BOOTSTRAPSTAB
SMPL 1952.1 2022.4;                                                           
Sample period is now  1952.1 to  2022.4 Internally:     1 to   284
CREATE AA1=(AH+MH)/PH;                                                        
Name added to list: AA1             
CREATE AA2=(KH*PKH)/PH;                                                       
Name added to list: AA2             
CREATE AA1Z=AA1/POP;                                                          
Name added to list: AA1Z            
CREATE AA2Z=AA2/POP;                                                          
Name added to list: AA2Z            
CREATE LAA1Z=LOG(AA1Z)             ;                                          
Name added to list: LAA1Z           
CREATE LAA2Z=LOG(AA2Z)             ;                                          
Name added to list: LAA2Z           
@                                                                             
SMPL 1952.1 2013.3;                                                           
Sample period is now  1952.1 to  2013.3 Internally:     1 to   247
CREATE AA1ZAA2=AA1/AA2;                                                       
Name added to list: AA1ZAA2         
PRINTVAR FIXEDF LEVELS AA1 AA2 AA1ZAA2;                                       
 
          AA1         AA2         AA1ZAA2 
         Level       Level       Level  
1952.1  2709.98728  1913.93331     1.41593
1952.2  2776.99831  1975.82673     1.40549
1952.3  2827.84277  1981.55976     1.42708
1952.4  2759.68891  2020.81610     1.36563
1953.1  2736.00773  2039.76434     1.34134
1953.2  2698.81838  2082.14493     1.29617
1953.3  2706.90380  2132.97406     1.26907
1953.4  2819.04019  2118.10782     1.33092
1954.1  2925.07551  2132.41255     1.37172
1954.2  3055.78619  2163.32287     1.41254
1954.3  3248.13311  2234.33143     1.45374
1954.4  3303.51545  2277.01943     1.45081
1955.1  3352.24487  2285.83624     1.46653
1955.2  3479.78864  2329.52047     1.49378
1955.3  3602.34205  2377.75908     1.51502
1955.4  3677.69140  2426.61582     1.51556
1956.1  3848.58475  2481.19953     1.55110
1956.2  3822.70736  2516.29438     1.51918
1956.3  3828.62896  2540.42124     1.50708
1956.4  3962.74353  2545.55005     1.55673
1957.1  3913.25310  2564.41630     1.52598
1957.2  4060.19954  2598.71802     1.56239
1957.3  3961.01410  2619.91290     1.51189
1957.4  4011.89443  2637.37785     1.52117
1958.1  4161.00207  2600.62074     1.60000
1958.2  4301.33905  2635.72114     1.63194
1958.3  4560.34411  2690.68517     1.69486
1958.4  4689.97506  2737.04876     1.71352
1959.1  4740.12149  2718.54129     1.74363
1959.2  4815.03213  2762.55246     1.74296
1959.3  4787.47680  2791.51116     1.71501
1959.4  4930.18211  2830.78627     1.74163
1960.1  4850.48670  2888.65665     1.67915
1960.2  4888.49389  2889.53113     1.69179
1960.3  4782.72567  2911.07273     1.64294
1960.4  5069.42083  2915.46867     1.73880
1961.1  5369.93267  2915.27694     1.84200
1961.2  5419.75673  2970.81445     1.82433
1961.3  5525.42956  3007.15196     1.83743
1961.4  5748.51789  3046.34470     1.88702
1962.1  5713.52106  3073.80667     1.85878
1962.2  5167.25836  3092.82446     1.67072
1962.3  5306.35950  3105.15385     1.70889
1962.4  5782.87118  3137.26956     1.84328
1963.1  5928.44984  3165.46730     1.87285
1963.2  6077.64250  3169.69496     1.91742
1963.3  6204.88810  3214.57077     1.93024
1963.4  6124.43016  3232.22322     1.89480
1964.1  6281.58900  3226.68545     1.94676
1964.2  6407.38967  3274.83449     1.95655
1964.3  6546.70135  3285.93906     1.99234
1964.4  6698.46538  3346.34473     2.00173
1965.1  6771.47403  3348.84166     2.02203
1965.2  6717.70229  3370.25396     1.99323
1965.3  7031.91709  3388.15280     2.07544
1965.4  7296.29644  3438.93722     2.12167
1966.1  7233.29469  3415.09484     2.11804
1966.2  7172.60218  3533.14189     2.03009
1966.3  6915.05872  3511.06015     1.96951
1966.4  7168.05887  3574.13013     2.00554
1967.1  7605.07505  3589.77842     2.11854
1967.2  7695.52545  3614.95570     2.12880
1967.3  7949.58769  3645.50052     2.18066
1967.4  8118.54884  3706.72400     2.19022
1968.1  7876.81755  3753.46029     2.09855
1968.2  8327.71749  3797.17463     2.19314
1968.3  8388.48306  3808.07464     2.20281
1968.4  8853.71652  3945.17382     2.24419
1969.1  8662.88695  4012.16089     2.15916
1969.2  8484.66009  4041.44134     2.09941
1969.3  8398.17474  4043.18220     2.07712
1969.4  8262.25615  4097.77719     2.01628
1970.1  8212.72844  4079.38279     2.01323
1970.2  7675.60090  4157.99272     1.84599
1970.3  8094.12887  4125.99525     1.96174
1970.4  8443.82704  4181.03830     2.01955
1971.1  8757.81512  4212.55241     2.07898
1971.2  8839.19501  4278.25244     2.06608
1971.3  8846.01689  4330.42179     2.04276
1971.4  9136.70598  4388.11196     2.08215
1972.1  9427.00443  4521.29028     2.08503
1972.2  9502.07055  4571.08378     2.07873
1972.3  9685.92902  4678.34377     2.07038
1972.4 10254.06147  4846.01976     2.11598
1973.1  9985.62117  4890.91981     2.04167
1973.2  9757.60215  4977.36701     1.96039
1973.3  9993.10964  5104.15148     1.95784
1973.4  9507.05203  5162.75222     1.84147
1974.1  9325.30164  4992.37406     1.86791
1974.2  8982.25155  4858.54219     1.84875
1974.3  8469.92725  4777.86899     1.77274
1974.4  8603.27985  4836.38539     1.77887
1975.1  8996.09848  4955.82221     1.81526
1975.2  9379.62320  5073.41957     1.84878
1975.3  9083.46468  4962.62694     1.83037
1975.4  9251.48516  5010.27686     1.84650
1976.1  9588.80781  5060.44964     1.89485
1976.2  9787.20279  5220.77800     1.87466
1976.3  9830.23218  5250.63736     1.87220
1976.4  9964.39706  5332.46634     1.86863
1977.1  9817.67101  5426.71365     1.80914
1977.2  9873.29590  5605.89249     1.76124
1977.3  9845.27015  5724.98596     1.71970
1977.4  9821.82933  5862.94125     1.67524
1978.1  9858.01002  5986.62290     1.64667
1978.2  9963.80400  6113.25517     1.62987
1978.3 10186.65169  6270.28730     1.62459
1978.4 10128.57508  6378.49408     1.58793
1979.1 10308.41377  6578.87687     1.56690
1979.2 10358.00871  6730.00151     1.53908
1979.3 10480.89067  6802.90722     1.54065
1979.4 10607.54576  6861.98625     1.54584
1980.1 10390.65691  6920.40941     1.50145
1980.2 10676.34112  6958.87569     1.53420
1980.3 10965.14647  7051.24451     1.55507
1980.4 11245.02598  7010.47663     1.60403
1981.1 11110.39416  6868.13495     1.61767
1981.2 11086.30532  7121.68989     1.55670
1981.3 10814.40558  7198.89518     1.50223
1981.4 11113.81548  7234.22396     1.53628
1982.1 10931.43976  7332.96136     1.49073
1982.2 10988.52317  7331.64512     1.49878
1982.3 11177.45839  7254.06941     1.54085
1982.4 11563.44809  7252.59806     1.59439
1983.1 11920.68052  7295.27577     1.63403
1983.2 12181.13283  7280.52443     1.67311
1983.3 12160.50980  7269.68899     1.67277
1983.4 12118.85874  7283.59213     1.66386
1984.1 11955.00459  7489.93364     1.59614
1984.2 11925.17945  7638.58040     1.56118
1984.3 12147.80777  7803.95895     1.55662
1984.4 12275.33417  7942.82746     1.54546
1985.1 12508.14436  8075.39116     1.54892
1985.2 12651.27172  8260.02797     1.53163
1985.3 12527.14285  8438.99944     1.48443
1985.4 12997.97080  8670.28887     1.49914
1986.1 13436.27877  8765.28060     1.53290
1986.2 13782.82817  8976.43545     1.53545
1986.3 13595.82650  9092.20064     1.49533
1986.4 14152.48040  9248.84340     1.53019
1987.1 14790.26574  9405.35055     1.57254
1987.2 14805.46657  9508.13870     1.55714
1987.3 15014.91104  9592.55809     1.56527
1987.4 14449.04747  9673.67352     1.49365
1988.1 14755.42653  9788.75300     1.50739
1988.2 14909.64531  9954.08884     1.49784
1988.3 14974.43218 10055.57522     1.48917
1988.4 15255.08214 10130.57672     1.50585
1989.1 15466.74465 10202.97596     1.51591
1989.2 15599.28694 10259.19683     1.52052
1989.3 15971.33940 10468.78186     1.52562
1989.4 16202.99753 10576.70161     1.53195
1990.1 15870.15135 10536.78359     1.50617
1990.2 16035.10584 10521.71974     1.52400
1990.3 15442.05750 10459.71836     1.47634
1990.4 15867.01545 10303.96222     1.53989
1991.1 16465.32100 10259.88820     1.60482
1991.2 16359.55808 10292.94067     1.58940
1991.3 16522.02330 10226.38409     1.61563
1991.4 17109.23920 10213.60762     1.67514
1992.1 17068.97029 10274.59741     1.66128
1992.2 16990.01171 10246.79868     1.65808
1992.3 17178.31677 10275.17949     1.67183
1992.4 17779.00356 10294.55318     1.72703
1993.1 18049.72748 10245.21840     1.76177
1993.2 18087.02040 10260.77164     1.76273
1993.3 18351.61000 10329.67569     1.77659
1993.4 18670.06068 10358.70329     1.80236
1994.1 18574.36482 10397.66117     1.78640
1994.2 18518.31902 10451.40974     1.77185
1994.3 18672.23109 10477.40714     1.78214
1994.4 18729.41848 10486.14190     1.78611
1995.1 19202.14446 10517.22582     1.82578
1995.2 19673.36737 10556.46928     1.86363
1995.3 20281.29311 10616.21863     1.91041
1995.4 20872.30755 10668.07544     1.95652
1996.1 21317.11859 10740.47042     1.98475
1996.2 21561.89145 10779.79465     2.00021
1996.3 21763.70752 10841.44485     2.00745
1996.4 21871.02449 10868.14493     2.01240
1997.1 22061.63381 11025.41734     2.00098
1997.2 23511.19422 11136.07095     2.11126
1997.3 24526.15900 11251.64505     2.17978
1997.4 24835.91759 11433.57584     2.17219
1998.1 26561.98352 11712.47460     2.26784
1998.2 26834.69838 11926.28685     2.25005
1998.3 25377.67981 12169.17044     2.08541
1998.4 27749.26788 12412.50698     2.23559
1999.1 28104.64777 12624.04937     2.22628
1999.2 28991.21167 12767.83904     2.27064
1999.3 28303.92081 13042.25961     2.17017
1999.4 31330.62466 13291.71794     2.35715
2000.1 31920.20869 13585.07516     2.34965
2000.2 30803.27222 13983.63926     2.20281
2000.3 30801.40065 14456.20002     2.13067
2000.4 29201.05781 14854.78151     1.96577
2001.1 27459.47776 15198.74901     1.80669
2001.2 28294.04555 15463.49998     1.82973
2001.3 26219.88737 15896.03103     1.64946
2001.4 27516.79562 16085.07192     1.71070
2002.1 27813.56009 16387.19711     1.69727
2002.2 26019.31397 16638.61717     1.56379
2002.3 24086.68916 16965.41408     1.41975
2002.4 24974.73837 17242.53147     1.44844
2003.1 24612.86838 17510.65809     1.40559
2003.2 26080.27627 17853.19199     1.46082
2003.3 26453.00100 18230.98111     1.45099
2003.4 28103.93268 18634.05329     1.50820
2004.1 29301.90267 19192.61259     1.52673
2004.2 29501.69685 19794.19256     1.49042
2004.3 29544.03349 20345.37437     1.45213
2004.4 31234.84601 20865.72907     1.49694
2005.1 31215.35776 21777.37489     1.43338
2005.2 31473.87812 22360.58549     1.40756
2005.3 32010.87395 22888.67365     1.39855
2005.4 32727.14994 23386.37223     1.39941
2006.1 33784.44346 23851.65424     1.41644
2006.2 33332.19031 23606.99100     1.41196
2006.3 33594.68729 23524.61208     1.42807
2006.4 35515.01541 23704.12022     1.49826
2007.1 36243.09884 23384.93389     1.54985
2007.2 36791.52966 22796.00528     1.61395
2007.3 37030.79307 22286.07986     1.66161
2007.4 36160.84054 21553.24060     1.67774
2008.1 34582.25066 20659.03565     1.67395
2008.2 33657.40761 19584.35545     1.71859
2008.3 31879.24972 18771.43702     1.69828
2008.4 29135.12305 18054.18975     1.61376
2009.1 28615.72459 17299.99382     1.65409
2009.2 29548.20919 16932.59278     1.74505
2009.3 31008.60337 16820.93015     1.84345
2009.4 31372.59188 16783.16068     1.86929
2010.1 32171.75447 16790.67949     1.91605
2010.2 31381.34606 16825.85420     1.86507
2010.3 33125.91449 16443.44515     2.01454
2010.4 35226.50547 16284.56138     2.16318
2011.1 36502.41811 16059.40137     2.27296
2011.2 36415.48255 15826.89139     2.30086
2011.3 34190.23832 15768.53855     2.16826
2011.4 35668.06782 15704.87673     2.27115
2012.1 37069.55993 15997.94787     2.31714
2012.2 36729.46571 16264.39416     2.25827
2012.3 38111.58636 16554.41752     2.30220
2012.4 38764.81807 16808.80616     2.30622
2013.1 40250.08244 17486.79072     2.30174
2013.2 40849.12218 18032.59877     2.26529
2013.3 41406.55518 18502.13015     2.23793
PLOTVAR FILEVAR=KEYBOARD;                                                     

         Plot of variable(s)
         AA1       *

Values for AA1     

 1952.1  2710.     *                                                          
 1952.2  2777.     *                                                          
 1952.3  2828.     *                                                          
 1952.4  2760.     *                                                          
 1953.1  2736.     *                                                          
 1953.2  2699.     *                                                          
 1953.3  2707.     *                                                          
 1953.4  2819.     *                                                          
 1954.1  2925.     *                                                          
 1954.2  3056.     !*                                                         
 1954.3  3248.     !*                                                         
 1954.4  3304.     !*                                                         
 1955.1  3352.     !*                                                         
 1955.2  3480.     !*                                                         
 1955.3  3602.     !*                                                         
 1955.4  3678.     !*                                                         
 1956.1  3849.     ! *                                                        
 1956.2  3823.     ! *                                                        
 1956.3  3829.     ! *                                                        
 1956.4  3963.     ! *                                                        
 1957.1  3913.     ! *                                                        
 1957.2  4060.     ! *                                                        
 1957.3  3961.     ! *                                                        
 1957.4  4012.     ! *                                                        
 1958.1  4161.     ! *                                                        
 1958.2  4301.     ! *                                                        
 1958.3  4560.     !  *                                                       
 1958.4  4690.     !  *                                                       
 1959.1  4740.     !  *                                                       
 1959.2  4815.     !  *                                                       
 1959.3  4787.     !  *                                                       
 1959.4  4930.     !  *                                                       
 1960.1  4850.     !  *                                                       
 1960.2  4888.     !  *                                                       
 1960.3  4783.     !  *                                                       
 1960.4  5069.     !   *                                                      
 1961.1  5370.     !   *                                                      
 1961.2  5420.     !   *                                                      
 1961.3  5525.     !   *                                                      
 1961.4  5749.     !    *                                                     
 1962.1  5714.     !    *                                                     
 1962.2  5167.     !   *                                                      
 1962.3  5306.     !   *                                                      
 1962.4  5783.     !    *                                                     
 1963.1  5928.     !    *                                                     
 1963.2  6078.     !    *                                                     
 1963.3  6205.     !    *                                                     
 1963.4  6124.     !    *                                                     
 1964.1  6282.     !    *                                                     
 1964.2  6407.     !     *                                                    
 1964.3  6547.     !     *                                                    
 1964.4  6698.     !     *                                                    
 1965.1  6771.     !     *                                                    
 1965.2  6718.     !     *                                                    
 1965.3  7032.     !     *                                                    
 1965.4  7296.     !      *                                                   
 1966.1  7233.     !      *                                                   
 1966.2  7173.     !      *                                                   
 1966.3  6915.     !     *                                                    
 1966.4  7168.     !      *                                                   
 1967.1  7605.     !      *                                                   
 1967.2  7696.     !      *                                                   
 1967.3  7950.     !       *                                                  
 1967.4  8119.     !       *                                                  
 1968.1  7877.     !       *                                                  
 1968.2  8328.     !       *                                                  
 1968.3  8388.     !        *                                                 
 1968.4  8854.     !        *                                                 
 1969.1  8663.     !        *                                                 
 1969.2  8485.     !        *                                                 
 1969.3  8398.     !        *                                                 
 1969.4  8262.     !       *                                                  
 1970.1  8213.     !       *                                                  
 1970.2  7676.     !      *                                                   
 1970.3  8094.     !       *                                                  
 1970.4  8444.     !        *                                                 
 1971.1  8758.     !        *                                                 
 1971.2  8839.     !        *                                                 
 1971.3  8846.     !        *                                                 
 1971.4  9137.     !         *                                                
 1972.1  9427.     !         *                                                
 1972.2  9502.     !         *                                                
 1972.3  9686.     !         *                                                
 1972.4 0.1025E+05 !          *                                               
 1973.1  9986.     !          *                                               
 1973.2  9758.     !          *                                               
 1973.3  9993.     !          *                                               
 1973.4  9507.     !         *                                                
 1974.1  9325.     !         *                                                
 1974.2  8982.     !        *                                                 
 1974.3  8470.     !        *                                                 
 1974.4  8603.     !        *                                                 
 1975.1  8996.     !        *                                                 
 1975.2  9380.     !         *                                                
 1975.3  9083.     !         *                                                
 1975.4  9251.     !         *                                                
 1976.1  9589.     !         *                                                
 1976.2  9787.     !          *                                               
 1976.3  9830.     !          *                                               
 1976.4  9964.     !          *                                               
 1977.1  9818.     !          *                                               
 1977.2  9873.     !          *                                               
 1977.3  9845.     !          *                                               
 1977.4  9822.     !          *                                               
 1978.1  9858.     !          *                                               
 1978.2  9964.     !          *                                               
 1978.3 0.1019E+05 !          *                                               
 1978.4 0.1013E+05 !          *                                               
 1979.1 0.1031E+05 !          *                                               
 1979.2 0.1036E+05 !          *                                               
 1979.3 0.1048E+05 !           *                                              
 1979.4 0.1061E+05 !           *                                              
 1980.1 0.1039E+05 !           *                                              
 1980.2 0.1068E+05 !           *                                              
 1980.3 0.1097E+05 !           *                                              
 1980.4 0.1125E+05 !            *                                             
 1981.1 0.1111E+05 !            *                                             
 1981.2 0.1109E+05 !            *                                             
 1981.3 0.1081E+05 !           *                                              
 1981.4 0.1111E+05 !            *                                             
 1982.1 0.1093E+05 !           *                                              
 1982.2 0.1099E+05 !           *                                              
 1982.3 0.1118E+05 !            *                                             
 1982.4 0.1156E+05 !            *                                             
 1983.1 0.1192E+05 !             *                                            
 1983.2 0.1218E+05 !             *                                            
 1983.3 0.1216E+05 !             *                                            
 1983.4 0.1212E+05 !             *                                            
 1984.1 0.1196E+05 !             *                                            
 1984.2 0.1193E+05 !             *                                            
 1984.3 0.1215E+05 !             *                                            
 1984.4 0.1228E+05 !             *                                            
 1985.1 0.1251E+05 !              *                                           
 1985.2 0.1265E+05 !              *                                           
 1985.3 0.1253E+05 !              *                                           
 1985.4 0.1300E+05 !              *                                           
 1986.1 0.1344E+05 !               *                                          
 1986.2 0.1378E+05 !                *                                         
 1986.3 0.1360E+05 !               *                                          
 1986.4 0.1415E+05 !                *                                         
 1987.1 0.1479E+05 !                 *                                        
 1987.2 0.1481E+05 !                 *                                        
 1987.3 0.1501E+05 !                 *                                        
 1987.4 0.1445E+05 !                 *                                        
 1988.1 0.1476E+05 !                 *                                        
 1988.2 0.1491E+05 !                 *                                        
 1988.3 0.1497E+05 !                 *                                        
 1988.4 0.1526E+05 !                  *                                       
 1989.1 0.1547E+05 !                  *                                       
 1989.2 0.1560E+05 !                  *                                       
 1989.3 0.1597E+05 !                   *                                      
 1989.4 0.1620E+05 !                   *                                      
 1990.1 0.1587E+05 !                   *                                      
 1990.2 0.1604E+05 !                   *                                      
 1990.3 0.1544E+05 !                  *                                       
 1990.4 0.1587E+05 !                   *                                      
 1991.1 0.1647E+05 !                    *                                     
 1991.2 0.1636E+05 !                   *                                      
 1991.3 0.1652E+05 !                    *                                     
 1991.4 0.1711E+05 !                     *                                    
 1992.1 0.1707E+05 !                     *                                    
 1992.2 0.1699E+05 !                    *                                     
 1992.3 0.1718E+05 !                     *                                    
 1992.4 0.1778E+05 !                      *                                   
 1993.1 0.1805E+05 !                      *                                   
 1993.2 0.1809E+05 !                      *                                   
 1993.3 0.1835E+05 !                      *                                   
 1993.4 0.1867E+05 !                       *                                  
 1994.1 0.1857E+05 !                       *                                  
 1994.2 0.1852E+05 !                       *                                  
 1994.3 0.1867E+05 !                       *                                  
 1994.4 0.1873E+05 !                       *                                  
 1995.1 0.1920E+05 !                        *                                 
 1995.2 0.1967E+05 !                        *                                 
 1995.3 0.2028E+05 !                         *                                
 1995.4 0.2087E+05 !                          *                               
 1996.1 0.2132E+05 !                           *                              
 1996.2 0.2156E+05 !                           *                              
 1996.3 0.2176E+05 !                            *                             
 1996.4 0.2187E+05 !                            *                             
 1997.1 0.2206E+05 !                            *                             
 1997.2 0.2351E+05 !                              *                           
 1997.3 0.2453E+05 !                                *                         
 1997.4 0.2484E+05 !                                *                         
 1998.1 0.2656E+05 !                                   *                      
 1998.2 0.2683E+05 !                                   *                      
 1998.3 0.2538E+05 !                                 *                        
 1998.4 0.2775E+05 !                                     *                    
 1999.1 0.2810E+05 !                                     *                    
 1999.2 0.2899E+05 !                                      *                   
 1999.3 0.2830E+05 !                                     *                    
 1999.4 0.3133E+05 !                                          *               
 2000.1 0.3192E+05 !                                           *              
 2000.2 0.3080E+05 !                                         *                
 2000.3 0.3080E+05 !                                         *                
 2000.4 0.2920E+05 !                                       *                  
 2001.1 0.2746E+05 !                                    *                     
 2001.2 0.2829E+05 !                                     *                    
 2001.3 0.2622E+05 !                                  *                       
 2001.4 0.2752E+05 !                                    *                     
 2002.1 0.2781E+05 !                                     *                    
 2002.2 0.2602E+05 !                                  *                       
 2002.3 0.2409E+05 !                               *                          
 2002.4 0.2497E+05 !                                *                         
 2003.1 0.2461E+05 !                                *                         
 2003.2 0.2608E+05 !                                  *                       
 2003.3 0.2645E+05 !                                   *                      
 2003.4 0.2810E+05 !                                     *                    
 2004.1 0.2930E+05 !                                       *                  
 2004.2 0.2950E+05 !                                       *                  
 2004.3 0.2954E+05 !                                       *                  
 2004.4 0.3123E+05 !                                          *               
 2005.1 0.3122E+05 !                                          *               
 2005.2 0.3147E+05 !                                          *               
 2005.3 0.3201E+05 !                                           *              
 2005.4 0.3273E+05 !                                            *             
 2006.1 0.3378E+05 !                                              *           
 2006.2 0.3333E+05 !                                             *            
 2006.3 0.3359E+05 !                                             *            
 2006.4 0.3552E+05 !                                                *         
 2007.1 0.3624E+05 !                                                 *        
 2007.2 0.3679E+05 !                                                  *       
 2007.3 0.3703E+05 !                                                  *       
 2007.4 0.3616E+05 !                                                 *        
 2008.1 0.3458E+05 !                                               *          
 2008.2 0.3366E+05 !                                             *            
 2008.3 0.3188E+05 !                                           *              
 2008.4 0.2914E+05 !                                       *                  
 2009.1 0.2862E+05 !                                      *                   
 2009.2 0.2955E+05 !                                       *                  
 2009.3 0.3101E+05 !                                         *                
 2009.4 0.3137E+05 !                                          *               
 2010.1 0.3217E+05 !                                           *              
 2010.2 0.3138E+05 !                                          *               
 2010.3 0.3313E+05 !                                             *            
 2010.4 0.3523E+05 !                                                *         
 2011.1 0.3650E+05 !                                                  *       
 2011.2 0.3642E+05 !                                                  *       
 2011.3 0.3419E+05 !                                              *           
 2011.4 0.3567E+05 !                                                *         
 2012.1 0.3707E+05 !                                                   *      
 2012.2 0.3673E+05 !                                                  *       
 2012.3 0.3811E+05 !                                                    *     
 2012.4 0.3876E+05 !                                                     *    
 2013.1 0.4025E+05 !                                                       *  
 2013.2 0.4085E+05 !                                                        * 
 2013.3 0.4141E+05 !                                                         *


         Plot of variable(s)
         AA2       *

Values for AA2     

 1952.1  1914.     *                                                          
 1952.2  1976.     *                                                          
 1952.3  1982.     *                                                          
 1952.4  2021.     *                                                          
 1953.1  2040.     *                                                          
 1953.2  2082.     *                                                          
 1953.3  2133.     !*                                                         
 1953.4  2118.     !*                                                         
 1954.1  2132.     !*                                                         
 1954.2  2163.     !*                                                         
 1954.3  2234.     !*                                                         
 1954.4  2277.     !*                                                         
 1955.1  2286.     !*                                                         
 1955.2  2330.     !*                                                         
 1955.3  2378.     !*                                                         
 1955.4  2427.     !*                                                         
 1956.1  2481.     !*                                                         
 1956.2  2516.     ! *                                                        
 1956.3  2540.     ! *                                                        
 1956.4  2546.     ! *                                                        
 1957.1  2564.     ! *                                                        
 1957.2  2599.     ! *                                                        
 1957.3  2620.     ! *                                                        
 1957.4  2637.     ! *                                                        
 1958.1  2601.     ! *                                                        
 1958.2  2636.     ! *                                                        
 1958.3  2691.     ! *                                                        
 1958.4  2737.     ! *                                                        
 1959.1  2719.     ! *                                                        
 1959.2  2763.     ! *                                                        
 1959.3  2792.     ! *                                                        
 1959.4  2831.     ! *                                                        
 1960.1  2889.     !  *                                                       
 1960.2  2890.     !  *                                                       
 1960.3  2911.     !  *                                                       
 1960.4  2915.     !  *                                                       
 1961.1  2915.     !  *                                                       
 1961.2  2971.     !  *                                                       
 1961.3  3007.     !  *                                                       
 1961.4  3046.     !  *                                                       
 1962.1  3074.     !  *                                                       
 1962.2  3093.     !  *                                                       
 1962.3  3105.     !  *                                                       
 1962.4  3137.     !  *                                                       
 1963.1  3165.     !  *                                                       
 1963.2  3170.     !  *                                                       
 1963.3  3215.     !  *                                                       
 1963.4  3232.     !  *                                                       
 1964.1  3227.     !  *                                                       
 1964.2  3275.     !   *                                                      
 1964.3  3286.     !   *                                                      
 1964.4  3346.     !   *                                                      
 1965.1  3349.     !   *                                                      
 1965.2  3370.     !   *                                                      
 1965.3  3388.     !   *                                                      
 1965.4  3439.     !   *                                                      
 1966.1  3415.     !   *                                                      
 1966.2  3533.     !   *                                                      
 1966.3  3511.     !   *                                                      
 1966.4  3574.     !   *                                                      
 1967.1  3590.     !   *                                                      
 1967.2  3615.     !   *                                                      
 1967.3  3646.     !    *                                                     
 1967.4  3707.     !    *                                                     
 1968.1  3753.     !    *                                                     
 1968.2  3797.     !    *                                                     
 1968.3  3808.     !    *                                                     
 1968.4  3945.     !    *                                                     
 1969.1  4012.     !     *                                                    
 1969.2  4041.     !     *                                                    
 1969.3  4043.     !     *                                                    
 1969.4  4098.     !     *                                                    
 1970.1  4079.     !     *                                                    
 1970.2  4158.     !     *                                                    
 1970.3  4126.     !     *                                                    
 1970.4  4181.     !     *                                                    
 1971.1  4213.     !     *                                                    
 1971.2  4278.     !     *                                                    
 1971.3  4330.     !     *                                                    
 1971.4  4388.     !      *                                                   
 1972.1  4521.     !      *                                                   
 1972.2  4571.     !      *                                                   
 1972.3  4678.     !      *                                                   
 1972.4  4846.     !       *                                                  
 1973.1  4891.     !       *                                                  
 1973.2  4977.     !       *                                                  
 1973.3  5104.     !       *                                                  
 1973.4  5163.     !        *                                                 
 1974.1  4992.     !       *                                                  
 1974.2  4859.     !       *                                                  
 1974.3  4778.     !       *                                                  
 1974.4  4836.     !       *                                                  
 1975.1  4956.     !       *                                                  
 1975.2  5073.     !       *                                                  
 1975.3  4963.     !       *                                                  
 1975.4  5010.     !       *                                                  
 1976.1  5060.     !       *                                                  
 1976.2  5221.     !        *                                                 
 1976.3  5251.     !        *                                                 
 1976.4  5332.     !        *                                                 
 1977.1  5427.     !        *                                                 
 1977.2  5606.     !         *                                                
 1977.3  5725.     !         *                                                
 1977.4  5863.     !         *                                                
 1978.1  5987.     !          *                                               
 1978.2  6113.     !          *                                               
 1978.3  6270.     !           *                                              
 1978.4  6378.     !           *                                              
 1979.1  6579.     !           *                                              
 1979.2  6730.     !            *                                             
 1979.3  6803.     !            *                                             
 1979.4  6862.     !            *                                             
 1980.1  6920.     !            *                                             
 1980.2  6959.     !            *                                             
 1980.3  7051.     !             *                                            
 1980.4  7010.     !            *                                             
 1981.1  6868.     !            *                                             
 1981.2  7122.     !             *                                            
 1981.3  7199.     !             *                                            
 1981.4  7234.     !             *                                            
 1982.1  7333.     !             *                                            
 1982.2  7332.     !             *                                            
 1982.3  7254.     !             *                                            
 1982.4  7253.     !             *                                            
 1983.1  7295.     !             *                                            
 1983.2  7281.     !             *                                            
 1983.3  7270.     !             *                                            
 1983.4  7284.     !             *                                            
 1984.1  7490.     !              *                                           
 1984.2  7639.     !              *                                           
 1984.3  7804.     !               *                                          
 1984.4  7943.     !               *                                          
 1985.1  8075.     !               *                                          
 1985.2  8260.     !                *                                         
 1985.3  8439.     !                *                                         
 1985.4  8670.     !                 *                                        
 1986.1  8765.     !                 *                                        
 1986.2  8976.     !                  *                                       
 1986.3  9092.     !                  *                                       
 1986.4  9249.     !                  *                                       
 1987.1  9405.     !                   *                                      
 1987.2  9508.     !                   *                                      
 1987.3  9593.     !                   *                                      
 1987.4  9674.     !                    *                                     
 1988.1  9789.     !                    *                                     
 1988.2  9954.     !                    *                                     
 1988.3 0.1006E+05 !                     *                                    
 1988.4 0.1013E+05 !                     *                                    
 1989.1 0.1020E+05 !                     *                                    
 1989.2 0.1026E+05 !                     *                                    
 1989.3 0.1047E+05 !                      *                                   
 1989.4 0.1058E+05 !                      *                                   
 1990.1 0.1054E+05 !                      *                                   
 1990.2 0.1052E+05 !                      *                                   
 1990.3 0.1046E+05 !                      *                                   
 1990.4 0.1030E+05 !                     *                                    
 1991.1 0.1026E+05 !                     *                                    
 1991.2 0.1029E+05 !                     *                                    
 1991.3 0.1023E+05 !                     *                                    
 1991.4 0.1021E+05 !                     *                                    
 1992.1 0.1027E+05 !                     *                                    
 1992.2 0.1025E+05 !                     *                                    
 1992.3 0.1028E+05 !                     *                                    
 1992.4 0.1029E+05 !                     *                                    
 1993.1 0.1025E+05 !                     *                                    
 1993.2 0.1026E+05 !                     *                                    
 1993.3 0.1033E+05 !                     *                                    
 1993.4 0.1036E+05 !                     *                                    
 1994.1 0.1040E+05 !                     *                                    
 1994.2 0.1045E+05 !                      *                                   
 1994.3 0.1048E+05 !                      *                                   
 1994.4 0.1049E+05 !                      *                                   
 1995.1 0.1052E+05 !                      *                                   
 1995.2 0.1056E+05 !                      *                                   
 1995.3 0.1062E+05 !                      *                                   
 1995.4 0.1067E+05 !                      *                                   
 1996.1 0.1074E+05 !                      *                                   
 1996.2 0.1078E+05 !                      *                                   
 1996.3 0.1084E+05 !                       *                                  
 1996.4 0.1087E+05 !                       *                                  
 1997.1 0.1103E+05 !                       *                                  
 1997.2 0.1114E+05 !                       *                                  
 1997.3 0.1125E+05 !                        *                                 
 1997.4 0.1143E+05 !                        *                                 
 1998.1 0.1171E+05 !                         *                                
 1998.2 0.1193E+05 !                         *                                
 1998.3 0.1217E+05 !                          *                               
 1998.4 0.1241E+05 !                           *                              
 1999.1 0.1262E+05 !                           *                              
 1999.2 0.1277E+05 !                            *                             
 1999.3 0.1304E+05 !                            *                             
 1999.4 0.1329E+05 !                             *                            
 2000.1 0.1359E+05 !                              *                           
 2000.2 0.1398E+05 !                               *                          
 2000.3 0.1446E+05 !                                *                         
 2000.4 0.1485E+05 !                                 *                        
 2001.1 0.1520E+05 !                                  *                       
 2001.2 0.1546E+05 !                                   *                      
 2001.3 0.1590E+05 !                                    *                     
 2001.4 0.1609E+05 !                                    *                     
 2002.1 0.1639E+05 !                                     *                    
 2002.2 0.1664E+05 !                                      *                   
 2002.3 0.1697E+05 !                                       *                  
 2002.4 0.1724E+05 !                                        *                 
 2003.1 0.1751E+05 !                                        *                 
 2003.2 0.1785E+05 !                                         *                
 2003.3 0.1823E+05 !                                          *               
 2003.4 0.1863E+05 !                                           *              
 2004.1 0.1919E+05 !                                             *            
 2004.2 0.1979E+05 !                                              *           
 2004.3 0.2035E+05 !                                                *         
 2004.4 0.2087E+05 !                                                 *        
 2005.1 0.2178E+05 !                                                    *     
 2005.2 0.2236E+05 !                                                     *    
 2005.3 0.2289E+05 !                                                      *   
 2005.4 0.2339E+05 !                                                        * 
 2006.1 0.2385E+05 !                                                         *
 2006.2 0.2361E+05 !                                                        * 
 2006.3 0.2352E+05 !                                                        * 
 2006.4 0.2370E+05 !                                                         *
 2007.1 0.2338E+05 !                                                        * 
 2007.2 0.2280E+05 !                                                      *   
 2007.3 0.2229E+05 !                                                     *    
 2007.4 0.2155E+05 !                                                   *      
 2008.1 0.2066E+05 !                                                 *        
 2008.2 0.1958E+05 !                                              *           
 2008.3 0.1877E+05 !                                            *             
 2008.4 0.1805E+05 !                                          *               
 2009.1 0.1730E+05 !                                        *                 
 2009.2 0.1693E+05 !                                       *                  
 2009.3 0.1682E+05 !                                      *                   
 2009.4 0.1678E+05 !                                      *                   
 2010.1 0.1679E+05 !                                      *                   
 2010.2 0.1683E+05 !                                      *                   
 2010.3 0.1644E+05 !                                     *                    
 2010.4 0.1628E+05 !                                     *                    
 2011.1 0.1606E+05 !                                    *                     
 2011.2 0.1583E+05 !                                    *                     
 2011.3 0.1577E+05 !                                    *                     
 2011.4 0.1570E+05 !                                   *                      
 2012.1 0.1600E+05 !                                    *                     
 2012.2 0.1626E+05 !                                     *                    
 2012.3 0.1655E+05 !                                      *                   
 2012.4 0.1681E+05 !                                      *                   
 2013.1 0.1749E+05 !                                        *                 
 2013.2 0.1803E+05 !                                          *               
 2013.3 0.1850E+05 !                                           *              


         Plot of variable(s)
         AA1ZAA2   *

Values for AA1ZAA2 

 1952.1  1.416     !       *                                                  
 1952.2  1.405     !      *                                                   
 1952.3  1.427     !       *                                                  
 1952.4  1.366     !    *                                                     
 1953.1  1.341     !   *                                                      
 1953.2  1.296     !*                                                         
 1953.3  1.269     *                                                          
 1953.4  1.331     !  *                                                       
 1954.1  1.372     !    *                                                     
 1954.2  1.413     !       *                                                  
 1954.3  1.454     !         *                                                
 1954.4  1.451     !         *                                                
 1955.1  1.467     !          *                                               
 1955.2  1.494     !           *                                              
 1955.3  1.515     !            *                                             
 1955.4  1.516     !            *                                             
 1956.1  1.551     !              *                                           
 1956.2  1.519     !            *                                             
 1956.3  1.507     !            *                                             
 1956.4  1.557     !              *                                           
 1957.1  1.526     !             *                                            
 1957.2  1.562     !               *                                          
 1957.3  1.512     !            *                                             
 1957.4  1.521     !            *                                             
 1958.1  1.600     !                 *                                        
 1958.2  1.632     !                  *                                       
 1958.3  1.695     !                      *                                   
 1958.4  1.714     !                       *                                  
 1959.1  1.744     !                        *                                 
 1959.2  1.743     !                        *                                 
 1959.3  1.715     !                       *                                  
 1959.4  1.742     !                        *                                 
 1960.1  1.679     !                     *                                    
 1960.2  1.692     !                      *                                   
 1960.3  1.643     !                   *                                      
 1960.4  1.739     !                        *                                 
 1961.1  1.842     !                              *                           
 1961.2  1.824     !                             *                            
 1961.3  1.837     !                             *                            
 1961.4  1.887     !                                *                         
 1962.1  1.859     !                              *                           
 1962.2  1.671     !                    *                                     
 1962.3  1.709     !                      *                                   
 1962.4  1.843     !                              *                           
 1963.1  1.873     !                               *                          
 1963.2  1.917     !                                  *                       
 1963.3  1.930     !                                  *                       
 1963.4  1.895     !                                *                         
 1964.1  1.947     !                                   *                      
 1964.2  1.957     !                                    *                     
 1964.3  1.992     !                                      *                   
 1964.4  2.002     !                                      *                   
 1965.1  2.022     !                                       *                  
 1965.2  1.993     !                                      *                   
 1965.3  2.075     !                                          *               
 1965.4  2.122     !                                            *             
 1966.1  2.118     !                                            *             
 1966.2  2.030     !                                        *                 
 1966.3  1.970     !                                    *                     
 1966.4  2.006     !                                      *                   
 1967.1  2.119     !                                            *             
 1967.2  2.129     !                                             *            
 1967.3  2.181     !                                                *         
 1967.4  2.190     !                                                *         
 1968.1  2.099     !                                           *              
 1968.2  2.193     !                                                *         
 1968.3  2.203     !                                                 *        
 1968.4  2.244     !                                                   *      
 1969.1  2.159     !                                              *           
 1969.2  2.099     !                                           *              
 1969.3  2.077     !                                          *               
 1969.4  2.016     !                                       *                  
 1970.1  2.013     !                                       *                  
 1970.2  1.846     !                              *                           
 1970.3  1.962     !                                    *                     
 1970.4  2.020     !                                       *                  
 1971.1  2.079     !                                          *               
 1971.2  2.066     !                                         *                
 1971.3  2.043     !                                        *                 
 1971.4  2.082     !                                          *               
 1972.1  2.085     !                                          *               
 1972.2  2.079     !                                          *               
 1972.3  2.070     !                                          *               
 1972.4  2.116     !                                            *             
 1973.1  2.042     !                                        *                 
 1973.2  1.960     !                                    *                     
 1973.3  1.958     !                                    *                     
 1973.4  1.841     !                              *                           
 1974.1  1.868     !                               *                          
 1974.2  1.849     !                              *                           
 1974.3  1.773     !                          *                               
 1974.4  1.779     !                          *                               
 1975.1  1.815     !                            *                             
 1975.2  1.849     !                              *                           
 1975.3  1.830     !                             *                            
 1975.4  1.847     !                              *                           
 1976.1  1.895     !                                *                         
 1976.2  1.875     !                               *                          
 1976.3  1.872     !                               *                          
 1976.4  1.869     !                               *                          
 1977.1  1.809     !                            *                             
 1977.2  1.761     !                         *                                
 1977.3  1.720     !                       *                                  
 1977.4  1.675     !                     *                                    
 1978.1  1.647     !                   *                                      
 1978.2  1.630     !                  *                                       
 1978.3  1.625     !                  *                                       
 1978.4  1.588     !                *                                         
 1979.1  1.567     !               *                                          
 1979.2  1.539     !             *                                            
 1979.3  1.541     !             *                                            
 1979.4  1.546     !              *                                           
 1980.1  1.501     !           *                                              
 1980.2  1.534     !             *                                            
 1980.3  1.555     !              *                                           
 1980.4  1.604     !                 *                                        
 1981.1  1.618     !                  *                                       
 1981.2  1.557     !              *                                           
 1981.3  1.502     !           *                                              
 1981.4  1.536     !             *                                            
 1982.1  1.491     !           *                                              
 1982.2  1.499     !           *                                              
 1982.3  1.541     !             *                                            
 1982.4  1.594     !                *                                         
 1983.1  1.634     !                  *                                       
 1983.2  1.673     !                     *                                    
 1983.3  1.673     !                     *                                    
 1983.4  1.664     !                    *                                     
 1984.1  1.596     !                *                                         
 1984.2  1.561     !               *                                          
 1984.3  1.557     !              *                                           
 1984.4  1.545     !              *                                           
 1985.1  1.549     !              *                                           
 1985.2  1.532     !             *                                            
 1985.3  1.484     !          *                                               
 1985.4  1.499     !           *                                              
 1986.1  1.533     !             *                                            
 1986.2  1.535     !             *                                            
 1986.3  1.495     !           *                                              
 1986.4  1.530     !             *                                            
 1987.1  1.573     !               *                                          
 1987.2  1.557     !              *                                           
 1987.3  1.565     !               *                                          
 1987.4  1.494     !           *                                              
 1988.1  1.507     !            *                                             
 1988.2  1.498     !           *                                              
 1988.3  1.489     !           *                                              
 1988.4  1.506     !            *                                             
 1989.1  1.516     !            *                                             
 1989.2  1.521     !            *                                             
 1989.3  1.526     !             *                                            
 1989.4  1.532     !             *                                            
 1990.1  1.506     !            *                                             
 1990.2  1.524     !             *                                            
 1990.3  1.476     !          *                                               
 1990.4  1.540     !             *                                            
 1991.1  1.605     !                 *                                        
 1991.2  1.589     !                *                                         
 1991.3  1.616     !                 *                                        
 1991.4  1.675     !                     *                                    
 1992.1  1.661     !                    *                                     
 1992.2  1.658     !                    *                                     
 1992.3  1.672     !                    *                                     
 1992.4  1.727     !                       *                                  
 1993.1  1.762     !                         *                                
 1993.2  1.763     !                         *                                
 1993.3  1.777     !                          *                               
 1993.4  1.802     !                           *                              
 1994.1  1.786     !                           *                              
 1994.2  1.772     !                          *                               
 1994.3  1.782     !                          *                               
 1994.4  1.786     !                           *                              
 1995.1  1.826     !                             *                            
 1995.2  1.864     !                               *                          
 1995.3  1.910     !                                 *                        
 1995.4  1.957     !                                    *                     
 1996.1  1.985     !                                     *                    
 1996.2  2.000     !                                      *                   
 1996.3  2.007     !                                      *                   
 1996.4  2.012     !                                       *                  
 1997.1  2.001     !                                      *                   
 1997.2  2.111     !                                            *             
 1997.3  2.180     !                                                *         
 1997.4  2.172     !                                               *          
 1998.1  2.268     !                                                    *     
 1998.2  2.250     !                                                   *      
 1998.3  2.085     !                                           *              
 1998.4  2.236     !                                                   *      
 1999.1  2.226     !                                                  *       
 1999.2  2.271     !                                                    *     
 1999.3  2.170     !                                               *          
 1999.4  2.357     !                                                         *
 2000.1  2.350     !                                                         *
 2000.2  2.203     !                                                 *        
 2000.3  2.131     !                                             *            
 2000.4  1.966     !                                    *                     
 2001.1  1.807     !                            *                             
 2001.2  1.830     !                             *                            
 2001.3  1.649     !                   *                                      
 2001.4  1.711     !                       *                                  
 2002.1  1.697     !                      *                                   
 2002.2  1.564     !               *                                          
 2002.3  1.420     !       *                                                  
 2002.4  1.448     !         *                                                
 2003.1  1.406     !      *                                                   
 2003.2  1.461     !         *                                                
 2003.3  1.451     !         *                                                
 2003.4  1.508     !            *                                             
 2004.1  1.527     !             *                                            
 2004.2  1.490     !           *                                              
 2004.3  1.452     !         *                                                
 2004.4  1.497     !           *                                              
 2005.1  1.433     !        *                                                 
 2005.2  1.408     !      *                                                   
 2005.3  1.399     !      *                                                   
 2005.4  1.399     !      *                                                   
 2006.1  1.416     !       *                                                  
 2006.2  1.412     !       *                                                  
 2006.3  1.428     !       *                                                  
 2006.4  1.498     !           *                                              
 2007.1  1.550     !              *                                           
 2007.2  1.614     !                 *                                        
 2007.3  1.662     !                    *                                     
 2007.4  1.678     !                     *                                    
 2008.1  1.674     !                     *                                    
 2008.2  1.719     !                       *                                  
 2008.3  1.698     !                      *                                   
 2008.4  1.614     !                 *                                        
 2009.1  1.654     !                    *                                     
 2009.2  1.745     !                        *                                 
 2009.3  1.843     !                              *                           
 2009.4  1.869     !                               *                          
 2010.1  1.916     !                                 *                        
 2010.2  1.865     !                               *                          
 2010.3  2.015     !                                       *                  
 2010.4  2.163     !                                               *          
 2011.1  2.273     !                                                     *    
 2011.2  2.301     !                                                      *   
 2011.3  2.168     !                                               *          
 2011.4  2.271     !                                                    *     
 2012.1  2.317     !                                                       *  
 2012.2  2.258     !                                                    *     
 2012.3  2.302     !                                                      *   
 2012.4  2.306     !                                                      *   
 2013.1  2.302     !                                                      *   
 2013.2  2.265     !                                                    *     
 2013.3  2.238     !                                                   *      

MODEQ 4 AA2Z(-1) FSR AA2Z(-1) AA2Z(-2) AA2Z(-3) ;                             
EQUATION 4  IHHZ1  RHO=2  
   RHS     CNST2  C  DKHZIHL1  KHZ(-1)  YDZ  RMALIHHZ  AA2Z(-1)  
   FSR     CNST2  CNST2(-1)  CNST2(-2)  C  KHZ(-1)  RMALIHHZ  
   FSR     YDZ(-1)  KHZ(-2)  KHZ(-3)  RMALIHHZ(-1)  RMALIHHZ(-2)  
   FSR     YDZ(-2)  LCOGSZ  LJHGSZ  LTRGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LYNLZ(-1)  PCPD(-1)  LIMZ(-1)  DKHZIHL1  DKHZIHL1(-1)  
   FSR     DKHZIHL1(-2)  IHHZ1(-1)  IHHZ1(-2)  AA2Z(-1)  AA2Z(-2)  
   FSR     AA2Z(-3)  
@                                                                             
@ BEGIN ESTIMATION AND SPREADS TESTS                                          
@                                                                             
@ Estimates for Tables 2-4                                                    
@                                                                             
SMPL 1954.1 2013.3;                                                           
Sample period is now  1954.1 to  2013.3 Internally:     9 to   247
2SLS; EST 1-4; END;                                                           

Equation number =    1
**********************

Dependent variable = LCSZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)

Mean of dependent variable        1.472625842

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.022445659       0.003401602   6.59856     0.583682
  306 C       (  0)      -0.133993155       0.022868372  -5.85932     1.000000
  133 AG1     (  0)      -0.052103084       0.024838332  -2.09769     0.320965
  134 AG2     (  0)      -0.287774364       0.034131929  -8.43124    -0.086665
  135 AG3     (  0)       0.247344950       0.061554386   4.01832    -0.067461
  380 LCSZ    ( -1)       0.817531311       0.023210854  35.22194     1.467453
  359 LYDZ    (  0)       0.120221501       0.023504887   5.11474     1.881586
  127 RSA     (  0)      -0.001151254       0.000226842  -5.07513     3.824044
  381 LAAZ    ( -1)       0.037866127       0.005688147   6.65702     4.766640

SE of equation            =     0.003733070
Sum of squared residuals  = 0.320523727E-02   0.205118045E-08
Average absolute error    =     0.002860475
Sum of ABS residuals      = 0.683653425    
R squared                 =   0.99990
Durbin-Watson statistic   =   1.50986
Overid test: p-value      = 0.00001         (df =  15)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.663439144E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)

Mean of dependent variable        0.561478697

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.014670677       0.007865448  -1.86521     0.583682
  306 C       (  0)      -0.341126949       0.067733519  -5.03631     1.000000
  133 AG1     (  0)       0.124153786       0.050762509   2.44578     0.320965
  134 AG2     (  0)       0.124364797       0.059613214   2.08620    -0.086665
  135 AG3     (  0)      -0.309846192       0.118744472  -2.60935    -0.067461
  382 LCNZ    ( -1)       0.740457999       0.043677356  16.95290     0.558622
  383 LCNZ1   ( -1)       0.214353698       0.059630067   3.59473     0.002834
  381 LAAZ    ( -1)       0.047949153       0.010857881   4.41607     4.766640
  359 LYDZ    (  0)       0.119179298       0.031039046   3.83966     1.881586
  128 RMA     (  0)      -0.000919452       0.000516800  -1.77913     6.363393

SE of equation            =     0.006578902
Sum of squared residuals  = 0.991156768E-02  -0.816439694E-10
Average absolute error    =     0.004880680
Sum of ABS residuals      =  1.16648242    
R squared                 =   0.99886
Durbin-Watson statistic   =   1.95265
Overid test: p-value      = 0.00001         (df =  14)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.202349884E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)

Mean of dependent variable        0.005078653

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.062234867       0.015666226   3.97255     0.583682
  306 C       (  0)      -0.247662250       0.071493436  -3.46413     1.000000
  133 AG1     (  0)       0.181660846       0.113265762   1.60385     0.320965
  134 AG2     (  0)       2.637716062       0.420443641   6.27365    -0.086665
  135 AG3     (  0)      -2.346852723       0.426475205  -5.50291    -0.067461
  426 DKDZCDL1(  0)       0.231672295       0.045441455   5.09826    -0.095734
  356 KDZ     ( -1)      -0.027704393       0.004081017  -6.78860     8.585965
  351 YDZ     (  0)       0.063889774       0.010287490   6.21043     6.883520
  406 RMACDZ  (  0)      -0.010051761       0.002539865  -3.95760     3.299496
  352 AAZ     ( -1)       0.000629958       0.000163568   3.85135   129.870051

SE of equation            =     0.014548924
Sum of squared residuals  = 0.484727008E-01   0.200443828E-10
Average absolute error    =     0.010249032
Sum of ABS residuals      =  2.44951872    
R squared                 =   0.20705
Durbin-Watson statistic   =   1.95327
Overid test: p-value      = 0.00001         (df =  10)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.857095772E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)

Iter   Rhos:  1            2
   1     0.392344975  0.129843648
   2     0.436915904  0.192360328
   3     0.476825623  0.239801914
   4     0.519442573  0.284806624
   5     0.561680752  0.317253921
   6     0.594067991  0.324704673
   7     0.610904635  0.323292173
   8     0.617979097  0.323086295
   9     0.621168801  0.323575077
  10     0.622829556  0.324128946
  11     0.623809468  0.324582700
  12     0.624439185  0.324925469
  13     0.624866168  0.325179075
  14     0.625165647  0.325366281
  15     0.625380392  0.325504905
  16     0.625536709  0.325607987
  17     0.625651700  0.325684941
  18     0.625736934  0.325742578
  19     0.625800459  0.325785859
  20     0.625847998  0.325818427
  21     0.625883680  0.325842971
  22     0.625910523  0.325861491
  23     0.625930751  0.325875478
  24     0.625946013  0.325886049
  25     0.625957540  0.325894043
  26     0.625966251  0.325900089

Number of iterations for RHO =   26


Mean of dependent variable        0.000416100

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.136859399       0.078211930   1.74985     0.583682
  306 C       (  0)       0.889073698       0.213869770   4.15708     1.000000
  428 DKHZIHL1(  0)       0.379353869       0.051649148   7.34482    -0.245763
  355 KHZ     ( -1)      -0.037727315       0.008373536  -4.50554    39.409752
  351 YDZ     (  0)       0.078980993       0.032964144   2.39597     6.883520
  407 RMALIHHZ(  0)      -0.025881100       0.004810360  -5.38028     3.401850
  447 AA2Z    ( -1)       0.003678969       0.000974698   3.77447    47.039551
    0 RHO     ( -1)       0.625966251       0.071563351   8.74702     0.000000
    0 RHO     ( -2)       0.325900089       0.069673388   4.67754     0.000000

SE of equation            =     0.015419671
Sum of squared residuals  = 0.546862385E-01   0.637763761E-04
Average absolute error    =     0.011234921
Sum of ABS residuals      =  2.68514617    
R squared                 =   0.44590
Durbin-Watson statistic   =   1.99340
Overid test: p-value      = 0.06506         (df =  21)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.721783421E-02
TESTEND1 1 2008.1 NAMEMISS=PSI13;                                             

Equation number =    1
**********************

Dependent variable = LCSZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

Mean of dependent variable        1.472625842

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.019981540       0.003294034   6.06598     0.583682
  306 C       (  0)      -0.133444926       0.022764062  -5.86209     1.000000
  133 AG1     (  0)      -0.044288542       0.024600246  -1.80033     0.320965
  134 AG2     (  0)      -0.274939277       0.033730563  -8.15104    -0.086665
  135 AG3     (  0)       0.244912281       0.061270523   3.99723    -0.067461
  380 LCSZ    ( -1)       0.817569910       0.023105658  35.38397     1.467453
  359 LYDZ    (  0)       0.127861557       0.023271560   5.49433     1.881586
  127 RSA     (  0)      -0.000854183       0.000205048  -4.16577     3.824044
  381 LAAZ    ( -1)       0.034459533       0.005557505   6.20054     4.766640

SE of equation            =     0.003716152
Sum of squared residuals  = 0.317625060E-02  -0.338209560E-08
Average absolute error    =     0.002852596
Sum of ABS residuals      = 0.681770432    
R squared                 =   0.99990
Durbin-Watson statistic   =   1.51047
SMPL and No. Obs.         = 1954.1   2013.3    239
DDA:        0.0002274265
     1       0.0001177315       0.0002274265
     2       0.0001242414       0.0002274265
     3       0.0001369639       0.0002274265
     4       0.0001372141       0.0002274265
     5       0.0001376311       0.0002274265
     6       0.0001389696       0.0002274265
     7       0.0001398146       0.0002274265
     8       0.0001427109       0.0002274265
     9       0.0001431141       0.0002274265
    10       0.0001432237       0.0002274265
    11       0.0001523382       0.0002274265
    12       0.0001523870       0.0002274265
    13       0.0001529646       0.0002274265
    14       0.0001628978       0.0002274265
    15       0.0001645016       0.0002274265
    16       0.0001645934       0.0002274265
    17       0.0001659670       0.0002274265
    18       0.0001676897       0.0002274265
    19       0.0001702202       0.0002274265
    20       0.0001702439       0.0002274265
    21       0.0001721032       0.0002274265
    22       0.0001750373       0.0002274265
    23       0.0001752412       0.0002274265
    24       0.0001794946       0.0002274265
    25       0.0001804808       0.0002274265
    26       0.0001807556       0.0002274265
    27       0.0001851359       0.0002274265
    28       0.0001890001       0.0002274265
    29       0.0001984998       0.0002274265
    30       0.0002073353       0.0002274265
    31       0.0002107241       0.0002274265
    32       0.0002108765       0.0002274265
    33       0.0002137196       0.0002274265
    34       0.0002158495       0.0002274265
    35       0.0002197937       0.0002274265
    36       0.0002239797       0.0002274265
    37       0.0002240332       0.0002274265
    38       0.0002263292       0.0002274265
    39       0.0002275063       0.0002274265
    40       0.0002300457       0.0002274265
    41       0.0002311389       0.0002274265
    42       0.0002318884       0.0002274265
    43       0.0002346008       0.0002274265
    44       0.0002354393       0.0002274265
    45       0.0002379585       0.0002274265
    46       0.0002397570       0.0002274265
    47       0.0002418236       0.0002274265
    48       0.0002428964       0.0002274265
    49       0.0002436665       0.0002274265
    50       0.0002451657       0.0002274265
    51       0.0002528973       0.0002274265
    52       0.0002531998       0.0002274265
    53       0.0002536697       0.0002274265
    54       0.0002537318       0.0002274265
    55       0.0002540713       0.0002274265
    56       0.0002551217       0.0002274265
    57       0.0002581933       0.0002274265
    58       0.0002591794       0.0002274265
    59       0.0002604249       0.0002274265
    60       0.0002606335       0.0002274265
    61       0.0002656415       0.0002274265
    62       0.0002656624       0.0002274265
    63       0.0002668764       0.0002274265
    64       0.0002700793       0.0002274265
    65       0.0002701156       0.0002274265
    66       0.0002734895       0.0002274265
    67       0.0002745194       0.0002274265
    68       0.0002748603       0.0002274265
    69       0.0002836918       0.0002274265
    70       0.0002874297       0.0002274265
    71       0.0002906087       0.0002274265
    72       0.0002906871       0.0002274265
    73       0.0002913835       0.0002274265
    74       0.0002986343       0.0002274265
    75       0.0002997056       0.0002274265
    76       0.0003016734       0.0002274265
    77       0.0003035094       0.0002274265
    78       0.0003035408       0.0002274265
    79       0.0003040159       0.0002274265
    80       0.0003042567       0.0002274265
    81       0.0003046558       0.0002274265
    82       0.0003077840       0.0002274265
    83       0.0003079626       0.0002274265
    84       0.0003086547       0.0002274265
    85       0.0003109765       0.0002274265
    86       0.0003155240       0.0002274265
    87       0.0003164879       0.0002274265
    88       0.0003173211       0.0002274265
    89       0.0003174149       0.0002274265
    90       0.0003175850       0.0002274265
    91       0.0003246389       0.0002274265
    92       0.0003296065       0.0002274265
    93       0.0003299259       0.0002274265
    94       0.0003325692       0.0002274265
    95       0.0003331041       0.0002274265
    96       0.0003332119       0.0002274265
    97       0.0003379429       0.0002274265
    98       0.0003392630       0.0002274265
    99       0.0003489729       0.0002274265
   100       0.0003491639       0.0002274265
   101       0.0003500374       0.0002274265
   102       0.0003509105       0.0002274265
   103       0.0003521784       0.0002274265
   104       0.0003522481       0.0002274265
   105       0.0003557463       0.0002274265
   106       0.0003577044       0.0002274265
   107       0.0003606365       0.0002274265
   108       0.0003619230       0.0002274265
   109       0.0003652026       0.0002274265
   110       0.0003670542       0.0002274265
   111       0.0003676470       0.0002274265
   112       0.0003683986       0.0002274265
   113       0.0003727973       0.0002274265
   114       0.0003771195       0.0002274265
   115       0.0003791403       0.0002274265
   116       0.0003826279       0.0002274265
   117       0.0003855842       0.0002274265
   118       0.0003860697       0.0002274265
   119       0.0003862228       0.0002274265
   120       0.0003950272       0.0002274265
   121       0.0003955866       0.0002274265
   122       0.0003981296       0.0002274265
   123       0.0004075464       0.0002274265
   124       0.0004094272       0.0002274265
   125       0.0004097697       0.0002274265
   126       0.0004098840       0.0002274265
   127       0.0004114991       0.0002274265
   128       0.0004155982       0.0002274265
   129       0.0004195169       0.0002274265
   130       0.0004236125       0.0002274265
   131       0.0004316405       0.0002274265
   132       0.0004345882       0.0002274265
   133       0.0004415070       0.0002274265
   134       0.0004465696       0.0002274265
   135       0.0004469938       0.0002274265
   136       0.0004509794       0.0002274265
   137       0.0004529532       0.0002274265
   138       0.0004587154       0.0002274265
   139       0.0004592093       0.0002274265
   140       0.0004615132       0.0002274265
   141       0.0004668028       0.0002274265
   142       0.0004670260       0.0002274265
   143       0.0004672228       0.0002274265
   144       0.0004683091       0.0002274265
   145       0.0004700291       0.0002274265
   146       0.0004732564       0.0002274265
   147       0.0004755869       0.0002274265
   148       0.0004773142       0.0002274265
   149       0.0004779107       0.0002274265
   150       0.0004781321       0.0002274265
   151       0.0004791121       0.0002274265
   152       0.0004825854       0.0002274265
   153       0.0004831499       0.0002274265
   154       0.0004835011       0.0002274265
   155       0.0004866795       0.0002274265
   156       0.0004875697       0.0002274265
   157       0.0004901775       0.0002274265
   158       0.0004934574       0.0002274265
   159       0.0004942022       0.0002274265
   160       0.0004945976       0.0002274265
   161       0.0004952039       0.0002274265
   162       0.0004967412       0.0002274265
   163       0.0004974226       0.0002274265
   164       0.0005045441       0.0002274265
   165       0.0005091928       0.0002274265
   166       0.0005094213       0.0002274265
   167       0.0005094704       0.0002274265
   168       0.0005137469       0.0002274265
   169       0.0005139807       0.0002274265
   170       0.0005142549       0.0002274265
   171       0.0005290098       0.0002274265
   172       0.0005301550       0.0002274265
   173       0.0005419377       0.0002274265
   174       0.0005464621       0.0002274265
   175       0.0005597817       0.0002274265
   176       0.0005631405       0.0002274265
   177       0.0005793838       0.0002274265
   178       0.0005851237       0.0002274265
   179       0.0005913189       0.0002274265
   180       0.0005919603       0.0002274265
   181       0.0005960707       0.0002274265
   182       0.0005989088       0.0002274265
   183       0.0006161566       0.0002274265
   184       0.0006166781       0.0002274265
   185       0.0006174363       0.0002274265
   186       0.0006207383       0.0002274265
   187       0.0006218989       0.0002274265
   188       0.0006239621       0.0002274265
   189       0.0006358379       0.0002274265
   190       0.0006446901       0.0002274265
   191       0.0006507459       0.0002274265
   192       0.0006604473       0.0002274265
   193       0.0006701681       0.0002274265
   194       0.0007940704       0.0002274265
   1   38 OUT OF   194 OBS.  PVALUE =     0.804124
WARNING: RESIDUALS SET TO ZERO FOR SAMPLE PERIOD IN EFFECT.
TESTEND1 2 2008.1 NAMEMISS=PSI13;                                             

Equation number =    2
**********************

Dependent variable = LCNZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

Mean of dependent variable        0.561478697

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.020408404       0.007089553  -2.87866     0.583682
  306 C       (  0)      -0.378436838       0.063455516  -5.96381     1.000000
  133 AG1     (  0)       0.150582060       0.048113802   3.12971     0.320965
  134 AG2     (  0)       0.150059594       0.057492923   2.61005    -0.086665
  135 AG3     (  0)      -0.352160055       0.115204074  -3.05684    -0.067461
  382 LCNZ    ( -1)       0.715882954       0.040531437  17.66241     0.558622
  383 LCNZ1   ( -1)       0.222298991       0.059326055   3.74707     0.002834
  381 LAAZ    ( -1)       0.047589050       0.010806840   4.40360     4.766640
  359 LYDZ    (  0)       0.143132380       0.027346905   5.23395     1.881586
  128 RMA     (  0)      -0.000620716       0.000475870  -1.30438     6.363393

SE of equation            =     0.006566255
Sum of squared residuals  = 0.987349666E-02  -0.235499814E-09
Average absolute error    =     0.004844807
Sum of ABS residuals      =  1.15790875    
R squared                 =   0.99887
Durbin-Watson statistic   =   1.93337
SMPL and No. Obs.         = 1954.1   2013.3    239
DDA:        0.0007218052
     1       0.0003139949       0.0007218052
     2       0.0003963154       0.0007218052
     3       0.0003977518       0.0007218052
     4       0.0004071060       0.0007218052
     5       0.0004133437       0.0007218052
     6       0.0004351142       0.0007218052
     7       0.0004564524       0.0007218052
     8       0.0005112206       0.0007218052
     9       0.0005231441       0.0007218052
    10       0.0005376135       0.0007218052
    11       0.0005443784       0.0007218052
    12       0.0005583911       0.0007218052
    13       0.0005629175       0.0007218052
    14       0.0005680095       0.0007218052
    15       0.0005718505       0.0007218052
    16       0.0005792979       0.0007218052
    17       0.0005904116       0.0007218052
    18       0.0006007416       0.0007218052
    19       0.0006080456       0.0007218052
    20       0.0006217751       0.0007218052
    21       0.0006315180       0.0007218052
    22       0.0006377618       0.0007218052
    23       0.0006616773       0.0007218052
    24       0.0006637124       0.0007218052
    25       0.0006667667       0.0007218052
    26       0.0006708031       0.0007218052
    27       0.0006773515       0.0007218052
    28       0.0006810886       0.0007218052
    29       0.0006817681       0.0007218052
    30       0.0006855464       0.0007218052
    31       0.0006889384       0.0007218052
    32       0.0006938869       0.0007218052
    33       0.0006993009       0.0007218052
    34       0.0007023119       0.0007218052
    35       0.0007086708       0.0007218052
    36       0.0007259186       0.0007218052
    37       0.0007317250       0.0007218052
    38       0.0007330114       0.0007218052
    39       0.0007343689       0.0007218052
    40       0.0007446456       0.0007218052
    41       0.0007517256       0.0007218052
    42       0.0007559503       0.0007218052
    43       0.0007589789       0.0007218052
    44       0.0007657800       0.0007218052
    45       0.0007713796       0.0007218052
    46       0.0007740830       0.0007218052
    47       0.0007767020       0.0007218052
    48       0.0007782527       0.0007218052
    49       0.0007804265       0.0007218052
    50       0.0007834365       0.0007218052
    51       0.0007902098       0.0007218052
    52       0.0007941119       0.0007218052
    53       0.0007969213       0.0007218052
    54       0.0008050991       0.0007218052
    55       0.0008053076       0.0007218052
    56       0.0008070802       0.0007218052
    57       0.0008163369       0.0007218052
    58       0.0008173559       0.0007218052
    59       0.0008231960       0.0007218052
    60       0.0008266919       0.0007218052
    61       0.0008286760       0.0007218052
    62       0.0008290306       0.0007218052
    63       0.0008417266       0.0007218052
    64       0.0008456513       0.0007218052
    65       0.0008507544       0.0007218052
    66       0.0008532419       0.0007218052
    67       0.0008539450       0.0007218052
    68       0.0008566277       0.0007218052
    69       0.0008589845       0.0007218052
    70       0.0008601675       0.0007218052
    71       0.0008651992       0.0007218052
    72       0.0008674592       0.0007218052
    73       0.0008684735       0.0007218052
    74       0.0008698549       0.0007218052
    75       0.0008751284       0.0007218052
    76       0.0008770841       0.0007218052
    77       0.0008789831       0.0007218052
    78       0.0008815034       0.0007218052
    79       0.0008825645       0.0007218052
    80       0.0008850234       0.0007218052
    81       0.0008861041       0.0007218052
    82       0.0008861800       0.0007218052
    83       0.0008863892       0.0007218052
    84       0.0008875548       0.0007218052
    85       0.0008904953       0.0007218052
    86       0.0008915151       0.0007218052
    87       0.0009015434       0.0007218052
    88       0.0009034547       0.0007218052
    89       0.0009060845       0.0007218052
    90       0.0009087742       0.0007218052
    91       0.0009092423       0.0007218052
    92       0.0009100003       0.0007218052
    93       0.0009118285       0.0007218052
    94       0.0009145701       0.0007218052
    95       0.0009161984       0.0007218052
    96       0.0009170126       0.0007218052
    97       0.0009177117       0.0007218052
    98       0.0009211825       0.0007218052
    99       0.0009289978       0.0007218052
   100       0.0009300796       0.0007218052
   101       0.0009336466       0.0007218052
   102       0.0009349434       0.0007218052
   103       0.0009352261       0.0007218052
   104       0.0009400803       0.0007218052
   105       0.0009512375       0.0007218052
   106       0.0009594021       0.0007218052
   107       0.0009626094       0.0007218052
   108       0.0009629504       0.0007218052
   109       0.0009644079       0.0007218052
   110       0.0009673047       0.0007218052
   111       0.0009683418       0.0007218052
   112       0.0009703156       0.0007218052
   113       0.0009708906       0.0007218052
   114       0.0009722592       0.0007218052
   115       0.0009741150       0.0007218052
   116       0.0009809764       0.0007218052
   117       0.0009882192       0.0007218052
   118       0.0009905131       0.0007218052
   119       0.0009906245       0.0007218052
   120       0.0009923821       0.0007218052
   121       0.0009968556       0.0007218052
   122       0.0010003840       0.0007218052
   123       0.0010079036       0.0007218052
   124       0.0010096394       0.0007218052
   125       0.0010211729       0.0007218052
   126       0.0010316361       0.0007218052
   127       0.0010346631       0.0007218052
   128       0.0010379384       0.0007218052
   129       0.0010467125       0.0007218052
   130       0.0010504581       0.0007218052
   131       0.0010564342       0.0007218052
   132       0.0010585690       0.0007218052
   133       0.0010908579       0.0007218052
   134       0.0010974765       0.0007218052
   135       0.0010979212       0.0007218052
   136       0.0011160361       0.0007218052
   137       0.0011564509       0.0007218052
   138       0.0012183794       0.0007218052
   139       0.0012330658       0.0007218052
   140       0.0012616027       0.0007218052
   141       0.0012910554       0.0007218052
   142       0.0013085002       0.0007218052
   143       0.0013193152       0.0007218052
   144       0.0013199353       0.0007218052
   145       0.0013351424       0.0007218052
   146       0.0013516496       0.0007218052
   147       0.0013673562       0.0007218052
   148       0.0013727833       0.0007218052
   149       0.0013852493       0.0007218052
   150       0.0014062299       0.0007218052
   151       0.0014111038       0.0007218052
   152       0.0014147198       0.0007218052
   153       0.0014196131       0.0007218052
   154       0.0014247739       0.0007218052
   155       0.0014369668       0.0007218052
   156       0.0014448868       0.0007218052
   157       0.0014916137       0.0007218052
   158       0.0014948018       0.0007218052
   159       0.0014968913       0.0007218052
   160       0.0015124855       0.0007218052
   161       0.0015284471       0.0007218052
   162       0.0015349000       0.0007218052
   163       0.0015539076       0.0007218052
   164       0.0015733105       0.0007218052
   165       0.0016272295       0.0007218052
   166       0.0016403591       0.0007218052
   167       0.0016526251       0.0007218052
   168       0.0016723897       0.0007218052
   169       0.0016819051       0.0007218052
   170       0.0016977212       0.0007218052
   171       0.0017041499       0.0007218052
   172       0.0017132212       0.0007218052
   173       0.0018301799       0.0007218052
   174       0.0018381561       0.0007218052
   175       0.0020291782       0.0007218052
   176       0.0020293853       0.0007218052
   177       0.0020300366       0.0007218052
   178       0.0020310343       0.0007218052
   179       0.0021255838       0.0007218052
   180       0.0021946410       0.0007218052
   181       0.0022004784       0.0007218052
   182       0.0022067207       0.0007218052
   183       0.0022213968       0.0007218052
   184       0.0023157419       0.0007218052
   185       0.0024082165       0.0007218052
   186       0.0024254543       0.0007218052
   187       0.0024390742       0.0007218052
   188       0.0024789809       0.0007218052
   189       0.0026032459       0.0007218052
   190       0.0026337908       0.0007218052
   191       0.0026813894       0.0007218052
   192       0.0027438910       0.0007218052
   193       0.0028023498       0.0007218052
   194       0.0028804428       0.0007218052
   2   35 OUT OF   194 OBS.  PVALUE =     0.819588
WARNING: RESIDUALS SET TO ZERO FOR SAMPLE PERIOD IN EFFECT.
TESTEND1 3 2008.1 NAMEMISS=PSI13;                                             

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

Mean of dependent variable        0.005078653

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.051300510       0.014568133   3.52142     0.583682
  306 C       (  0)      -0.180901792       0.067660980  -2.67365     1.000000
  133 AG1     (  0)       0.116772487       0.110231753   1.05934     0.320965
  134 AG2     (  0)       2.099705924       0.376325537   5.57949    -0.086665
  135 AG3     (  0)      -1.812433274       0.386851546  -4.68509    -0.067461
  426 DKDZCDL1(  0)       0.189271083       0.043018392   4.39977    -0.095734
  356 KDZ     ( -1)      -0.022314827       0.003617196  -6.16910     8.585965
  351 YDZ     (  0)       0.049851390       0.008913403   5.59286     6.883520
  406 RMACDZ  (  0)      -0.008542839       0.002279745  -3.74728     3.299496
  352 AAZ     ( -1)       0.000562162       0.000157488   3.56955   129.870051

SE of equation            =     0.014457827
Sum of squared residuals  = 0.478675888E-01   0.185762516E-11
Average absolute error    =     0.009893814
Sum of ABS residuals      =  2.36462161    
R squared                 =   0.21695
Durbin-Watson statistic   =   2.01784
SMPL and No. Obs.         = 1954.1   2013.3    239
DDA:        0.0142112515
     1       0.0004954119       0.0142112515
     2       0.0005305048       0.0142112515
     3       0.0005330532       0.0142112515
     4       0.0005779689       0.0142112515
     5       0.0005855431       0.0142112515
     6       0.0008244776       0.0142112515
     7       0.0008514289       0.0142112515
     8       0.0008896657       0.0142112515
     9       0.0008974118       0.0142112515
    10       0.0009175788       0.0142112515
    11       0.0009328836       0.0142112515
    12       0.0009838386       0.0142112515
    13       0.0010610088       0.0142112515
    14       0.0011047189       0.0142112515
    15       0.0011054973       0.0142112515
    16       0.0011099768       0.0142112515
    17       0.0011109918       0.0142112515
    18       0.0011112544       0.0142112515
    19       0.0011336853       0.0142112515
    20       0.0011562163       0.0142112515
    21       0.0011714274       0.0142112515
    22       0.0012316501       0.0142112515
    23       0.0012395077       0.0142112515
    24       0.0012786809       0.0142112515
    25       0.0013379724       0.0142112515
    26       0.0013403107       0.0142112515
    27       0.0013656719       0.0142112515
    28       0.0013806382       0.0142112515
    29       0.0013843553       0.0142112515
    30       0.0013919244       0.0142112515
    31       0.0013984910       0.0142112515
    32       0.0014131915       0.0142112515
    33       0.0014159501       0.0142112515
    34       0.0014285754       0.0142112515
    35       0.0014616040       0.0142112515
    36       0.0014635411       0.0142112515
    37       0.0014644818       0.0142112515
    38       0.0014681193       0.0142112515
    39       0.0014761795       0.0142112515
    40       0.0014981270       0.0142112515
    41       0.0015029620       0.0142112515
    42       0.0015074402       0.0142112515
    43       0.0015362538       0.0142112515
    44       0.0015625946       0.0142112515
    45       0.0015698512       0.0142112515
    46       0.0015736550       0.0142112515
    47       0.0016054288       0.0142112515
    48       0.0016071435       0.0142112515
    49       0.0016215136       0.0142112515
    50       0.0016518638       0.0142112515
    51       0.0017131985       0.0142112515
    52       0.0017656889       0.0142112515
    53       0.0018811950       0.0142112515
    54       0.0019076848       0.0142112515
    55       0.0019829177       0.0142112515
    56       0.0020162183       0.0142112515
    57       0.0020315712       0.0142112515
    58       0.0020783616       0.0142112515
    59       0.0022383733       0.0142112515
    60       0.0022439644       0.0142112515
    61       0.0022502353       0.0142112515
    62       0.0023069489       0.0142112515
    63       0.0023161866       0.0142112515
    64       0.0023314325       0.0142112515
    65       0.0023858916       0.0142112515
    66       0.0025404590       0.0142112515
    67       0.0025502394       0.0142112515
    68       0.0025598573       0.0142112515
    69       0.0027535973       0.0142112515
    70       0.0027604096       0.0142112515
    71       0.0027713739       0.0142112515
    72       0.0027716484       0.0142112515
    73       0.0028219950       0.0142112515
    74       0.0028306788       0.0142112515
    75       0.0028604185       0.0142112515
    76       0.0028605264       0.0142112515
    77       0.0028677565       0.0142112515
    78       0.0028825619       0.0142112515
    79       0.0028947564       0.0142112515
    80       0.0029363134       0.0142112515
    81       0.0029444118       0.0142112515
    82       0.0029688827       0.0142112515
    83       0.0029693009       0.0142112515
    84       0.0030134118       0.0142112515
    85       0.0030225007       0.0142112515
    86       0.0030505021       0.0142112515
    87       0.0030734179       0.0142112515
    88       0.0030800579       0.0142112515
    89       0.0030902519       0.0142112515
    90       0.0031402602       0.0142112515
    91       0.0031792238       0.0142112515
    92       0.0031991308       0.0142112515
    93       0.0031999019       0.0142112515
    94       0.0032475403       0.0142112515
    95       0.0032552269       0.0142112515
    96       0.0032631216       0.0142112515
    97       0.0032716639       0.0142112515
    98       0.0032739670       0.0142112515
    99       0.0032743397       0.0142112515
   100       0.0032764809       0.0142112515
   101       0.0032849786       0.0142112515
   102       0.0032867191       0.0142112515
   103       0.0032872034       0.0142112515
   104       0.0032947596       0.0142112515
   105       0.0032983599       0.0142112515
   106       0.0033252807       0.0142112515
   107       0.0033512118       0.0142112515
   108       0.0033589938       0.0142112515
   109       0.0033663085       0.0142112515
   110       0.0033987955       0.0142112515
   111       0.0034333266       0.0142112515
   112       0.0034516404       0.0142112515
   113       0.0034577846       0.0142112515
   114       0.0034596607       0.0142112515
   115       0.0035077372       0.0142112515
   116       0.0035241862       0.0142112515
   117       0.0035429583       0.0142112515
   118       0.0035512855       0.0142112515
   119       0.0035661598       0.0142112515
   120       0.0035740191       0.0142112515
   121       0.0035818248       0.0142112515
   122       0.0036327277       0.0142112515
   123       0.0036363162       0.0142112515
   124       0.0036490973       0.0142112515
   125       0.0036613041       0.0142112515
   126       0.0036668945       0.0142112515
   127       0.0036700508       0.0142112515
   128       0.0036819281       0.0142112515
   129       0.0037069169       0.0142112515
   130       0.0037090159       0.0142112515
   131       0.0040446859       0.0142112515
   132       0.0040823019       0.0142112515
   133       0.0041329569       0.0142112515
   134       0.0042298233       0.0142112515
   135       0.0042940232       0.0142112515
   136       0.0043662378       0.0142112515
   137       0.0043855193       0.0142112515
   138       0.0043915617       0.0142112515
   139       0.0044109793       0.0142112515
   140       0.0044479198       0.0142112515
   141       0.0045046783       0.0142112515
   142       0.0045564006       0.0142112515
   143       0.0046014346       0.0142112515
   144       0.0047254179       0.0142112515
   145       0.0047337611       0.0142112515
   146       0.0049274902       0.0142112515
   147       0.0051186047       0.0142112515
   148       0.0051406038       0.0142112515
   149       0.0051656093       0.0142112515
   150       0.0051690005       0.0142112515
   151       0.0051933492       0.0142112515
   152       0.0052644383       0.0142112515
   153       0.0053297394       0.0142112515
   154       0.0054860788       0.0142112515
   155       0.0055655485       0.0142112515
   156       0.0055720479       0.0142112515
   157       0.0056565220       0.0142112515
   158       0.0057053510       0.0142112515
   159       0.0057229993       0.0142112515
   160       0.0057320492       0.0142112515
   161       0.0057740522       0.0142112515
   162       0.0058206205       0.0142112515
   163       0.0058568018       0.0142112515
   164       0.0058611393       0.0142112515
   165       0.0059119226       0.0142112515
   166       0.0059272447       0.0142112515
   167       0.0059772846       0.0142112515
   168       0.0061260927       0.0142112515
   169       0.0064050132       0.0142112515
   170       0.0064586397       0.0142112515
   171       0.0069961433       0.0142112515
   172       0.0088874120       0.0142112515
   173       0.0090711552       0.0142112515
   174       0.0091477582       0.0142112515
   175       0.0094561878       0.0142112515
   176       0.0095791058       0.0142112515
   177       0.0097176411       0.0142112515
   178       0.0099024966       0.0142112515
   179       0.0099445830       0.0142112515
   180       0.0100367930       0.0142112515
   181       0.0100866060       0.0142112515
   182       0.0100932293       0.0142112515
   183       0.0101774996       0.0142112515
   184       0.0103496206       0.0142112515
   185       0.0104044973       0.0142112515
   186       0.0104154343       0.0142112515
   187       0.0105390456       0.0142112515
   188       0.0107001009       0.0142112515
   189       0.0110615228       0.0142112515
   190       0.0117440255       0.0142112515
   191       0.0125538021       0.0142112515
   192       0.0133582711       0.0142112515
   193       0.0141144396       0.0142112515
   194       0.0148196316       0.0142112515
   3  193 OUT OF   194 OBS.  PVALUE =     0.005155
WARNING: RESIDUALS SET TO ZERO FOR SAMPLE PERIOD IN EFFECT.
TESTEND1 4 2008.1 NAMEMISS=PSI13;                                             

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

Iter   Rhos:  1            2
   1     0.392273245  0.129725404
   2     0.434273176  0.189732855
   3     0.470636114  0.234134884
   4     0.509839486  0.277567848
   5     0.552018401  0.313984938
   6     0.589955379  0.324947211
   7     0.613245164  0.321082206
   8     0.623418986  0.319296725
   9     0.627934525  0.319313313
  10     0.630254531  0.319835495
  11     0.631644690  0.320406238
  12     0.632581726  0.320911705
  13     0.633265472  0.321338384
  14     0.633791385  0.321696469
  15     0.634210944  0.321999048
  16     0.634554736  0.322257340
  17     0.634842300  0.322480142
  18     0.635086811  0.322674209
  19     0.635297526  0.322844739
  20     0.635481167  0.322995765
  21     0.635642746  0.323130454
  22     0.635786083  0.323251323
  23     0.635914150  0.323360397
  24     0.636029290  0.323459318
  25     0.636133385  0.323549438
  26     0.636227960  0.323631876
  27     0.636314267  0.323707567
  28     0.636393344  0.323777297
  29     0.636466059  0.323841737
  30     0.636533145  0.323901456
  31     0.636595224  0.323956946
  32     0.636652828  0.324008631
  33     0.636706417  0.324056879
  34     0.636756386  0.324102013
  35     0.636803082  0.324144315
  36     0.636846807  0.324184035
  37     0.636887827  0.324221393
  38     0.636926377  0.324256585
  39     0.636962664  0.324289786
  40     0.636996874  0.324321151
  41     0.637029172  0.324350821
  42     0.637059705  0.324378922
  43     0.637088607  0.324405567
  44     0.637115997  0.324430860
  45     0.637141985  0.324454895
  46     0.637166668  0.324477756
  47     0.637190134  0.324499521
  48     0.637212466  0.324520261
  49     0.637233738  0.324540040
  50     0.637254017  0.324558919
  51     0.637273365  0.324576951
  52     0.637291840  0.324594188
  53     0.637309494  0.324610675
  54     0.637326375  0.324626456
  55     0.637342528  0.324641570
  56     0.637357994  0.324656055
  57     0.637372812  0.324669944
  58     0.637387016  0.324683269
  59     0.637400641  0.324696060
  60     0.637413717  0.324708344
  61     0.637426272  0.324720148
  62     0.637438333  0.324731494
  63     0.637449925  0.324742407
  64     0.637461070  0.324752906
  65     0.637471792  0.324763012
  66     0.637482111  0.324772743
  67     0.637492044  0.324782117

Number of iterations for RHO =   67


Mean of dependent variable        0.000416100

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.160758739       0.082016824   1.96007     0.583682
  306 C       (  0)       0.909178805       0.281979320   3.22427     1.000000
  428 DKHZIHL1(  0)       0.372637538       0.050372313   7.39767    -0.245763
  355 KHZ     ( -1)      -0.031618811       0.007006183  -4.51299    39.409752
  351 YDZ     (  0)       0.042191187       0.015823949   2.66629     6.883520
  407 RMALIHHZ(  0)      -0.027620087       0.004554045  -6.06496     3.401850
  447 AA2Z    ( -1)       0.003594814       0.000965152   3.72461    47.039551
    0 RHO     ( -1)       0.637492044       0.072111329   8.84039     0.000000
    0 RHO     ( -2)       0.324782117       0.070408758   4.61281     0.000000

SE of equation            =     0.015242091
Sum of squared residuals  = 0.534339079E-01   0.146846828E-03
Average absolute error    =     0.011009990
Sum of ABS residuals      =  2.63138761    
R squared                 =   0.45859
Durbin-Watson statistic   =   2.00145
SMPL and No. Obs.         = 1954.1   2013.3    239
DDA:        0.0048553702
     1       0.0020979456       0.0048553702
     2       0.0021279407       0.0048553702
     3       0.0022567333       0.0048553702
     4       0.0022753453       0.0048553702
     5       0.0022869505       0.0048553702
     6       0.0023349144       0.0048553702
     7       0.0023561223       0.0048553702
     8       0.0025246670       0.0048553702
     9       0.0025413933       0.0048553702
    10       0.0025432322       0.0048553702
    11       0.0026488249       0.0048553702
    12       0.0028393894       0.0048553702
    13       0.0028539111       0.0048553702
    14       0.0028982433       0.0048553702
    15       0.0029026365       0.0048553702
    16       0.0029157897       0.0048553702
    17       0.0030534421       0.0048553702
    18       0.0031453051       0.0048553702
    19       0.0032543842       0.0048553702
    20       0.0032746946       0.0048553702
    21       0.0032795195       0.0048553702
    22       0.0032830309       0.0048553702
    23       0.0033122610       0.0048553702
    24       0.0033124656       0.0048553702
    25       0.0033137570       0.0048553702
    26       0.0033723317       0.0048553702
    27       0.0033830408       0.0048553702
    28       0.0033915447       0.0048553702
    29       0.0034317208       0.0048553702
    30       0.0035573421       0.0048553702
    31       0.0035716098       0.0048553702
    32       0.0035718090       0.0048553702
    33       0.0035801959       0.0048553702
    34       0.0036264837       0.0048553702
    35       0.0036438458       0.0048553702
    36       0.0036447997       0.0048553702
    37       0.0036572761       0.0048553702
    38       0.0036796250       0.0048553702
    39       0.0036951282       0.0048553702
    40       0.0037038191       0.0048553702
    41       0.0037413318       0.0048553702
    42       0.0037439023       0.0048553702
    43       0.0037986155       0.0048553702
    44       0.0038111106       0.0048553702
    45       0.0038124529       0.0048553702
    46       0.0038131371       0.0048553702
    47       0.0038394262       0.0048553702
    48       0.0038604455       0.0048553702
    49       0.0038754717       0.0048553702
    50       0.0039191615       0.0048553702
    51       0.0039275568       0.0048553702
    52       0.0039393924       0.0048553702
    53       0.0039435306       0.0048553702
    54       0.0039498434       0.0048553702
    55       0.0039530514       0.0048553702
    56       0.0039585968       0.0048553702
    57       0.0039695047       0.0048553702
    58       0.0039829878       0.0048553702
    59       0.0039996936       0.0048553702
    60       0.0040095873       0.0048553702
    61       0.0040306592       0.0048553702
    62       0.0040410412       0.0048553702
    63       0.0040537513       0.0048553702
    64       0.0040800488       0.0048553702
    65       0.0040909215       0.0048553702
    66       0.0041024241       0.0048553702
    67       0.0041061358       0.0048553702
    68       0.0041253915       0.0048553702
    69       0.0041675091       0.0048553702
    70       0.0041706808       0.0048553702
    71       0.0041776258       0.0048553702
    72       0.0041788744       0.0048553702
    73       0.0041949606       0.0048553702
    74       0.0042067612       0.0048553702
    75       0.0042517807       0.0048553702
    76       0.0042762589       0.0048553702
    77       0.0042968636       0.0048553702
    78       0.0043119077       0.0048553702
    79       0.0043189102       0.0048553702
    80       0.0043509604       0.0048553702
    81       0.0044196629       0.0048553702
    82       0.0044315818       0.0048553702
    83       0.0044508686       0.0048553702
    84       0.0044651582       0.0048553702
    85       0.0044820946       0.0048553702
    86       0.0044952310       0.0048553702
    87       0.0044964415       0.0048553702
    88       0.0045417011       0.0048553702
    89       0.0045671967       0.0048553702
    90       0.0045779924       0.0048553702
    91       0.0046090938       0.0048553702
    92       0.0046289211       0.0048553702
    93       0.0046342757       0.0048553702
    94       0.0046558868       0.0048553702
    95       0.0046610376       0.0048553702
    96       0.0046659661       0.0048553702
    97       0.0046697185       0.0048553702
    98       0.0046846340       0.0048553702
    99       0.0046852983       0.0048553702
   100       0.0046879090       0.0048553702
   101       0.0047084346       0.0048553702
   102       0.0047164804       0.0048553702
   103       0.0047173256       0.0048553702
   104       0.0047314502       0.0048553702
   105       0.0047327913       0.0048553702
   106       0.0047472599       0.0048553702
   107       0.0047598746       0.0048553702
   108       0.0047634900       0.0048553702
   109       0.0047752792       0.0048553702
   110       0.0047909137       0.0048553702
   111       0.0048040207       0.0048553702
   112       0.0048374911       0.0048553702
   113       0.0048489191       0.0048553702
   114       0.0048694628       0.0048553702
   115       0.0048775688       0.0048553702
   116       0.0048888930       0.0048553702
   117       0.0049555426       0.0048553702
   118       0.0049756347       0.0048553702
   119       0.0049878309       0.0048553702
   120       0.0049885246       0.0048553702
   121       0.0050022288       0.0048553702
   122       0.0050128535       0.0048553702
   123       0.0050269797       0.0048553702
   124       0.0050333632       0.0048553702
   125       0.0050394080       0.0048553702
   126       0.0050472398       0.0048553702
   127       0.0050499237       0.0048553702
   128       0.0050544534       0.0048553702
   129       0.0050639093       0.0048553702
   130       0.0050733133       0.0048553702
   131       0.0050743499       0.0048553702
   132       0.0050955274       0.0048553702
   133       0.0051231373       0.0048553702
   134       0.0051306125       0.0048553702
   135       0.0051329538       0.0048553702
   136       0.0051345179       0.0048553702
   137       0.0051541265       0.0048553702
   138       0.0051952111       0.0048553702
   139       0.0052398436       0.0048553702
   140       0.0052601716       0.0048553702
   141       0.0052678321       0.0048553702
   142       0.0052712661       0.0048553702
   143       0.0052880269       0.0048553702
   144       0.0052954003       0.0048553702
   145       0.0052983544       0.0048553702
   146       0.0053573546       0.0048553702
   147       0.0053786059       0.0048553702
   148       0.0053850583       0.0048553702
   149       0.0053911467       0.0048553702
   150       0.0054042312       0.0048553702
   151       0.0055170420       0.0048553702
   152       0.0055999948       0.0048553702
   153       0.0059597054       0.0048553702
   154       0.0064612405       0.0048553702
   155       0.0066128437       0.0048553702
   156       0.0067603707       0.0048553702
   157       0.0069240115       0.0048553702
   158       0.0069584637       0.0048553702
   159       0.0070114101       0.0048553702
   160       0.0070405873       0.0048553702
   161       0.0072844637       0.0048553702
   162       0.0074320054       0.0048553702
   163       0.0074480811       0.0048553702
   164       0.0075673827       0.0048553702
   165       0.0075687468       0.0048553702
   166       0.0075896993       0.0048553702
   167       0.0077212337       0.0048553702
   168       0.0077770633       0.0048553702
   169       0.0080560102       0.0048553702
   170       0.0084420080       0.0048553702
   171       0.0085434476       0.0048553702
   172       0.0086456510       0.0048553702
   173       0.0087261149       0.0048553702
   174       0.0087658554       0.0048553702
   175       0.0087764389       0.0048553702
   176       0.0087838332       0.0048553702
   177       0.0088192841       0.0048553702
   178       0.0089027028       0.0048553702
   179       0.0089376664       0.0048553702
   180       0.0091439919       0.0048553702
   181       0.0092059080       0.0048553702
   182       0.0093728879       0.0048553702
   183       0.0093834405       0.0048553702
   184       0.0095217522       0.0048553702
   185       0.0103155952       0.0048553702
   186       0.0107186242       0.0048553702
   187       0.0111796795       0.0048553702
   188       0.0111966996       0.0048553702
   189       0.0113112659       0.0048553702
   190       0.0115330023       0.0048553702
   191       0.0116395688       0.0048553702
   192       0.0117126209       0.0048553702
   193       0.0119648891       0.0048553702
   194       0.0119712214       0.0048553702
   4  113 OUT OF   194 OBS.  PVALUE =     0.417526
WARNING: RESIDUALS SET TO ZERO FOR SAMPLE PERIOD IN EFFECT.
SMPL 1954.1 2007.4;                                                           
Sample period is now  1954.1 to  2007.4 Internally:     9 to   224
2SLS; EST 1-4; END;                                                           

Equation number =    1
**********************

Dependent variable = LCSZ    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)

Mean of dependent variable        1.421239113

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.022162785       0.003728487   5.94418     0.539352
  306 C       (  0)      -0.124608885       0.041188762  -3.02531     1.000000
  133 AG1     (  0)      -0.077271532       0.051201348  -1.50917     0.318301
  134 AG2     (  0)      -0.269327421       0.054954582  -4.90091    -0.092214
  135 AG3     (  0)       0.286627746       0.090239995   3.17628    -0.072303
  380 LCSZ    ( -1)       0.809584121       0.025510619  31.73518     1.415506
  359 LYDZ    (  0)       0.128500064       0.026677930   4.81672     1.834765
  127 RSA     (  0)      -0.001099744       0.000229040  -4.80154     4.204765
  381 LAAZ    ( -1)       0.037694846       0.008152430   4.62376     4.702605

SE of equation            =     0.003778866
Sum of squared residuals  = 0.295592369E-02   0.216425200E-08
Average absolute error    =     0.002858527
Sum of ABS residuals      = 0.617441727    
R squared                 =   0.99989
Durbin-Watson statistic   =   1.57611
Overid test: p-value      = 0.00000         (df =  15)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.785407430E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)

Mean of dependent variable        0.531237744

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.015373465       0.008395556  -1.83114     0.539352
  306 C       (  0)      -0.255660062       0.086777208  -2.94617     1.000000
  133 AG1     (  0)       0.031213200       0.090290800   0.34570     0.318301
  134 AG2     (  0)       0.226353762       0.103756482   2.18159    -0.092214
  135 AG3     (  0)      -0.201941491       0.151072003  -1.33672    -0.072303
  382 LCNZ    ( -1)       0.753684571       0.044839187  16.80861     0.528033
  383 LCNZ1   ( -1)       0.193153864       0.063108864   3.06065     0.003217
  381 LAAZ    ( -1)       0.036578044       0.014459950   2.52961     4.702605
  359 LYDZ    (  0)       0.123864466       0.035608651   3.47849     1.834765
  128 RMA     (  0)      -0.000953186       0.000524383  -1.81773     6.650968

SE of equation            =     0.006635247
Sum of squared residuals  = 0.906945988E-02   0.267359729E-08
Average absolute error    =     0.004946576
Sum of ABS residuals      =  1.06846040    
R squared                 =   0.99864
Durbin-Watson statistic   =   1.96212
Overid test: p-value      = 0.00014         (df =  14)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.174826953E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)

Mean of dependent variable        0.005033494

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.038910942       0.014330087   2.71533     0.539352
  306 C       (  0)      -0.168843630       0.080618279  -2.09436     1.000000
  133 AG1     (  0)       0.018488718       0.148921302   0.12415     0.318301
  134 AG2     (  0)       2.915043367       0.542955412   5.36884    -0.092214
  135 AG3     (  0)      -2.173634643       0.412193659  -5.27333    -0.072303
  426 DKDZCDL1(  0)       0.270925062       0.049715264   5.44953    -0.093153
  356 KDZ     ( -1)      -0.024499847       0.004159810  -5.88965     7.425111
  351 YDZ     (  0)       0.070431620       0.012227414   5.76014     6.531435
  406 RMACDZ  (  0)      -0.006794498       0.002399982  -2.83106     3.161759
  352 AAZ     ( -1)       0.000225692       0.000170155   1.32639   120.816030

SE of equation            =     0.012498384
Sum of squared residuals  = 0.321791765E-01   0.369849984E-12
Average absolute error    =     0.009143763
Sum of ABS residuals      =  1.97505272    
R squared                 =   0.22377
Durbin-Watson statistic   =   2.20397
Overid test: p-value      = 0.00047         (df =  10)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.470850083E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)

Iter   Rhos:  1            2
   1     0.436391491  0.107624562
   2     0.508410763  0.191582861
   3     0.558066580  0.242949211
   4     0.585482499  0.267561618
   5     0.595657421  0.277615520
   6     0.598929264  0.282393253
   7     0.600096691  0.284741439
   8     0.600574680  0.285887166
   9     0.600789178  0.286443962
  10     0.600890040  0.286714516
  11     0.600938475  0.286846120
  12     0.600961943  0.286910200
  13     0.600973358  0.286941424
  14     0.600978918  0.286956646
  15     0.600981629  0.286964068

Number of iterations for RHO =   15


Mean of dependent variable        0.001008648

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.049027500       0.056540528   0.86712     0.539352
  306 C       (  0)       0.804301670       0.151362938   5.31373     1.000000
  428 DKHZIHL1(  0)       0.419418603       0.057828962   7.25274    -0.268228
  355 KHZ     ( -1)      -0.050566466       0.009891832  -5.11194    37.872109
  351 YDZ     (  0)       0.171806304       0.039175284   4.38558     6.531435
  407 RMALIHHZ(  0)      -0.024212134       0.005012538  -4.83031     3.554255
  447 AA2Z    ( -1)       0.003760512       0.001304254   2.88327    44.395922
    0 RHO     ( -1)       0.600981629       0.076806008   7.82467     0.000000
    0 RHO     ( -2)       0.286964068       0.073876743   3.88436     0.000000

SE of equation            =     0.016097021
Sum of squared residuals  = 0.536366144E-01   0.131792696E-04
Average absolute error    =     0.012144112
Sum of ABS residuals      =  2.62312819    
R squared                 =   0.39467
Durbin-Watson statistic   =   1.94378
Overid test: p-value      = 0.00312         (df =  21)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.106847527E-01
@                                                                             
@ End estimates for Tables 2-4                                                
@                                                                             
@ Test whether wealth coefficient is greater since 2008.1                     
@                                                                             
SMPL 1952.1 2007.4;                                                           
Sample period is now  1952.1 to  2007.4 Internally:     1 to   224
CREATE LAAZL1Q=0.;                                                            
Name added to list: LAAZL1Q         
CREATE AAZL1Q=0;                                                              
Name added to list: AAZL1Q          
CREATE AA2ZL1Q=0;                                                             
Name added to list: AA2ZL1Q         
SMPL 2008.1 2013.3;                                                           
Sample period is now  2008.1 to  2013.3 Internally:   225 to   247
CREATE LAAZL1Q=LAAZ(-1);                                                      
CREATE AAZL1Q=AAZ(-1);                                                        
CREATE AA2ZL1Q=AA2Z(-1);                                                      
SMPL 1954.1 2013.3;                                                           
Sample period is now  1954.1 to  2013.3 Internally:     9 to   247
MODEQ 1 LAAZL1Q FSR LAAZL1Q;                                                  
EQUATION 1  LCSZ  
   RHS     CNST2  C  AG1  AG2  AG3  LCSZ(-1)  LYDZ  RSA  LAAZ(-1)  
   RHS     LAAZL1Q  
   FSR     CNST2  C  AG1  AG2  AG3  LCSZ(-1)  LAAZ(-1)  T  
   FSR     LYDZ(-1)  RSA(-1)  LODHM(-1)  LIMZ(-1)  LJHGSZ  
   FSR     LPIMZ(-1)  LYNLZ(-1)  PCPD(-1)  LCOGSZ  LTRGSZ  
   FSR     RS(-2)  RB(-1)  LYZ(-1)  LVZ(-1)  UR(-1)  LYDZ  
   FSR     LAAZL1Q  
MODEQ 2 LAAZL1Q FSR LAAZL1Q;                                                  
EQUATION 2  LCNZ  
   RHS     CNST2  C  AG1  AG2  AG3  LCNZ(-1)  LCNZ1(-1)  LAAZ(-1)  
   RHS     LYDZ  RMA  LAAZL1Q  
   FSR     CNST2  C  AG1  AG2  AG3  LCNZ(-1)  LCNZ1(-1)  LAAZ(-1)  
   FSR     LYDZ(-1)  RMA(-1)  LCOGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LIMZ(-1)  LTRGSZ  LJHGSZ  LYNLZ(-1)  LPIMZ(-1)  
   FSR     PCPD(-1)  UR(-1)  LVZ(-1)  RS(-1)  RS(-2)  T  LAAZL1Q  
MODEQ 3 AAZL1Q FSR AAZL1Q;                                                    
EQUATION 3  CDZ1  
   RHS     CNST2  C  AG1  AG2  AG3  DKDZCDL1  KDZ(-1)  YDZ  
   RHS     RMACDZ  AAZ(-1)  AAZL1Q  
   FSR     CNST2  C  AG1  AG2  AG3  KDZ(-1)  AAZ(-1)  YDZ(-1)  
   FSR     RMACDZ(-1)  LCOGSZ  LEXZ(-1)  LODHM(-1)  LYZ(-1)  
   FSR     LVZ(-1)  LIMZ(-1)  LTRGSZ  LYNLZ(-1)  LPIMZ(-1)  
   FSR     DKDZCDL1  T  AAZL1Q  
MODEQ 4 AA2ZL1Q FSR AA2ZL1Q AA2ZL1Q(-1) AA2ZL1Q(-2);                          
EQUATION 4  IHHZ1  RHO=2  
   RHS     CNST2  C  DKHZIHL1  KHZ(-1)  YDZ  RMALIHHZ  AA2Z(-1)  
   RHS     AA2ZL1Q  
   FSR     CNST2  CNST2(-1)  CNST2(-2)  C  KHZ(-1)  RMALIHHZ  
   FSR     YDZ(-1)  KHZ(-2)  KHZ(-3)  RMALIHHZ(-1)  RMALIHHZ(-2)  
   FSR     YDZ(-2)  LCOGSZ  LJHGSZ  LTRGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LYNLZ(-1)  PCPD(-1)  LIMZ(-1)  DKHZIHL1  DKHZIHL1(-1)  
   FSR     DKHZIHL1(-2)  IHHZ1(-1)  IHHZ1(-2)  AA2Z(-1)  AA2Z(-2)  
   FSR     AA2Z(-3)  AA2ZL1Q  AA2ZL1Q(-1)  AA2ZL1Q(-2)  
2SLS; EST 1-4; END;                                                           

Equation number =    1
**********************

Dependent variable = LCSZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  451 LAAZL1Q  (  0)

Mean of dependent variable        1.472625842

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.021449980       0.003500545   6.12761     0.583682
  306 C       (  0)      -0.108954899       0.031053883  -3.50858     1.000000
  133 AG1     (  0)      -0.079391261       0.033778508  -2.35035     0.320965
  134 AG2     (  0)      -0.249264188       0.047006924  -5.30271    -0.086665
  135 AG3     (  0)       0.274862868       0.065705165   4.18328    -0.067461
  380 LCSZ    ( -1)       0.819614717       0.023259017  35.23858     1.467453
  359 LYDZ    (  0)       0.123896396       0.023689192   5.23008     1.881586
  127 RSA     (  0)      -0.001155933       0.000226669  -5.09966     3.824044
  381 LAAZ    ( -1)       0.033631337       0.006705681   5.01535     4.766640
  451 LAAZL1Q (  0)      -0.000528468       0.000443821  -1.19072     0.516586

SE of equation            =     0.003730216
Sum of squared residuals  = 0.318642382E-02  -0.212100404E-08
Average absolute error    =     0.002848795
Sum of ABS residuals      = 0.680861925    
R squared                 =   0.99990
Durbin-Watson statistic   =   1.51840
Overid test: p-value      = 0.00002         (df =  15)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.643750721E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)
  451 LAAZL1Q  (  0)

Mean of dependent variable        0.561478697

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.018853376       0.007966948  -2.36645     0.583682
  306 C       (  0)      -0.264114320       0.073310342  -3.60269     1.000000
  133 AG1     (  0)       0.028869943       0.062896835   0.45900     0.320965
  134 AG2     (  0)       0.262752712       0.081987377   3.20479    -0.086665
  135 AG3     (  0)      -0.210634231       0.123462148  -1.70606    -0.067461
  382 LCNZ    ( -1)       0.734406535       0.043153921  17.01830     0.558622
  383 LCNZ1   ( -1)       0.196717541       0.059225251   3.32151     0.002834
  381 LAAZ    ( -1)       0.033594766       0.012206738   2.75215     4.766640
  359 LYDZ    (  0)       0.144357665       0.032462796   4.44686     1.881586
  128 RMA     (  0)      -0.000892542       0.000509703  -1.75110     6.363393
  451 LAAZL1Q (  0)      -0.001928078       0.000786478  -2.45153     0.516586

SE of equation            =     0.006489168
Sum of squared residuals  = 0.960092114E-02   0.184077753E-11
Average absolute error    =     0.004820793
Sum of ABS residuals      =  1.15216941    
R squared                 =   0.99890
Durbin-Watson statistic   =   1.95485
Overid test: p-value      = 0.00004         (df =  14)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.180435524E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  452 AAZL1Q   (  0)

Mean of dependent variable        0.005078653

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.050712038       0.014876707   3.40882     0.583682
  306 C       (  0)      -0.080446098       0.072395249  -1.11121     1.000000
  133 AG1     (  0)      -0.156920121       0.121279335  -1.29387     0.320965
  134 AG2     (  0)       3.244366201       0.416703918   7.78578    -0.086665
  135 AG3     (  0)      -2.115358531       0.401039270  -5.27469    -0.067461
  426 DKDZCDL1(  0)       0.267276954       0.043530413   6.14001    -0.095734
  356 KDZ     ( -1)      -0.026399212       0.003827573  -6.89711     8.585965
  351 YDZ     (  0)       0.072094140       0.009886277   7.29234     6.883520
  406 RMACDZ  (  0)      -0.009738217       0.002395071  -4.06594     3.299496
  352 AAZ     ( -1)       0.000290616       0.000165140   1.75981   129.870051
  452 AAZL1Q  (  0)      -0.000235119       0.000041622  -5.64894    20.680668

SE of equation            =     0.013717148
Sum of squared residuals  = 0.429005128E-01   0.404085099E-11
Average absolute error    =     0.009794012
Sum of ABS residuals      =  2.34076887    
R squared                 =   0.29820
Durbin-Watson statistic   =   2.09897
Overid test: p-value      = 0.00080         (df =  10)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.541627584E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)
  453 AA2ZL1Q  (  0)
  453 AA2ZL1Q  ( -1)
  453 AA2ZL1Q  ( -2)

Iter   Rhos:  1            2
   1     0.430496645  0.101872646
   2     0.498923209  0.133083840
   3     0.532393358  0.166036373
   4     0.559168913  0.198710591
   5     0.583893673  0.230780255
   6     0.605290726  0.258110594
   7     0.620969886  0.275447735
   8     0.630582679  0.283666034
   9     0.635776806  0.287423443
  10     0.638493860  0.289381630
  11     0.639953047  0.290504035
  12     0.640768988  0.291174128
  13     0.641241304  0.291580775
  14     0.641521499  0.291829431
  15     0.641690400  0.291982126
  16     0.641793237  0.292076142
  17     0.641856237  0.292134129
  18     0.641894980  0.292169933
  19     0.641918860  0.292192057
  20     0.641933600  0.292205734
  21     0.641942706  0.292214191

Number of iterations for RHO =   21


Mean of dependent variable        0.000416100

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.117886884       0.068225065   1.72791     0.583682
  306 C       (  0)       0.783409564       0.163144146   4.80195     1.000000
  428 DKHZIHL1(  0)       0.390531810       0.053455669   7.30571    -0.245763
  355 KHZ     ( -1)      -0.037475402       0.007493625  -5.00097    39.409752
  351 YDZ     (  0)       0.096714531       0.029186276   3.31370     6.883520
  407 RMALIHHZ(  0)      -0.025051125       0.004839659  -5.17622     3.401850
  447 AA2Z    ( -1)       0.003221979       0.000981049   3.28422    47.039551
  453 AA2ZL1Q (  0)      -0.000463428       0.000181916  -2.54748     6.916040
    0 RHO     ( -1)       0.641942706       0.075011234   8.55795     0.000000
    0 RHO     ( -2)       0.292214191       0.072582478   4.02596     0.000000

SE of equation            =     0.015426362
Sum of squared residuals  = 0.544957381E-01   0.353827990E-04
Average absolute error    =     0.011272680
Sum of ABS residuals      =  2.69417048    
R squared                 =   0.44783
Durbin-Watson statistic   =   1.98344
Overid test: p-value      = 0.11525         (df =  23)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.714031020E-02
MODEQ 1 - LAAZL1Q FSR - LAAZL1Q;                                              
EQUATION 1  LCSZ  
   RHS     CNST2  C  AG1  AG2  AG3  LCSZ(-1)  LYDZ  RSA  LAAZ(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  LCSZ(-1)  LAAZ(-1)  T  
   FSR     LYDZ(-1)  RSA(-1)  LODHM(-1)  LIMZ(-1)  LJHGSZ  
   FSR     LPIMZ(-1)  LYNLZ(-1)  PCPD(-1)  LCOGSZ  LTRGSZ  
   FSR     RS(-2)  RB(-1)  LYZ(-1)  LVZ(-1)  UR(-1)  LYDZ  
MODEQ 2 - LAAZL1Q FSR - LAAZL1Q;                                              
EQUATION 2  LCNZ  
   RHS     CNST2  C  AG1  AG2  AG3  LCNZ(-1)  LCNZ1(-1)  LAAZ(-1)  
   RHS     LYDZ  RMA  
   FSR     CNST2  C  AG1  AG2  AG3  LCNZ(-1)  LCNZ1(-1)  LAAZ(-1)  
   FSR     LYDZ(-1)  RMA(-1)  LCOGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LIMZ(-1)  LTRGSZ  LJHGSZ  LYNLZ(-1)  LPIMZ(-1)  
   FSR     PCPD(-1)  UR(-1)  LVZ(-1)  RS(-1)  RS(-2)  T  
MODEQ 3 - AAZL1Q FSR - AAZL1Q;                                                
EQUATION 3  CDZ1  
   RHS     CNST2  C  AG1  AG2  AG3  DKDZCDL1  KDZ(-1)  YDZ  
   RHS     RMACDZ  AAZ(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  KDZ(-1)  AAZ(-1)  YDZ(-1)  
   FSR     RMACDZ(-1)  LCOGSZ  LEXZ(-1)  LODHM(-1)  LYZ(-1)  
   FSR     LVZ(-1)  LIMZ(-1)  LTRGSZ  LYNLZ(-1)  LPIMZ(-1)  
   FSR     DKDZCDL1  T  
MODEQ 4 - AA2ZL1Q FSR - AA2ZL1Q AA2ZL1Q(-1) AA2ZL1Q(-2);                      
EQUATION 4  IHHZ1  RHO=2  
   RHS     CNST2  C  DKHZIHL1  KHZ(-1)  YDZ  RMALIHHZ  AA2Z(-1)  
   FSR     CNST2  CNST2(-1)  CNST2(-2)  C  KHZ(-1)  RMALIHHZ  
   FSR     YDZ(-1)  KHZ(-2)  KHZ(-3)  RMALIHHZ(-1)  RMALIHHZ(-2)  
   FSR     YDZ(-2)  LCOGSZ  LJHGSZ  LTRGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LYNLZ(-1)  PCPD(-1)  LIMZ(-1)  DKHZIHL1  DKHZIHL1(-1)  
   FSR     DKHZIHL1(-2)  IHHZ1(-1)  IHHZ1(-2)  AA2Z(-1)  AA2Z(-2)  
   FSR     AA2Z(-3)  
@                                                                             
@ End of testing wealth coefficient                                           
@                                                                             
@ Begin estimates for Table 5: spreads                                        
@                                                                             
LOADDATA FILE=AAA.DAT;                                                        
SMPL 1952.1 2013.4;                                                           
Sample period is now  1952.1 to  2013.4 Internally:     1 to   248
LOAD JUNK AAA1 JUNK AAA2 JUNK AAA3;                                           
Name JUNK     not found.
Name added to list: JUNK    
Name AAA1     not found.
Name added to list: AAA1    
Name AAA2     not found.
Name added to list: AAA2    
Name AAA3     not found.
Name added to list: AAA3    
END;                                                                          
LOADDATA FILE=BAA.DAT;                                                        
SMPL 1952.1 2013.4;                                                           
Sample period is now  1952.1 to  2013.4 Internally:     1 to   248
LOAD JUNK BAA1 JUNK BAA2 JUNK BAA3;                                           
Name BAA1     not found.
Name added to list: BAA1    
Name BAA2     not found.
Name added to list: BAA2    
Name BAA3     not found.
Name added to list: BAA3    
END;                                                                          
LOADDATA FILE=GZ.DAT;                                                         
SMPL 1973.1 2010.3;                                                           
Sample period is now  1973.1 to  2010.3 Internally:    85 to   235
LOAD IDD GZ EBP;                                                              
Name IDD      not found.
Name added to list: IDD     
Name GZ       not found.
Name added to list: GZ      
Name EBP      not found.
Name added to list: EBP     
END;                                                                          
PLOTVAR FILEVAR=KEYBOARD;                                                     

         Plot of variable(s)
         GZ        *

Values for GZ      

 1973.1 0.8896     !  *                                                       
 1973.2 0.8471     ! *                                                        
 1973.3 0.6955     !*                                                         
 1973.4  1.066     !   *                                                      
 1974.1 0.9828     !  *                                                       
 1974.2  1.152     !    *                                                     
 1974.3  1.916     !          *                                               
 1974.4  2.076     !           *                                              
 1975.1  1.415     !      *                                                   
 1975.2  1.232     !    *                                                     
 1975.3  1.196     !    *                                                     
 1975.4  1.072     !   *                                                      
 1976.1 0.8614     ! *                                                        
 1976.2 0.8935     !  *                                                       
 1976.3 0.8266     ! *                                                        
 1976.4 0.8834     !  *                                                       
 1977.1 0.8686     !  *                                                       
 1977.2 0.8382     ! *                                                        
 1977.3 0.7833     ! *                                                        
 1977.4 0.7198     !*                                                         
 1978.1 0.6268     !*                                                         
 1978.2 0.6285     !*                                                         
 1978.3 0.5621     *                                                          
 1978.4 0.5683     *                                                          
 1979.1 0.6092     *                                                          
 1979.2 0.6269     !*                                                         
 1979.3 0.6106     *                                                          
 1979.4 0.7137     !*                                                         
 1980.1 0.8441     ! *                                                        
 1980.2  1.005     !   *                                                      
 1980.3 0.9247     !  *                                                       
 1980.4 0.9151     !  *                                                       
 1981.1 0.9187     !  *                                                       
 1981.2  1.061     !   *                                                      
 1981.3  1.002     !   *                                                      
 1981.4  1.276     !     *                                                    
 1982.1  1.365     !      *                                                   
 1982.2  1.317     !     *                                                    
 1982.3  1.472     !      *                                                   
 1982.4  1.458     !      *                                                   
 1983.1  1.081     !   *                                                      
 1983.2 0.8462     ! *                                                        
 1983.3 0.7822     ! *                                                        
 1983.4 0.7854     ! *                                                        
 1984.1 0.7664     ! *                                                        
 1984.2 0.7229     !*                                                         
 1984.3 0.8003     ! *                                                        
 1984.4 0.8898     !  *                                                       
 1985.1 0.9256     !  *                                                       
 1985.2  1.135     !    *                                                     
 1985.3  1.150     !    *                                                     
 1985.4  1.333     !     *                                                    
 1986.1  1.675     !        *                                                 
 1986.2  1.793     !         *                                                
 1986.3  2.003     !           *                                              
 1986.4  1.939     !          *                                               
 1987.1  1.861     !          *                                               
 1987.2  1.610     !        *                                                 
 1987.3  1.645     !        *                                                 
 1987.4  1.403     !      *                                                   
 1988.1  1.552     !       *                                                  
 1988.2  1.423     !      *                                                   
 1988.3  1.359     !      *                                                   
 1988.4  1.388     !      *                                                   
 1989.1  1.307     !     *                                                    
 1989.2  1.562     !       *                                                  
 1989.3  1.515     !       *                                                  
 1989.4  1.264     !     *                                                    
 1990.1  1.130     !    *                                                     
 1990.2 0.8271     ! *                                                        
 1990.3 0.7912     ! *                                                        
 1990.4  1.157     !    *                                                     
 1991.1  1.119     !    *                                                     
 1991.2  1.032     !   *                                                      
 1991.3  1.084     !   *                                                      
 1991.4  1.126     !    *                                                     
 1992.1 0.9819     !  *                                                       
 1992.2 0.9281     !  *                                                       
 1992.3  1.096     !   *                                                      
 1992.4  1.147     !    *                                                     
 1993.1  1.198     !    *                                                     
 1993.2  1.165     !    *                                                     
 1993.3  1.149     !    *                                                     
 1993.4  1.094     !   *                                                      
 1994.1 0.9711     !  *                                                       
 1994.2  1.000     !   *                                                      
 1994.3 0.9500     !  *                                                       
 1994.4 0.9795     !  *                                                       
 1995.1  1.014     !   *                                                      
 1995.2  1.055     !   *                                                      
 1995.3  1.042     !   *                                                      
 1995.4  1.164     !    *                                                     
 1996.1  1.110     !   *                                                      
 1996.2 0.9947     !   *                                                      
 1996.3 0.9785     !  *                                                       
 1996.4  1.021     !   *                                                      
 1997.1 0.9686     !  *                                                       
 1997.2 0.9383     !  *                                                       
 1997.3 0.9660     !  *                                                       
 1997.4  1.109     !   *                                                      
 1998.1  1.178     !    *                                                     
 1998.2  1.079     !   *                                                      
 1998.3  1.660     !        *                                                 
 1998.4  1.867     !          *                                               
 1999.1  1.572     !       *                                                  
 1999.2  1.510     !       *                                                  
 1999.3  1.827     !         *                                                
 1999.4  1.801     !         *                                                
 2000.1  2.005     !           *                                              
 2000.2  2.591     !                *                                         
 2000.3  2.902     !                  *                                       
 2000.4  3.606     !                        *                                 
 2001.1  3.201     !                     *                                    
 2001.2  3.033     !                   *                                      
 2001.3  3.002     !                   *                                      
 2001.4  3.004     !                   *                                      
 2002.1  2.770     !                 *                                        
 2002.2  2.775     !                 *                                        
 2002.3  3.878     !                          *                               
 2002.4  3.766     !                         *                                
 2003.1  3.237     !                     *                                    
 2003.2  2.552     !               *                                          
 2003.3  2.286     !             *                                            
 2003.4  1.882     !          *                                               
 2004.1  1.777     !         *                                                
 2004.2  1.735     !         *                                                
 2004.3  1.691     !        *                                                 
 2004.4  1.554     !       *                                                  
 2005.1  1.592     !       *                                                  
 2005.2  1.997     !           *                                              
 2005.3  1.684     !        *                                                 
 2005.4  1.859     !          *                                               
 2006.1  1.724     !        *                                                 
 2006.2  1.612     !        *                                                 
 2006.3  1.734     !         *                                                
 2006.4  1.577     !       *                                                  
 2007.1  1.444     !      *                                                   
 2007.2  1.448     !      *                                                   
 2007.3  2.235     !             *                                            
 2007.4  2.626     !                *                                         
 2008.1  3.574     !                        *                                 
 2008.2  3.280     !                     *                                    
 2008.3  4.130     !                            *                             
 2008.4  7.655     !                                                         *
 2009.1  6.364     !                                              *           
 2009.2  4.855     !                                  *                       
 2009.3  3.268     !                     *                                    
 2009.4  2.686     !                *                                         
 2010.1  2.281     !             *                                            
 2010.2  2.388     !              *                                           
 2010.3  2.501     !               *                                          


         Plot of variable(s)
         EBP       *

Values for EBP     

 1973.1 0.2090E-01 !                 *                                        
 1973.2-0.3160E-01 !                *                                         
 1973.3-0.3143     !          *                                               
 1973.4 0.5230E-01 !                  *                                       
 1974.1-0.3500E-02 !                 *                                        
 1974.2 0.2001     !                     *                                    
 1974.3 0.8057     !                                 *                        
 1974.4 0.8332     !                                 *                        
 1975.1 0.3778     !                        *                                 
 1975.2 0.2218     !                     *                                    
 1975.3 0.2827     !                      *                                   
 1975.4 0.9250E-01 !                  *                                       
 1976.1-0.2020E-01 !                *                                         
 1976.2 0.2900E-01 !                 *                                        
 1976.3-0.6000E-03 !                 *                                        
 1976.4-0.2560E-01 !                *                                         
 1977.1-0.7060E-01 !               *                                          
 1977.2-0.7110E-01 !               *                                          
 1977.3-0.1066     !               *                                          
 1977.4-0.1590     !             *                                            
 1978.1-0.2421     !            *                                             
 1978.2-0.2220     !            *                                             
 1978.3-0.2760     !           *                                              
 1978.4-0.3666     !         *                                                
 1979.1-0.2351     !            *                                             
 1979.2-0.2230     !            *                                             
 1979.3-0.2166     !            *                                             
 1979.4-0.3393     !          *                                               
 1980.1-0.1469     !              *                                           
 1980.2-0.2089     !            *                                             
 1980.3 0.3550E-01 !                 *                                        
 1980.4-0.6300E-01 !               *                                          
 1981.1 0.1511     !                    *                                     
 1981.2 0.3718     !                        *                                 
 1981.3 0.3037     !                       *                                  
 1981.4 0.3885     !                        *                                 
 1982.1 0.6552     !                              *                           
 1982.2 0.6189     !                             *                            
 1982.3 0.3034     !                       *                                  
 1982.4 0.4288     !                         *                                
 1983.1 0.2724     !                      *                                   
 1983.2 0.6160E-01 !                  *                                       
 1983.3-0.1163     !              *                                           
 1983.4 0.6300E-02 !                 *                                        
 1984.1-0.2120E-01 !                *                                         
 1984.2-0.7540E-01 !               *                                          
 1984.3-0.1860E-01 !                *                                         
 1984.4-0.1001     !               *                                          
 1985.1 0.2600E-02 !                 *                                        
 1985.2 0.3890E-01 !                 *                                        
 1985.3 0.2271     !                     *                                    
 1985.4 0.2353     !                     *                                    
 1986.1 0.1932     !                    *                                     
 1986.2 0.1608     !                    *                                     
 1986.3 0.5679     !                            *                             
 1986.4 0.6274     !                             *                            
 1987.1 0.5608     !                            *                             
 1987.2 0.2180E-01 !                 *                                        
 1987.3 0.5094     !                           *                              
 1987.4-0.2129     !            *                                             
 1988.1-0.2540E-01 !                *                                         
 1988.2 0.5220E-01 !                  *                                       
 1988.3-0.3590E-01 !                *                                         
 1988.4 0.1683     !                    *                                     
 1989.1 0.1078     !                   *                                      
 1989.2 0.3488     !                       *                                  
 1989.3 0.4307     !                         *                                
 1989.4 0.3458     !                       *                                  
 1990.1 0.2052     !                     *                                    
 1990.2-0.5290E-01 !                *                                         
 1990.3-0.1395     !              *                                           
 1990.4 0.1431     !                   *                                      
 1991.1 0.1288     !                   *                                      
 1991.2 0.5360E-01 !                  *                                       
 1991.3 0.7260E-01 !                  *                                       
 1991.4 0.6840E-01 !                  *                                       
 1992.1-0.2980E-01 !                *                                         
 1992.2-0.8420E-01 !               *                                          
 1992.3-0.7780E-01 !               *                                          
 1992.4 0.5360E-01 !                  *                                       
 1993.1 0.2470E-01 !                 *                                        
 1993.2-0.1510E-01 !                *                                         
 1993.3-0.7170E-01 !               *                                          
 1993.4-0.1414     !              *                                           
 1994.1-0.3468     !          *                                               
 1994.2-0.3328     !          *                                               
 1994.3-0.3510     !          *                                               
 1994.4-0.3093     !           *                                              
 1995.1-0.3225     !          *                                               
 1995.2-0.2875     !           *                                              
 1995.3-0.2704     !           *                                              
 1995.4-0.1201     !              *                                           
 1996.1-0.2590     !           *                                              
 1996.2-0.3065     !           *                                              
 1996.3-0.4145     !        *                                                 
 1996.4-0.3953     !         *                                                
 1997.1-0.4532     !        *                                                 
 1997.2-0.4636     !       *                                                  
 1997.3-0.5450     !      *                                                   
 1997.4-0.4452     !        *                                                 
 1998.1-0.3780     !         *                                                
 1998.2-0.4388     !        *                                                 
 1998.3-0.1954     !             *                                            
 1998.4-0.5000E-01 !                *                                         
 1999.1-0.2723     !           *                                              
 1999.2-0.2762     !           *                                              
 1999.3-0.1161     !              *                                           
 1999.4-0.1689     !             *                                            
 2000.1-0.7000E-01 !               *                                          
 2000.2 0.3993     !                        *                                 
 2000.3 0.6690     !                              *                           
 2000.4  1.224     !                                         *                
 2001.1 0.8813     !                                  *                       
 2001.2 0.7762     !                                *                         
 2001.3 0.6945     !                              *                           
 2001.4 0.2177     !                     *                                    
 2002.1 0.4939     !                          *                               
 2002.2 0.5459     !                           *                              
 2002.3  1.188     !                                        *                 
 2002.4 0.7756     !                                *                         
 2003.1 0.2074     !                     *                                    
 2003.2-0.5843     !     *                                                    
 2003.3-0.7881     ! *                                                        
 2003.4-0.5158     !      *                                                   
 2004.1-0.4863     !       *                                                  
 2004.2-0.4337     !        *                                                 
 2004.3-0.4291     !        *                                                 
 2004.4-0.6960     !   *                                                      
 2005.1-0.8923     *                                                          
 2005.2-0.5284     !      *                                                   
 2005.3-0.6641     !    *                                                     
 2005.4-0.4438     !        *                                                 
 2006.1-0.4717     !       *                                                  
 2006.2-0.4736     !       *                                                  
 2006.3-0.4720     !       *                                                  
 2006.4-0.5998     !     *                                                    
 2007.1-0.6487     !    *                                                     
 2007.2-0.5828     !     *                                                    
 2007.3-0.2460E-01 !                *                                         
 2007.4 0.1381     !                   *                                      
 2008.1 0.8356     !                                 *                        
 2008.2 0.6106     !                             *                            
 2008.3  1.167     !                                        *                 
 2008.4  1.977     !                                                        * 
 2009.1  2.046     !                                                         *
 2009.2  1.037     !                                     *                    
 2009.3-0.2051     !             *                                            
 2009.4-0.4208     !        *                                                 
 2010.1-0.1075     !              *                                           
 2010.2-0.1676     !             *                                            
 2010.3-0.1864     !             *                                            

PRINTVAR FIXEDF LEVELS IDD GZ EBP;                                            
 
          IDD         GZ          EBP     
         Level       Level       Level  
1973.1 19731.00000     0.88960     0.02090
1973.2 19732.00000     0.84710    -0.03160
1973.3 19733.00000     0.69550    -0.31430
1973.4 19734.00000     1.06610     0.05230
1974.1 19741.00000     0.98280    -0.00350
1974.2 19742.00000     1.15190     0.20010
1974.3 19743.00000     1.91560     0.80570
1974.4 19744.00000     2.07640     0.83320
1975.1 19751.00000     1.41500     0.37780
1975.2 19752.00000     1.23150     0.22180
1975.3 19753.00000     1.19630     0.28270
1975.4 19754.00000     1.07240     0.09250
1976.1 19761.00000     0.86140    -0.02020
1976.2 19762.00000     0.89350     0.02900
1976.3 19763.00000     0.82660    -0.00060
1976.4 19764.00000     0.88340    -0.02560
1977.1 19771.00000     0.86860    -0.07060
1977.2 19772.00000     0.83820    -0.07110
1977.3 19773.00000     0.78330    -0.10660
1977.4 19774.00000     0.71980    -0.15900
1978.1 19781.00000     0.62680    -0.24210
1978.2 19782.00000     0.62850    -0.22200
1978.3 19783.00000     0.56210    -0.27600
1978.4 19784.00000     0.56830    -0.36660
1979.1 19791.00000     0.60920    -0.23510
1979.2 19792.00000     0.62690    -0.22300
1979.3 19793.00000     0.61060    -0.21660
1979.4 19794.00000     0.71370    -0.33930
1980.1 19801.00000     0.84410    -0.14690
1980.2 19802.00000     1.00520    -0.20890
1980.3 19803.00000     0.92470     0.03550
1980.4 19804.00000     0.91510    -0.06300
1981.1 19811.00000     0.91870     0.15110
1981.2 19812.00000     1.06090     0.37180
1981.3 19813.00000     1.00250     0.30370
1981.4 19814.00000     1.27550     0.38850
1982.1 19821.00000     1.36470     0.65520
1982.2 19822.00000     1.31670     0.61890
1982.3 19823.00000     1.47230     0.30340
1982.4 19824.00000     1.45750     0.42880
1983.1 19831.00000     1.08140     0.27240
1983.2 19832.00000     0.84620     0.06160
1983.3 19833.00000     0.78220    -0.11630
1983.4 19834.00000     0.78540     0.00630
1984.1 19841.00000     0.76640    -0.02120
1984.2 19842.00000     0.72290    -0.07540
1984.3 19843.00000     0.80030    -0.01860
1984.4 19844.00000     0.88980    -0.10010
1985.1 19851.00000     0.92560     0.00260
1985.2 19852.00000     1.13480     0.03890
1985.3 19853.00000     1.14970     0.22710
1985.4 19854.00000     1.33250     0.23530
1986.1 19861.00000     1.67530     0.19320
1986.2 19862.00000     1.79280     0.16080
1986.3 19863.00000     2.00350     0.56790
1986.4 19864.00000     1.93920     0.62740
1987.1 19871.00000     1.86070     0.56080
1987.2 19872.00000     1.60990     0.02180
1987.3 19873.00000     1.64530     0.50940
1987.4 19874.00000     1.40290    -0.21290
1988.1 19881.00000     1.55200    -0.02540
1988.2 19882.00000     1.42270     0.05220
1988.3 19883.00000     1.35930    -0.03590
1988.4 19884.00000     1.38820     0.16830
1989.1 19891.00000     1.30690     0.10780
1989.2 19892.00000     1.56180     0.34880
1989.3 19893.00000     1.51530     0.43070
1989.4 19894.00000     1.26450     0.34580
1990.1 19901.00000     1.12980     0.20520
1990.2 19902.00000     0.82710    -0.05290
1990.3 19903.00000     0.79120    -0.13950
1990.4 19904.00000     1.15700     0.14310
1991.1 19911.00000     1.11860     0.12880
1991.2 19912.00000     1.03220     0.05360
1991.3 19913.00000     1.08410     0.07260
1991.4 19914.00000     1.12560     0.06840
1992.1 19921.00000     0.98190    -0.02980
1992.2 19922.00000     0.92810    -0.08420
1992.3 19923.00000     1.09630    -0.07780
1992.4 19924.00000     1.14750     0.05360
1993.1 19931.00000     1.19760     0.02470
1993.2 19932.00000     1.16520    -0.01510
1993.3 19933.00000     1.14850    -0.07170
1993.4 19934.00000     1.09420    -0.14140
1994.1 19941.00000     0.97110    -0.34680
1994.2 19942.00000     1.00010    -0.33280
1994.3 19943.00000     0.95000    -0.35100
1994.4 19944.00000     0.97950    -0.30930
1995.1 19951.00000     1.01360    -0.32250
1995.2 19952.00000     1.05510    -0.28750
1995.3 19953.00000     1.04170    -0.27040
1995.4 19954.00000     1.16440    -0.12010
1996.1 19961.00000     1.10980    -0.25900
1996.2 19962.00000     0.99470    -0.30650
1996.3 19963.00000     0.97850    -0.41450
1996.4 19964.00000     1.02140    -0.39530
1997.1 19971.00000     0.96860    -0.45320
1997.2 19972.00000     0.93830    -0.46360
1997.3 19973.00000     0.96600    -0.54500
1997.4 19974.00000     1.10920    -0.44520
1998.1 19981.00000     1.17780    -0.37800
1998.2 19982.00000     1.07860    -0.43880
1998.3 19983.00000     1.66000    -0.19540
1998.4 19984.00000     1.86670    -0.05000
1999.1 19991.00000     1.57180    -0.27230
1999.2 19992.00000     1.51010    -0.27620
1999.3 19993.00000     1.82670    -0.11610
1999.4 19994.00000     1.80120    -0.16890
2000.1 20001.00000     2.00450    -0.07000
2000.2 20002.00000     2.59110     0.39930
2000.3 20003.00000     2.90220     0.66900
2000.4 20004.00000     3.60570     1.22430
2001.1 20011.00000     3.20130     0.88130
2001.2 20012.00000     3.03250     0.77620
2001.3 20013.00000     3.00240     0.69450
2001.4 20014.00000     3.00400     0.21770
2002.1 20021.00000     2.77040     0.49390
2002.2 20022.00000     2.77520     0.54590
2002.3 20023.00000     3.87800     1.18820
2002.4 20024.00000     3.76610     0.77560
2003.1 20031.00000     3.23750     0.20740
2003.2 20032.00000     2.55160    -0.58430
2003.3 20033.00000     2.28640    -0.78810
2003.4 20034.00000     1.88170    -0.51580
2004.1 20041.00000     1.77690    -0.48630
2004.2 20042.00000     1.73470    -0.43370
2004.3 20043.00000     1.69140    -0.42910
2004.4 20044.00000     1.55400    -0.69600
2005.1 20051.00000     1.59190    -0.89230
2005.2 20052.00000     1.99700    -0.52840
2005.3 20053.00000     1.68380    -0.66410
2005.4 20054.00000     1.85930    -0.44380
2006.1 20061.00000     1.72360    -0.47170
2006.2 20062.00000     1.61220    -0.47360
2006.3 20063.00000     1.73370    -0.47200
2006.4 20064.00000     1.57750    -0.59980
2007.1 20071.00000     1.44350    -0.64870
2007.2 20072.00000     1.44820    -0.58280
2007.3 20073.00000     2.23500    -0.02460
2007.4 20074.00000     2.62590     0.13810
2008.1 20081.00000     3.57370     0.83560
2008.2 20082.00000     3.28020     0.61060
2008.3 20083.00000     4.13040     1.16700
2008.4 20084.00000     7.65550     1.97700
2009.1 20091.00000     6.36370     2.04630
2009.2 20092.00000     4.85480     1.03690
2009.3 20093.00000     3.26790    -0.20510
2009.4 20094.00000     2.68560    -0.42080
2010.1 20101.00000     2.28090    -0.10750
2010.2 20102.00000     2.38830    -0.16760
2010.3 20103.00000     2.50120    -0.18640
LOADDATA FILE=R10.DAT;                                                        
SMPL 1953.2 2013.4;                                                           
Sample period is now  1953.2 to  2013.4 Internally:     6 to   248
LOAD JUNK R101 JUNK R102 JUNK R103;                                           
Name R101     not found.
Name added to list: R101    
Name R102     not found.
Name added to list: R102    
Name R103     not found.
Name added to list: R103    
END;                                                                          
LOADDATA FILE=R3MO.DAT;                                                       
SMPL 1982.1 2013.4;                                                           
Sample period is now  1982.1 to  2013.4 Internally:   121 to   248
LOAD JUNK R3MO1 JUNK R3MO2 JUNK R3MO3;                                        
Name R3MO1    not found.
Name added to list: R3MO1   
Name R3MO2    not found.
Name added to list: R3MO2   
Name R3MO3    not found.
Name added to list: R3MO3   
END;                                                                          
SMPL 1952.1 2013.3;                                                           
Sample period is now  1952.1 to  2013.3 Internally:     1 to   247
CREATE AAA=(AAA1+AAA2+AAA3)/3;                                                
Name added to list: AAA             
CREATE BAA=(BAA1+BAA2+BAA3)/3;                                                
Name added to list: BAA             
CREATE R10=(R101+R102+R103)/3;                                                
Name added to list: R10             
CREATE R3MO=(R3MO1+R3MO2+R3MO3)/3;                                            
Name added to list: R3MO            
SMPL 1952.1 2013.3;                                                           
Sample period is now  1952.1 to  2013.3 Internally:     1 to   247
CREATE BAAZAAA=BAA-AAA;                                                       
Name added to list: BAAZAAA         
CREATE SPREAD=BAA-AAA;                                                        
Name added to list: SPREAD          
CREATE SPREADZ1=SPREAD*CDA;                                                   
Name added to list: SPREADZ1        
CREATE SPREADZ2=SPREAD*IHHA;                                                  
Name added to list: SPREADZ2        
@                                                                             
MODEQ 1 SPREAD(-1) FSR SPREAD(-1);                                            
EQUATION 1  LCSZ  
   RHS     CNST2  C  AG1  AG2  AG3  LCSZ(-1)  LYDZ  RSA  LAAZ(-1)  
   RHS     SPREAD(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  LCSZ(-1)  LAAZ(-1)  T  
   FSR     LYDZ(-1)  RSA(-1)  LODHM(-1)  LIMZ(-1)  LJHGSZ  
   FSR     LPIMZ(-1)  LYNLZ(-1)  PCPD(-1)  LCOGSZ  LTRGSZ  
   FSR     RS(-2)  RB(-1)  LYZ(-1)  LVZ(-1)  UR(-1)  LYDZ  
   FSR     SPREAD(-1)  
MODEQ 2 SPREAD(-1) FSR SPREAD(-1);                                            
EQUATION 2  LCNZ  
   RHS     CNST2  C  AG1  AG2  AG3  LCNZ(-1)  LCNZ1(-1)  LAAZ(-1)  
   RHS     LYDZ  RMA  SPREAD(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  LCNZ(-1)  LCNZ1(-1)  LAAZ(-1)  
   FSR     LYDZ(-1)  RMA(-1)  LCOGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LIMZ(-1)  LTRGSZ  LJHGSZ  LYNLZ(-1)  LPIMZ(-1)  
   FSR     PCPD(-1)  UR(-1)  LVZ(-1)  RS(-1)  RS(-2)  T  SPREAD(-1)  
MODEQ 3 SPREADZ1(-1) FSR SPREADZ1(-1);                                        
EQUATION 3  CDZ1  
   RHS     CNST2  C  AG1  AG2  AG3  DKDZCDL1  KDZ(-1)  YDZ  
   RHS     RMACDZ  AAZ(-1)  SPREADZ1(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  KDZ(-1)  AAZ(-1)  YDZ(-1)  
   FSR     RMACDZ(-1)  LCOGSZ  LEXZ(-1)  LODHM(-1)  LYZ(-1)  
   FSR     LVZ(-1)  LIMZ(-1)  LTRGSZ  LYNLZ(-1)  LPIMZ(-1)  
   FSR     DKDZCDL1  T  SPREADZ1(-1)  
MODEQ 4 SPREADZ2(-1) FSR SPREADZ2(-1) SPREADZ2(-2) SPREADZ2(-3);              
EQUATION 4  IHHZ1  RHO=2  
   RHS     CNST2  C  DKHZIHL1  KHZ(-1)  YDZ  RMALIHHZ  AA2Z(-1)  
   RHS     SPREADZ2(-1)  
   FSR     CNST2  CNST2(-1)  CNST2(-2)  C  KHZ(-1)  RMALIHHZ  
   FSR     YDZ(-1)  KHZ(-2)  KHZ(-3)  RMALIHHZ(-1)  RMALIHHZ(-2)  
   FSR     YDZ(-2)  LCOGSZ  LJHGSZ  LTRGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LYNLZ(-1)  PCPD(-1)  LIMZ(-1)  DKHZIHL1  DKHZIHL1(-1)  
   FSR     DKHZIHL1(-2)  IHHZ1(-1)  IHHZ1(-2)  AA2Z(-1)  AA2Z(-2)  
   FSR     AA2Z(-3)  SPREADZ2(-1)  SPREADZ2(-2)  SPREADZ2(-3)  
@                                                                             
@ For Table 5, Spread-1                                                       
@                                                                             
SMPL 1954.1 2007.4;                                                           
Sample period is now  1954.1 to  2007.4 Internally:     9 to   224
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.421239113

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.022628546       0.004061767   5.57111     0.539352
  306 C       (  0)      -0.123563048       0.041430876  -2.98239     1.000000
  133 AG1     (  0)      -0.078321027       0.051440594  -1.52255     0.318301
  134 AG2     (  0)      -0.265662947       0.056439290  -4.70706    -0.092214
  135 AG3     (  0)       0.282610897       0.091456973   3.09010    -0.072303
  380 LCSZ    ( -1)       0.809752475       0.025573592  31.66362     1.415506
  359 LYDZ    (  0)       0.127980706       0.026798059   4.77575     1.834765
  127 RSA     (  0)      -0.001100059       0.000229565  -4.79193     4.204765
  381 LAAZ    ( -1)       0.037708518       0.008170808   4.61503     4.702605
  475 SPREAD  ( -1)      -0.000278780       0.000944109  -0.29528     0.946543

SE of equation            =     0.003787254
Sum of squared residuals  = 0.295471793E-02   0.202149930E-08
Average absolute error    =     0.002855583
Sum of ABS residuals      = 0.616805926    
R squared                 =   0.99989
Durbin-Watson statistic   =   1.57764
Overid test: p-value      = 0.00000         (df =  15)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.808331935E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        0.531237744

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.015129600       0.008464478  -1.78742     0.539352
  306 C       (  0)      -0.252844995       0.088943593  -2.84276     1.000000
  133 AG1     (  0)       0.030222543       0.090838783   0.33271     0.318301
  134 AG2     (  0)       0.219079565       0.113891815   1.92358    -0.092214
  135 AG3     (  0)      -0.195127323       0.159186221  -1.22578    -0.072303
  382 LCNZ    ( -1)       0.756335024       0.047665343  15.86761     0.528033
  383 LCNZ1   ( -1)       0.193305001       0.063333400   3.05218     0.003217
  381 LAAZ    ( -1)       0.036540225       0.014525113   2.51566     4.702605
  359 LYDZ    (  0)       0.121687781       0.037633040   3.23354     1.834765
  128 RMA     (  0)      -0.000996330       0.000597287  -1.66809     6.650968
  475 SPREAD  ( -1)       0.000263204       0.001961501   0.13418     0.946543

SE of equation            =     0.006654792
Sum of squared residuals  = 0.907868346E-02  -0.476536921E-09
Average absolute error    =     0.004948831
Sum of ABS residuals      =  1.06894753    
R squared                 =   0.99863
Durbin-Watson statistic   =   1.96368
Overid test: p-value      = 0.00006         (df =  14)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.185459466E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.005033494

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.039589391       0.014266969   2.77490     0.539352
  306 C       (  0)      -0.165872297       0.080256067  -2.06679     1.000000
  133 AG1     (  0)       0.029027539       0.148417990   0.19558     0.318301
  134 AG2     (  0)       2.721142232       0.561168021   4.84907    -0.092214
  135 AG3     (  0)      -2.043614685       0.422570681  -4.83615    -0.072303
  426 DKDZCDL1(  0)       0.262085735       0.049959687   5.24594    -0.093153
  356 KDZ     ( -1)      -0.024340415       0.004141179  -5.87765     7.425111
  351 YDZ     (  0)       0.066227737       0.012604643   5.25423     6.531435
  406 RMACDZ  (  0)      -0.008288228       0.002645640  -3.13279     3.161759
  352 AAZ     ( -1)       0.000312435       0.000181980   1.71687   120.816030
  476 SPREADZ1( -1)       0.009825751       0.007541616   1.30287     0.460181

SE of equation            =     0.012436941
Sum of squared residuals  = 0.317088860E-01   0.200677669E-11
Average absolute error    =     0.009020984
Sum of ABS residuals      =  1.94853256    
R squared                 =   0.23511
Durbin-Watson statistic   =   2.22863
Overid test: p-value      = 0.00072         (df =  10)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.446943909E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)
  477 SPREADZ2 ( -1)
  477 SPREADZ2 ( -2)
  477 SPREADZ2 ( -3)

Iter   Rhos:  1            2
   1     0.379313930  0.062454148
   2     0.438000859  0.123360259
   3     0.480478718  0.169737499
   4     0.519418033  0.211247346
   5     0.554000860  0.245611276
   6     0.578397312  0.266585137
   7     0.590754622  0.276522548
   8     0.595820941  0.281499647
   9     0.597883407  0.284131921
  10     0.598786859  0.285517458
  11     0.599211017  0.286238916
  12     0.599419236  0.286612340
  13     0.599523981  0.286805139
  14     0.599577335  0.286904591
  15     0.599604682  0.286955879
  16     0.599618742  0.286982327
  17     0.599625981  0.286995966
  18     0.599629712  0.287002999

Number of iterations for RHO =   18


Mean of dependent variable        0.001008648

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.049479048       0.056053756   0.88271     0.539352
  306 C       (  0)       0.791974931       0.156834078   5.04976     1.000000
  428 DKHZIHL1(  0)       0.414746087       0.062346501   6.65228    -0.268228
  355 KHZ     ( -1)      -0.049720106       0.010273591  -4.83960    37.872109
  351 YDZ     (  0)       0.168947490       0.040154771   4.20741     6.531435
  407 RMALIHHZ(  0)      -0.024314203       0.005071252  -4.79452     3.554255
  447 AA2Z    ( -1)       0.003682197       0.001335579   2.75700    44.395922
  477 SPREADZ2( -1)       0.002164417       0.013747168   0.15744     0.510420
    0 RHO     ( -1)       0.599629712       0.077352992   7.75186     0.000000
    0 RHO     ( -2)       0.287002999       0.074248250   3.86545     0.000000

SE of equation            =     0.016082929
Sum of squared residuals  = 0.532840815E-01   0.134620691E-04
Average absolute error    =     0.012093069
Sum of ABS residuals      =  2.61210297    
R squared                 =   0.39865
Durbin-Watson statistic   =   1.94464
Overid test: p-value      = 0.00198         (df =  23)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.116992056E-01
SMPL 1954.1 2013.3;                                                           
Sample period is now  1954.1 to  2013.3 Internally:     9 to   247
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.472625842

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.023660214       0.003521226   6.71931     0.583682
  306 C       (  0)      -0.127347356       0.023564408  -5.40422     1.000000
  133 AG1     (  0)      -0.054218054       0.024868707  -2.18017     0.320965
  134 AG2     (  0)      -0.270697138       0.037375197  -7.24269    -0.086665
  135 AG3     (  0)       0.228080411       0.063736523   3.57849    -0.067461
  380 LCSZ    ( -1)       0.821438421       0.023442582  35.04044     1.467453
  359 LYDZ    (  0)       0.116733004       0.023639343   4.93808     1.881586
  127 RSA     (  0)      -0.001164723       0.000226590  -5.14022     3.824044
  381 LAAZ    ( -1)       0.036871828       0.005775914   6.38372     4.766640
  475 SPREAD  ( -1)      -0.000885381       0.000758281  -1.16762     0.987266

SE of equation            =     0.003731687
Sum of squared residuals  = 0.318893644E-02   0.326276672E-09
Average absolute error    =     0.002849806
Sum of ABS residuals      = 0.681103622    
R squared                 =   0.99990
Durbin-Watson statistic   =   1.52193
Overid test: p-value      = 0.00001         (df =  15)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.692084808E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        0.561478697

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.015268612       0.007940551  -1.92287     0.583682
  306 C       (  0)      -0.347817921       0.068932955  -5.04574     1.000000
  133 AG1     (  0)       0.128656599       0.051486625   2.49884     0.320965
  134 AG2     (  0)       0.144084476       0.071128570   2.02569    -0.086665
  135 AG3     (  0)      -0.331487730       0.126121010  -2.62833    -0.067461
  382 LCNZ    ( -1)       0.734577566       0.045128578  16.27744     0.558622
  383 LCNZ1   ( -1)       0.210177783       0.060252475   3.48828     0.002834
  381 LAAZ    ( -1)       0.047466894       0.010905040   4.35275     4.766640
  359 LYDZ    (  0)       0.125230144       0.033150014   3.77768     1.881586
  128 RMA     (  0)      -0.000792452       0.000572844  -1.38336     6.363393
  475 SPREAD  ( -1)      -0.000763761       0.001517357  -0.50335     0.987266

SE of equation            =     0.006582443
Sum of squared residuals  = 0.987890925E-02   0.115285359E-08
Average absolute error    =     0.004878263
Sum of ABS residuals      =  1.16590480    
R squared                 =   0.99887
Durbin-Watson statistic   =   1.94749
Overid test: p-value      = 0.00001         (df =  14)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.201377970E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.005078653

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.062399688       0.015848504   3.93726     0.583682
  306 C       (  0)      -0.246442575       0.072998978  -3.37597     1.000000
  133 AG1     (  0)       0.180411112       0.114986770   1.56897     0.320965
  134 AG2     (  0)       2.629676010       0.424106870   6.20050    -0.086665
  135 AG3     (  0)      -2.339198121       0.433161585  -5.40029    -0.067461
  426 DKDZCDL1(  0)       0.230887346       0.046369978   4.97924    -0.095734
  356 KDZ     ( -1)      -0.027665337       0.004096379  -6.75361     8.585965
  351 YDZ     (  0)       0.063614209       0.010511256   6.05201     6.883520
  406 RMACDZ  (  0)      -0.010122909       0.002721038  -3.72024     3.299496
  352 AAZ     ( -1)       0.000633699       0.000173795   3.64624   129.870051
  476 SPREADZ1( -1)       0.000241369       0.004274825   0.05646     0.580399

SE of equation            =     0.014578951
Sum of squared residuals  = 0.484604441E-01  -0.330460416E-10
Average absolute error    =     0.010244597
Sum of ABS residuals      =  2.44845861    
R squared                 =   0.20725
Durbin-Watson statistic   =   1.95264
Overid test: p-value      = 0.00001         (df =  10)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.862122894E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)
  477 SPREADZ2 ( -1)
  477 SPREADZ2 ( -2)
  477 SPREADZ2 ( -3)

Iter   Rhos:  1            2
   1     0.373922010  0.097786360
   2     0.410282061  0.155992345
   3     0.440320924  0.194562782
   4     0.471429847  0.231370014
   5     0.507523617  0.270797288
   6     0.547532843  0.307182119
   7     0.583711977  0.324140483
   8     0.607067800  0.324049138
   9     0.617795254  0.323139119
  10     0.622577491  0.323447415
  11     0.625006770  0.324100258
  12     0.626437804  0.324730355
  13     0.627383604  0.325256612
  14     0.628059038  0.325681634
  15     0.628566559  0.326024456
  16     0.628961344  0.326303291
  17     0.629276154  0.326532463
  18     0.629531912  0.326722726
  19     0.629742726  0.326882115
  20     0.629918511  0.327016691
  21     0.630066469  0.327131087
  22     0.630191971  0.327228893
  23     0.630299114  0.327312934
  24     0.630391082  0.327385458
  25     0.630470387  0.327448276
  26     0.630539042  0.327502863
  27     0.630598678  0.327550430
  28     0.630650630  0.327591981
  29     0.630696002  0.327628354
  30     0.630735715  0.327660253
  31     0.630770539  0.327688274
  32     0.630801128  0.327712924
  33     0.630828035  0.327734636
  34     0.630851734  0.327753781
  35     0.630872631  0.327770678
  36     0.630891075  0.327785606
  37     0.630907367  0.327798802
  38     0.630921771  0.327810477
  39     0.630934514  0.327820811
  40     0.630945793  0.327829963
  41     0.630955782  0.327838072

Number of iterations for RHO =   41


Mean of dependent variable        0.000416100

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.152352605       0.082586515   1.84476     0.583682
  306 C       (  0)       0.903614403       0.254437147   3.55142     1.000000
  428 DKHZIHL1(  0)       0.379984817       0.052912102   7.18143    -0.245763
  355 KHZ     ( -1)      -0.034053604       0.008397217  -4.05534    39.409752
  351 YDZ     (  0)       0.056915008       0.032393485   1.75699     6.883520
  407 RMALIHHZ(  0)      -0.026882351       0.004750567  -5.65877     3.401850
  447 AA2Z    ( -1)       0.003608484       0.000971016   3.71619    47.039551
  477 SPREADZ2( -1)      -0.003728283       0.009220380  -0.40435     0.531092
    0 RHO     ( -1)       0.630955782       0.071906362   8.77469     0.000000
    0 RHO     ( -2)       0.327838072       0.070379433   4.65815     0.000000

SE of equation            =     0.015298111
Sum of squared residuals  = 0.535933711E-01   0.112189106E-03
Average absolute error    =     0.011029511
Sum of ABS residuals      =  2.63605318    
R squared                 =   0.45698
Durbin-Watson statistic   =   1.99590
Overid test: p-value      = 0.01715         (df =  23)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.887387567E-02
@                                                                             
@ For Table 5, EBP-1                                                          
@                                                                             
SMPL 1973.1 2010.3;                                                           
Sample period is now  1973.1 to  2010.3 Internally:    85 to   235
CREATE SPREAD=EBP;                                                            
CREATE SPREADZ1=SPREAD*CDA;                                                   
CREATE SPREADZ2=SPREAD*IHHA;                                                  
SMPL 1973.4 2007.4;                                                           
Sample period is now  1973.4 to  2007.4 Internally:    88 to   224
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1973.4 -   2007.4,    0 missing obs.,  137 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.642860473

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.017248791       0.006781313   2.54358     0.833029
  306 C       (  0)      -0.058825029       0.065065220  -0.90409     1.000000
  133 AG1     (  0)      -0.498917072       0.175059161  -2.84999     0.320636
  134 AG2     (  0)      -0.705730727       0.166480151  -4.23913    -0.092320
  135 AG3     (  0)       1.145691451       0.353526208   3.24075    -0.061514
  380 LCSZ    ( -1)       0.780035426       0.035305550  22.09385     1.638094
  359 LYDZ    (  0)       0.163734735       0.037922920   4.31757     2.016479
  127 RSA     (  0)      -0.001511116       0.000283671  -5.32700     4.817037
  381 LAAZ    ( -1)       0.050914308       0.010630172   4.78960     4.948609
  475 SPREAD  ( -1)       0.000313911       0.001178618   0.26634    -0.014148

SE of equation            =     0.003782597
Sum of squared residuals  = 0.181712111E-02  -0.244719334E-08
Average absolute error    =     0.002809824
Sum of ABS residuals      = 0.384945937    
R squared                 =   0.99970
Durbin-Watson statistic   =   1.40832
Overid test: p-value      = 0.00191         (df =  15)
SMPL and No. Obs.         = 1973.4   2007.4    137
UDU for 2SLS              = 0.474390618E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1973.4 -   2007.4,    0 missing obs.,  137 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        0.628467997

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.009105407       0.011294729   0.80616     0.833029
  306 C       (  0)      -0.462029200       0.121016968  -3.81789     1.000000
  133 AG1     (  0)      -0.131005540       0.246513490  -0.53143     0.320636
  134 AG2     (  0)      -0.131275317       0.233595027  -0.56198    -0.092320
  135 AG3     (  0)      -0.090552858       0.483656799  -0.18723    -0.061514
  382 LCNZ    ( -1)       0.624287113       0.055419937  11.26467     0.625768
  383 LCNZ1   ( -1)       0.079724200       0.076951756   1.03603     0.002727
  381 LAAZ    ( -1)       0.040399868       0.015803373   2.55641     4.948609
  359 LYDZ    (  0)       0.260536863       0.042627590   6.11193     2.016479
  128 RMA     (  0)      -0.001205138       0.000521132  -2.31254     7.460832
  475 SPREAD  ( -1)      -0.003710536       0.001808428  -2.05180    -0.014148

SE of equation            =     0.005766990
Sum of squared residuals  = 0.419053058E-02  -0.414228429E-09
Average absolute error    =     0.004420845
Sum of ABS residuals      = 0.605655753    
R squared                 =   0.99825
Durbin-Watson statistic   =   1.86611
Overid test: p-value      = 0.00622         (df =  14)
SMPL and No. Obs.         = 1973.4   2007.4    137
UDU for 2SLS              = 0.937291278E-03

Equation number =    3
**********************

Dependent variable = CDZ1    

 1973.4 -   2007.4,    0 missing obs.,  137 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.006535036

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.080242808       0.035843339   2.23871     0.833029
  306 C       (  0)      -0.366196126       0.301499358  -1.21458     1.000000
  133 AG1     (  0)      -0.230207287       0.685573286  -0.33579     0.320636
  134 AG2     (  0)       3.019226710       0.854882972   3.53174    -0.092320
  135 AG3     (  0)      -2.601103466       1.342569657  -1.93741    -0.061514
  426 DKDZCDL1(  0)       0.409703486       0.075842190   5.40205    -0.121913
  356 KDZ     ( -1)      -0.034759491       0.006024707  -5.76949     9.668888
  351 YDZ     (  0)       0.117230616       0.019563576   5.99229     7.632811
  406 RMACDZ  (  0)      -0.010129463       0.003198556  -3.16689     4.255324
  352 AAZ     ( -1)       0.000219482       0.000220791   0.99407   148.046816
  476 SPREADZ1( -1)      -0.007288765       0.005596666  -1.30234    -0.037704

SE of equation            =     0.014697577
Sum of squared residuals  = 0.272183662E-01  -0.711239227E-12
Average absolute error    =     0.011050553
Sum of ABS residuals      =  1.51392571    
R squared                 =   0.24998
Durbin-Watson statistic   =   2.26487
Overid test: p-value      = 0.00770         (df =  10)
SMPL and No. Obs.         = 1973.4   2007.4    137
UDU for 2SLS              = 0.476099649E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1973.4 -   2007.4,    0 missing obs.,  137 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)
  477 SPREADZ2 ( -1)
  477 SPREADZ2 ( -2)
  477 SPREADZ2 ( -3)

Iter   Rhos:  1            2
   1     0.407762256  0.140333706
   2     0.455381831  0.250050849
   3     0.480788798  0.307565506
   4     0.493829459  0.333754894
   5     0.501071267  0.346527532
   6     0.505516724  0.353837000
   7     0.508464341  0.358560490
   8     0.510540058  0.361866731
   9     0.512071635  0.364309340
  10     0.513243263  0.366184840
  11     0.514165172  0.367667053
  12     0.514907002  0.368864943
  13     0.515514804  0.369850437
  14     0.516020217  0.370673007
  15     0.516445688  0.371367839
  16     0.516807583  0.371960670
  17     0.517118113  0.372470773
  18     0.517386579  0.372912882
  19     0.517620189  0.373298457
  20     0.517824617  0.373636551
  21     0.518004392  0.373934414
  22     0.518163171  0.374197923
  23     0.518303941  0.374431894
  24     0.518429167  0.374640309
  25     0.518540900  0.374826495
  26     0.518640861  0.374993248
  27     0.518730504  0.375142937
  28     0.518811066  0.375277586
  29     0.518883606  0.375398926
  30     0.518949035  0.375508456
  31     0.519008144  0.375607472
  32     0.519061617  0.375697104
  33     0.519110054  0.375778339
  34     0.519153979  0.375852046
  35     0.519193855  0.375918989
  36     0.519230088  0.375979843
  37     0.519263040  0.376035209
  38     0.519293032  0.376085618
  39     0.519320348  0.376131546
  40     0.519345244  0.376173417
  41     0.519367947  0.376211611
  42     0.519388662  0.376246469
  43     0.519407572  0.376278296
  44     0.519424842  0.376307370
  45     0.519440621  0.376333938
  46     0.519455043  0.376358226
  47     0.519468228  0.376380435
  48     0.519480288  0.376400751
  49     0.519491321  0.376419339
  50     0.519501417  0.376436351
  51     0.519510657  0.376451924
  52     0.519519118  0.376466183
  53     0.519526864  0.376479241
  54     0.519533959  0.376491201
  55     0.519540458  0.376502157
  56     0.519546412  0.376512196
  57     0.519551868  0.376521394

Number of iterations for RHO =   57


Mean of dependent variable        0.000533178

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.022513679       0.106255129  -0.21188     0.833029
  306 C       (  0)       0.737973764       0.187611712   3.93352     1.000000
  428 DKHZIHL1(  0)       0.350751074       0.063753019   5.50172    -0.284593
  355 KHZ     ( -1)      -0.035512883       0.009253977  -3.83758    42.400522
  351 YDZ     (  0)       0.111254930       0.038203709   2.91215     7.632811
  407 RMALIHHZ(  0)      -0.025935737       0.005232928  -4.95626     4.316191
  447 AA2Z    ( -1)       0.002814445       0.001393838   2.01920    55.247780
  477 SPREADZ2( -1)      -0.011047385       0.009314732  -1.18601    -0.018211
    0 RHO     ( -1)       0.519551868       0.098134138   5.29430     0.000000
    0 RHO     ( -2)       0.376521394       0.095577173   3.93945     0.000000

SE of equation            =     0.016247153
Sum of squared residuals  = 0.335241859E-01   0.136031037E-04
Average absolute error    =     0.011750726
Sum of ABS residuals      =  1.60984941    
R squared                 =   0.49589
Durbin-Watson statistic   =   1.97066
Overid test: p-value      = 0.02638         (df =  23)
SMPL and No. Obs.         = 1973.4   2007.4    137
UDU for 2SLS              = 0.926409334E-02
SMPL 1973.4 2010.3;                                                           
Sample period is now  1973.4 to  2010.3 Internally:    88 to   235
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1973.4 -   2010.3,    0 missing obs.,  148 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.665665777

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.022510625       0.005034915   4.47090     0.845439
  306 C       (  0)      -0.110712955       0.031155869  -3.55352     1.000000
  133 AG1     (  0)      -0.374717624       0.120373224  -3.11296     0.322776
  134 AG2     (  0)      -0.692960832       0.161431884  -4.29259    -0.088562
  135 AG3     (  0)       0.911982350       0.260650857   3.49887    -0.058941
  380 LCSZ    ( -1)       0.787028395       0.033041871  23.81912     1.661384
  359 LYDZ    (  0)       0.151586010       0.033698783   4.49826     2.038215
  127 RSA     (  0)      -0.001555555       0.000280439  -5.54686     4.493025
  381 LAAZ    ( -1)       0.052464692       0.009560476   5.48767     4.978292
  475 SPREAD  ( -1)      -0.001067515       0.000759455  -1.40563     0.033596

SE of equation            =     0.003711006
Sum of squared residuals  = 0.190047617E-02   0.114417498E-08
Average absolute error    =     0.002773904
Sum of ABS residuals      = 0.410537785    
R squared                 =   0.99973
Durbin-Watson statistic   =   1.38509
Overid test: p-value      = 0.00538         (df =  15)
SMPL and No. Obs.         = 1973.4   2010.3    148
UDU for 2SLS              = 0.418264012E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1973.4 -   2010.3,    0 missing obs.,  148 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        0.644089360

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.013991575       0.009249688   1.51265     0.845439
  306 C       (  0)      -0.568473890       0.083388923  -6.81714     1.000000
  133 AG1     (  0)       0.010130458       0.167724505   0.06040     0.322776
  134 AG2     (  0)      -0.144690703       0.230380051  -0.62805    -0.088562
  135 AG3     (  0)      -0.360011666       0.359767155  -1.00068    -0.058941
  382 LCNZ    ( -1)       0.597022584       0.054454655  10.96366     0.641826
  383 LCNZ1   ( -1)       0.072938369       0.074108268   0.98421     0.002237
  381 LAAZ    ( -1)       0.044469678       0.014198881   3.13191     4.978292
  359 LYDZ    (  0)       0.278401643       0.039969982   6.96527     2.038215
  128 RMA     (  0)      -0.001188370       0.000519735  -2.28649     7.217517
  475 SPREAD  ( -1)      -0.004935718       0.001245481  -3.96290     0.033596

SE of equation            =     0.005762930
Sum of squared residuals  = 0.454995631E-02  -0.109595666E-11
Average absolute error    =     0.004422510
Sum of ABS residuals      = 0.654531425    
R squared                 =   0.99840
Durbin-Watson statistic   =   1.83324
Overid test: p-value      = 0.00159         (df =  14)
SMPL and No. Obs.         = 1973.4   2010.3    148
UDU for 2SLS              = 0.106879108E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1973.4 -   2010.3,    0 missing obs.,  148 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.005374234

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.165585931       0.035043112   4.72521     0.845439
  306 C       (  0)      -1.104032685       0.245097388  -4.50447     1.000000
  133 AG1     (  0)       1.051671259       0.558361356   1.88350     0.322776
  134 AG2     (  0)       3.084107987       0.858928388   3.59065    -0.088562
  135 AG3     (  0)      -5.399159242       1.295054605  -4.16906    -0.058941
  426 DKDZCDL1(  0)       0.525253105       0.076946599   6.82620    -0.120160
  356 KDZ     ( -1)      -0.040473651       0.005943501  -6.80973    10.372505
  351 YDZ     (  0)       0.132967646       0.017679708   7.52092     7.813517
  406 RMACDZ  (  0)      -0.013573325       0.003538384  -3.83602     4.323174
  352 AAZ     ( -1)       0.000575610       0.000213467   2.69648   152.713479
  476 SPREADZ1( -1)      -0.016815035       0.003661994  -4.59177     0.022585

SE of equation            =     0.016414624
Sum of squared residuals  = 0.369132641E-01  -0.220134674E-11
Average absolute error    =     0.012240458
Sum of ABS residuals      =  1.81158779    
R squared                 =   0.29715
Durbin-Watson statistic   =   2.09262
Overid test: p-value      = 0.00294         (df =  10)
SMPL and No. Obs.         = 1973.4   2010.3    148
UDU for 2SLS              = 0.665004233E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1973.4 -   2010.3,    0 missing obs.,  148 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)
  477 SPREADZ2 ( -1)
  477 SPREADZ2 ( -2)
  477 SPREADZ2 ( -3)

Iter   Rhos:  1            2
   1     0.360036316  0.174625698
   2     0.397494110  0.266204220
   3     0.426300683  0.326735271
   4     0.451018765  0.371217506
   5     0.472941395  0.399487644
   6     0.490529944  0.413223996
   7     0.502244473  0.419798314
   8     0.509343907  0.424345584
   9     0.513824548  0.428345879
  10     0.516879762  0.432111704
  11     0.519037374  0.435691498
  12     0.520526332  0.439022880
  13     0.521509837  0.441991682
  14     0.522163243  0.444504018
  15     0.522640848  0.446536865
  16     0.523038604  0.448135311
  17     0.523400045  0.449377157
  18     0.523739688  0.450341873
  19     0.524060393  0.451096385
  20     0.524361691  0.451692416
  21     0.524642840  0.452168514
  22     0.524903638  0.452553070
  23     0.525144469  0.452867010
  24     0.525366146  0.453125861
  25     0.525569748  0.453341258
  26     0.525756483  0.453522009
  27     0.525927601  0.453674859
  28     0.526084338  0.453805029
  29     0.526227878  0.453916598
  30     0.526359338  0.454012789
  31     0.526479755  0.454096171
  32     0.526590086  0.454168807
  33     0.526691211  0.454232369
  34     0.526783931  0.454288225
  35     0.526868977  0.454337496
  36     0.526947017  0.454381112
  37     0.527018655  0.454419848
  38     0.527084442  0.454454354
  39     0.527144879  0.454485176
  40     0.527200421  0.454512778
  41     0.527251482  0.454537555
  42     0.527298439  0.454559843
  43     0.527341636  0.454579934
  44     0.527381385  0.454598078
  45     0.527417971  0.454614491
  46     0.527451655  0.454629362
  47     0.527482675  0.454642856
  48     0.527511247  0.454655117
  49     0.527537571  0.454666271
  50     0.527561828  0.454676430
  51     0.527584184  0.454685693
  52     0.527604793  0.454694148
  53     0.527623792  0.454701871
  54     0.527641312  0.454708932
  55     0.527657469  0.454715393
  56     0.527672371  0.454721309
  57     0.527686117  0.454726730
  58     0.527698798  0.454731700
  59     0.527710499  0.454736260
  60     0.527721295  0.454740444
  61     0.527731257  0.454744287

Number of iterations for RHO =   61


Mean of dependent variable       -0.000873962

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.342333583       0.289321737  -1.18323     0.845439
  306 C       (  0)       2.364097414       0.992372701   2.38227     1.000000
  428 DKHZIHL1(  0)       0.347811051       0.057147513   6.08620    -0.267584
  355 KHZ     ( -1)      -0.047605448       0.013295852  -3.58047    43.303624
  351 YDZ     (  0)       0.048138108       0.033367682   1.44266     7.813517
  407 RMALIHHZ(  0)      -0.027001062       0.004778678  -5.65032     4.164977
  447 AA2Z    ( -1)       0.003947140       0.001178809   3.34841    56.847574
  477 SPREADZ2( -1)      -0.015313387       0.007183500  -2.13174     0.007865
    0 RHO     ( -1)       0.527731257       0.083578877   6.31417     0.000000
    0 RHO     ( -2)       0.454744287       0.083051360   5.47546     0.000000

SE of equation            =     0.015969542
Sum of squared residuals  = 0.351936262E-01   0.848478800E-03
Average absolute error    =     0.011375596
Sum of ABS residuals      =  1.68358822    
R squared                 =   0.53348
Durbin-Watson statistic   =   2.02622
Overid test: p-value      = 0.46650         (df =  23)
SMPL and No. Obs.         = 1973.4   2010.3    148
UDU for 2SLS              = 0.544598294E-02
@                                                                             
@ The following are more spreads tests                                        
@                                                                             
SMPL 1952.1 2013.3;                                                           
Sample period is now  1952.1 to  2013.3 Internally:     1 to   247
CREATE SPREAD=AAA-R10;                                                        
CREATE SPREADZ1=SPREAD*CDA;                                                   
CREATE SPREADZ2=SPREAD*IHHA;                                                  
SMPL 1954.1 2007.4;                                                           
Sample period is now  1954.1 to  2007.4 Internally:     9 to   224
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.421239113

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.023449099       0.004059180   5.77681     0.539352
  306 C       (  0)      -0.143972926       0.046873994  -3.07149     1.000000
  133 AG1     (  0)      -0.051315940       0.059100699  -0.86828     0.318301
  134 AG2     (  0)      -0.295403046       0.062909687  -4.69567    -0.092214
  135 AG3     (  0)       0.245669538       0.101822496   2.41272    -0.072303
  380 LCSZ    ( -1)       0.811398695       0.025711235  31.55814     1.415506
  359 LYDZ    (  0)       0.125084248       0.027130188   4.61052     1.834765
  127 RSA     (  0)      -0.001267967       0.000306918  -4.13129     4.204765
  381 LAAZ    ( -1)       0.039877642       0.008602826   4.63541     4.702605
  475 SPREAD  ( -1)      -0.001066059       0.001207388  -0.88295     0.765586

SE of equation            =     0.003796441
Sum of squared residuals  = 0.296907051E-02  -0.200940864E-08
Average absolute error    =     0.002849309
Sum of ABS residuals      = 0.615450675    
R squared                 =   0.99989
Durbin-Watson statistic   =   1.59357
Overid test: p-value      = 0.00000         (df =  15)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.781935555E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        0.531237744

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.015602089       0.008407211  -1.85580     0.539352
  306 C       (  0)      -0.264959652       0.093838282  -2.82358     1.000000
  133 AG1     (  0)       0.040993110       0.099167566   0.41337     0.318301
  134 AG2     (  0)       0.223714121       0.106200871   2.10652    -0.092214
  135 AG3     (  0)      -0.218088480       0.164748694  -1.32376    -0.072303
  382 LCNZ    ( -1)       0.750315618       0.045719729  16.41120     0.528033
  383 LCNZ1   ( -1)       0.192308509       0.063426161   3.03201     0.003217
  381 LAAZ    ( -1)       0.036831278       0.014596713   2.52326     4.702605
  359 LYDZ    (  0)       0.127095373       0.036397641   3.49186     1.834765
  128 RMA     (  0)      -0.000973104       0.000543526  -1.79035     6.650968
  475 SPREAD  ( -1)      -0.000399226       0.001679321  -0.23773     0.765586

SE of equation            =     0.006647377
Sum of squared residuals  = 0.905846168E-02  -0.323500227E-09
Average absolute error    =     0.004946330
Sum of ABS residuals      =  1.06840728    
R squared                 =   0.99864
Durbin-Watson statistic   =   1.95625
Overid test: p-value      = 0.00012         (df =  14)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.176721601E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.005033494

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.044319918       0.014156220   3.13077     0.539352
  306 C       (  0)      -0.083020631       0.088535421  -0.93771     1.000000
  133 AG1     (  0)      -0.099314523       0.155692354  -0.63789     0.318301
  134 AG2     (  0)       2.786531308       0.538907175   5.17071    -0.092214
  135 AG3     (  0)      -1.897955245       0.428306165  -4.43130    -0.072303
  426 DKDZCDL1(  0)       0.279774719       0.048931331   5.71770    -0.093153
  356 KDZ     ( -1)      -0.023459325       0.004131727  -5.67785     7.425111
  351 YDZ     (  0)       0.059722127       0.013087989   4.56312     6.531435
  406 RMACDZ  (  0)      -0.007058487       0.002349448  -3.00432     3.161759
  352 AAZ     ( -1)       0.000356933       0.000176605   2.02108   120.816030
  476 SPREADZ1( -1)       0.010580804       0.004791827   2.20809     0.459669

SE of equation            =     0.012297732
Sum of squared residuals  = 0.310030150E-01   0.532872531E-11
Average absolute error    =     0.008998960
Sum of ABS residuals      =  1.94377544    
R squared                 =   0.25214
Durbin-Watson statistic   =   2.21819
Overid test: p-value      = 0.00097         (df =  10)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.425715632E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)
  477 SPREADZ2 ( -1)
  477 SPREADZ2 ( -2)
  477 SPREADZ2 ( -3)

Iter   Rhos:  1            2
   1     0.381864653  0.072314919
   2     0.443970421  0.132240257
   3     0.488327405  0.178737986
   4     0.527031399  0.219314096
   5     0.557670040  0.250348361
   6     0.576082385  0.268277399
   7     0.584556436  0.277110660
   8     0.588125472  0.281497131
   9     0.589684908  0.283708216
  10     0.590406419  0.284824388
  11     0.590754100  0.285387439
  12     0.590925544  0.285671408
  13     0.591011093  0.285814648
  14     0.591054034  0.285886919
  15     0.591075650  0.285923389
  16     0.591086546  0.285941796
  17     0.591092043  0.285951087

Number of iterations for RHO =   17


Mean of dependent variable        0.001008648

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.046152664       0.051196007   0.90149     0.539352
  306 C       (  0)       0.723459188       0.142161503   5.08900     1.000000
  428 DKHZIHL1(  0)       0.387636362       0.058075659   6.67468    -0.268228
  355 KHZ     ( -1)      -0.044682416       0.009118684  -4.90009    37.872109
  351 YDZ     (  0)       0.148740199       0.035175742   4.22849     6.531435
  407 RMALIHHZ(  0)      -0.021738412       0.005046735  -4.30742     3.554255
  447 AA2Z    ( -1)       0.003420511       0.001230071   2.78074    44.395922
  477 SPREADZ2( -1)       0.015552273       0.010389356   1.49694     0.448296
    0 RHO     ( -1)       0.591092043       0.078420200   7.53750     0.000000
    0 RHO     ( -2)       0.285951087       0.074273845   3.84996     0.000000

SE of equation            =     0.015675596
Sum of squared residuals  = 0.506192061E-01   0.156027382E-04
Average absolute error    =     0.011720418
Sum of ABS residuals      =  2.53161032    
R squared                 =   0.42872
Durbin-Watson statistic   =   1.95508
Overid test: p-value      = 0.00121         (df =  23)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.115030671E-01
SMPL 1954.1 2013.3;                                                           
Sample period is now  1954.1 to  2013.3 Internally:     9 to   247
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.472625842

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.023268395       0.003456506   6.73177     0.583682
  306 C       (  0)      -0.132900060       0.022937970  -5.79389     1.000000
  133 AG1     (  0)      -0.050314603       0.024910332  -2.01983     0.320965
  134 AG2     (  0)      -0.290415792       0.034284133  -8.47085    -0.086665
  135 AG3     (  0)       0.235722574       0.062027773   3.80027    -0.067461
  380 LCSZ    ( -1)       0.818533868       0.023280770  35.15923     1.467453
  359 LYDZ    (  0)       0.123736042       0.023614624   5.23981     1.881586
  127 RSA     (  0)      -0.001418357       0.000277357  -5.11383     3.824044
  381 LAAZ    ( -1)       0.036045929       0.005758338   6.25978     4.766640
  475 SPREAD  ( -1)      -0.001773668       0.000956035  -1.85523     0.872092

SE of equation            =     0.003743314
Sum of squared residuals  = 0.320883923E-02   0.481055806E-08
Average absolute error    =     0.002835954
Sum of ABS residuals      = 0.677793112    
R squared                 =   0.99990
Durbin-Watson statistic   =   1.52718
Overid test: p-value      = 0.00001         (df =  15)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.678172987E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        0.561478697

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.015249706       0.007901200  -1.93005     0.583682
  306 C       (  0)      -0.351468671       0.068735139  -5.11338     1.000000
  133 AG1     (  0)       0.133440096       0.051778173   2.57715     0.320965
  134 AG2     (  0)       0.134416250       0.060590797   2.21843    -0.086665
  135 AG3     (  0)      -0.334546470       0.121563227  -2.75204    -0.067461
  382 LCNZ    ( -1)       0.730992539       0.044904972  16.27865     0.558622
  383 LCNZ1   ( -1)       0.207487612       0.059907297   3.46348     0.002834
  381 LAAZ    ( -1)       0.046121526       0.010995707   4.19450     4.766640
  359 LYDZ    (  0)       0.131479982       0.033749173   3.89580     1.881586
  128 RMA     (  0)      -0.001061275       0.000531542  -1.99660     6.363393
  475 SPREAD  ( -1)      -0.001513256       0.001489926  -1.01566     0.872092

SE of equation            =     0.006572230
Sum of squared residuals  = 0.984828017E-02  -0.114766058E-09
Average absolute error    =     0.004881656
Sum of ABS residuals      =  1.16671575    
R squared                 =   0.99887
Durbin-Watson statistic   =   1.93747
Overid test: p-value      = 0.00000         (df =  14)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.209057306E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.005078653

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.062788908       0.015969393   3.93183     0.583682
  306 C       (  0)      -0.236098957       0.075124279  -3.14278     1.000000
  133 AG1     (  0)       0.171599705       0.114867347   1.49389     0.320965
  134 AG2     (  0)       2.561514268       0.440590233   5.81382    -0.086665
  135 AG3     (  0)      -2.278945792       0.440268755  -5.17626    -0.067461
  426 DKDZCDL1(  0)       0.228903206       0.045360498   5.04631    -0.095734
  356 KDZ     ( -1)      -0.027212131       0.004102651  -6.63282     8.585965
  351 YDZ     (  0)       0.060980066       0.012002214   5.08073     6.883520
  406 RMACDZ  (  0)      -0.010002916       0.002538435  -3.94058     3.299496
  352 AAZ     ( -1)       0.000658343       0.000188042   3.50104   129.870051
  476 SPREADZ1( -1)       0.001574559       0.004635883   0.33965     0.641166

SE of equation            =     0.014546020
Sum of squared residuals  = 0.482417671E-01   0.787834381E-11
Average absolute error    =     0.010210249
Sum of ABS residuals      =  2.44024940    
R squared                 =   0.21082
Durbin-Watson statistic   =   1.95260
Overid test: p-value      = 0.00001         (df =  10)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.867140482E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)
  477 SPREADZ2 ( -1)
  477 SPREADZ2 ( -2)
  477 SPREADZ2 ( -3)

Iter   Rhos:  1            2
   1     0.355954937  0.106992760
   2     0.389765499  0.148809982
   3     0.411377062  0.173485374
   4     0.429826310  0.193659249
   5     0.448470127  0.213358318
   6     0.469546531  0.234787958
   7     0.494882755  0.259138006
   8     0.525033885  0.285209214
   9     0.557099081  0.307015556
  10     0.584626037  0.317617252
  11     0.602641441  0.319788669
  12     0.612146134  0.320238358
  13     0.616921524  0.320804551
  14     0.619471063  0.321406702
  15     0.620955260  0.321916866
  16     0.621885656  0.322310778
  17     0.622500870  0.322604560
  18     0.622922706  0.322821214
  19     0.623219125  0.322980651
  20     0.623430943  0.323098116
  21     0.623584094  0.323184835
  22     0.623695753  0.323248988
  23     0.623777652  0.323296533
  24     0.623837984  0.323331821
  25     0.623882572  0.323358043
  26     0.623915601  0.323377544
  27     0.623940110  0.323392058
  28     0.623958321  0.323402865
  29     0.623971864  0.323410915
  30     0.623981943  0.323416913
  31     0.623989449  0.323421383

Number of iterations for RHO =   31


Mean of dependent variable        0.000416100

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.140552225       0.075370864   1.86481     0.583682
  306 C       (  0)       0.848862898       0.196121936   4.32824     1.000000
  428 DKHZIHL1(  0)       0.368838424       0.053240574   6.92777    -0.245763
  355 KHZ     ( -1)      -0.035758376       0.008048060  -4.44311    39.409752
  351 YDZ     (  0)       0.071815378       0.031205418   2.30138     6.883520
  407 RMALIHHZ(  0)      -0.025039549       0.005096394  -4.91319     3.401850
  447 AA2Z    ( -1)       0.003654329       0.000970382   3.76587    47.039551
  477 SPREADZ2( -1)       0.005383436       0.009499463   0.56671     0.500557
    0 RHO     ( -1)       0.623989449       0.072201059   8.64239     0.000000
    0 RHO     ( -2)       0.323421383       0.069671284   4.64210     0.000000

SE of equation            =     0.015380869
Sum of squared residuals  = 0.541747904E-01   0.434542933E-04
Average absolute error    =     0.011179240
Sum of ABS residuals      =  2.67183846    
R squared                 =   0.45108
Durbin-Watson statistic   =   1.99848
Overid test: p-value      = 0.00162         (df =  23)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.109065923E-01
@                                                                             
SMPL 1952.1 2013.3;                                                           
Sample period is now  1952.1 to  2013.3 Internally:     1 to   247
CREATE SPREAD=RS-RB;                                                          
CREATE SPREADZ1=SPREAD*CDA;                                                   
CREATE SPREADZ2=SPREAD*IHHA;                                                  
SMPL 1954.1 2007.4;                                                           
Sample period is now  1954.1 to  2007.4 Internally:     9 to   224
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.421239113

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.018421279       0.004645597   3.96532     0.539352
  306 C       (  0)      -0.134103318       0.041370013  -3.24156     1.000000
  133 AG1     (  0)      -0.058277899       0.052638643  -1.10713     0.318301
  134 AG2     (  0)      -0.256304459       0.055269501  -4.63736    -0.092214
  135 AG3     (  0)       0.263066086       0.091022762   2.89011    -0.072303
  380 LCSZ    ( -1)       0.817692582       0.025963348  31.49411     1.415506
  359 LYDZ    (  0)       0.122650100       0.026747695   4.58545     1.834765
  127 RSA     (  0)      -0.000690870       0.000382938  -1.80413     4.204765
  381 LAAZ    ( -1)       0.037996747       0.008069425   4.70873     4.702605
  475 SPREAD  ( -1)      -0.000515240       0.000385602  -1.33620    -2.097753

SE of equation            =     0.003739378
Sum of squared residuals  = 0.288048715E-02  -0.281611801E-08
Average absolute error    =     0.002839627
Sum of ABS residuals      = 0.613359365    
R squared                 =   0.99989
Durbin-Watson statistic   =   1.59867
Overid test: p-value      = 0.00000         (df =  15)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.778749328E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        0.531237744

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.013857923       0.008359934  -1.65766     0.539352
  306 C       (  0)      -0.257630637       0.086836367  -2.96685     1.000000
  133 AG1     (  0)       0.044383873       0.090823468   0.48868     0.318301
  134 AG2     (  0)       0.178934732       0.107437204   1.66548    -0.092214
  135 AG3     (  0)      -0.198332668       0.151186931  -1.31184    -0.072303
  382 LCNZ    ( -1)       0.779472473       0.047399431  16.44476     0.528033
  383 LCNZ1   ( -1)       0.173106590       0.064346342   2.69023     0.003217
  381 LAAZ    ( -1)       0.042309541       0.014867523   2.84577     4.702605
  359 LYDZ    (  0)       0.096505610       0.038916018   2.47984     1.834765
  128 RMA     (  0)      -0.000793490       0.000536311  -1.47953     6.650968
  475 SPREAD  ( -1)      -0.000704946       0.000446912  -1.57737    -2.097753

SE of equation            =     0.006641048
Sum of squared residuals  = 0.904121999E-02  -0.102809911E-08
Average absolute error    =     0.004961731
Sum of ABS residuals      =  1.07173385    
R squared                 =   0.99864
Durbin-Watson statistic   =   1.97883
Overid test: p-value      = 0.00029         (df =  14)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.165837448E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.005033494

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.040629851       0.013893255   2.92443     0.539352
  306 C       (  0)      -0.161811244       0.078313481  -2.06620     1.000000
  133 AG1     (  0)       0.069548398       0.145695684   0.47735     0.318301
  134 AG2     (  0)       2.369839083       0.562048282   4.21643    -0.092214
  135 AG3     (  0)      -1.928909672       0.409798403  -4.70697    -0.072303
  426 DKDZCDL1(  0)       0.279015298       0.048189605   5.78995    -0.093153
  356 KDZ     ( -1)      -0.022587632       0.004096469  -5.51393     7.425111
  351 YDZ     (  0)       0.051209342       0.013671782   3.74562     6.531435
  406 RMACDZ  (  0)      -0.006029362       0.002345805  -2.57027     3.161759
  352 AAZ     ( -1)       0.000620693       0.000212691   2.91829   120.816030
  476 SPREADZ1( -1)      -0.004487617       0.001522225  -2.94806    -1.152009

SE of equation            =     0.012134718
Sum of squared residuals  = 0.301865328E-01  -0.102500196E-10
Average absolute error    =     0.008771190
Sum of ABS residuals      =  1.89457711    
R squared                 =   0.27183
Durbin-Watson statistic   =   2.28631
Overid test: p-value      = 0.00435         (df =  10)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.357451600E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)
  477 SPREADZ2 ( -1)
  477 SPREADZ2 ( -2)
  477 SPREADZ2 ( -3)

Iter   Rhos:  1            2
   1     0.282866347  0.029190211
   2     0.324230475  0.069389854
   3     0.347761502  0.093794021
   4     0.365537600  0.112341384
   5     0.381115426  0.128649135
   6     0.396251064  0.144538452
   7     0.412162100  0.161280267
   8     0.429926899  0.179998798
   9     0.450551791  0.201713703
  10     0.474625976  0.226890013
  11     0.501248200  0.254100635
  12     0.526673243  0.278592282
  13     0.545647134  0.295318277
  14     0.556377794  0.304871181
  15     0.561496152  0.310329256
  16     0.563884077  0.313490042
  17     0.565052881  0.315303811
  18     0.565656607  0.316334580
  19     0.565980589  0.316917436
  20     0.566158453  0.317246388
  21     0.566257339  0.317431951
  22     0.566312692  0.317536626
  23     0.566343792  0.317595680
  24     0.566361299  0.317629000
  25     0.566371167  0.317647802
  26     0.566376731  0.317658412
  27     0.566379870  0.317664400

Number of iterations for RHO =   27


Mean of dependent variable        0.001008648

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.051793177       0.052164264   0.99289     0.539352
  306 C       (  0)       0.713865187       0.143270154   4.98265     1.000000
  428 DKHZIHL1(  0)       0.380507244       0.055548166   6.85004    -0.268228
  355 KHZ     ( -1)      -0.042519573       0.009632435  -4.41421    37.872109
  351 YDZ     (  0)       0.136737161       0.039059863   3.50071     6.531435
  407 RMALIHHZ(  0)      -0.023586111       0.004785274  -4.92889     3.554255
  447 AA2Z    ( -1)       0.003546945       0.001214395   2.92075    44.395922
  477 SPREADZ2( -1)      -0.008020707       0.003308056  -2.42460    -1.187784
    0 RHO     ( -1)       0.566379870       0.076457776   7.40775     0.000000
    0 RHO     ( -2)       0.317664400       0.075109854   4.22933     0.000000

SE of equation            =     0.015338109
Sum of squared residuals  = 0.484630628E-01   0.106165505E-04
Average absolute error    =     0.011377832
Sum of ABS residuals      =  2.45761182    
R squared                 =   0.45306
Durbin-Watson statistic   =   1.96160
Overid test: p-value      = 0.00945         (df =  23)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.938979527E-02
SMPL 1954.1 2013.3;                                                           
Sample period is now  1954.1 to  2013.3 Internally:     9 to   247
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.472625842

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.019662111       0.004282661   4.59110     0.583682
  306 C       (  0)      -0.139295572       0.023192151  -6.00615     1.000000
  133 AG1     (  0)      -0.043792937       0.025846358  -1.69436     0.320965
  134 AG2     (  0)      -0.276485992       0.035490259  -7.79048    -0.086665
  135 AG3     (  0)       0.240654803       0.061314238   3.92494    -0.067461
  380 LCSZ    ( -1)       0.821176976       0.023249217  35.32063     1.467453
  359 LYDZ    (  0)       0.118053155       0.023365587   5.05244     1.881586
  127 RSA     (  0)      -0.000837891       0.000373081  -2.24587     3.824044
  381 LAAZ    ( -1)       0.038162124       0.005639487   6.76695     4.766640
  475 SPREAD  ( -1)      -0.000392564       0.000366787  -1.07028    -2.312223

SE of equation            =     0.003698873
Sum of squared residuals  = 0.313310106E-02   0.132322064E-08
Average absolute error    =     0.002836649
Sum of ABS residuals      = 0.677959214    
R squared                 =   0.99990
Durbin-Watson statistic   =   1.52632
Overid test: p-value      = 0.00001         (df =  15)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.653927912E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        0.561478697

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.013410743       0.007795940  -1.72022     0.583682
  306 C       (  0)      -0.327110294       0.067899007  -4.81760     1.000000
  133 AG1     (  0)       0.112915331       0.050890411   2.21879     0.320965
  134 AG2     (  0)       0.101159019       0.061064375   1.65660    -0.086665
  135 AG3     (  0)      -0.278134261       0.120259720  -2.31278    -0.067461
  382 LCNZ    ( -1)       0.761074694       0.045419891  16.75642     0.558622
  383 LCNZ1   ( -1)       0.199795345       0.060402404   3.30774     0.002834
  381 LAAZ    ( -1)       0.051410000       0.011101334   4.63097     4.766640
  359 LYDZ    (  0)       0.097476892       0.033497097   2.91001     1.881586
  128 RMA     (  0)      -0.000846004       0.000521781  -1.62138     6.363393
  475 SPREAD  ( -1)      -0.000596208       0.000424686  -1.40388    -2.312223

SE of equation            =     0.006582472
Sum of squared residuals  = 0.987899669E-02  -0.362119112E-09
Average absolute error    =     0.004874128
Sum of ABS residuals      =  1.16491653    
R squared                 =   0.99887
Durbin-Watson statistic   =   1.96760
Overid test: p-value      = 0.00001         (df =  14)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.197659810E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.005078653

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.066435607       0.015637791   4.24840     0.583682
  306 C       (  0)      -0.210563293       0.072366016  -2.90970     1.000000
  133 AG1     (  0)       0.148242565       0.112717133   1.31517     0.320965
  134 AG2     (  0)       2.436382989       0.421727327   5.77715    -0.086665
  135 AG3     (  0)      -2.179762783       0.424981328  -5.12908    -0.067461
  426 DKDZCDL1(  0)       0.236694570       0.044951616   5.26554    -0.095734
  356 KDZ     ( -1)      -0.027231846       0.004013581  -6.78492     8.585965
  351 YDZ     (  0)       0.052922591       0.011290618   4.68731     6.883520
  406 RMACDZ  (  0)      -0.010294042       0.002510610  -4.10022     3.299496
  352 AAZ     ( -1)       0.000882806       0.000206768   4.26956   129.870051
  476 SPREADZ1( -1)      -0.003122703       0.001577472  -1.97956    -1.561832

SE of equation            =     0.014358150
Sum of squared residuals  = 0.470036781E-01   0.253469121E-11
Average absolute error    =     0.009996790
Sum of ABS residuals      =  2.38923289    
R squared                 =   0.23108
Durbin-Watson statistic   =   1.97546
Overid test: p-value      = 0.00001         (df =  10)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.802827952E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)
  477 SPREADZ2 ( -1)
  477 SPREADZ2 ( -2)
  477 SPREADZ2 ( -3)

Iter   Rhos:  1            2
   1     0.269161354  0.074322691
   2     0.293938626  0.108566574
   3     0.306513559  0.124596764
   4     0.314402626  0.134369227
   5     0.319965603  0.141163618
   6     0.324198322  0.146288175
   7     0.327598772  0.150379846
   8     0.330446475  0.153790438
   9     0.332912235  0.156732540
  10     0.335107685  0.159343904
  11     0.337110088  0.161719185
  12     0.338975808  0.163926984
  13     0.340748161  0.166019670
  14     0.342462285  0.168039440
  15     0.344148387  0.170022306
  16     0.345834094  0.172000955
  17     0.347546341  0.174007004
  18     0.349313076  0.176073026
  19     0.351165053  0.178234608
  20     0.353137901  0.180532737
  21     0.355274804  0.183016818
  22     0.357630170  0.185748792
  23     0.360274940  0.188809048
  24     0.363304563  0.192305232
  25     0.366851362  0.196385817
  26     0.371104301  0.201261574
  27     0.376341342  0.207240295
  28     0.382983395  0.214783608
  29     0.391684072  0.224598551
  30     0.403470892  0.237772017
  31     0.419917707  0.255895667
  32     0.443107825  0.280808310
  33     0.474391853  0.312470567
  34     0.510687420  0.342873528
  35     0.543225404  0.356811590
  36     0.563968665  0.357142767
  37     0.573686612  0.356425714
  38     0.578018519  0.356491786
  39     0.580119940  0.356780716
  40     0.581242864  0.357045541
  41     0.581887587  0.357239506
  42     0.582275109  0.357371538
  43     0.582514610  0.357458901
  44     0.582665145  0.357516019
  45     0.582760744  0.357553160
  46     0.582821847  0.357577247
  47     0.582861060  0.357592847
  48     0.582886290  0.357602942
  49     0.582902551  0.357609472
  50     0.582913041  0.357613694
  51     0.582919814  0.357616425

Number of iterations for RHO =   51


Mean of dependent variable        0.000416100

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.123265719       0.067325002   1.83091     0.583682
  306 C       (  0)       0.787969772       0.162219327   4.85743     1.000000
  428 DKHZIHL1(  0)       0.343088179       0.049155730   6.97962    -0.245763
  355 KHZ     ( -1)      -0.033169845       0.007813322  -4.24529    39.409752
  351 YDZ     (  0)       0.062899478       0.031635314   1.98827     6.883520
  407 RMALIHHZ(  0)      -0.024946799       0.004648127  -5.36706     3.401850
  447 AA2Z    ( -1)       0.003888295       0.000918933   4.23131    47.039551
  477 SPREADZ2( -1)      -0.009846017       0.002935583  -3.35402    -1.293925
    0 RHO     ( -1)       0.582919814       0.069821125   8.34876     0.000000
    0 RHO     ( -2)       0.357616425       0.067990427   5.25981     0.000000

SE of equation            =     0.014949141
Sum of squared residuals  = 0.511761911E-01   0.281680536E-04
Average absolute error    =     0.011048010
Sum of ABS residuals      =  2.64047430    
R squared                 =   0.48147
Durbin-Watson statistic   =   2.01977
Overid test: p-value      = 0.04950         (df =  23)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.754067419E-02
@                                                                             
SMPL 1952.1 1981.4;                                                           
Sample period is now  1952.1 to  1981.4 Internally:     1 to   120
CREATE SPREAD=RS-R10;                                                         
SMPL 1982.1 2013.3;                                                           
Sample period is now  1982.1 to  2013.3 Internally:   121 to   247
CREATE SPREAD=R3MO-R10;                                                       
SMPL 1952.1 2013.3;                                                           
Sample period is now  1952.1 to  2013.3 Internally:     1 to   247
CREATE SPREADZ1=SPREAD*CDA;                                                   
CREATE SPREADZ2=SPREAD*IHHA;                                                  
SMPL 1954.1 2007.4;                                                           
Sample period is now  1954.1 to  2007.4 Internally:     9 to   224
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.421239113

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.018247519       0.004298516   4.24507     0.539352
  306 C       (  0)      -0.150054657       0.043269487  -3.46791     1.000000
  133 AG1     (  0)      -0.036657813       0.055721158  -0.65788     0.318301
  134 AG2     (  0)      -0.268898843       0.054211962  -4.96014    -0.092214
  135 AG3     (  0)       0.232377376       0.094466424   2.45989    -0.072303
  380 LCSZ    ( -1)       0.819919429       0.025877869  31.68419     1.415506
  359 LYDZ    (  0)       0.119798317       0.026833193   4.46456     1.834765
  127 RSA     (  0)      -0.000644321       0.000343468  -1.87593     4.204765
  381 LAAZ    ( -1)       0.039671819       0.008134439   4.87702     4.702605
  475 SPREAD  ( -1)      -0.000691480       0.000402852  -1.71646    -1.259989

SE of equation            =     0.003728117
Sum of squared residuals  = 0.286316495E-02  -0.145225654E-08
Average absolute error    =     0.002828452
Sum of ABS residuals      = 0.610945719    
R squared                 =   0.99989
Durbin-Watson statistic   =   1.61124
Overid test: p-value      = 0.00000         (df =  15)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.751787895E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        0.531237744

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.013804986       0.008385423  -1.64631     0.539352
  306 C       (  0)      -0.279615213       0.087753991  -3.18635     1.000000
  133 AG1     (  0)       0.072473339       0.093191859   0.77768     0.318301
  134 AG2     (  0)       0.156002093       0.110892973   1.40678    -0.092214
  135 AG3     (  0)      -0.233551266       0.152047649  -1.53604    -0.072303
  382 LCNZ    ( -1)       0.781560900       0.047429884  16.47824     0.528033
  383 LCNZ1   ( -1)       0.165558938       0.064960415   2.54861     0.003217
  381 LAAZ    ( -1)       0.044822510       0.015172696   2.95416     4.702605
  359 LYDZ    (  0)       0.093978305       0.039225489   2.39585     1.834765
  128 RMA     (  0)      -0.000732211       0.000535131  -1.36828     6.650968
  475 SPREAD  ( -1)      -0.000925625       0.000521698  -1.77425    -1.259989

SE of equation            =     0.006632542
Sum of squared residuals  = 0.901807441E-02   0.377950171E-10
Average absolute error    =     0.004960173
Sum of ABS residuals      =  1.07139741    
R squared                 =   0.99864
Durbin-Watson statistic   =   1.97400
Overid test: p-value      = 0.00043         (df =  14)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.160990711E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.005033494

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.038925269       0.014016398   2.77712     0.539352
  306 C       (  0)      -0.195140818       0.079530007  -2.45368     1.000000
  133 AG1     (  0)       0.113718444       0.150483296   0.75569     0.318301
  134 AG2     (  0)       2.443542710       0.563718114   4.33469    -0.092214
  135 AG3     (  0)      -2.046197568       0.406421537  -5.03467    -0.072303
  426 DKDZCDL1(  0)       0.274629615       0.048597900   5.65106    -0.093153
  356 KDZ     ( -1)      -0.023193551       0.004101761  -5.65453     7.425111
  351 YDZ     (  0)       0.055906786       0.013291934   4.20607     6.531435
  406 RMACDZ  (  0)      -0.005833470       0.002379680  -2.45137     3.161759
  352 AAZ     ( -1)       0.000567888       0.000213730   2.65704   120.816030
  476 SPREADZ1( -1)      -0.004384041       0.001713127  -2.55909    -0.649012

SE of equation            =     0.012230026
Sum of squared residuals  = 0.306625743E-01   0.199907408E-10
Average absolute error    =     0.008810429
Sum of ABS residuals      =  1.90305266    
R squared                 =   0.26035
Durbin-Watson statistic   =   2.28145
Overid test: p-value      = 0.00303         (df =  10)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.377322356E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)
  477 SPREADZ2 ( -1)
  477 SPREADZ2 ( -2)
  477 SPREADZ2 ( -3)

Iter   Rhos:  1            2
   1     0.309826346  0.040396775
   2     0.359909779  0.093202487
   3     0.394431813  0.130939798
   4     0.426102818  0.165305553
   5     0.458967088  0.200461267
   6     0.493630234  0.236459957
   7     0.526252078  0.268331088
   8     0.549933343  0.289737681
   9     0.562358796  0.301852406
  10     0.567752960  0.308987942
  11     0.570139632  0.313277418
  12     0.571313561  0.315838202
  13     0.571948107  0.317364259
  14     0.572311508  0.318277225
  15     0.572526056  0.318826332
  16     0.572654683  0.319158131
  17     0.572732406  0.319359308
  18     0.572779568  0.319481569
  19     0.572808250  0.319555981
  20     0.572825718  0.319601314
  21     0.572836363  0.319628947
  22     0.572842854  0.319645798
  23     0.572846813  0.319656076
  24     0.572849227  0.319662346

Number of iterations for RHO =   24


Mean of dependent variable        0.001008648

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.064224854       0.055374863   1.15982     0.539352
  306 C       (  0)       0.745971053       0.144916893   5.14758     1.000000
  428 DKHZIHL1(  0)       0.392079225       0.054377931   7.21026    -0.268228
  355 KHZ     ( -1)      -0.043513103       0.009530040  -4.56589    37.872109
  351 YDZ     (  0)       0.137543714       0.039031954   3.52387     6.531435
  407 RMALIHHZ(  0)      -0.025163162       0.004873709  -5.16304     3.554255
  447 AA2Z    ( -1)       0.003709720       0.001240533   2.99042    44.395922
  477 SPREADZ2( -1)      -0.007559523       0.003436764  -2.19961    -0.697694
    0 RHO     ( -1)       0.572849227       0.075964210   7.54104     0.000000
    0 RHO     ( -2)       0.319662346       0.074791221   4.27406     0.000000

SE of equation            =     0.015394718
Sum of squared residuals  = 0.488214503E-01   0.115720768E-04
Average absolute error    =     0.011422141
Sum of ABS residuals      =  2.46718255    
R squared                 =   0.44901
Durbin-Watson statistic   =   1.95827
Overid test: p-value      = 0.00841         (df =  23)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.955742784E-02
SMPL 1954.1 2013.3;                                                           
Sample period is now  1954.1 to  2013.3 Internally:     9 to   247
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.472625842

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.017985995       0.004024396   4.46924     0.583682
  306 C       (  0)      -0.143876511       0.023070288  -6.23644     1.000000
  133 AG1     (  0)      -0.036531752       0.025641855  -1.42469     0.320965
  134 AG2     (  0)      -0.269019392       0.034810524  -7.72811    -0.086665
  135 AG3     (  0)       0.232397620       0.060983092   3.81085    -0.067461
  380 LCSZ    ( -1)       0.823014808       0.022989902  35.79897     1.467453
  359 LYDZ    (  0)       0.119083772       0.023113608   5.15211     1.881586
  127 RSA     (  0)      -0.000668746       0.000328397  -2.03639     3.824044
  381 LAAZ    ( -1)       0.037739736       0.005588433   6.75319     4.766640
  475 SPREAD  ( -1)      -0.000696394       0.000366207  -1.90164    -1.374007

SE of equation            =     0.003668366
Sum of squared residuals  = 0.308163265E-02   0.143618428E-08
Average absolute error    =     0.002814651
Sum of ABS residuals      = 0.672701695    
R squared                 =   0.99991
Durbin-Watson statistic   =   1.54045
Overid test: p-value      = 0.00001         (df =  15)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.668171327E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        0.561478697

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.014896057       0.007825475  -1.90353     0.583682
  306 C       (  0)      -0.335263754       0.067637411  -4.95678     1.000000
  133 AG1     (  0)       0.120301627       0.050668735   2.37428     0.320965
  134 AG2     (  0)       0.104141746       0.060625010   1.71780    -0.086665
  135 AG3     (  0)      -0.285940528       0.119224086  -2.39835    -0.067461
  382 LCNZ    ( -1)       0.759906420       0.044975993  16.89582     0.558622
  383 LCNZ1   ( -1)       0.192849947       0.060733791   3.17533     0.002834
  381 LAAZ    ( -1)       0.051487880       0.011022395   4.67121     4.766640
  359 LYDZ    (  0)       0.100773350       0.032772608   3.07493     1.881586
  128 RMA     (  0)      -0.000735079       0.000520867  -1.41126     6.363393
  475 SPREAD  ( -1)      -0.000838982       0.000475481  -1.76449    -1.374007

SE of equation            =     0.006560892
Sum of squared residuals  = 0.981433073E-02  -0.107312401E-08
Average absolute error    =     0.004870887
Sum of ABS residuals      =  1.16414202    
R squared                 =   0.99887
Durbin-Watson statistic   =   1.96689
Overid test: p-value      = 0.00002         (df =  14)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.190261324E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.005078653

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.065219866       0.015570202   4.18876     0.583682
  306 C       (  0)      -0.226146433       0.071322492  -3.17076     1.000000
  133 AG1     (  0)       0.160212059       0.112415405   1.42518     0.320965
  134 AG2     (  0)       2.554493465       0.416576802   6.13211    -0.086665
  135 AG3     (  0)      -2.274933289       0.422283670  -5.38722    -0.067461
  426 DKDZCDL1(  0)       0.240429970       0.045188384   5.32061    -0.095734
  356 KDZ     ( -1)      -0.027997003       0.004037819  -6.93370     8.585965
  351 YDZ     (  0)       0.057198235       0.010610975   5.39048     6.883520
  406 RMACDZ  (  0)      -0.010217646       0.002513150  -4.06567     3.299496
  352 AAZ     ( -1)       0.000847176       0.000194383   4.35829   129.870051
  476 SPREADZ1( -1)      -0.003424299       0.001691806  -2.02405    -0.880410

SE of equation            =     0.014387054
Sum of squared residuals  = 0.471931118E-01  -0.176024993E-10
Average absolute error    =     0.010007273
Sum of ABS residuals      =  2.39173823    
R squared                 =   0.22798
Durbin-Watson statistic   =   1.98717
Overid test: p-value      = 0.00002         (df =  10)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.790739694E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)
  477 SPREADZ2 ( -1)
  477 SPREADZ2 ( -2)
  477 SPREADZ2 ( -3)

Iter   Rhos:  1            2
   1     0.283413195  0.076836474
   2     0.313216105  0.117773676
   3     0.331054154  0.140327452
   4     0.344811122  0.157185173
   5     0.357255793  0.172168421
   6     0.369953900  0.187258137
   7     0.384280338  0.204087215
   8     0.401913469  0.224556614
   9     0.425162258  0.251153971
  10     0.456601895  0.286240517
  11     0.495853161  0.327002538
  12     0.534467325  0.356087988
  13     0.561857384  0.361227494
  14     0.574854379  0.360451406
  15     0.580165213  0.360729300
  16     0.582595099  0.361338237
  17     0.583888445  0.361876793
  18     0.584660065  0.362280755
  19     0.585154610  0.362571060
  20     0.585485570  0.362777885
  21     0.585713063  0.362925420
  22     0.585872160  0.363031043
  23     0.585984721  0.363106935
  24     0.586064994  0.363161629
  25     0.586122561  0.363201140
  26     0.586164008  0.363229733
  27     0.586193933  0.363250454
  28     0.586215583  0.363265483
  29     0.586231269  0.363276393
  30     0.586242645  0.363284317
  31     0.586250903  0.363290074

Number of iterations for RHO =   31


Mean of dependent variable        0.000416100

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.125901313       0.072739428   1.73085     0.583682
  306 C       (  0)       0.844438742       0.187659362   4.49985     1.000000
  428 DKHZIHL1(  0)       0.359324267       0.048335971   7.43389    -0.245763
  355 KHZ     ( -1)      -0.034759559       0.007845845  -4.43031    39.409752
  351 YDZ     (  0)       0.066133055       0.031720203   2.08489     6.883520
  407 RMALIHHZ(  0)      -0.026918662       0.004652000  -5.78647     3.401850
  447 AA2Z    ( -1)       0.003949736       0.000924970   4.27012    47.039551
  477 SPREADZ2( -1)      -0.010168913       0.003048415  -3.33580    -0.755124
    0 RHO     ( -1)       0.586250903       0.069179897   8.47430     0.000000
    0 RHO     ( -2)       0.363290074       0.068101134   5.33457     0.000000

SE of equation            =     0.014966444
Sum of squared residuals  = 0.512947315E-01   0.581369466E-04
Average absolute error    =     0.011034117
Sum of ABS residuals      =  2.63715394    
R squared                 =   0.48027
Durbin-Watson statistic   =   2.01332
Overid test: p-value      = 0.11094         (df =  23)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.676113596E-02
@                                                                             
SMPL 1973.1 2010.3;                                                           
Sample period is now  1973.1 to  2010.3 Internally:    85 to   235
CREATE SPREAD=GZ;                                                             
CREATE SPREADZ1=SPREAD*CDA;                                                   
CREATE SPREADZ2=SPREAD*IHHA;                                                  
SMPL 1973.4 2007.4;                                                           
Sample period is now  1973.4 to  2007.4 Internally:    88 to   224
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1973.4 -   2007.4,    0 missing obs.,  137 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.642860473

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.015105584       0.007269354   2.07798     0.833029
  306 C       (  0)      -0.030953398       0.077972795  -0.39698     1.000000
  133 AG1     (  0)      -0.559774269       0.193867377  -2.88741     0.320636
  134 AG2     (  0)      -0.726064313       0.167579780  -4.33265    -0.092320
  135 AG3     (  0)       1.274774834       0.398337615   3.20024    -0.061514
  380 LCSZ    ( -1)       0.774624490       0.036145219  21.43090     1.638094
  359 LYDZ    (  0)       0.166669263       0.037371438   4.45980     2.016479
  127 RSA     (  0)      -0.001479891       0.000281533  -5.25655     4.817037
  381 LAAZ    ( -1)       0.051181612       0.010618518   4.82003     4.948609
  475 SPREAD  ( -1)       0.000682405       0.001023395   0.66681     1.404620

SE of equation            =     0.003772273
Sum of squared residuals  = 0.180721542E-02   0.261098765E-08
Average absolute error    =     0.002805185
Sum of ABS residuals      = 0.384310335    
R squared                 =   0.99970
Durbin-Watson statistic   =   1.40341
Overid test: p-value      = 0.00108         (df =  15)
SMPL and No. Obs.         = 1973.4   2007.4    137
UDU for 2SLS              = 0.494404149E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1973.4 -   2007.4,    0 missing obs.,  137 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        0.628467997

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.004690980       0.012167356   0.38554     0.833029
  306 C       (  0)      -0.397770308       0.136425908  -2.91565     1.000000
  133 AG1     (  0)      -0.275594040       0.272266982  -1.01222     0.320636
  134 AG2     (  0)      -0.193073490       0.237724411  -0.81217    -0.092320
  135 AG3     (  0)       0.183293487       0.542516945   0.33786    -0.061514
  382 LCNZ    ( -1)       0.638644939       0.055920807  11.42052     0.625768
  383 LCNZ1   ( -1)       0.097101085       0.077597703   1.25134     0.002727
  381 LAAZ    ( -1)       0.038295520       0.016013038   2.39152     4.948609
  359 LYDZ    (  0)       0.261164545       0.043898578   5.94927     2.016479
  128 RMA     (  0)      -0.001356676       0.000521828  -2.59985     7.460832
  475 SPREAD  ( -1)      -0.001268827       0.001513572  -0.83830     1.404620

SE of equation            =     0.005845893
Sum of squared residuals  = 0.430598208E-02  -0.119104882E-08
Average absolute error    =     0.004441504
Sum of ABS residuals      = 0.608486090    
R squared                 =   0.99820
Durbin-Watson statistic   =   1.90633
Overid test: p-value      = 0.00418         (df =  14)
SMPL and No. Obs.         = 1973.4   2007.4    137
UDU for 2SLS              = 0.100163237E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1973.4 -   2007.4,    0 missing obs.,  137 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.006535036

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.060165250       0.036571887   1.64512     0.833029
  306 C       (  0)      -0.099828429       0.340433308  -0.29324     1.000000
  133 AG1     (  0)      -0.768745267       0.725011168  -1.06032     0.320636
  134 AG2     (  0)       3.032046957       0.859479585   3.52777    -0.092320
  135 AG3     (  0)      -1.604847740       1.469979234  -1.09175    -0.061514
  426 DKDZCDL1(  0)       0.394547625       0.076084396   5.18566    -0.121913
  356 KDZ     ( -1)      -0.034880851       0.006078446  -5.73845     9.668888
  351 YDZ     (  0)       0.115209575       0.020334903   5.66561     7.632811
  406 RMACDZ  (  0)      -0.010882650       0.003210558  -3.38964     4.255324
  352 AAZ     ( -1)       0.000240200       0.000227603   1.05535   148.046816
  476 SPREADZ1( -1)       0.000673832       0.004895996   0.13763     0.984889

SE of equation            =     0.014773888
Sum of squared residuals  = 0.275017389E-01   0.308630265E-10
Average absolute error    =     0.011167876
Sum of ABS residuals      =  1.52999905    
R squared                 =   0.24217
Durbin-Watson statistic   =   2.26139
Overid test: p-value      = 0.00769         (df =  10)
SMPL and No. Obs.         = 1973.4   2007.4    137
UDU for 2SLS              = 0.481107347E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1973.4 -   2007.4,    0 missing obs.,  137 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)
  477 SPREADZ2 ( -1)
  477 SPREADZ2 ( -2)
  477 SPREADZ2 ( -3)

Iter   Rhos:  1            2
   1     0.418006945  0.130905638
   2     0.467804745  0.247458277
   3     0.493004978  0.306664939
   4     0.504875766  0.330347326
   5     0.511107805  0.341015995
   6     0.514782341  0.346875216
   7     0.517133181  0.350538459
   8     0.518730714  0.353015807
   9     0.519865736  0.354777463
  10     0.520699012  0.356073858
  11     0.521325849  0.357051564
  12     0.521806139  0.357802435
  13     0.522179359  0.358387086
  14     0.522472561  0.358847165
  15     0.522704881  0.359212225
  16     0.522890210  0.359503786
  17     0.523038852  0.359737856
  18     0.523158586  0.359926552
  19     0.523255368  0.360079178
  20     0.523333818  0.360202960
  21     0.523397554  0.360303569
  22     0.523449429  0.360385486
  23     0.523491715  0.360452281
  24     0.523526227  0.360506809
  25     0.523554422  0.360551364
  26     0.523577474  0.360587800
  27     0.523596335  0.360617614
  28     0.523611775  0.360642023
  29     0.523624420  0.360662016
  30     0.523634779  0.360678396
  31     0.523643269  0.360691821
  32     0.523650228  0.360702826
  33     0.523655934  0.360711850

Number of iterations for RHO =   33


Mean of dependent variable        0.000533178

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.027722158       0.096408633  -0.28755     0.833029
  306 C       (  0)       0.711397345       0.173889178   4.09110     1.000000
  428 DKHZIHL1(  0)       0.342663485       0.064898281   5.28001    -0.284593
  355 KHZ     ( -1)      -0.036055240       0.009403458  -3.83425    42.400522
  351 YDZ     (  0)       0.118440080       0.038247324   3.09669     7.632811
  407 RMALIHHZ(  0)      -0.025590185       0.005338825  -4.79322     4.316191
  447 AA2Z    ( -1)       0.002715955       0.001372413   1.97896    55.247780
  477 SPREADZ2( -1)      -0.000270781       0.008026694  -0.03374     0.878707
    0 RHO     ( -1)       0.523655934       0.097862473   5.35094     0.000000
    0 RHO     ( -2)       0.360711850       0.094611581   3.81255     0.000000

SE of equation            =     0.016412338
Sum of squared residuals  = 0.342093358E-01   0.112047000E-04
Average absolute error    =     0.011898352
Sum of ABS residuals      =  1.63007416    
R squared                 =   0.48559
Durbin-Watson statistic   =   1.97192
Overid test: p-value      = 0.01882         (df =  23)
SMPL and No. Obs.         = 1973.4   2007.4    137
UDU for 2SLS              = 0.979075759E-02
SMPL 1973.4 2010.3;                                                           
Sample period is now  1973.4 to  2010.3 Internally:    88 to   235
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1973.4 -   2010.3,    0 missing obs.,  148 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.665665777

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.022039257       0.004988157   4.41832     0.845439
  306 C       (  0)      -0.111978833       0.031304560  -3.57708     1.000000
  133 AG1     (  0)      -0.387412368       0.119405222  -3.24452     0.322776
  134 AG2     (  0)      -0.703817222       0.161667566  -4.35348    -0.088562
  135 AG3     (  0)       0.929698632       0.261086459   3.56088    -0.058941
  380 LCSZ    ( -1)       0.788367945       0.033502662  23.53150     1.661384
  359 LYDZ    (  0)       0.154288000       0.033758381   4.57036     2.038215
  127 RSA     (  0)      -0.001601457       0.000279548  -5.72874     4.493025
  381 LAAZ    ( -1)       0.052324799       0.009923973   5.27257     4.978292
  475 SPREAD  ( -1)      -0.000641686       0.000497685  -1.28934     1.591485

SE of equation            =     0.003723348
Sum of squared residuals  = 0.191313837E-02   0.162874603E-09
Average absolute error    =     0.002778142
Sum of ABS residuals      = 0.411165057    
R squared                 =   0.99972
Durbin-Watson statistic   =   1.38028
Overid test: p-value      = 0.00465         (df =  15)
SMPL and No. Obs.         = 1973.4   2010.3    148
UDU for 2SLS              = 0.426944853E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1973.4 -   2010.3,    0 missing obs.,  148 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        0.644089360

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.011844323       0.009515553   1.24473     0.845439
  306 C       (  0)      -0.543277522       0.085715027  -6.33818     1.000000
  133 AG1     (  0)      -0.074785529       0.170305291  -0.43913     0.322776
  134 AG2     (  0)      -0.228674196       0.235861645  -0.96953    -0.088562
  135 AG3     (  0)      -0.189931825       0.367766736  -0.51645    -0.058941
  382 LCNZ    ( -1)       0.614482749       0.055826845  11.00694     0.641826
  383 LCNZ1   ( -1)       0.103512088       0.076144742   1.35941     0.002237
  381 LAAZ    ( -1)       0.045362200       0.015242016   2.97613     4.978292
  359 LYDZ    (  0)       0.276227765       0.042879852   6.44190     2.038215
  128 RMA     (  0)      -0.001387444       0.000530458  -2.61556     7.217517
  475 SPREAD  ( -1)      -0.002137201       0.000823281  -2.59595     1.591485

SE of equation            =     0.005936412
Sum of squared residuals  = 0.482801572E-02   0.532689781E-09
Average absolute error    =     0.004514097
Sum of ABS residuals      = 0.668086324    
R squared                 =   0.99830
Durbin-Watson statistic   =   1.88160
Overid test: p-value      = 0.00075         (df =  14)
SMPL and No. Obs.         = 1973.4   2010.3    148
UDU for 2SLS              = 0.120573967E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1973.4 -   2010.3,    0 missing obs.,  148 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.005374234

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.160798457       0.036600779   4.39331     0.845439
  306 C       (  0)      -1.052694152       0.261980382  -4.01822     1.000000
  133 AG1     (  0)       0.847957543       0.580953985   1.45960     0.322776
  134 AG2     (  0)       3.103320613       0.905693683   3.42646    -0.088562
  135 AG3     (  0)      -5.157140509       1.373603726  -3.75446    -0.058941
  426 DKDZCDL1(  0)       0.514746848       0.081384164   6.32490    -0.120160
  356 KDZ     ( -1)      -0.040032542       0.006191463  -6.46576    10.372505
  351 YDZ     (  0)       0.138200398       0.019579123   7.05856     7.813517
  406 RMACDZ  (  0)      -0.014855152       0.003671963  -4.04556     4.323174
  352 AAZ     ( -1)       0.000596111       0.000229498   2.59745   152.713479
  476 SPREADZ1( -1)      -0.008076355       0.002429355  -3.32449     1.270822

SE of equation            =     0.017099967
Sum of squared residuals  = 0.400600155E-01  -0.475066514E-11
Average absolute error    =     0.012921124
Sum of ABS residuals      =  1.91232643    
R squared                 =   0.23723
Durbin-Watson statistic   =   2.03512
Overid test: p-value      = 0.00103         (df =  10)
SMPL and No. Obs.         = 1973.4   2010.3    148
UDU for 2SLS              = 0.798496301E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1973.4 -   2010.3,    0 missing obs.,  148 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)
  477 SPREADZ2 ( -1)
  477 SPREADZ2 ( -2)
  477 SPREADZ2 ( -3)

Iter   Rhos:  1            2
   1     0.376145493  0.160576338
   2     0.411511821  0.264681556
   3     0.441555982  0.329865142
   4     0.467461255  0.373877825
   5     0.490036739  0.398353165
   6     0.506963383  0.408887263
   7     0.517354058  0.414426060
   8     0.523352441  0.418981558
   9     0.526985186  0.423318025
  10     0.529247595  0.427458217
  11     0.530592005  0.431252491
  12     0.531351391  0.434511770
  13     0.531828044  0.437127005
  14     0.532216775  0.439122725
  15     0.532595036  0.440609351
  16     0.532976512  0.441712960
  17     0.533354400  0.442539117
  18     0.533719766  0.443165984
  19     0.534066406  0.443648790
  20     0.534391054  0.444026121
  21     0.534692563  0.444325067
  22     0.534971101  0.444564877
  23     0.535227592  0.444759428
  24     0.535463341  0.444918874
  25     0.535679822  0.445050759
  26     0.535878540  0.445160758
  27     0.536060962  0.445253204
  28     0.536228477  0.445331437
  29     0.536382376  0.445398064
  30     0.536523848  0.445455139
  31     0.536653979  0.445504295
  32     0.536773759  0.445546842
  33     0.536884085  0.445583840
  34     0.536985772  0.445616150
  35     0.537079558  0.445644481
  36     0.537166110  0.445669414
  37     0.537246036  0.445691435
  38     0.537319885  0.445710947
  39     0.537388157  0.445728290
  40     0.537451306  0.445743749
  41     0.537509744  0.445757566
  42     0.537563849  0.445769947
  43     0.537613962  0.445781068
  44     0.537660398  0.445791080
  45     0.537703443  0.445800112
  46     0.537743357  0.445808277
  47     0.537780382  0.445815671
  48     0.537814738  0.445822380
  49     0.537846625  0.445828477
  50     0.537876230  0.445834027
  51     0.537903723  0.445839086
  52     0.537929259  0.445843703
  53     0.537952985  0.445847924
  54     0.537975033  0.445851787
  55     0.537995525  0.445855325
  56     0.538014575  0.445858571
  57     0.538032287  0.445861551
  58     0.538048757  0.445864290
  59     0.538064075  0.445866809
  60     0.538078324  0.445869128
  61     0.538091580  0.445871265
  62     0.538103913  0.445873235
  63     0.538115389  0.445875052
  64     0.538126068  0.445876731
  65     0.538136007  0.445878281

Number of iterations for RHO =   65


Mean of dependent variable       -0.000873962

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.352096125       0.297103356  -1.18510     0.845439
  306 C       (  0)       2.530686455       1.040661978   2.43180     1.000000
  428 DKHZIHL1(  0)       0.337037935       0.057781914   5.83293    -0.267584
  355 KHZ     ( -1)      -0.048250833       0.013538480  -3.56398    43.303624
  351 YDZ     (  0)       0.040260200       0.034326873   1.17285     7.813517
  407 RMALIHHZ(  0)      -0.027182665       0.004841814  -5.61415     4.164977
  447 AA2Z    ( -1)       0.004069088       0.001207656   3.36941    56.847574
  477 SPREADZ2( -1)      -0.006287792       0.004748916  -1.32405     0.967616
    0 RHO     ( -1)       0.538136007       0.084349055   6.37987     0.000000
    0 RHO     ( -2)       0.445878281       0.083688597   5.32783     0.000000

SE of equation            =     0.016106382
Sum of squared residuals  = 0.357993434E-01   0.827934535E-03
Average absolute error    =     0.011547040
Sum of ABS residuals      =  1.70896193    
R squared                 =   0.52545
Durbin-Watson statistic   =   2.01276
Overid test: p-value      = 0.17885         (df =  23)
SMPL and No. Obs.         = 1973.4   2010.3    148
UDU for 2SLS              = 0.702544477E-02
@                                                                             
LOADDATA FILE=CARROLL.DAT;                                                    
SMPL 1966.2 2011.1;                                                           
Sample period is now  1966.2 to  2011.1 Internally:    58 to   237
LOAD X X X CEA EUR;                                                           
Name CEA      not found.
Name added to list: CEA     
Name EUR      not found.
Name added to list: EUR     
END;                                                                          
SMPL 1966.2 2011.1;                                                           
Sample period is now  1966.2 to  2011.1 Internally:    58 to   237
PLOTVAR FILEVAR=KEYBOARD;                                                     

         Plot of variable(s)
         CEA       *

Values for CEA     

 1966.2 0.1174E-01 !*                                                         
 1966.3  0.000     *                                                          
 1966.4 0.1875E-02 *                                                          
 1967.1 0.1338E-01 !*                                                         
 1967.2 0.2913E-01 ! *                                                        
 1967.3 0.3791E-01 ! *                                                        
 1967.4 0.4685E-01 !  *                                                       
 1968.1 0.5782E-01 !  *                                                       
 1968.2 0.5782E-01 !  *                                                       
 1968.3 0.6382E-01 !   *                                                      
 1968.4 0.7177E-01 !   *                                                      
 1969.1 0.6854E-01 !   *                                                      
 1969.2 0.5929E-01 !  *                                                       
 1969.3 0.4613E-01 !  *                                                       
 1969.4 0.3381E-01 ! *                                                        
 1970.1 0.2541E-01 !*                                                         
 1970.2 0.2759E-01 ! *                                                        
 1970.3 0.2759E-01 ! *                                                        
 1970.4 0.3935E-01 ! *                                                        
 1971.1 0.6617E-01 !   *                                                      
 1971.2 0.8368E-01 !    *                                                     
 1971.3 0.9447E-01 !    *                                                     
 1971.4 0.1085     !     *                                                    
 1972.1 0.1303     !       *                                                  
 1972.2 0.1433     !       *                                                  
 1972.3 0.1518     !        *                                                 
 1972.4 0.1610     !        *                                                 
 1973.1 0.1658     !         *                                                
 1973.2 0.1698     !         *                                                
 1973.3 0.1667     !         *                                                
 1973.4 0.1724     !         *                                                
 1974.1 0.1780     !         *                                                
 1974.2 0.1697     !         *                                                
 1974.3 0.1547     !        *                                                 
 1974.4 0.1464     !       *                                                  
 1975.1 0.1498     !        *                                                 
 1975.2 0.1615     !        *                                                 
 1975.3 0.1742     !         *                                                
 1975.4 0.1853     !          *                                               
 1976.1 0.1975     !          *                                               
 1976.2 0.2151     !           *                                              
 1976.3 0.2285     !            *                                             
 1976.4 0.2403     !             *                                            
 1977.1 0.2525     !              *                                           
 1977.2 0.2649     !              *                                           
 1977.3 0.2708     !               *                                          
 1977.4 0.2762     !               *                                          
 1978.1 0.2807     !               *                                          
 1978.2 0.2848     !                *                                         
 1978.3 0.2862     !                *                                         
 1978.4 0.2824     !               *                                          
 1979.1 0.2824     !               *                                          
 1979.2 0.2805     !               *                                          
 1979.3 0.2771     !               *                                          
 1979.4 0.2562     !              *                                           
 1980.1 0.2345     !             *                                            
 1980.2 0.1963     !          *                                               
 1980.3 0.2184     !            *                                             
 1980.4 0.2108     !           *                                              
 1981.1 0.2034     !           *                                              
 1981.2 0.1935     !          *                                               
 1981.3 0.1912     !          *                                               
 1981.4 0.1967     !          *                                               
 1982.1 0.1931     !          *                                               
 1982.2 0.1944     !          *                                               
 1982.3 0.1999     !           *                                              
 1982.4 0.2268     !            *                                             
 1983.1 0.2504     !              *                                           
 1983.2 0.2731     !               *                                          
 1983.3 0.2882     !                *                                         
 1983.4 0.3033     !                 *                                        
 1984.1 0.3200     !                  *                                       
 1984.2 0.3310     !                  *                                       
 1984.3 0.3406     !                   *                                      
 1984.4 0.3522     !                   *                                      
 1985.1 0.3681     !                    *                                     
 1985.2 0.3870     !                     *                                    
 1985.3 0.4001     !                      *                                   
 1985.4 0.4100     !                       *                                  
 1986.1 0.4332     !                        *                                 
 1986.2 0.4563     !                         *                                
 1986.3 0.4788     !                           *                              
 1986.4 0.4904     !                           *                              
 1987.1 0.5006     !                            *                             
 1987.2 0.5147     !                             *                            
 1987.3 0.5326     !                              *                           
 1987.4 0.5398     !                              *                           
 1988.1 0.5464     !                               *                          
 1988.2 0.5559     !                               *                          
 1988.3 0.5615     !                                *                         
 1988.4 0.5756     !                                *                         
 1989.1 0.5846     !                                 *                        
 1989.2 0.5994     !                                  *                       
 1989.3 0.6035     !                                  *                       
 1989.4 0.6052     !                                  *                       
 1990.1 0.6093     !                                  *                       
 1990.2 0.6134     !                                   *                      
 1990.3 0.6194     !                                   *                      
 1990.4 0.6184     !                                   *                      
 1991.1 0.6097     !                                  *                       
 1991.2 0.6107     !                                  *                       
 1991.3 0.6107     !                                  *                       
 1991.4 0.6170     !                                   *                      
 1992.1 0.6225     !                                   *                      
 1992.2 0.6331     !                                    *                     
 1992.3 0.6455     !                                    *                     
 1992.4 0.6551     !                                     *                    
 1993.1 0.6639     !                                      *                   
 1993.2 0.6795     !                                      *                   
 1993.3 0.6950     !                                       *                  
 1993.4 0.7054     !                                        *                 
 1994.1 0.7232     !                                         *                
 1994.2 0.7407     !                                          *               
 1994.3 0.7537     !                                           *              
 1994.4 0.7690     !                                            *             
 1995.1 0.7788     !                                            *             
 1995.2 0.7902     !                                             *            
 1995.3 0.7946     !                                             *            
 1995.4 0.7981     !                                             *            
 1996.1 0.8014     !                                             *            
 1996.2 0.7989     !                                             *            
 1996.3 0.7951     !                                             *            
 1996.4 0.7927     !                                             *            
 1997.1 0.7914     !                                             *            
 1997.2 0.7914     !                                             *            
 1997.3 0.7967     !                                             *            
 1997.4 0.8031     !                                              *           
 1998.1 0.8031     !                                              *           
 1998.2 0.8057     !                                              *           
 1998.3 0.8119     !                                              *           
 1998.4 0.8157     !                                              *           
 1999.1 0.8245     !                                               *          
 1999.2 0.8341     !                                               *          
 1999.3 0.8392     !                                                *         
 1999.4 0.8444     !                                                *         
 2000.1 0.8470     !                                                *         
 2000.2 0.8445     !                                                *         
 2000.3 0.8458     !                                                *         
 2000.4 0.8470     !                                                *         
 2001.1 0.8433     !                                                *         
 2001.2 0.8433     !                                                *         
 2001.3 0.8433     !                                                *         
 2001.4 0.8382     !                                                *         
 2002.1 0.8341     !                                               *          
 2002.2 0.8341     !                                               *          
 2002.3 0.8382     !                                                *         
 2002.4 0.8424     !                                                *         
 2003.1 0.8464     !                                                *         
 2003.2 0.8493     !                                                *         
 2003.3 0.8607     !                                                 *        
 2003.4 0.8721     !                                                  *       
 2004.1 0.8811     !                                                  *       
 2004.2 0.8952     !                                                   *      
 2004.3 0.9027     !                                                   *      
 2004.4 0.9136     !                                                    *     
 2005.1 0.9234     !                                                     *    
 2005.2 0.9371     !                                                     *    
 2005.3 0.9556     !                                                      *   
 2005.4 0.9589     !                                                       *  
 2006.1 0.9692     !                                                       *  
 2006.2 0.9822     !                                                        * 
 2006.3 0.9893     !                                                        * 
 2006.4 0.9910     !                                                        * 
 2007.1 0.9927     !                                                         *
 2007.2  1.000     !                                                         *
 2007.3  1.000     !                                                         *
 2007.4 0.9944     !                                                         *
 2008.1 0.9805     !                                                        * 
 2008.2 0.9604     !                                                       *  
 2008.3 0.9296     !                                                     *    
 2008.4 0.8873     !                                                  *       
 2009.1 0.8728     !                                                  *       
 2009.2 0.8676     !                                                 *        
 2009.3 0.8621     !                                                 *        
 2009.4 0.8603     !                                                 *        
 2010.1 0.8687     !                                                 *        
 2010.2 0.8808     !                                                  *       
 2010.3 0.9001     !                                                   *      
 2010.4 0.9171     !                                                    *     
 2011.1 0.9341     !                                                     *    

SMPL 1966.2 2010.4;                                                           
Sample period is now  1966.2 to  2010.4 Internally:    58 to   236
PLOTVAR FILEVAR=KEYBOARD;                                                     

         Plot of variable(s)
         EUR       *

Values for EUR     

 1966.2  2.678     *                                                          
 1966.3  2.850     !*                                                         
 1966.4  3.102     !  *                                                       
 1967.1  3.195     !   *                                                      
 1967.2  3.076     !  *                                                       
 1967.3  2.963     ! *                                                        
 1967.4  3.103     !  *                                                       
 1968.1  2.936     ! *                                                        
 1968.2  2.809     !*                                                         
 1968.3  3.015     ! *                                                        
 1968.4  3.041     !  *                                                       
 1969.1  3.239     !   *                                                      
 1969.2  3.392     !    *                                                     
 1969.3  3.764     !       *                                                  
 1969.4  4.600     !             *                                            
 1970.1  5.637     !                    *                                     
 1970.2  5.999     !                       *                                  
 1970.3  6.080     !                       *                                  
 1970.4  6.946     !                              *                           
 1971.1  6.171     !                        *                                 
 1971.2  6.336     !                         *                                
 1971.3  6.111     !                        *                                 
 1971.4  5.972     !                       *                                  
 1972.1  5.049     !                *                                         
 1972.2  5.420     !                   *                                      
 1972.3  4.968     !               *                                          
 1972.4  5.325     !                  *                                       
 1973.1  5.728     !                     *                                    
 1973.2  5.449     !                   *                                      
 1973.3  5.037     !                *                                         
 1973.4  4.964     !               *                                          
 1974.1  7.042     !                              *                           
 1974.2  5.676     !                    *                                     
 1974.3  6.587     !                           *                              
 1974.4  8.110     !                                      *                   
 1975.1  9.300     !                                              *           
 1975.2  8.666     !                                          *               
 1975.3  7.749     !                                   *                      
 1975.4  8.020     !                                     *                    
 1976.1  6.578     !                           *                              
 1976.2  6.571     !                           *                              
 1976.3  6.697     !                            *                             
 1976.4  6.572     !                           *                              
 1977.1  5.907     !                      *                                   
 1977.2  5.660     !                    *                                     
 1977.3  6.143     !                        *                                 
 1977.4  6.506     !                          *                               
 1978.1  6.014     !                       *                                  
 1978.2  5.959     !                      *                                   
 1978.3  6.151     !                        *                                 
 1978.4  6.296     !                         *                                
 1979.1  6.382     !                          *                               
 1979.2  6.574     !                           *                              
 1979.3  7.377     !                                 *                        
 1979.4  7.318     !                                *                         
 1980.1  7.413     !                                 *                        
 1980.2  9.043     !                                             *            
 1980.3  8.222     !                                       *                  
 1980.4  7.200     !                               *                          
 1981.1  7.790     !                                    *                     
 1981.2  7.597     !                                  *                       
 1981.3  7.637     !                                  *                       
 1981.4  9.346     !                                               *          
 1982.1  9.747     !                                                  *       
 1982.2  10.15     !                                                    *     
 1982.3  10.46     !                                                       *  
 1982.4  10.78     !                                                         *
 1983.1  9.649     !                                                 *        
 1983.2  8.501     !                                         *                
 1983.3  7.853     !                                    *                     
 1983.4  7.219     !                               *                          
 1984.1  6.473     !                          *                               
 1984.2  6.557     !                           *                              
 1984.3  6.636     !                           *                              
 1984.4  6.861     !                             *                            
 1985.1  6.874     !                             *                            
 1985.2  7.060     !                              *                           
 1985.3  7.159     !                               *                          
 1985.4  7.032     !                              *                           
 1986.1  6.992     !                              *                           
 1986.2  7.086     !                               *                          
 1986.3  7.045     !                              *                           
 1986.4  7.270     !                                *                         
 1987.1  6.877     !                             *                            
 1987.2  6.385     !                          *                               
 1987.3  5.999     !                       *                                  
 1987.4  6.031     !                       *                                  
 1988.1  5.858     !                      *                                   
 1988.2  5.386     !                  *                                       
 1988.3  5.346     !                  *                                       
 1988.4  5.173     !                 *                                        
 1989.1  5.358     !                  *                                       
 1989.2  5.391     !                  *                                       
 1989.3  5.431     !                   *                                      
 1989.4  5.644     !                    *                                     
 1990.1  5.856     !                      *                                   
 1990.2  5.849     !                      *                                   
 1990.3  6.454     !                          *                               
 1990.4  7.763     !                                   *                      
 1991.1  7.553     !                                  *                       
 1991.2  7.349     !                                *                         
 1991.3  7.303     !                                *                         
 1991.4  8.053     !                                     *                    
 1992.1  8.360     !                                        *                 
 1992.2  7.877     !                                    *                     
 1992.3  8.109     !                                      *                   
 1992.4  7.206     !                               *                          
 1993.1  6.853     !                             *                            
 1993.2  7.344     !                                *                         
 1993.3  7.435     !                                 *                        
 1993.4  7.149     !                               *                          
 1994.1  6.366     !                         *                                
 1994.2  6.199     !                        *                                 
 1994.3  6.038     !                       *                                  
 1994.4  5.513     !                   *                                      
 1995.1  5.545     !                    *                                     
 1995.2  5.824     !                      *                                   
 1995.3  6.103     !                        *                                 
 1995.4  6.003     !                       *                                  
 1996.1  6.129     !                        *                                 
 1996.2  5.817     !                     *                                    
 1996.3  5.225     !                 *                                        
 1996.4  5.173     !                 *                                        
 1997.1  5.073     !                *                                         
 1997.2  4.800     !              *                                           
 1997.3  4.467     !            *                                             
 1997.4  4.347     !           *                                              
 1998.1  4.115     !         *                                                
 1998.2  3.842     !       *                                                  
 1998.3  4.373     !           *                                              
 1998.4  4.671     !             *                                            
 1999.1  4.179     !          *                                               
 1999.2  3.947     !        *                                                 
 1999.3  4.073     !         *                                                
 1999.4  3.827     !       *                                                  
 2000.1  3.674     !      *                                                   
 2000.2  3.653     !      *                                                   
 2000.3  3.800     !       *                                                  
 2000.4  4.058     !         *                                                
 2001.1  5.306     !                  *                                       
 2001.2  5.393     !                  *                                       
 2001.3  5.986     !                       *                                  
 2001.4  6.613     !                           *                              
 2002.1  5.897     !                      *                                   
 2002.2  5.713     !                     *                                    
 2002.3  6.209     !                        *                                 
 2002.4  6.343     !                         *                                
 2003.1  6.462     !                          *                               
 2003.2  6.092     !                       *                                  
 2003.3  6.092     !                       *                                  
 2003.4  5.514     !                   *                                      
 2004.1  5.221     !                 *                                        
 2004.2  5.121     !                *                                         
 2004.3  4.875     !               *                                          
 2004.4  5.034     !                *                                         
 2005.1  5.139     !                 *                                        
 2005.2  5.218     !                 *                                        
 2005.3  5.403     !                  *                                       
 2005.4  5.443     !                   *                                      
 2006.1  5.249     !                 *                                        
 2006.2  5.149     !                 *                                        
 2006.3  5.149     !                 *                                        
 2006.4  4.671     !             *                                            
 2007.1  4.737     !              *                                           
 2007.2  4.896     !               *                                          
 2007.3  5.143     !                 *                                        
 2007.4  5.475     !                   *                                      
 2008.1  6.079     !                       *                                  
 2008.2  6.890     !                             *                            
 2008.3  7.345     !                                *                         
 2008.4  8.689     !                                          *               
 2009.1  9.830     !                                                  *       
 2009.2  10.10     !                                                    *     
 2009.3  9.984     !                                                   *      
 2009.4  10.12     !                                                    *     
 2010.1  9.500     !                                                *         
 2010.2  9.234     !                                              *           
 2010.3  9.446     !                                               *          
 2010.4  9.393     !                                               *          

SMPL 1966.2 2011.1;                                                           
Sample period is now  1966.2 to  2011.1 Internally:    58 to   237
CREATE SPREAD=CEA;                                                            
CREATE SPREADZ1=SPREAD;                                                       
CREATE SPREADZ2=SPREAD;                                                       
SMPL 1967.1 2007.4;                                                           
Sample period is now  1967.1 to  2007.4 Internally:    61 to   224
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1967.1 -   2007.4,    0 missing obs.,  164 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.574619807

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.012413889       0.005881373   2.11071     0.710366
  306 C       (  0)      -0.040998544       0.052075318  -0.78729     1.000000
  133 AG1     (  0)      -0.306820664       0.122081412  -2.51325     0.309150
  134 AG2     (  0)      -0.372612826       0.099739258  -3.73587    -0.096888
  135 AG3     (  0)       0.767784826       0.260810993   2.94384    -0.070543
  380 LCSZ    ( -1)       0.827812838       0.030064869  27.53422     1.569557
  359 LYDZ    (  0)       0.107713116       0.031012180   3.47325     1.963084
  127 RSA     (  0)      -0.001274564       0.000263624  -4.83479     4.758675
  381 LAAZ    ( -1)       0.044985489       0.009246196   4.86530     4.875574
  475 SPREAD  ( -1)      -0.008816162       0.010045316  -0.87764     0.487850

SE of equation            =     0.003736253
Sum of squared residuals  = 0.214977637E-02   0.293993052E-09
Average absolute error    =     0.002774152
Sum of ABS residuals      = 0.454960905    
R squared                 =   0.99978
Durbin-Watson statistic   =   1.40855
Overid test: p-value      = 0.00002         (df =  15)
SMPL and No. Obs.         = 1967.1   2007.4    164
UDU for 2SLS              = 0.641420931E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1967.1 -   2007.4,    0 missing obs.,  164 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        0.602906104

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.010435206       0.011271402  -0.92581     0.710366
  306 C       (  0)      -0.295336854       0.123709827  -2.38734     1.000000
  133 AG1     (  0)       0.196227851       0.252759597   0.77634     0.309150
  134 AG2     (  0)       0.555597347       0.226228338   2.45591    -0.096888
  135 AG3     (  0)      -0.622931036       0.561085490  -1.11022    -0.070543
  382 LCNZ    ( -1)       0.711031939       0.062288763  11.41509     0.600202
  383 LCNZ1   ( -1)       0.215069794       0.076585632   2.80823     0.002686
  381 LAAZ    ( -1)       0.040866165       0.016265393   2.51246     4.875574
  359 LYDZ    (  0)       0.117132837       0.036107705   3.24398     1.963084
  128 RMA     (  0)      -0.000788083       0.000796491  -0.98944     7.285045
  475 SPREAD  ( -1)       0.008389524       0.025694883   0.32651     0.487850

SE of equation            =     0.006504820
Sum of squared residuals  = 0.647384134E-02   0.106078696E-08
Average absolute error    =     0.004824240
Sum of ABS residuals      = 0.791175406    
R squared                 =   0.99780
Durbin-Watson statistic   =   1.93380
Overid test: p-value      = 0.00000         (df =  14)
SMPL and No. Obs.         = 1967.1   2007.4    164
UDU for 2SLS              = 0.204937639E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1967.1 -   2007.4,    0 missing obs.,  164 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.006015470

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.036112532       0.027082896   1.33341     0.710366
  306 C       (  0)      -0.160551766       0.263971163  -0.60822     1.000000
  133 AG1     (  0)      -0.109001952       0.611424747  -0.17828     0.309150
  134 AG2     (  0)       3.688509947       1.051586162   3.50757    -0.096888
  135 AG3     (  0)      -2.634275744       1.610912173  -1.63527    -0.070543
  426 DKDZCDL1(  0)       0.336010736       0.082433865   4.07612    -0.112407
  356 KDZ     ( -1)      -0.031048357       0.006636948  -4.67811     8.803682
  351 YDZ     (  0)       0.088703119       0.016743266   5.29784     7.271363
  406 RMACDZ  (  0)      -0.006154954       0.003785937  -1.62574     3.874939
  352 AAZ     ( -1)       0.000120288       0.000233286   0.51562   138.591199
  476 SPREADZ1( -1)       0.039874797       0.064698914   0.61631     0.487850

SE of equation            =     0.013842845
Sum of squared residuals  = 0.293185282E-01   0.590404808E-11
Average absolute error    =     0.010149117
Sum of ABS residuals      =  1.66445517    
R squared                 =   0.24285
Durbin-Watson statistic   =   2.26412
Overid test: p-value      = 0.00002         (df =  10)
SMPL and No. Obs.         = 1967.1   2007.4    164
UDU for 2SLS              = 0.714518127E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1967.1 -   2007.4,    0 missing obs.,  164 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)
  477 SPREADZ2 ( -1)
  477 SPREADZ2 ( -2)
  477 SPREADZ2 ( -3)

Iter   Rhos:  1            2
   1     0.372046994  0.087318879
   2     0.433971845  0.159126460
   3     0.483419428  0.212589801
   4     0.527993838  0.253916454
   5     0.563408013  0.281647424
   6     0.587072388  0.296821439
   7     0.600974357  0.303608682
   8     0.608457813  0.306856076
   9     0.612419685  0.308798952
  10     0.614605143  0.310101307
  11     0.615885962  0.311000387
  12     0.616679845  0.311625621
  13     0.617193738  0.312062443
  14     0.617536895  0.312369123
  15     0.617771055  0.312585458
  16     0.617933248  0.312738691
  17     0.618046766  0.312847590
  18     0.618126797  0.312925180
  19     0.618183508  0.312980571
  20     0.618223840  0.313020170
  21     0.618252598  0.313048509
  22     0.618273140  0.313068805
  23     0.618287833  0.313083350
  24     0.618298352  0.313093777
  25     0.618305888  0.313101253

Number of iterations for RHO =   25


Mean of dependent variable        0.001339809

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.029800140       0.097286848  -0.30631     0.710366
  306 C       (  0)       1.126285652       0.270434301   4.16473     1.000000
  428 DKHZIHL1(  0)       0.466011756       0.074206199   6.27996    -0.275125
  355 KHZ     ( -1)      -0.053694238       0.011457433  -4.68641    40.841373
  351 YDZ     (  0)       0.130767757       0.036508276   3.58187     7.271363
  407 RMALIHHZ(  0)      -0.020904128       0.005715248  -3.65761     4.087587
  447 AA2Z    ( -1)       0.004430765       0.001642025   2.69835    50.997583
  477 SPREADZ2( -1)       0.268893143       0.151016460   1.78056     0.487850
    0 RHO     ( -1)       0.618305888       0.091607849   6.74949     0.000000
    0 RHO     ( -2)       0.313101253       0.089384578   3.50286     0.000000

SE of equation            =     0.016158941
Sum of squared residuals  = 0.402111524E-01   0.136453902E-04
Average absolute error    =     0.012038513
Sum of ABS residuals      =  1.97431616    
R squared                 =   0.46443
Durbin-Watson statistic   =   1.94428
Overid test: p-value      = 0.00683         (df =  23)
SMPL and No. Obs.         = 1967.1   2007.4    164
UDU for 2SLS              = 0.105557545E-01
SMPL 1967.1 2011.1;                                                           
Sample period is now  1967.1 to  2011.1 Internally:    61 to   237
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1967.1 -   2011.1,    0 missing obs.,  177 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.602183495

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.016043453       0.004713228   3.40392     0.731638
  306 C       (  0)      -0.097651919       0.029887054  -3.26737     1.000000
  133 AG1     (  0)      -0.230967221       0.080403424  -2.87260     0.312061
  134 AG2     (  0)      -0.435084047       0.095467463  -4.55741    -0.092753
  135 AG3     (  0)       0.660824311       0.191550673   3.44987    -0.067284
  380 LCSZ    ( -1)       0.824843027       0.028590211  28.85054     1.597567
  359 LYDZ    (  0)       0.098084851       0.028742562   3.41253     1.988630
  127 RSA     (  0)      -0.001323558       0.000259438  -5.10164     4.438791
  381 LAAZ    ( -1)       0.053317100       0.008311264   6.41504     4.910236
  475 SPREAD  ( -1)      -0.008563772       0.009119052  -0.93911     0.518583

SE of equation            =     0.003699300
Sum of squared residuals  = 0.228536455E-02  -0.536052758E-09
Average absolute error    =     0.002785354
Sum of ABS residuals      = 0.493007575    
R squared                 =   0.99980
Durbin-Watson statistic   =   1.36617
Overid test: p-value      = 0.00003         (df =  15)
SMPL and No. Obs.         = 1967.1   2011.1    177
UDU for 2SLS              = 0.609347442E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1967.1 -   2011.1,    0 missing obs.,  177 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        0.620329888

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.005646865       0.010645482  -0.53045     0.731638
  306 C       (  0)      -0.383307974       0.087336278  -4.38887     1.000000
  133 AG1     (  0)       0.292368863       0.163721712   1.78577     0.312061
  134 AG2     (  0)       0.469183077       0.221387896   2.11928    -0.092753
  135 AG3     (  0)      -0.749174950       0.409415759  -1.82986    -0.067284
  382 LCNZ    ( -1)       0.699412638       0.062127381  11.25772     0.617957
  383 LCNZ1   ( -1)       0.246610570       0.073197484   3.36911     0.002326
  381 LAAZ    ( -1)       0.053602692       0.015132614   3.54220     4.910236
  359 LYDZ    (  0)       0.110226396       0.034372640   3.20681     1.988630
  128 RMA     (  0)      -0.001019691       0.000730506  -1.39587     7.051838
  475 SPREAD  ( -1)       0.003185824       0.021530911   0.14797     0.518583

SE of equation            =     0.006605488
Sum of squared residuals  = 0.724299047E-02   0.202326073E-08
Average absolute error    =     0.004906193
Sum of ABS residuals      = 0.868396131    
R squared                 =   0.99800
Durbin-Watson statistic   =   1.92935
Overid test: p-value      = 0.00000         (df =  14)
SMPL and No. Obs.         = 1967.1   2011.1    177
UDU for 2SLS              = 0.243321731E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1967.1 -   2011.1,    0 missing obs.,  177 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.005262148

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.086606802       0.028694398   3.01825     0.731638
  306 C       (  0)      -0.432092475       0.234706220  -1.84099     1.000000
  133 AG1     (  0)       0.398959459       0.528926559   0.75428     0.312061
  134 AG2     (  0)       2.591632768       1.059125888   2.44695    -0.092753
  135 AG3     (  0)      -2.842343983       1.596160597  -1.78074    -0.067284
  426 DKDZCDL1(  0)       0.292599335       0.081926932   3.57147    -0.111392
  356 KDZ     ( -1)      -0.029489608       0.006961820  -4.23591     9.564716
  351 YDZ     (  0)       0.076352848       0.014993977   5.09223     7.477951
  406 RMACDZ  (  0)      -0.012646741       0.004117989  -3.07110     3.963279
  352 AAZ     ( -1)       0.000783521       0.000221211   3.54196   143.883025
  476 SPREADZ1( -1)      -0.039132333       0.067616187  -0.57874     0.518583

SE of equation            =     0.016149758
Sum of squared residuals  = 0.432952361E-01   0.526999416E-10
Average absolute error    =     0.011643149
Sum of ABS residuals      =  2.06083744    
R squared                 =   0.22121
Durbin-Watson statistic   =   1.97813
Overid test: p-value      = 0.00000         (df =  10)
SMPL and No. Obs.         = 1967.1   2011.1    177
UDU for 2SLS              = 0.124100367E-01

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1967.1 -   2011.1,    0 missing obs.,  177 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)
  477 SPREADZ2 ( -1)
  477 SPREADZ2 ( -2)
  477 SPREADZ2 ( -3)

Iter   Rhos:  1            2
   1     0.358870241  0.135196642
   2     0.428227390  0.212923296
   3     0.482802939  0.267865553
   4     0.527766471  0.306637067
   5     0.561854815  0.324232352
   6     0.583552591  0.327649687
   7     0.595008637  0.328367450
   8     0.600904418  0.329242211
   9     0.604201650  0.330226518
  10     0.606260855  0.331150368
  11     0.607680989  0.331964424
  12     0.608739696  0.332674184
  13     0.609577017  0.333299201
  14     0.610270144  0.333859141
  15     0.610865185  0.334370466
  16     0.611391643  0.334846374
  17     0.611869553  0.335297503
  18     0.612313278  0.335732668
  19     0.612733659  0.336159476
  20     0.613139319  0.336584827
  21     0.613537499  0.337015326
  22     0.613934626  0.337457647
  23     0.614336732  0.337918886
  24     0.614749773  0.338406934
  25     0.615179896  0.338930889
  26     0.615633654  0.339501545
  27     0.616118157  0.340131963
  28     0.616641115  0.340838130
  29     0.617210629  0.341639629
  30     0.617834502  0.342560150
  31     0.618518597  0.343627355
  32     0.619263547  0.344871143
  33     0.620059003  0.346318652
  34     0.620875531  0.347983940
  35     0.621657833  0.349852050
  36     0.622329450  0.351863486
  37     0.622819960  0.353913681
  38     0.623104316  0.355878825
  39     0.623216274  0.357656506
  40     0.623220009  0.359192752
  41     0.623173563  0.360481197
  42     0.623113735  0.361545099
  43     0.623058721  0.362419092
  44     0.623015405  0.363138086
  45     0.622985019  0.363732553
  46     0.622966404  0.364227420
  47     0.622957617  0.364642480
  48     0.622956641  0.364993261
  49     0.622961675  0.365291917
  50     0.622971206  0.365547984
  51     0.622984012  0.365768982
  52     0.622999126  0.365960883
  53     0.623015790  0.366128464
  54     0.623033419  0.366275573
  55     0.623051564  0.366405335
  56     0.623069884  0.366520304
  57     0.623088122  0.366622586
  58     0.623106087  0.366713925
  59     0.623123637  0.366795777
  60     0.623140673  0.366869365
  61     0.623157125  0.366935719
  62     0.623172946  0.366995717
  63     0.623188110  0.367050106
  64     0.623202603  0.367099527
  65     0.623216423  0.367144534
  66     0.623229574  0.367185604
  67     0.623242070  0.367223152
  68     0.623253925  0.367257541
  69     0.623265159  0.367289090
  70     0.623275794  0.367318075
  71     0.623285852  0.367344745
  72     0.623295359  0.367369316
  73     0.623304338  0.367391981
  74     0.623312813  0.367412913
  75     0.623320808  0.367432265
  76     0.623328349  0.367450174
  77     0.623335457  0.367466764
  78     0.623342155  0.367482144
  79     0.623348465  0.367496416
  80     0.623354407  0.367509668
  81     0.623360002  0.367521984
  82     0.623365270  0.367533436
  83     0.623370227  0.367544092
  84     0.623374892  0.367554012

Number of iterations for RHO =   84


Mean of dependent variable        0.000079226

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.232867862       0.190843529  -1.22020     0.731638
  306 C       (  0)       2.745398744       1.263841861   2.17226     1.000000
  428 DKHZIHL1(  0)       0.400135290       0.063952004   6.25681    -0.258415
  355 KHZ     ( -1)      -0.056539493       0.013047593  -4.33333    41.839342
  351 YDZ     (  0)       0.052003963       0.033835826   1.53695     7.477951
  407 RMALIHHZ(  0)      -0.024671348       0.005171263  -4.77086     3.950155
  447 AA2Z    ( -1)       0.004724677       0.001213150   3.89455    52.789936
  477 SPREADZ2( -1)       0.110376357       0.117417067   0.94004     0.518583
    0 RHO     ( -1)       0.623374892       0.081141113   7.68260     0.000000
    0 RHO     ( -2)       0.367554012       0.081144028   4.52965     0.000000

SE of equation            =     0.015917184
Sum of squared residuals  = 0.423105773E-01   0.183804567E-02
Average absolute error    =     0.011406245
Sum of ABS residuals      =  2.01890532    
R squared                 =   0.49864
Durbin-Watson statistic   =   2.02027
Overid test: p-value      = 0.11607         (df =  23)
SMPL and No. Obs.         = 1967.1   2011.1    177
UDU for 2SLS              = 0.747724002E-02
@                                                                             
SMPL 1966.2 2010.4;                                                           
Sample period is now  1966.2 to  2010.4 Internally:    58 to   236
CREATE UR100=UR*100;                                                          
Name added to list: UR100           
PLOTVAR FILEVAR=KEYBOARD;                                                     

         Plot of variable(s)
         EUR       *
         UR100     +

Values for EUR     

 1966.2  2.678     *       +                                                  
 1966.3  2.850     !*      +                                                  
 1966.4  3.102     !  *   +                                                   
 1967.1  3.195     !   *   +                                                  
 1967.2  3.076     !  *    +                                                  
 1967.3  2.963     ! *     +                                                  
 1967.4  3.103     !  *     +                                                 
 1968.1  2.936     ! *     +                                                  
 1968.2  2.809     !*    +                                                    
 1968.3  3.015     ! *   +                                                    
 1968.4  3.041     !  * +                                                     
 1969.1  3.239     !   *+                                                     
 1969.2  3.392     !    +                                                     
 1969.3  3.764     !      +*                                                  
 1969.4  4.600     !     +       *                                            
 1970.1  5.637     !          +         *                                     
 1970.2  5.999     !              +        *                                  
 1970.3  6.080     !                 +     *                                  
 1970.4  6.946     !                     +        *                           
 1971.1  6.171     !                      + *                                 
 1971.2  6.336     !                      +  *                                
 1971.3  6.111     !                       +*                                 
 1971.4  5.972     !                      +*                                  
 1972.1  5.049     !                *    +                                    
 1972.2  5.420     !                   *+                                     
 1972.3  4.968     !               *    +                                     
 1972.4  5.325     !                  +                                       
 1973.1  5.728     !               +     *                                    
 1973.2  5.449     !               +   *                                      
 1973.3  5.037     !              + *                                         
 1973.4  4.964     !              +*                                          
 1974.1  7.042     !                +             *                           
 1974.2  5.676     !                 +  *                                     
 1974.3  6.587     !                    +      *                              
 1974.4  8.110     !                           +          *                   
 1975.1  9.300     !                                       +      *           
 1975.2  8.666     !                                          *+              
 1975.3  7.749     !                                   *    +                 
 1975.4  8.020     !                                     * +                  
 1976.1  6.578     !                           *       +                      
 1976.2  6.571     !                           *      +                       
 1976.3  6.697     !                            *      +                      
 1976.4  6.572     !                           *       +                      
 1977.1  5.907     !                      *          +                        
 1977.2  5.660     !                    *          +                          
 1977.3  6.143     !                        *    +                            
 1977.4  6.506     !                          *+                              
 1978.1  6.014     !                       * +                                
 1978.2  5.959     !                      *+                                  
 1978.3  6.151     !                       +*                                 
 1978.4  6.296     !                      +  *                                
 1979.1  6.382     !                      +   *                               
 1979.2  6.574     !                     +     *                              
 1979.3  7.377     !                      +          *                        
 1979.4  7.318     !                      +         *                         
 1980.1  7.413     !                         +       *                        
 1980.2  9.043     !                                +            *            
 1980.3  8.222     !                                   +   *                  
 1980.4  7.200     !                               * +                        
 1981.1  7.790     !                                 +  *                     
 1981.2  7.597     !                                 +*                       
 1981.3  7.637     !                                 +*                       
 1981.4  9.346     !                                       +       *          
 1982.1  9.747     !                                           +      *       
 1982.2  10.15     !                                               +    *     
 1982.3  10.46     !                                                   +   *  
 1982.4  10.78     !                                                        +*
 1983.1  9.649     !                                                 *    +   
 1983.2  8.501     !                                         *          +     
 1983.3  7.853     !                                    *          +          
 1983.4  7.219     !                               *         +                
 1984.1  6.473     !                          *         +                     
 1984.2  6.557     !                           *     +                        
 1984.3  6.636     !                           *     +                        
 1984.4  6.861     !                             *  +                         
 1985.1  6.874     !                             *  +                         
 1985.2  7.060     !                              * +                         
 1985.3  7.159     !                               +                          
 1985.4  7.032     !                              +                           
 1986.1  6.992     !                              +                           
 1986.2  7.086     !                               +                          
 1986.3  7.045     !                              +                           
 1986.4  7.270     !                             +  *                         
 1987.1  6.877     !                           + *                            
 1987.2  6.385     !                         +*                               
 1987.3  5.999     !                       +                                  
 1987.4  6.031     !                      +*                                  
 1988.1  5.858     !                     +*                                   
 1988.2  5.386     !                  *+                                      
 1988.3  5.346     !                  *+                                      
 1988.4  5.173     !                 *+                                       
 1989.1  5.358     !                 +*                                       
 1989.2  5.391     !                 +*                                       
 1989.3  5.431     !                  +*                                      
 1989.4  5.644     !                  + *                                     
 1990.1  5.856     !                  +   *                                   
 1990.2  5.849     !                  +   *                                   
 1990.3  6.454     !                     +    *                               
 1990.4  7.763     !                        +          *                      
 1991.1  7.553     !                           +      *                       
 1991.2  7.349     !                             +  *                         
 1991.3  7.303     !                             +  *                         
 1991.4  8.053     !                               +     *                    
 1992.1  8.360     !                                 +      *                 
 1992.2  7.877     !                                  + *                     
 1992.3  8.109     !                                  +   *                   
 1992.4  7.206     !                               * +                        
 1993.1  6.853     !                             * +                          
 1993.2  7.344     !                              + *                         
 1993.3  7.435     !                            +    *                        
 1993.4  7.149     !                           +   *                          
 1994.1  6.366     !                         * +                              
 1994.2  6.199     !                        +                                 
 1994.3  6.038     !                       +                                  
 1994.4  5.513     !                   *+                                     
 1995.1  5.545     !                   +*                                     
 1995.2  5.824     !                    + *                                   
 1995.3  6.103     !                    +   *                                 
 1995.4  6.003     !                    +  *                                  
 1996.1  6.129     !                    +   *                                 
 1996.2  5.817     !                   + *                                    
 1996.3  5.225     !                 +                                        
 1996.4  5.173     !                 *+                                       
 1997.1  5.073     !                *+                                        
 1997.2  4.800     !              *+                                          
 1997.3  4.467     !            *  +                                          
 1997.4  4.347     !           * +                                            
 1998.1  4.115     !         *   +                                            
 1998.2  3.842     !       *   +                                              
 1998.3  4.373     !           *+                                             
 1998.4  4.671     !            +*                                            
 1999.1  4.179     !          +                                               
 1999.2  3.947     !        * +                                               
 1999.3  4.073     !         *+                                               
 1999.4  3.827     !       * +                                                
 2000.1  3.674     !      *  +                                                
 2000.2  3.653     !      * +                                                 
 2000.3  3.800     !       * +                                                
 2000.4  4.058     !        +*                                                
 2001.1  5.306     !          +       *                                       
 2001.2  5.393     !           +      *                                       
 2001.3  5.986     !              +        *                                  
 2001.4  6.613     !                   +       *                              
 2002.1  5.897     !                     +*                                   
 2002.2  5.713     !                     *+                                   
 2002.3  6.209     !                     +  *                                 
 2002.4  6.343     !                      +  *                                
 2003.1  6.462     !                      +   *                               
 2003.2  6.092     !                       *+                                 
 2003.3  6.092     !                       *+                                 
 2003.4  5.514     !                   * +                                    
 2004.1  5.221     !                 *   +                                    
 2004.2  5.121     !                *   +                                     
 2004.3  4.875     !               *   +                                      
 2004.4  5.034     !                * +                                       
 2005.1  5.139     !                 *+                                       
 2005.2  5.218     !                +*                                        
 2005.3  5.403     !               +  *                                       
 2005.4  5.443     !               +   *                                      
 2006.1  5.249     !              +  *                                        
 2006.2  5.149     !             +   *                                        
 2006.3  5.149     !             +   *                                        
 2006.4  4.671     !            +*                                            
 2007.1  4.737     !            + *                                           
 2007.2  4.896     !            +  *                                          
 2007.3  5.143     !             +   *                                        
 2007.4  5.475     !              +    *                                      
 2008.1  6.079     !                +      *                                  
 2008.2  6.890     !                  +          *                            
 2008.3  7.345     !                       +        *                         
 2008.4  8.689     !                             +            *               
 2009.1  9.830     !                                       +          *       
 2009.2  10.10     !                                              +     *     
 2009.3  9.984     !                                                 + *      
 2009.4  10.12     !                                                   +*     
 2010.1  9.500     !                                                * +       
 2010.2  9.234     !                                              *  +        
 2010.3  9.446     !                                               *+         
 2010.4  9.393     !                                               *+         

SMPL 1966.2 2011.1;                                                           
Sample period is now  1966.2 to  2011.1 Internally:    58 to   237
CREATE SPREAD=EUR;                                                            
CREATE SPREADZ1=SPREAD*CDA;                                                   
CREATE SPREADZ2=SPREAD*IHHA;                                                  
SMPL 1967.1 2007.4;                                                           
Sample period is now  1967.1 to  2007.4 Internally:    61 to   224
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1967.1 -   2007.4,    0 missing obs.,  164 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.574619807

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.014729745       0.005484033   2.68593     0.710366
  306 C       (  0)      -0.042006857       0.054890982  -0.76528     1.000000
  133 AG1     (  0)      -0.261476647       0.110147606  -2.37387     0.309150
  134 AG2     (  0)      -0.333162085       0.092085790  -3.61795    -0.096888
  135 AG3     (  0)       0.649828766       0.223537344   2.90703    -0.070543
  380 LCSZ    ( -1)       0.820817539       0.028828525  28.47241     1.569557
  359 LYDZ    (  0)       0.110031295       0.030932070   3.55719     1.963084
  127 RSA     (  0)      -0.001169273       0.000246893  -4.73595     4.758675
  381 LAAZ    ( -1)       0.041511663       0.009442237   4.39638     4.875574
  475 SPREAD  ( -1)      -0.000097799       0.000304409  -0.32127     6.031840

SE of equation            =     0.003729910
Sum of squared residuals  = 0.214248274E-02   0.287465407E-08
Average absolute error    =     0.002769450
Sum of ABS residuals      = 0.454189871    
R squared                 =   0.99978
Durbin-Watson statistic   =   1.40051
Overid test: p-value      = 0.00004         (df =  15)
SMPL and No. Obs.         = 1967.1   2007.4    164
UDU for 2SLS              = 0.613200971E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1967.1 -   2007.4,    0 missing obs.,  164 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        0.602906104

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.013614518       0.011004961  -1.23713     0.710366
  306 C       (  0)      -0.269939714       0.106965188  -2.52362     1.000000
  133 AG1     (  0)       0.079312239       0.177316896   0.44729     0.309150
  134 AG2     (  0)       0.632545321       0.174206583   3.63101    -0.096888
  135 AG3     (  0)      -0.477481462       0.362072457  -1.31875    -0.070543
  382 LCNZ    ( -1)       0.660284183       0.059163845  11.16026     0.600202
  383 LCNZ1   ( -1)       0.193698070       0.073152408   2.64787     0.002686
  381 LAAZ    ( -1)       0.032647874       0.016151655   2.02133     4.875574
  359 LYDZ    (  0)       0.174565022       0.041948465   4.16142     1.963084
  128 RMA     (  0)      -0.000606845       0.000534668  -1.13499     7.285045
  475 SPREAD  ( -1)      -0.001436533       0.000585969  -2.45155     6.031840

SE of equation            =     0.006366406
Sum of squared residuals  = 0.620126314E-02   0.262318223E-09
Average absolute error    =     0.004707264
Sum of ABS residuals      = 0.771991312    
R squared                 =   0.99790
Durbin-Watson statistic   =   1.91314
Overid test: p-value      = 0.00013         (df =  14)
SMPL and No. Obs.         = 1967.1   2007.4    164
UDU for 2SLS              = 0.158271847E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1967.1 -   2007.4,    0 missing obs.,  164 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.006015470

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.029123951       0.028626214   1.01739     0.710366
  306 C       (  0)      -0.046445779       0.235721633  -0.19704     1.000000
  133 AG1     (  0)      -0.374703517       0.524206775  -0.71480     0.309150
  134 AG2     (  0)       3.128835951       0.699869864   4.47060    -0.096888
  135 AG3     (  0)      -1.716070281       1.127774167  -1.52164    -0.070543
  426 DKDZCDL1(  0)       0.293551690       0.072745555   4.03532    -0.112407
  356 KDZ     ( -1)      -0.028702674       0.005097522  -5.63071     8.803682
  351 YDZ     (  0)       0.084444751       0.016633189   5.07688     7.271363
  406 RMACDZ  (  0)      -0.007390793       0.002689195  -2.74833     3.874939
  352 AAZ     ( -1)       0.000200839       0.000232071   0.86542   138.591199
  476 SPREADZ1( -1)       0.000650343       0.002938796   0.22130     3.330303

SE of equation            =     0.013835408
Sum of squared residuals  = 0.292870326E-01   0.139521051E-10
Average absolute error    =     0.010125662
Sum of ABS residuals      =  1.66060849    
R squared                 =   0.24367
Durbin-Watson statistic   =   2.31354
Overid test: p-value      = 0.00003         (df =  10)
SMPL and No. Obs.         = 1967.1   2007.4    164
UDU for 2SLS              = 0.692459123E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1967.1 -   2007.4,    0 missing obs.,  164 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)
  477 SPREADZ2 ( -1)
  477 SPREADZ2 ( -2)
  477 SPREADZ2 ( -3)

Iter   Rhos:  1            2
   1     0.356973812  0.138233182
   2     0.415525358  0.203270440
   3     0.453988798  0.237952882
   4     0.481738798  0.258847130
   5     0.501391655  0.271843003
   6     0.514851043  0.279989728
   7     0.523839950  0.285141029
   8     0.529764308  0.288438409
   9     0.533651106  0.290574322
  10     0.536201386  0.291970407
  11     0.537878039  0.292888396
  12     0.538982933  0.293494270
  13     0.539712565  0.293895059
  14     0.540195179  0.294160553
  15     0.540514788  0.294336576
  16     0.540726630  0.294453343
  17     0.540867125  0.294530829
  18     0.540960340  0.294582259
  19     0.541022203  0.294616400
  20     0.541063267  0.294639067
  21     0.541090527  0.294654116
  22     0.541108625  0.294664109
  23     0.541120642  0.294670743
  24     0.541128621  0.294675149

Number of iterations for RHO =   24


Mean of dependent variable        0.001339809

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.031912211       0.043255230   0.73777     0.710366
  306 C       (  0)       0.528360014       0.137958423   3.82985     1.000000
  428 DKHZIHL1(  0)       0.323931477       0.068410888   4.73509    -0.275125
  355 KHZ     ( -1)      -0.032201515       0.008823715  -3.64943    40.841373
  351 YDZ     (  0)       0.113005559       0.033993822   3.32430     7.271363
  407 RMALIHHZ(  0)      -0.022659467       0.005190678  -4.36542     4.087587
  447 AA2Z    ( -1)       0.002049411       0.001245656   1.64525    50.997583
  477 SPREADZ2( -1)       0.006131556       0.004340781   1.41255     3.435590
    0 RHO     ( -1)       0.541128621       0.093545394   5.78466     0.000000
    0 RHO     ( -2)       0.294675149       0.088213525   3.34048     0.000000

SE of equation            =     0.016033493
Sum of squared residuals  = 0.395892277E-01   0.183062172E-06
Average absolute error    =     0.011757909
Sum of ABS residuals      =  1.92829709    
R squared                 =   0.47271
Durbin-Watson statistic   =   1.96381
Overid test: p-value      = 0.00692         (df =  23)
SMPL and No. Obs.         = 1967.1   2007.4    164
UDU for 2SLS              = 0.103805244E-01
SMPL 1967.1 2011.1;                                                           
Sample period is now  1967.1 to  2011.1 Internally:    61 to   237
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1967.1 -   2011.1,    0 missing obs.,  177 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  250 T        (  0)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.602183495

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.017098591       0.004640965   3.68427     0.731638
  306 C       (  0)      -0.086466650       0.036089465  -2.39590     1.000000
  133 AG1     (  0)      -0.208239139       0.079481564  -2.61997     0.312061
  134 AG2     (  0)      -0.391421797       0.086739606  -4.51261    -0.092753
  135 AG3     (  0)       0.586137714       0.175778644   3.33452    -0.067284
  380 LCSZ    ( -1)       0.816406349       0.027159145  30.06009     1.597567
  359 LYDZ    (  0)       0.104394508       0.028212166   3.70034     1.988630
  127 RSA     (  0)      -0.001200230       0.000244733  -4.90425     4.438791
  381 LAAZ    ( -1)       0.048487364       0.008140494   5.95632     4.910236
  475 SPREAD  ( -1)      -0.000059125       0.000296585  -0.19935     6.222095

SE of equation            =     0.003690006
Sum of squared residuals  = 0.227389647E-02   0.210871809E-08
Average absolute error    =     0.002782425
Sum of ABS residuals      = 0.492489210    
R squared                 =   0.99980
Durbin-Watson statistic   =   1.34901
Overid test: p-value      = 0.00005         (df =  15)
SMPL and No. Obs.         = 1967.1   2011.1    177
UDU for 2SLS              = 0.595436946E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1967.1 -   2011.1,    0 missing obs.,  177 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  250 T        (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        0.620329888

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.008663383       0.009817430  -0.88245     0.731638
  306 C       (  0)      -0.379434296       0.084457918  -4.49258     1.000000
  133 AG1     (  0)       0.231491929       0.135291680   1.71106     0.312061
  134 AG2     (  0)       0.566868620       0.170728920   3.32028    -0.092753
  135 AG3     (  0)      -0.716207143       0.312830004  -2.28945    -0.067284
  382 LCNZ    ( -1)       0.645403960       0.059831019  10.78711     0.617957
  383 LCNZ1   ( -1)       0.235800831       0.069952625   3.37086     0.002326
  381 LAAZ    ( -1)       0.045786446       0.014298436   3.20220     4.910236
  359 LYDZ    (  0)       0.164663083       0.040388503   4.07698     1.988630
  128 RMA     (  0)      -0.000718531       0.000546430  -1.31496     7.051838
  475 SPREAD  ( -1)      -0.001339871       0.000588746  -2.27581     6.222095

SE of equation            =     0.006487671
Sum of squared residuals  = 0.698692024E-02   0.311877413E-09
Average absolute error    =     0.004803636
Sum of ABS residuals      = 0.850243561    
R squared                 =   0.99807
Durbin-Watson statistic   =   1.90039
Overid test: p-value      = 0.00001         (df =  14)
SMPL and No. Obs.         = 1967.1   2011.1    177
UDU for 2SLS              = 0.194089944E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1967.1 -   2011.1,    0 missing obs.,  177 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.005262148

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.077539472       0.029270171   2.64910     0.731638
  306 C       (  0)      -0.455292439       0.203170908  -2.24093     1.000000
  133 AG1     (  0)       0.519457765       0.435932146   1.19160     0.312061
  134 AG2     (  0)       2.692312211       0.717644335   3.75160    -0.092753
  135 AG3     (  0)      -3.101731752       1.125369503  -2.75619    -0.067284
  426 DKDZCDL1(  0)       0.274161071       0.075964413   3.60907    -0.111392
  356 KDZ     ( -1)      -0.032177564       0.005065200  -6.35267     9.564716
  351 YDZ     (  0)       0.070500213       0.015969737   4.41461     7.477951
  406 RMACDZ  (  0)      -0.010819566       0.003070591  -3.52361     3.963279
  352 AAZ     ( -1)       0.000862192       0.000230883   3.73433   143.883025
  476 SPREADZ1( -1)       0.003279200       0.002885900   1.13628     3.868013

SE of equation            =     0.016002874
Sum of squared residuals  = 0.425112695E-01   0.302826861E-10
Average absolute error    =     0.011567435
Sum of ABS residuals      =  2.04743603    
R squared                 =   0.23531
Durbin-Watson statistic   =   2.02981
Overid test: p-value      = 0.00000         (df =  10)
SMPL and No. Obs.         = 1967.1   2011.1    177
UDU for 2SLS              = 0.119086818E-01

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1967.1 -   2011.1,    0 missing obs.,  177 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)
  477 SPREADZ2 ( -1)
  477 SPREADZ2 ( -2)
  477 SPREADZ2 ( -3)

Iter   Rhos:  1            2
   1     0.319691640  0.154947475
   2     0.364689067  0.217446354
   3     0.398923919  0.257043646
   4     0.430458834  0.289773181
   5     0.461879647  0.318402277
   6     0.492985923  0.340499208
   7     0.521141245  0.352223316
   8     0.542660350  0.355284784
   9     0.556420553  0.355454824
  10     0.564539443  0.355533565
  11     0.569416226  0.355864300
  12     0.572530752  0.356308281
  13     0.574660394  0.356762185
  14     0.576207537  0.357184577
  15     0.577388844  0.357565084
  16     0.578327761  0.357905272
  17     0.579098773  0.358210355
  18     0.579749223  0.358486065
  19     0.580310592  0.358737624
  20     0.580804646  0.358969496
  21     0.581246956  0.359185423
  22     0.581649000  0.359388532
  23     0.582019481  0.359581456
  24     0.582365170  0.359766443
  25     0.582691469  0.359945449
  26     0.583002805  0.360120213
  27     0.583302903  0.360292323
  28     0.583594985  0.360463268
  29     0.583881927  0.360634487
  30     0.584166377  0.360807416
  31     0.584450857  0.360983531
  32     0.584737852  0.361164397
  33     0.585029891  0.361351715
  34     0.585329636  0.361547388
  35     0.585639968  0.361753591
  36     0.585964089  0.361972856
  37     0.586305646  0.362208194
  38     0.586668873  0.362463237
  39     0.587058778  0.362742433
  40     0.587481368  0.363051302
  41     0.587943944  0.363396777
  42     0.588455462  0.363787657
  43     0.589026973  0.364235198
  44     0.589672124  0.364753866
  45     0.590407648  0.365362222
  46     0.591253592  0.366083775
  47     0.592232752  0.366947300
  48     0.593368097  0.367985294
  49     0.594675957  0.369227754
  50     0.596152231  0.370686578
  51     0.597752362  0.372327315
  52     0.599379926  0.374039377
  53     0.600913695  0.375644931
  54     0.602269025  0.376979651
  55     0.603422776  0.377984436
  56     0.604384116  0.378706172
  57     0.605172209  0.379228684
  58     0.605812148  0.379621952
  59     0.606331450  0.379931127
  60     0.606755683  0.380182854
  61     0.607106084  0.380392922
  62     0.607399210  0.380571202
  63     0.607647585  0.380724317
  64     0.607860587  0.380857004
  65     0.608045251  0.380972820
  66     0.608206898  0.381074530
  67     0.608349598  0.381164331
  68     0.608476504  0.381244002
  69     0.608590094  0.381314995
  70     0.608692339  0.381378513
  71     0.608784828  0.381435555
  72     0.608868855  0.381486959
  73     0.608945489  0.381533431
  74     0.609015617  0.381575571
  75     0.609079988  0.381613889
  76     0.609139233  0.381648822
  77     0.609193894  0.381680747
  78     0.609244436  0.381709990
  79     0.609291262  0.381736832
  80     0.609334723  0.381761519
  81     0.609375127  0.381784267
  82     0.609412746  0.381805265
  83     0.609447818  0.381824678
  84     0.609480557  0.381842655
  85     0.609511153  0.381859324
  86     0.609539778  0.381874803
  87     0.609566584  0.381889194
  88     0.609591709  0.381902590
  89     0.609615280  0.381915073
  90     0.609637408  0.381926718
  91     0.609658197  0.381937593
  92     0.609677742  0.381947757
  93     0.609696128  0.381957265
  94     0.609713434  0.381966168
  95     0.609729733  0.381974510
  96     0.609745091  0.381982332
  97     0.609759568  0.381989672
  98     0.609773223  0.381996564
  99     0.609786106  0.382003040
 100     0.609798267  0.382009128
 101     0.609809749  0.382014854
 102     0.609820595  0.382020244
 103     0.609830843  0.382025318
 104     0.609840529  0.382030099

Number of iterations for RHO =  104


Mean of dependent variable        0.000079226

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.220956630       0.191384393  -1.15452     0.731638
  306 C       (  0)       2.971151896       1.397167091   2.12655     1.000000
  428 DKHZIHL1(  0)       0.351672351       0.061007568   5.76441    -0.258415
  355 KHZ     ( -1)      -0.052279680       0.012901998  -4.05206    41.839342
  351 YDZ     (  0)       0.029119799       0.033001251   0.88238     7.477951
  407 RMALIHHZ(  0)      -0.026632612       0.004830059  -5.51393     3.950155
  447 AA2Z    ( -1)       0.004791045       0.001228926   3.89856    52.789936
  477 SPREADZ2( -1)       0.001891496       0.004152614   0.45550     3.518563
    0 RHO     ( -1)       0.609840529       0.079443836   7.67637     0.000000
    0 RHO     ( -2)       0.382030099       0.079415284   4.81054     0.000000

SE of equation            =     0.015915236
Sum of squared residuals  = 0.423002216E-01   0.233129691E-02
Average absolute error    =     0.011519203
Sum of ABS residuals      =  2.03889893    
R squared                 =   0.49876
Durbin-Watson statistic   =   2.04964
Overid test: p-value      = 0.16041         (df =  23)
SMPL and No. Obs.         = 1967.1   2011.1    177
UDU for 2SLS              = 0.708036865E-02
@                                                                             
SMPL 1952.1 2013.3;                                                           
Sample period is now  1952.1 to  2013.3 Internally:     1 to   247
MODEQ 1 FSR - T;                                                              
EQUATION 1  LCSZ  
   RHS     CNST2  C  AG1  AG2  AG3  LCSZ(-1)  LYDZ  RSA  LAAZ(-1)  
   RHS     SPREAD(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  LCSZ(-1)  LAAZ(-1)  LYDZ(-1)  
   FSR     RSA(-1)  LODHM(-1)  LIMZ(-1)  LJHGSZ  LPIMZ(-1)  
   FSR     LYNLZ(-1)  PCPD(-1)  LCOGSZ  LTRGSZ  RS(-2)  RB(-1)  
   FSR     LYZ(-1)  LVZ(-1)  UR(-1)  LYDZ  SPREAD(-1)  
MODEQ 2 FSR - T;                                                              
EQUATION 2  LCNZ  
   RHS     CNST2  C  AG1  AG2  AG3  LCNZ(-1)  LCNZ1(-1)  LAAZ(-1)  
   RHS     LYDZ  RMA  SPREAD(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  LCNZ(-1)  LCNZ1(-1)  LAAZ(-1)  
   FSR     LYDZ(-1)  RMA(-1)  LCOGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LIMZ(-1)  LTRGSZ  LJHGSZ  LYNLZ(-1)  LPIMZ(-1)  
   FSR     PCPD(-1)  UR(-1)  LVZ(-1)  RS(-1)  RS(-2)  SPREAD(-1)  
MODEQ 3 FSR - T;                                                              
EQUATION 3  CDZ1  
   RHS     CNST2  C  AG1  AG2  AG3  DKDZCDL1  KDZ(-1)  YDZ  
   RHS     RMACDZ  AAZ(-1)  SPREADZ1(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  KDZ(-1)  AAZ(-1)  YDZ(-1)  
   FSR     RMACDZ(-1)  LCOGSZ  LEXZ(-1)  LODHM(-1)  LYZ(-1)  
   FSR     LVZ(-1)  LIMZ(-1)  LTRGSZ  LYNLZ(-1)  LPIMZ(-1)  
   FSR     DKDZCDL1  SPREADZ1(-1)  
MODEQ 4 FSR - SPREADZ2(-1) SPREADZ2(-2) SPREADZ2(-3);                         
EQUATION 4  IHHZ1  RHO=2  
   RHS     CNST2  C  DKHZIHL1  KHZ(-1)  YDZ  RMALIHHZ  AA2Z(-1)  
   RHS     SPREADZ2(-1)  
   FSR     CNST2  CNST2(-1)  CNST2(-2)  C  KHZ(-1)  RMALIHHZ  
   FSR     YDZ(-1)  KHZ(-2)  KHZ(-3)  RMALIHHZ(-1)  RMALIHHZ(-2)  
   FSR     YDZ(-2)  LCOGSZ  LJHGSZ  LTRGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LYNLZ(-1)  PCPD(-1)  LIMZ(-1)  DKHZIHL1  DKHZIHL1(-1)  
   FSR     DKHZIHL1(-2)  IHHZ1(-1)  IHHZ1(-2)  AA2Z(-1)  AA2Z(-2)  
   FSR     AA2Z(-3)  
CREATE SPREAD=T;                                                              
CREATE SPREADZ1=SPREAD*CDA;                                                   
CREATE SPREADZ2=SPREAD*IHHA;                                                  
SMPL 1954.1 2007.4;                                                           
Sample period is now  1954.1 to  2007.4 Internally:     9 to   224
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.421239113

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.016866846       0.003854497   4.37589     0.539352
  306 C       (  0)      -0.123850946       0.039927211  -3.10192     1.000000
  133 AG1     (  0)      -0.042833396       0.050391134  -0.85002     0.318301
  134 AG2     (  0)      -0.477081426       0.074827397  -6.37576    -0.092214
  135 AG3     (  0)       0.334311991       0.088302650   3.78598    -0.072303
  380 LCSZ    ( -1)       0.724496400       0.032782796  22.09990     1.415506
  359 LYDZ    (  0)       0.136873917       0.025947120   5.27511     1.834765
  127 RSA     (  0)      -0.001220043       0.000224097  -5.44425     4.204765
  381 LAAZ    ( -1)       0.044459993       0.008085778   5.49854     4.702605
  475 SPREAD  ( -1)       0.000425946       0.000107738   3.95356   115.500000

SE of equation            =     0.003663082
Sum of squared residuals  = 0.276414335E-02  -0.187753668E-08
Average absolute error    =     0.002780242
Sum of ABS residuals      = 0.600532195    
R squared                 =   0.99990
Durbin-Watson statistic   =   1.57167
Overid test: p-value      = 0.00004         (df =  14)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.575673415E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  475 SPREAD   ( -1)

Mean of dependent variable        0.531237744

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.015045783       0.008420083  -1.78689     0.539352
  306 C       (  0)      -0.272201803       0.095269552  -2.85718     1.000000
  133 AG1     (  0)       0.020727121       0.093589217   0.22147     0.318301
  134 AG2     (  0)       0.263669679       0.136792325   1.92752    -0.092214
  135 AG3     (  0)      -0.195077392       0.151746617  -1.28555    -0.072303
  382 LCNZ    ( -1)       0.745895666       0.048500933  15.37900     0.528033
  383 LCNZ1   ( -1)       0.190733096       0.063283856   3.01393     0.003217
  381 LAAZ    ( -1)       0.036783453       0.014447507   2.54601     4.702605
  359 LYDZ    (  0)       0.142891366       0.057778966   2.47307     1.834765
  128 RMA     (  0)      -0.000864225       0.000565268  -1.52888     6.650968
  475 SPREAD  ( -1)      -0.000075384       0.000180437  -0.41779   115.500000

SE of equation            =     0.006625698
Sum of squared residuals  = 0.899947320E-02  -0.809475403E-09
Average absolute error    =     0.004932775
Sum of ABS residuals      =  1.06547939    
R squared                 =   0.99865
Durbin-Watson statistic   =   1.95682
Overid test: p-value      = 0.00007         (df =  13)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.174060696E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.005033494

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.094850442       0.016000014   5.92815     0.539352
  306 C       (  0)       0.014121594       0.081493520   0.17328     1.000000
  133 AG1     (  0)      -0.162240075       0.140731343  -1.15284     0.318301
  134 AG2     (  0)       2.276691512       0.523319940   4.35048    -0.092214
  135 AG3     (  0)      -1.600456510       0.401374898  -3.98744    -0.072303
  426 DKDZCDL1(  0)       0.325976818       0.046155137   7.06263    -0.093153
  356 KDZ     ( -1)      -0.044779459       0.004954663  -9.03784     7.425111
  351 YDZ     (  0)       0.056297840       0.011775796   4.78081     6.531435
  406 RMACDZ  (  0)      -0.014687740       0.002540404  -5.78165     3.161759
  352 AAZ     ( -1)       0.000178336       0.000157828   1.12994   120.816030
  476 SPREADZ1( -1)       0.001477067       0.000256330   5.76236    71.537536

SE of equation            =     0.011563610
Sum of squared residuals  = 0.274120028E-01   0.676247253E-11
Average absolute error    =     0.008059583
Sum of ABS residuals      =  1.74086990    
R squared                 =   0.33876
Durbin-Watson statistic   =   2.29677
Overid test: p-value      = 0.00702         (df =   9)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.287506096E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)

Iter   Rhos:  1            2
   1     0.404636062  0.114793531
   2     0.478878380  0.196545288
   3     0.527764227  0.249711647
   4     0.551035283  0.284133841
   5     0.556640587  0.302400505
   6     0.556982932  0.310499593
   7     0.556730649  0.313749073
   8     0.556577251  0.314992369
   9     0.556511854  0.315459071
  10     0.556486430  0.315633012
  11     0.556476839  0.315697673
  12     0.556473259  0.315721688
  13     0.556471927  0.315730604

Number of iterations for RHO =   13


Mean of dependent variable        0.001008648

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.035389201       0.045833894   0.77212     0.539352
  306 C       (  0)       0.933664793       0.142616131   6.54670     1.000000
  428 DKHZIHL1(  0)       0.458743547       0.055500895   8.26552    -0.268228
  355 KHZ     ( -1)      -0.048452528       0.008847251  -5.47656    37.872109
  351 YDZ     (  0)       0.131985088       0.036596344   3.60651     6.531435
  407 RMALIHHZ(  0)      -0.028218184       0.004785895  -5.89611     3.554255
  447 AA2Z    ( -1)       0.002444809       0.001188952   2.05627    44.395922
  477 SPREADZ2( -1)       0.002092513       0.000657027   3.18482    68.163741
    0 RHO     ( -1)       0.556471927       0.078455316   7.09285     0.000000
    0 RHO     ( -2)       0.315730604       0.074085789   4.26169     0.000000

SE of equation            =     0.014898776
Sum of squared residuals  = 0.457265474E-01   0.131696003E-04
Average absolute error    =     0.011162708
Sum of ABS residuals      =  2.41114484    
R squared                 =   0.48394
Durbin-Watson statistic   =   1.95333
Overid test: p-value      = 0.00531         (df =  20)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.842389408E-02
SMPL 1954.1 2013.3;                                                           
Sample period is now  1954.1 to  2013.3 Internally:     9 to   247
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.472625842

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.018131101       0.003489753   5.19553     0.583682
  306 C       (  0)      -0.160415683       0.023261588  -6.89616     1.000000
  133 AG1     (  0)       0.023040348       0.030856566   0.74669     0.320965
  134 AG2     (  0)      -0.508649921       0.065408680  -7.77649    -0.086665
  135 AG3     (  0)       0.224134310       0.060218933   3.72199    -0.067461
  380 LCSZ    ( -1)       0.745928498       0.029055190  25.67281     1.467453
  359 LYDZ    (  0)       0.116533155       0.022902867   5.08815     1.881586
  127 RSA     (  0)      -0.001263306       0.000222687  -5.67300     3.824044
  381 LAAZ    ( -1)       0.047551436       0.006063837   7.84181     4.766640
  475 SPREAD  ( -1)       0.000396774       0.000101206   3.92047   127.000000

SE of equation            =     0.003634387
Sum of squared residuals  = 0.302480773E-02  -0.126684219E-08
Average absolute error    =     0.002774270
Sum of ABS residuals      = 0.663050616    
R squared                 =   0.99991
Durbin-Watson statistic   =   1.52313
Overid test: p-value      = 0.00092         (df =  14)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.460419117E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  475 SPREAD   ( -1)

Mean of dependent variable        0.561478697

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.014361560       0.007857825  -1.82768     0.583682
  306 C       (  0)      -0.369794613       0.079403066  -4.65718     1.000000
  133 AG1     (  0)       0.108154926       0.055728120   1.94076     0.320965
  134 AG2     (  0)       0.186731910       0.108511700   1.72085    -0.086665
  135 AG3     (  0)      -0.300393228       0.119231244  -2.51942    -0.067461
  382 LCNZ    ( -1)       0.726646424       0.047977759  15.14548     0.558622
  383 LCNZ1   ( -1)       0.211434444       0.059626126   3.54600     0.002834
  381 LAAZ    ( -1)       0.048113871       0.010832218   4.44174     4.766640
  359 LYDZ    (  0)       0.151835727       0.056722815   2.67680     1.881586
  128 RMA     (  0)      -0.000761862       0.000564180  -1.35039     6.363393
  475 SPREAD  ( -1)      -0.000124764       0.000181588  -0.68707   127.000000

SE of equation            =     0.006561745
Sum of squared residuals  = 0.981688029E-02  -0.701107172E-09
Average absolute error    =     0.004863885
Sum of ABS residuals      =  1.16246844    
R squared                 =   0.99887
Durbin-Watson statistic   =   1.94058
Overid test: p-value      = 0.00000         (df =  13)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.200317312E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.005078653

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.109564438       0.016524880   6.63027     0.583682
  306 C       (  0)      -0.221132281       0.066519980  -3.32430     1.000000
  133 AG1     (  0)       0.332437649       0.107580664   3.09012     0.320965
  134 AG2     (  0)       1.228814718       0.469717169   2.61607    -0.086665
  135 AG3     (  0)      -1.836056269       0.408637703  -4.49312    -0.067461
  426 DKDZCDL1(  0)       0.266180030       0.042307339   6.29158    -0.095734
  356 KDZ     ( -1)      -0.043772343       0.004575078  -9.56756     8.585965
  351 YDZ     (  0)       0.037933281       0.010774744   3.52057     6.883520
  406 RMACDZ  (  0)      -0.015018271       0.002497347  -6.01369     3.299496
  352 AAZ     ( -1)       0.000739945       0.000152508   4.85186   129.870051
  476 SPREADZ1( -1)       0.001417761       0.000244552   5.79739    92.994750

SE of equation            =     0.013471499
Sum of squared residuals  = 0.413777327E-01  -0.237191378E-10
Average absolute error    =     0.009143161
Sum of ABS residuals      =  2.18521551    
R squared                 =   0.32311
Durbin-Watson statistic   =   2.07882
Overid test: p-value      = 0.00003         (df =   9)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.632630219E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)

Iter   Rhos:  1            2
   1     0.384381528  0.132361694
   2     0.439759096  0.199956503
   3     0.492504373  0.254773124
   4     0.545599469  0.301110218
   5     0.583644936  0.321127748
   6     0.600448393  0.323897133
   7     0.606532354  0.325152809
   8     0.608996618  0.326122748
   9     0.610160427  0.326768936
  10     0.610775453  0.327170139
  11     0.611122677  0.327413872
  12     0.611325830  0.327561376
  13     0.611446978  0.327650780
  14     0.611519981  0.327705101
  15     0.611564232  0.327738173
  16     0.611591146  0.327758338
  17     0.611607549  0.327770644
  18     0.611617558  0.327778160
  19     0.611623669  0.327782752

Number of iterations for RHO =   19


Mean of dependent variable        0.000416100

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.112864981       0.066960427   1.68555     0.583682
  306 C       (  0)       0.997292637       0.166830845   5.97787     1.000000
  428 DKHZIHL1(  0)       0.419451676       0.052187141   8.03745    -0.245763
  355 KHZ     ( -1)      -0.036188279       0.007658251  -4.72540    39.409752
  351 YDZ     (  0)       0.041378190       0.033106391   1.24986     6.883520
  407 RMALIHHZ(  0)      -0.030156177       0.004808952  -6.27084     3.401850
  447 AA2Z    ( -1)       0.002667525       0.000958985   2.78161    47.039551
  477 SPREADZ2( -1)       0.002328108       0.000734867   3.16807    73.578277
    0 RHO     ( -1)       0.611623669       0.073914619   8.27473     0.000000
    0 RHO     ( -2)       0.327782752       0.070166531   4.67150     0.000000

SE of equation            =     0.014595032
Sum of squared residuals  = 0.487804271E-01   0.342123171E-04
Average absolute error    =     0.010476830
Sum of ABS residuals      =  2.50396229    
R squared                 =   0.50574
Durbin-Watson statistic   =   2.03673
Overid test: p-value      = 0.20567         (df =  20)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.508010704E-02
@                                                                             
SMPL 1952.1 2013.3;                                                           
Sample period is now  1952.1 to  2013.3 Internally:     1 to   247
CREATE SPREAD=T;                                                              
CREATE SPREADZ1=SPREAD;                                                       
CREATE SPREADZ2=SPREAD;                                                       
SMPL 1954.1 2007.4;                                                           
Sample period is now  1954.1 to  2007.4 Internally:     9 to   224
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.421239113

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.016866846       0.003854497   4.37589     0.539352
  306 C       (  0)      -0.123850946       0.039927211  -3.10192     1.000000
  133 AG1     (  0)      -0.042833396       0.050391134  -0.85002     0.318301
  134 AG2     (  0)      -0.477081426       0.074827397  -6.37576    -0.092214
  135 AG3     (  0)       0.334311991       0.088302650   3.78598    -0.072303
  380 LCSZ    ( -1)       0.724496400       0.032782796  22.09990     1.415506
  359 LYDZ    (  0)       0.136873917       0.025947120   5.27511     1.834765
  127 RSA     (  0)      -0.001220043       0.000224097  -5.44425     4.204765
  381 LAAZ    ( -1)       0.044459993       0.008085778   5.49854     4.702605
  475 SPREAD  ( -1)       0.000425946       0.000107738   3.95356   115.500000

SE of equation            =     0.003663082
Sum of squared residuals  = 0.276414335E-02  -0.187753668E-08
Average absolute error    =     0.002780242
Sum of ABS residuals      = 0.600532195    
R squared                 =   0.99990
Durbin-Watson statistic   =   1.57167
Overid test: p-value      = 0.00004         (df =  14)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.575673415E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  475 SPREAD   ( -1)

Mean of dependent variable        0.531237744

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.015045783       0.008420083  -1.78689     0.539352
  306 C       (  0)      -0.272201803       0.095269552  -2.85718     1.000000
  133 AG1     (  0)       0.020727121       0.093589217   0.22147     0.318301
  134 AG2     (  0)       0.263669679       0.136792325   1.92752    -0.092214
  135 AG3     (  0)      -0.195077392       0.151746617  -1.28555    -0.072303
  382 LCNZ    ( -1)       0.745895666       0.048500933  15.37900     0.528033
  383 LCNZ1   ( -1)       0.190733096       0.063283856   3.01393     0.003217
  381 LAAZ    ( -1)       0.036783453       0.014447507   2.54601     4.702605
  359 LYDZ    (  0)       0.142891366       0.057778966   2.47307     1.834765
  128 RMA     (  0)      -0.000864225       0.000565268  -1.52888     6.650968
  475 SPREAD  ( -1)      -0.000075384       0.000180437  -0.41779   115.500000

SE of equation            =     0.006625698
Sum of squared residuals  = 0.899947320E-02  -0.809475403E-09
Average absolute error    =     0.004932775
Sum of ABS residuals      =  1.06547939    
R squared                 =   0.99865
Durbin-Watson statistic   =   1.95682
Overid test: p-value      = 0.00007         (df =  13)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.174060696E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.005033494

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.015867304       0.014859792   1.06780     0.539352
  306 C       (  0)      -0.360991605       0.091063813  -3.96416     1.000000
  133 AG1     (  0)       0.639134681       0.212369464   3.00954     0.318301
  134 AG2     (  0)       3.761265387       0.560358308   6.71225    -0.092214
  135 AG3     (  0)      -3.992156211       0.607120998  -6.57555    -0.072303
  426 DKDZCDL1(  0)       0.247946125       0.047724438   5.19537    -0.093153
  356 KDZ     ( -1)      -0.031090260       0.004303704  -7.22407     7.425111
  351 YDZ     (  0)       0.034215867       0.014856951   2.30302     6.531435
  406 RMACDZ  (  0)      -0.013242380       0.002814821  -4.70452     3.161759
  352 AAZ     ( -1)       0.000345583       0.000164958   2.09498   120.816030
  476 SPREADZ1( -1)       0.002102251       0.000535252   3.92759   115.500000

SE of equation            =     0.011907393
Sum of squared residuals  = 0.290661301E-01  -0.497255015E-11
Average absolute error    =     0.008288907
Sum of ABS residuals      =  1.79040384    
R squared                 =   0.29886
Durbin-Watson statistic   =   2.32503
Overid test: p-value      = 0.02753         (df =   9)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.252131674E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)

Iter   Rhos:  1            2
   1     0.399423701  0.145933237
   2     0.465282636  0.242963251
   3     0.511670768  0.295407813
   4     0.540081386  0.312053971
   5     0.552844656  0.314735340
   6     0.557525465  0.315251891
   7     0.559164624  0.315422772
   8     0.559738352  0.315490148
   9     0.559940585  0.315516387
  10     0.560012293  0.315526264
  11     0.560037814  0.315529893
  12     0.560046915  0.315531209

Number of iterations for RHO =   12


Mean of dependent variable        0.001008648

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.172259854       0.093652200  -1.83936     0.539352
  306 C       (  0)       1.383458236       0.254777861   5.43006     1.000000
  428 DKHZIHL1(  0)       0.368266752       0.055621559   6.62094    -0.268228
  355 KHZ     ( -1)      -0.069534197       0.011457812  -6.06872    37.872109
  351 YDZ     (  0)       0.103360465       0.042573475   2.42781     6.531435
  407 RMALIHHZ(  0)      -0.026496581       0.004474738  -5.92137     3.554255
  447 AA2Z    ( -1)       0.005332260       0.001309402   4.07229    44.395922
  477 SPREADZ2( -1)       0.005438205       0.001967674   2.76377   115.500000
    0 RHO     ( -1)       0.560046915       0.077868772   7.19219     0.000000
    0 RHO     ( -2)       0.315531209       0.074014658   4.26309     0.000000

SE of equation            =     0.014874220
Sum of squared residuals  = 0.455759364E-01   0.791095868E-05
Average absolute error    =     0.010953616
Sum of ABS residuals      =  2.36598104    
R squared                 =   0.48564
Durbin-Watson statistic   =   1.97902
Overid test: p-value      = 0.00207         (df =  20)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.906522237E-02
SMPL 1954.1 2013.3;                                                           
Sample period is now  1954.1 to  2013.3 Internally:     9 to   247
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
   87 UR       ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)

Mean of dependent variable        1.472625842

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.018131101       0.003489753   5.19553     0.583682
  306 C       (  0)      -0.160415683       0.023261588  -6.89616     1.000000
  133 AG1     (  0)       0.023040348       0.030856566   0.74669     0.320965
  134 AG2     (  0)      -0.508649921       0.065408680  -7.77649    -0.086665
  135 AG3     (  0)       0.224134310       0.060218933   3.72199    -0.067461
  380 LCSZ    ( -1)       0.745928498       0.029055190  25.67281     1.467453
  359 LYDZ    (  0)       0.116533155       0.022902867   5.08815     1.881586
  127 RSA     (  0)      -0.001263306       0.000222687  -5.67300     3.824044
  381 LAAZ    ( -1)       0.047551436       0.006063837   7.84181     4.766640
  475 SPREAD  ( -1)       0.000396774       0.000101206   3.92047   127.000000

SE of equation            =     0.003634387
Sum of squared residuals  = 0.302480773E-02  -0.126684219E-08
Average absolute error    =     0.002774270
Sum of ABS residuals      = 0.663050616    
R squared                 =   0.99991
Durbin-Watson statistic   =   1.52313
Overid test: p-value      = 0.00092         (df =  14)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.460419117E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
   87 UR       ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  475 SPREAD   ( -1)

Mean of dependent variable        0.561478697

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.014361560       0.007857825  -1.82768     0.583682
  306 C       (  0)      -0.369794613       0.079403066  -4.65718     1.000000
  133 AG1     (  0)       0.108154926       0.055728120   1.94076     0.320965
  134 AG2     (  0)       0.186731910       0.108511700   1.72085    -0.086665
  135 AG3     (  0)      -0.300393228       0.119231244  -2.51942    -0.067461
  382 LCNZ    ( -1)       0.726646424       0.047977759  15.14548     0.558622
  383 LCNZ1   ( -1)       0.211434444       0.059626126   3.54600     0.002834
  381 LAAZ    ( -1)       0.048113871       0.010832218   4.44174     4.766640
  359 LYDZ    (  0)       0.151835727       0.056722815   2.67680     1.881586
  128 RMA     (  0)      -0.000761862       0.000564180  -1.35039     6.363393
  475 SPREAD  ( -1)      -0.000124764       0.000181588  -0.68707   127.000000

SE of equation            =     0.006561745
Sum of squared residuals  = 0.981688029E-02  -0.701107172E-09
Average absolute error    =     0.004863885
Sum of ABS residuals      =  1.16246844    
R squared                 =   0.99887
Durbin-Watson statistic   =   1.94058
Overid test: p-value      = 0.00000         (df =  13)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.200317312E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  476 SPREADZ1 ( -1)

Mean of dependent variable        0.005078653

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.027329347       0.017259942   1.58340     0.583682
  306 C       (  0)      -0.494546601       0.091450557  -5.40780     1.000000
  133 AG1     (  0)       0.974884035       0.223362332   4.36459     0.320965
  134 AG2     (  0)       3.076085286       0.415902646   7.39617    -0.086665
  135 AG3     (  0)      -4.189844941       0.610000560  -6.86859    -0.067461
  426 DKDZCDL1(  0)       0.190309813       0.044588813   4.26811    -0.095734
  356 KDZ     ( -1)      -0.031297319       0.003997694  -7.82884     8.585965
  351 YDZ     (  0)       0.013536787       0.015825315   0.85539     6.883520
  406 RMACDZ  (  0)      -0.015493711       0.002771993  -5.58938     3.299496
  352 AAZ     ( -1)       0.000770003       0.000160015   4.81206   129.870051
  476 SPREADZ1( -1)       0.002358939       0.000581112   4.05936   127.000000

SE of equation            =     0.013898183
Sum of squared residuals  = 0.440403667E-01   0.242522669E-11
Average absolute error    =     0.009203934
Sum of ABS residuals      =  2.19974032    
R squared                 =   0.27955
Durbin-Watson statistic   =   2.10736
Overid test: p-value      = 0.00059         (df =   9)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.538800368E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)

Iter   Rhos:  1            2
   1     0.368485575  0.127368251
   2     0.412803750  0.181517825
   3     0.450378156  0.222857369
   4     0.491936969  0.264771996
   5     0.538424369  0.303246917
   6     0.579182312  0.321324893
   7     0.603418751  0.322932436
   8     0.614556413  0.322927008
   9     0.619723700  0.323494135
  10     0.622415967  0.324180432
  11     0.623994468  0.324771802
  12     0.625006210  0.325234523
  13     0.625694971  0.325586709
  14     0.626182950  0.325853526
  15     0.626538132  0.326056255
  16     0.626801566  0.326211040
  17     0.626999610  0.326329796
  18     0.627149978  0.326421300
  19     0.627264997  0.326492055
  20     0.627353469  0.326546923
  21     0.627421814  0.326589570
  22     0.627474782  0.326622776
  23     0.627515938  0.326648670
  24     0.627547977  0.326668885
  25     0.627572958  0.326684679
  26     0.627592458  0.326697029
  27     0.627607693  0.326706690
  28     0.627619605  0.326714252
  29     0.627628924  0.326720172

Number of iterations for RHO =   29


Mean of dependent variable        0.000416100

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.118199858       0.099155388   1.19207     0.583682
  306 C       (  0)       0.942763916       0.279132277   3.37748     1.000000
  428 DKHZIHL1(  0)       0.375643053       0.054790721   6.85596    -0.245763
  355 KHZ     ( -1)      -0.038848580       0.009183018  -4.23048    39.409752
  351 YDZ     (  0)       0.070100020       0.045043311   1.55628     6.883520
  407 RMALIHHZ(  0)      -0.025992592       0.004789950  -5.42648     3.401850
  447 AA2Z    ( -1)       0.003769876       0.001013590   3.71933    47.039551
  477 SPREADZ2( -1)       0.000460157       0.001630935   0.28214   127.000000
    0 RHO     ( -1)       0.627628924       0.072176586   8.69574     0.000000
    0 RHO     ( -2)       0.326720172       0.070700051   4.62122     0.000000

SE of equation            =     0.015372811
Sum of squared residuals  = 0.541180412E-01   0.684026348E-04
Average absolute error    =     0.011156893
Sum of ABS residuals      =  2.66649752    
R squared                 =   0.45166
Durbin-Watson statistic   =   1.99526
Overid test: p-value      = 0.04550         (df =  20)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.720010578E-02
@                                                                             
SMPL 1952.1 2013.3;                                                           
Sample period is now  1952.1 to  2013.3 Internally:     1 to   247
MODEQ 1 FSR  T;                                                               
EQUATION 1  LCSZ  
   RHS     CNST2  C  AG1  AG2  AG3  LCSZ(-1)  LYDZ  RSA  LAAZ(-1)  
   RHS     SPREAD(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  LCSZ(-1)  LAAZ(-1)  LYDZ(-1)  
   FSR     RSA(-1)  LODHM(-1)  LIMZ(-1)  LJHGSZ  LPIMZ(-1)  
   FSR     LYNLZ(-1)  PCPD(-1)  LCOGSZ  LTRGSZ  RS(-2)  RB(-1)  
   FSR     LYZ(-1)  LVZ(-1)  UR(-1)  LYDZ  SPREAD(-1)  T  
MODEQ 2 FSR  T;                                                               
EQUATION 2  LCNZ  
   RHS     CNST2  C  AG1  AG2  AG3  LCNZ(-1)  LCNZ1(-1)  LAAZ(-1)  
   RHS     LYDZ  RMA  SPREAD(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  LCNZ(-1)  LCNZ1(-1)  LAAZ(-1)  
   FSR     LYDZ(-1)  RMA(-1)  LCOGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LIMZ(-1)  LTRGSZ  LJHGSZ  LYNLZ(-1)  LPIMZ(-1)  
   FSR     PCPD(-1)  UR(-1)  LVZ(-1)  RS(-1)  RS(-2)  SPREAD(-1)  
   FSR     T  
MODEQ 3 FSR  T;                                                               
EQUATION 3  CDZ1  
   RHS     CNST2  C  AG1  AG2  AG3  DKDZCDL1  KDZ(-1)  YDZ  
   RHS     RMACDZ  AAZ(-1)  SPREADZ1(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  KDZ(-1)  AAZ(-1)  YDZ(-1)  
   FSR     RMACDZ(-1)  LCOGSZ  LEXZ(-1)  LODHM(-1)  LYZ(-1)  
   FSR     LVZ(-1)  LIMZ(-1)  LTRGSZ  LYNLZ(-1)  LPIMZ(-1)  
   FSR     DKDZCDL1  SPREADZ1(-1)  T  
MODEQ 4 FSR  SPREADZ2(-1) SPREADZ2(-2) SPREADZ2(-3);                          
EQUATION 4  IHHZ1  RHO=2  
   RHS     CNST2  C  DKHZIHL1  KHZ(-1)  YDZ  RMALIHHZ  AA2Z(-1)  
   RHS     SPREADZ2(-1)  
   FSR     CNST2  CNST2(-1)  CNST2(-2)  C  KHZ(-1)  RMALIHHZ  
   FSR     YDZ(-1)  KHZ(-2)  KHZ(-3)  RMALIHHZ(-1)  RMALIHHZ(-2)  
   FSR     YDZ(-2)  LCOGSZ  LJHGSZ  LTRGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LYNLZ(-1)  PCPD(-1)  LIMZ(-1)  DKHZIHL1  DKHZIHL1(-1)  
   FSR     DKHZIHL1(-2)  IHHZ1(-1)  IHHZ1(-2)  AA2Z(-1)  AA2Z(-2)  
   FSR     AA2Z(-3)  SPREADZ2(-1)  SPREADZ2(-2)  SPREADZ2(-3)  
MODEQ 1 FSR - UR(-1);                                                         
EQUATION 1  LCSZ  
   RHS     CNST2  C  AG1  AG2  AG3  LCSZ(-1)  LYDZ  RSA  LAAZ(-1)  
   RHS     SPREAD(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  LCSZ(-1)  LAAZ(-1)  LYDZ(-1)  
   FSR     RSA(-1)  LODHM(-1)  LIMZ(-1)  LJHGSZ  LPIMZ(-1)  
   FSR     LYNLZ(-1)  PCPD(-1)  LCOGSZ  LTRGSZ  RS(-2)  RB(-1)  
   FSR     LYZ(-1)  LVZ(-1)  LYDZ  SPREAD(-1)  T  
MODEQ 2 FSR - UR(-1);                                                         
EQUATION 2  LCNZ  
   RHS     CNST2  C  AG1  AG2  AG3  LCNZ(-1)  LCNZ1(-1)  LAAZ(-1)  
   RHS     LYDZ  RMA  SPREAD(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  LCNZ(-1)  LCNZ1(-1)  LAAZ(-1)  
   FSR     LYDZ(-1)  RMA(-1)  LCOGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LIMZ(-1)  LTRGSZ  LJHGSZ  LYNLZ(-1)  LPIMZ(-1)  
   FSR     PCPD(-1)  LVZ(-1)  RS(-1)  RS(-2)  SPREAD(-1)  T  
CREATE SPREAD=UR;                                                             
CREATE SPREADZ1=SPREAD*CDA;                                                   
CREATE SPREADZ2=SPREAD*IHHA;                                                  
SMPL 1954.1 2007.4;                                                           
Sample period is now  1954.1 to  2007.4 Internally:     9 to   224
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)
  250 T        (  0)

Mean of dependent variable        1.421239113

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.020789491       0.004242546   4.90024     0.539352
  306 C       (  0)      -0.138602240       0.046063004  -3.00897     1.000000
  133 AG1     (  0)      -0.061438885       0.056264829  -1.09196     0.318301
  134 AG2     (  0)      -0.278891975       0.056721241  -4.91689    -0.092214
  135 AG3     (  0)       0.272645309       0.092541062   2.94621    -0.072303
  380 LCSZ    ( -1)       0.808577679       0.025545845  31.65202     1.415506
  359 LYDZ    (  0)       0.130953748       0.026914225   4.86560     1.834765
  127 RSA     (  0)      -0.001031092       0.000250376  -4.11818     4.204765
  381 LAAZ    ( -1)       0.038393404       0.008214806   4.67368     4.702605
  475 SPREAD  ( -1)       0.019990607       0.029497558   0.67770     0.057554

SE of equation            =     0.003777684
Sum of squared residuals  = 0.293980472E-02  -0.144582069E-08
Average absolute error    =     0.002848158
Sum of ABS residuals      = 0.615202115    
R squared                 =   0.99989
Durbin-Watson statistic   =   1.57907
Overid test: p-value      = 0.00000         (df =  14)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.778853062E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  475 SPREAD   ( -1)
  250 T        (  0)

Mean of dependent variable        0.531237744

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.017397270       0.008519745  -2.04199     0.539352
  306 C       (  0)      -0.255826478       0.086250885  -2.96607     1.000000
  133 AG1     (  0)      -0.012745821       0.097196645  -0.13113     0.318301
  134 AG2     (  0)       0.325182095       0.132957934   2.44575    -0.092214
  135 AG3     (  0)      -0.191433816       0.150420384  -1.27266    -0.072303
  382 LCNZ    ( -1)       0.707293368       0.059481583  11.89096     0.528033
  383 LCNZ1   ( -1)       0.210202043       0.064374853   3.26528     0.003217
  381 LAAZ    ( -1)       0.035950486       0.014382103   2.49967     4.702605
  359 LYDZ    (  0)       0.154526101       0.043937833   3.51693     1.834765
  128 RMA     (  0)      -0.000873583       0.000525567  -1.66217     6.650968
  475 SPREAD  ( -1)      -0.074204437       0.063010906  -1.17764     0.057554

SE of equation            =     0.006594994
Sum of squared residuals  = 0.891625883E-02  -0.764415642E-09
Average absolute error    =     0.004912598
Sum of ABS residuals      =  1.06112126    
R squared                 =   0.99866
Durbin-Watson statistic   =   1.94984
Overid test: p-value      = 0.00010         (df =  13)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.168795012E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  476 SPREADZ1 ( -1)
  250 T        (  0)

Mean of dependent variable        0.005033494

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.030655728       0.014130759   2.16943     0.539352
  306 C       (  0)      -0.202290157       0.078981140  -2.56125     1.000000
  133 AG1     (  0)       0.135075493       0.149237056   0.90511     0.318301
  134 AG2     (  0)       2.230965363       0.568918121   3.92142    -0.092214
  135 AG3     (  0)      -1.862639943       0.411344272  -4.52818    -0.072303
  426 DKDZCDL1(  0)       0.226161263       0.050236764   4.50191    -0.093153
  356 KDZ     ( -1)      -0.024523228       0.004032503  -6.08139     7.425111
  351 YDZ     (  0)       0.055489897       0.012760136   4.34869     6.531435
  406 RMACDZ  (  0)      -0.007199815       0.002330061  -3.08997     3.161759
  352 AAZ     ( -1)       0.000526164       0.000191107   2.75324   120.816030
  476 SPREADZ1( -1)       0.690756349       0.220824857   3.12807     0.027170

SE of equation            =     0.012131035
Sum of squared residuals  = 0.301682135E-01   0.112576476E-10
Average absolute error    =     0.008525577
Sum of ABS residuals      =  1.84152472    
R squared                 =   0.27227
Durbin-Watson statistic   =   2.37634
Overid test: p-value      = 0.00909         (df =  10)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.328001552E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)
  477 SPREADZ2 ( -1)
  477 SPREADZ2 ( -2)
  477 SPREADZ2 ( -3)

Iter   Rhos:  1            2
   1     0.265661898  0.125305918
   2     0.310889351  0.180260542
   3     0.337465045  0.207918238
   4     0.355454033  0.224592479
   5     0.368285975  0.235592301
   6     0.377698434  0.243229050
   7     0.384720828  0.248705583
   8     0.390019165  0.252719985
   9     0.394048122  0.255708238
  10     0.397129164  0.257957396
  11     0.399495135  0.259664033
  12     0.401317651  0.260966814
  13     0.402724840  0.261965795
  14     0.403813289  0.262734431
  15     0.404656341  0.263327367
  16     0.405310006  0.263785669
  17     0.405817237  0.264140446
  18     0.406211081  0.264415404
  19     0.406517032  0.264628691
  20     0.406754793  0.264794256
  21     0.406939615  0.264922846
  22     0.407083318  0.265022759
  23     0.407195068  0.265100416
  24     0.407281983  0.265160789
  25     0.407349588  0.265207735
  26     0.407402179  0.265244246
  27     0.407443091  0.265272644
  28     0.407474921  0.265294734
  29     0.407499685  0.265311918
  30     0.407518952  0.265325287
  31     0.407533944  0.265335688
  32     0.407545608  0.265343780
  33     0.407554684  0.265350077

Number of iterations for RHO =   33


Mean of dependent variable        0.001008648

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.011614338       0.021489691  -0.54046     0.539352
  306 C       (  0)       0.241787764       0.079040234   3.05905     1.000000
  428 DKHZIHL1(  0)       0.228554589       0.048626623   4.70019    -0.268228
  355 KHZ     ( -1)      -0.019670377       0.005828631  -3.37478    37.872109
  351 YDZ     (  0)       0.084342707       0.022456921   3.75576     6.531435
  407 RMALIHHZ(  0)      -0.019243356       0.003383560  -5.68731     3.554255
  447 AA2Z    ( -1)       0.000444479       0.000642801   0.69147    44.395922
  477 SPREADZ2( -1)       2.264499953       0.383639040   5.90268     0.030684
    0 RHO     ( -1)       0.407554684       0.080597263   5.05668     0.000000
    0 RHO     ( -2)       0.265350077       0.075760696   3.50248     0.000000

SE of equation            =     0.014365059
Sum of squared residuals  = 0.425091115E-01  -0.252972672E-06
Average absolute error    =     0.010293968
Sum of ABS residuals      =  2.22349710    
R squared                 =   0.52025
Durbin-Watson statistic   =   1.98767
Overid test: p-value      = 0.00762         (df =  23)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.839302616E-02
SMPL 1954.1 2013.3;                                                           
Sample period is now  1954.1 to  2013.3 Internally:     9 to   247
2SLS; EST 1 2 3 4 ; END;                                                      

Equation number =    1
**********************

Dependent variable = LCSZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  380 LCSZ     ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  127 RSA      ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  371 LJHGSZ   (  0)
  358 LPIMZ    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  369 LCOGSZ   (  0)
  373 LTRGSZ   (  0)
   30 RS       ( -2)
   23 RB       ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  359 LYDZ     (  0)
  475 SPREAD   ( -1)
  250 T        (  0)

Mean of dependent variable        1.472625842

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.019527035       0.003796732   5.14312     0.583682
  306 C       (  0)      -0.163924001       0.028870480  -5.67791     1.000000
  133 AG1     (  0)      -0.022622565       0.030272226  -0.74730     0.320965
  134 AG2     (  0)      -0.307408884       0.035821211  -8.58176    -0.086665
  135 AG3     (  0)       0.225710199       0.062396699   3.61734    -0.067461
  380 LCSZ    ( -1)       0.813228439       0.023161938  35.11055     1.467453
  359 LYDZ    (  0)       0.126888095       0.023647884   5.36573     1.881586
  127 RSA     (  0)      -0.001001292       0.000242120  -4.13551     3.824044
  381 LAAZ    ( -1)       0.039867901       0.005766298   6.91395     4.766640
  475 SPREAD  ( -1)       0.044551484       0.026591233   1.67542     0.059849

SE of equation            =     0.003702232
Sum of squared residuals  = 0.313879373E-02   0.238277764E-08
Average absolute error    =     0.002808961
Sum of ABS residuals      = 0.671341711    
R squared                 =   0.99990
Durbin-Watson statistic   =   1.52808
Overid test: p-value      = 0.00002         (df =  14)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.624964482E-03

Equation number =    2
**********************

Dependent variable = LCNZ    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  382 LCNZ     ( -1)
  383 LCNZ1    ( -1)
  381 LAAZ     ( -1)
  359 LYDZ     ( -1)
  128 RMA      ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  371 LJHGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  363 PCPD     ( -1)
  388 LVZ      ( -1)
   30 RS       ( -1)
   30 RS       ( -2)
  475 SPREAD   ( -1)
  250 T        (  0)

Mean of dependent variable        0.561478697

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.015276724       0.007961842  -1.91874     0.583682
  306 C       (  0)      -0.347155808       0.068832163  -5.04351     1.000000
  133 AG1     (  0)       0.117886722       0.052321111   2.25314     0.320965
  134 AG2     (  0)       0.152187360       0.081800438   1.86047    -0.086665
  135 AG3     (  0)      -0.318556892       0.120067633  -2.65315    -0.067461
  382 LCNZ    ( -1)       0.724376830       0.054372162  13.32257     0.558622
  383 LCNZ1   ( -1)       0.221150793       0.061196885   3.61376     0.002834
  381 LAAZ    ( -1)       0.048082460       0.010864527   4.42564     4.766640
  359 LYDZ    (  0)       0.129749798       0.037637578   3.44735     1.881586
  128 RMA     (  0)      -0.000874519       0.000524809  -1.66636     6.363393
  475 SPREAD  ( -1)      -0.027217398       0.054776672  -0.49688     0.059849

SE of equation            =     0.006580922
Sum of squared residuals  = 0.987434525E-02  -0.158691635E-08
Average absolute error    =     0.004877539
Sum of ABS residuals      =  1.16573177    
R squared                 =   0.99887
Durbin-Watson statistic   =   1.94641
Overid test: p-value      = 0.00000         (df =  13)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.201280644E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  352 AAZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  476 SPREADZ1 ( -1)
  250 T        (  0)

Mean of dependent variable        0.005078653

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.049518312       0.015072496   3.28534     0.583682
  306 C       (  0)      -0.278419359       0.067918283  -4.09933     1.000000
  133 AG1     (  0)       0.323939330       0.111454723   2.90647     0.320965
  134 AG2     (  0)       1.631230654       0.453752035   3.59498    -0.086665
  135 AG3     (  0)      -1.843664323       0.417823421  -4.41254    -0.067461
  426 DKDZCDL1(  0)       0.156843439       0.045948348   3.41347    -0.095734
  356 KDZ     ( -1)      -0.025978350       0.003875987  -6.70238     8.585965
  351 YDZ     (  0)       0.041088631       0.010913420   3.76496     6.883520
  406 RMACDZ  (  0)      -0.009971580       0.002401133  -4.15286     3.299496
  352 AAZ     ( -1)       0.000984141       0.000172697   5.69866   129.870051
  476 SPREADZ1( -1)       0.812911554       0.177052552   4.59136     0.034368

SE of equation            =     0.013754254
Sum of squared residuals  = 0.431329264E-01  -0.482327372E-11
Average absolute error    =     0.009326768
Sum of ABS residuals      =  2.22909746    
R squared                 =   0.29440
Durbin-Watson statistic   =   2.27040
Overid test: p-value      = 0.00248         (df =  10)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.489792109E-02

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)
  477 SPREADZ2 ( -1)
  477 SPREADZ2 ( -2)
  477 SPREADZ2 ( -3)

Iter   Rhos:  1            2
   1     0.260644263  0.127884306
   2     0.289675374  0.177484923
   3     0.310032750  0.207108183
   4     0.328122419  0.231914098
   5     0.347104370  0.257002484
   6     0.369565257  0.285717726
   7     0.398095476  0.320635645
   8     0.433914239  0.360563113
   9     0.473229196  0.392837499
  10     0.506797167  0.401962206
  11     0.526018316  0.399848431
  12     0.534118599  0.398679397
  13     0.537492971  0.398500113
  14     0.539027176  0.398566867
  15     0.539783309  0.398651126
  16     0.540176186  0.398710844
  17     0.540386636  0.398747609
  18     0.540501277  0.398769064
  19     0.540564301  0.398781288
  20     0.540599122  0.398788172
  21     0.540618414  0.398792026
  22     0.540629119  0.398794176
  23     0.540635063  0.398795374

Number of iterations for RHO =   23


Mean of dependent variable        0.000416100

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.081039264       0.066726670   1.21450     0.583682
  306 C       (  0)       0.642737907       0.162655634   3.95153     1.000000
  428 DKHZIHL1(  0)       0.293125758       0.047517916   6.16874    -0.245763
  355 KHZ     ( -1)      -0.030313935       0.007434342  -4.07755    39.409752
  351 YDZ     (  0)       0.063021865       0.029018225   2.17180     6.883520
  407 RMALIHHZ(  0)      -0.022660982       0.004517726  -5.01602     3.401850
  447 AA2Z    ( -1)       0.003452345       0.000870597   3.96549    47.039551
  477 SPREADZ2( -1)       2.039044802       0.415852602   4.90329     0.031879
    0 RHO     ( -1)       0.540635063       0.067717431   7.98369     0.000000
    0 RHO     ( -2)       0.398795374       0.065774913   6.06303     0.000000

SE of equation            =     0.014634159
Sum of squared residuals  = 0.490423211E-01   0.126353030E-04
Average absolute error    =     0.010606227
Sum of ABS residuals      =  2.53488835    
R squared                 =   0.50309
Durbin-Watson statistic   =   2.06282
Overid test: p-value      = 0.05564         (df =  23)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.712112658E-02
@                                                                             
@ END ESTIMATION AND SPREADS TESTS                                            
@                                                                             
@ Begin estimation tests AA1 versus AA2                                       
@                                                                             
EQ 1 FSR CNST2 C AG1 AG2 AG3 LCSZ(-1) LAAZ(-1) T LYDZ(-1) RSA(-1)             
 LODHM(-1) LIMZ(-1) LJHGSZ LPIMZ(-1) LYNLZ(-1) PCPD(-1)                       
 LCOGSZ LTRGSZ RS(-2) RB(-1) LYZ(-1) LVZ(-1) UR(-1)                           
 LYDZ                                                                         
;                                                                             
EQUATION 1  LCSZ  
   RHS     CNST2  C  AG1  AG2  AG3  LCSZ(-1)  LYDZ  RSA  LAAZ(-1)  
   RHS     SPREAD(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  LCSZ(-1)  LAAZ(-1)  T  
   FSR     LYDZ(-1)  RSA(-1)  LODHM(-1)  LIMZ(-1)  LJHGSZ  
   FSR     LPIMZ(-1)  LYNLZ(-1)  PCPD(-1)  LCOGSZ  LTRGSZ  
   FSR     RS(-2)  RB(-1)  LYZ(-1)  LVZ(-1)  UR(-1)  LYDZ  
EQ 2 FSR CNST2 C AG1 AG2 AG3 LCNZ(-1) LCNZ1(-1) LAAZ(-1) LYDZ(-1) RMA(-1)     
 LCOGSZ LEXZ(-1) LODHM(-1) LIMZ(-1)                                           
 LTRGSZ LJHGSZ LYNLZ(-1) LPIMZ(-1) PCPD(-1) UR(-1) LVZ(-1) RS(-1) RS(-2)      
T                                                                             
;                                                                             
EQUATION 2  LCNZ  
   RHS     CNST2  C  AG1  AG2  AG3  LCNZ(-1)  LCNZ1(-1)  LAAZ(-1)  
   RHS     LYDZ  RMA  SPREAD(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  LCNZ(-1)  LCNZ1(-1)  LAAZ(-1)  
   FSR     LYDZ(-1)  RMA(-1)  LCOGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LIMZ(-1)  LTRGSZ  LJHGSZ  LYNLZ(-1)  LPIMZ(-1)  
   FSR     PCPD(-1)  UR(-1)  LVZ(-1)  RS(-1)  RS(-2)  T  
EQ 3 FSR CNST2 C AG1 AG2 AG3 KDZ(-1) AAZ(-1) YDZ(-1) RMACDZ(-1)               
 LCOGSZ LEXZ(-1) LODHM(-1) LYZ(-1) LVZ(-1) LIMZ(-1)                           
 LTRGSZ LYNLZ(-1) LPIMZ(-1)                                                   
 DKDZCDL1                                                                     
T                                                                             
;                                                                             
EQUATION 3  CDZ1  
   RHS     CNST2  C  AG1  AG2  AG3  DKDZCDL1  KDZ(-1)  YDZ  
   RHS     RMACDZ  AAZ(-1)  SPREADZ1(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  KDZ(-1)  AAZ(-1)  YDZ(-1)  
   FSR     RMACDZ(-1)  LCOGSZ  LEXZ(-1)  LODHM(-1)  LYZ(-1)  
   FSR     LVZ(-1)  LIMZ(-1)  LTRGSZ  LYNLZ(-1)  LPIMZ(-1)  
   FSR     DKDZCDL1  T  
EQ 4 FSR CNST2 CNST2(-1) CNST2(-2) C KHZ(-1) RMALIHHZ YDZ(-1)                 
KHZ(-2) KHZ(-3) RMALIHHZ(-1) RMALIHHZ(-2) YDZ(-2)                             
 LCOGSZ LJHGSZ LTRGSZ LEXZ(-1) LODHM(-1) LYNLZ(-1) PCPD(-1)                   
 LIMZ(-1)                                                                     
 DKHZIHL1 DKHZIHL1(-1) DKHZIHL1(-2) IHHZ1(-1) IHHZ1(-2)                       
;                                                                             
EQUATION 4  IHHZ1  RHO=2  
   RHS     CNST2  C  DKHZIHL1  KHZ(-1)  YDZ  RMALIHHZ  AA2Z(-1)  
   RHS     SPREADZ2(-1)  
   FSR     CNST2  CNST2(-1)  CNST2(-2)  C  KHZ(-1)  RMALIHHZ  
   FSR     YDZ(-1)  KHZ(-2)  KHZ(-3)  RMALIHHZ(-1)  RMALIHHZ(-2)  
   FSR     YDZ(-2)  LCOGSZ  LJHGSZ  LTRGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LYNLZ(-1)  PCPD(-1)  LIMZ(-1)  DKHZIHL1  DKHZIHL1(-1)  
   FSR     DKHZIHL1(-2)  IHHZ1(-1)  IHHZ1(-2)  
SMPL 1954.1 2013.3;                                                           
Sample period is now  1954.1 to  2013.3 Internally:     9 to   247
EQ  1 LCSZ FSR CNST2 C AG1 AG2 AG3 LCSZ(-1) LAA1Z(-1) LAA2Z(-1)               
 T LYDZ(-1) RSA(-1)                                                           
 LODHM(-1) LIMZ(-1) LJHGSZ LPIMZ(-1) LYNLZ(-1) PCPD(-1)                       
 LCOGSZ LTRGSZ RS(-2) RB(-1) LYZ(-1) LVZ(-1) UR(-1)                           
 LYDZ ;                                                                       
EQUATION 1  LCSZ  
   FSR     CNST2  C  AG1  AG2  AG3  LCSZ(-1)  LAA1Z(-1)  LAA2Z(-1)  
   FSR     T  LYDZ(-1)  RSA(-1)  LODHM(-1)  LIMZ(-1)  LJHGSZ  
   FSR     LPIMZ(-1)  LYNLZ(-1)  PCPD(-1)  LCOGSZ  LTRGSZ  
   FSR     RS(-2)  RB(-1)  LYZ(-1)  LVZ(-1)  UR(-1)  LYDZ  
NLEQ LCSZ=COEF(1,1)+COEF(2,1)*AG1+COEF(3,1)*AG2+COEF(4,1)*AG3                 
 + COEF(5,1)*LCSZ(-1)+COEF(6,1)*LYDZ+COEF(7,1)*RSA+COEF(8,1)*CNST2            
 + COEF(9,1)*LOG((COEF(10,1)*(AH+MH)+(1-COEF(10,1))*(KH*PKH))/(PH*POP)) ;     
NL2SLS EQUATION=1 NCOEF=10 MAXITERS=200 FILESTART=KEYBOARD;                   
Number of coefficients =     10
MAXITERS =    200
STEPSIZE = 0.100000000E-03
TOLCOEF  = 0.100000000E-03
TOLGRADE = 0.100000000E-06
METHOD IS DFP
INITIAL VALUE OF F =   0.182135830148E+00
Iter, Lambda, F:     1  0.5164572E-04  0.176638859200E-01
Iter, Lambda, F:     2  0.5812170E-03  0.817169730715E-02
Iter, Lambda, F:     3  0.1200253E-01  0.256454787733E-02
Iter, Lambda, F:     4  0.2641853E+00  0.972278046600E-03
Iter, Lambda, F:     5  0.5196674E+01  0.892402554770E-03
Iter, Lambda, F:     6  0.1180502E+02  0.793329834026E-03
Iter, Lambda, F:     7  0.3672642E+01  0.781031715393E-03
Iter, Lambda, F:     8  0.1382962E+02  0.753379157625E-03
Iter, Lambda, F:     9  0.7939361E+01  0.741746353811E-03
Iter, Lambda, F:    10  0.7474230E+02  0.662245119815E-03
Iter, Lambda, F:    11  0.1237388E+02  0.650057579233E-03
Iter, Lambda, F:    12  0.4535438E+01  0.646430716097E-03
Iter, Lambda, F:    13  0.7094873E+01  0.643461162584E-03
Iter, Lambda, F:    14  0.2505313E+03  0.563047336171E-03
Iter, Lambda, F:    15  0.7510185E+01  0.558480818701E-03
Iter, Lambda, F:    16  0.4684702E+00  0.525343422144E-03
Iter, Lambda, F:    17  0.1210325E+01  0.518564689652E-03
Iter, Lambda, F:    18  0.1962093E+01  0.517213815772E-03
Iter, Lambda, F:    19  0.1035812E+02  0.512889616197E-03
Iter, Lambda, F:    20  0.2262341E+02  0.508723141118E-03
Iter, Lambda, F:    21  0.1384887E+01  0.508354607278E-03
Iter, Lambda, F:    22  0.3859935E+01  0.507601312028E-03
Iter, Lambda, F:    23  0.1498279E+02  0.505242017650E-03
Iter, Lambda, F:    24  0.2980332E+01  0.504824355365E-03
Iter, Lambda, F:    25  0.2938441E+02  0.501702492576E-03
Iter, Lambda, F:    26  0.1005200E+03  0.492123529831E-03
Iter, Lambda, F:    27  0.2590534E+02  0.489513931305E-03
Iter, Lambda, F:    28  0.4677591E+01  0.489196604677E-03
Iter, Lambda, F:    29  0.1073900E+02  0.488750410789E-03
Iter, Lambda, F:    30  0.4965179E+03  0.464101973590E-03
Iter, Lambda, F:    31  0.6148550E+00  0.464053842986E-03
Iter, Lambda, F:    32  0.3039981E+01  0.463905806788E-03
Iter, Lambda, F:    33  0.1415543E+03  0.458754136077E-03
Iter, Lambda, F:    34  0.2547620E+02  0.457850822697E-03
Iter, Lambda, F:    35  0.3383700E+01  0.457762415865E-03
Iter, Lambda, F:    36  0.1281623E+02  0.457591074201E-03
Iter, Lambda, F:    37  0.1182418E+01  0.457588140053E-03
Iter, Lambda, F:    38  0.1064421E+01  0.457588104922E-03
Iter, Lambda, F:    39  0.1021495E+01  0.457588104742E-03
Iter, Lambda, F:    40  0.4739286E+00  0.457588104742E-03

TERMINATION. ITERS=   40 FUNCTION EVALS=    1342 IER= 4 F=  0.457588104742E-03
IER =  4 CONVERGENCE REACHED FOR X VALUES.  TOLERANCE =    0.100000E-03

GRADIENT VALUES

 -0.45548702299E-07 -0.13334952042E-07  0.36078153940E-08  0.37746525740E-08
 -0.61589536545E-07 -0.83017636139E-07 -0.89680351903E-07 -0.16110718926E-07
 -0.18922269508E-06 -0.13508171825E-08

X VALUES

 -0.14118992122E+00  0.13401969642E-01 -0.19155184195E+00  0.14709267855E-01
  0.83793471065E+00  0.87106745646E-01 -0.11191178687E-02  0.31469955078E-01
  0.44154881495E-01  0.77100123141E+00

MEAN OF DEPENDENT VARIABLE        1.472625842

Equation number =    1
**********************

NBEG =  1954.1 NEND =  2013.3 NOB =  239


First stage regressors 

304 CNST2    (   0)
306 C        (   0)
133 AG1      (   0)
134 AG2      (   0)
135 AG3      (   0)
380 LCSZ     (  -1)
448 LAA1Z    (  -1)
449 LAA2Z    (  -1)
250 T        (   0)
359 LYDZ     (  -1)
127 RSA      (  -1)
375 LODHM    (  -1)
390 LIMZ     (  -1)
371 LJHGSZ   (   0)
358 LPIMZ    (  -1)
354 LYNLZ    (  -1)
363 PCPD     (  -1)
369 LCOGSZ   (   0)
373 LTRGSZ   (   0)
 30 RS       (  -2)
 23 RB       (  -1)
350 LYZ      (  -1)
388 LVZ      (  -1)
 87 UR       (  -1)
359 LYDZ     (   0)

MEAN OF DEPENDENT VARIABLE        1.472625842

     Initial value        Coef est             SE         T statistic    

  1      -0.110000000      -0.141189921       0.022136061   -6.37828
  2      -0.150000000       0.013401970       0.032282159    0.41515
  3      -0.440000000      -0.191551842       0.043652698   -4.38809
  4       0.490000000       0.014709268       0.094538501    0.15559
  5       0.810000000       0.837934711       0.022110638   37.89735
  6       0.130000000       0.087106746       0.023578944    3.69426
  7      -0.001200000      -0.001119118       0.000207706   -5.38800
  8       0.018000000       0.031469955       0.004318188    7.28777
  9       0.039000000       0.044154881       0.005413965    8.15574
 10       0.500000000       0.771001231       0.110258084    6.99270

SE of equation          =      0.003516560
Sum of squared residuals =  0.295551968E-02   0.119805639E-07
Sum of ABS residuals     =  0.653302726    
R squared                =    0.99991
Durbin-Watson statistic  =    1.62292

@                                                                             
EQ  2 LCNZ FSR CNST2 C AG1 AG2 AG3 LCNZ(-1) LCNZ1(-1) LAA1Z(-1) LAA2Z(-1)     
 LYDZ(-1)                                                                     
 RMA(-1)                                                                      
 LCOGSZ LEXZ(-1) LODHM(-1) LIMZ(-1)                                           
 LTRGSZ LJHGSZ LYNLZ(-1) LPIMZ(-1) PCPD(-1) UR(-1) LVZ(-1) RS(-1) RS(-2)      
 T ;                                                                          
EQUATION 2  LCNZ  
   FSR     CNST2  C  AG1  AG2  AG3  LCNZ(-1)  LCNZ1(-1)  LAA1Z(-1)  
   FSR     LAA2Z(-1)  LYDZ(-1)  RMA(-1)  LCOGSZ  LEXZ(-1)  
   FSR     LODHM(-1)  LIMZ(-1)  LTRGSZ  LJHGSZ  LYNLZ(-1)  
   FSR     LPIMZ(-1)  PCPD(-1)  UR(-1)  LVZ(-1)  RS(-1)  RS(-2)  
   FSR     T  
NLEQ LCNZ=COEF(1,2)+COEF(2,2)*AG1+COEF(3,2)*AG2+COEF(4,2)*AG3                 
 + COEF(5,2)*LCNZ(-1)+COEF(6,2)*LCNZ1(-1)+COEF(7,2)*LYDZ+COEF(8,2)*RMA        
 + COEF(9,2)*CNST2                                                            
 + COEF(10,2)*LOG((COEF(11,2)*(AH+MH)+(1-COEF(11,2))*(KH*PKH))/(PH*POP)) ;    
NL2SLS EQUATION=2 NCOEF=11 MAXITERS=200 FILESTART=KEYBOARD;                   
Number of coefficients =     11
MAXITERS =    200
STEPSIZE = 0.100000000E-03
TOLCOEF  = 0.100000000E-03
TOLGRADE = 0.100000000E-06
METHOD IS DFP
INITIAL VALUE OF F =   0.235477361884E+00
Iter, Lambda, F:     1  0.3186291E-04  0.186840770837E-01
Iter, Lambda, F:     2  0.1186907E-02  0.112454264678E-01
Iter, Lambda, F:     3  0.1311622E-01  0.396188463102E-02
Iter, Lambda, F:     4  0.2804072E+00  0.218835596015E-02
Iter, Lambda, F:     5  0.3847776E+01  0.206438184973E-02
Iter, Lambda, F:     6  0.1540814E+02  0.187769649772E-02
Iter, Lambda, F:     7  0.5529307E+01  0.182315754540E-02
Iter, Lambda, F:     8  0.2446840E+01  0.181262647964E-02
Iter, Lambda, F:     9  0.1153541E+02  0.179462987586E-02
Iter, Lambda, F:    10  0.4362257E+01  0.179143549813E-02
Iter, Lambda, F:    11  0.3315043E+02  0.177428127063E-02
Iter, Lambda, F:    12  0.4613286E+02  0.175156552363E-02
Iter, Lambda, F:    13  0.7089996E+01  0.174903409918E-02
Iter, Lambda, F:    14  0.5244780E+02  0.173413536383E-02
Iter, Lambda, F:    15  0.6510305E+02  0.171598812022E-02
Iter, Lambda, F:    16  0.5125117E+01  0.171507062656E-02
Iter, Lambda, F:    17  0.4274825E+02  0.170960348870E-02
Iter, Lambda, F:    18  0.1411797E+03  0.169165113158E-02
Iter, Lambda, F:    19  0.3771082E+01  0.169111121093E-02
Iter, Lambda, F:    20  0.5082142E+02  0.168530782147E-02
Iter, Lambda, F:    21  0.1126488E+02  0.168418471459E-02
Iter, Lambda, F:    22  0.3926476E+02  0.168125522255E-02
Iter, Lambda, F:    23  0.8350963E+02  0.167486523692E-02
Iter, Lambda, F:    24  0.1903532E+02  0.167355954785E-02
Iter, Lambda, F:    25  0.1501456E+02  0.167268756366E-02
Iter, Lambda, F:    26  0.7096666E+01  0.167236409165E-02
Iter, Lambda, F:    27  0.1189197E+01  0.167235559718E-02
Iter, Lambda, F:    28  0.1047679E+01  0.167235543182E-02
Iter, Lambda, F:    29  0.1024041E+01  0.167235543027E-02

TERMINATION. ITERS=   29 FUNCTION EVALS=    1051 IER= 4 F=  0.167235543027E-02
IER =  4 CONVERGENCE REACHED FOR X VALUES.  TOLERANCE =    0.100000E-03

GRADIENT VALUES

 -0.16745926261E-04 -0.50587165615E-05  0.13941145702E-05  0.10381406433E-05
 -0.11743867605E-04  0.96428168426E-07 -0.35379477551E-04 -0.99546728174E-04
 -0.12027673699E-04 -0.73485889195E-04 -0.71125074597E-06

X VALUES

 -0.34898698800E+00  0.13838752232E+00  0.15050171410E+00 -0.36561260323E+00
  0.72019463117E+00  0.19863594799E+00  0.11924329383E+00 -0.85959615217E-03
 -0.15198020548E-01  0.59124385902E-01  0.50796702881E+00

MEAN OF DEPENDENT VARIABLE        0.561478697

Equation number =    2
**********************

NBEG =  1954.1 NEND =  2013.3 NOB =  239


First stage regressors 

304 CNST2    (   0)
306 C        (   0)
133 AG1      (   0)
134 AG2      (   0)
135 AG3      (   0)
382 LCNZ     (  -1)
383 LCNZ1    (  -1)
448 LAA1Z    (  -1)
449 LAA2Z    (  -1)
359 LYDZ     (  -1)
128 RMA      (  -1)
369 LCOGSZ   (   0)
378 LEXZ     (  -1)
375 LODHM    (  -1)
390 LIMZ     (  -1)
373 LTRGSZ   (   0)
371 LJHGSZ   (   0)
354 LYNLZ    (  -1)
358 LPIMZ    (  -1)
363 PCPD     (  -1)
 87 UR       (  -1)
388 LVZ      (  -1)
 30 RS       (  -1)
 30 RS       (  -2)
250 T        (   0)

MEAN OF DEPENDENT VARIABLE        0.561478697

     Initial value        Coef est             SE         T statistic    

  1      -0.300000000      -0.348986988       0.061227604   -5.69983
  2       0.024000000       0.138387522       0.057137540    2.42201
  3       0.010000000       0.150501714       0.066269212    2.27107
  4      -0.050000000      -0.365612603       0.152991013   -2.38977
  5       0.740000000       0.720194631       0.041674449   17.28144
  6       0.210000000       0.198635948       0.056418110    3.52078
  7       0.140000000       0.119243294       0.030396564    3.92292
  8      -0.001100000      -0.000859596       0.000476435   -1.80422
  9      -0.023000000      -0.015198021       0.009844694   -1.54378
 10       0.040000000       0.059124386       0.010579142    5.58877
 11       0.500000000       0.507967029       0.105975836    4.79323

SE of equation          =      0.006135676
Sum of squared residuals =  0.899751949E-02  -0.124589692E-07
Sum of ABS residuals     =   1.10561600    
R squared                =    0.99897
Durbin-Watson statistic  =    1.98313

@                                                                             
EQ   3  CDZ1 CNST2 C AG1 AG2 AG3 DKDZCDL1 KDZ(-1) YDZ RMACDZ AAZ(-1)          
 FSR CNST2 C AG1 AG2 AG3 KDZ(-1) YDZ(-1) RMACDZ(-1)                           
 LCOGSZ LEXZ(-1) LODHM(-1) LYZ(-1) LVZ(-1) LIMZ(-1)                           
 LTRGSZ LYNLZ(-1) LPIMZ(-1)                                                   
 DKDZCDL1                                                                     
 T                                                                            
 AA1Z(-1) AA2Z(-1);                                                           
EQUATION 3  CDZ1  
   RHS     CNST2  C  AG1  AG2  AG3  DKDZCDL1  KDZ(-1)  YDZ  
   RHS     RMACDZ  AAZ(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  KDZ(-1)  YDZ(-1)  RMACDZ(-1)  
   FSR     LCOGSZ  LEXZ(-1)  LODHM(-1)  LYZ(-1)  LVZ(-1)  LIMZ(-1)  
   FSR     LTRGSZ  LYNLZ(-1)  LPIMZ(-1)  DKDZCDL1  T  AA1Z(-1)  
   FSR     AA2Z(-1)  
@                                                                             
TEST2 3 AA1Z(-1);                                                             

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  446 AA1Z     ( -1)
  447 AA2Z     ( -1)

Mean of dependent variable        0.005078653

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.060172684       0.015605987   3.85574     0.583682
  306 C       (  0)      -0.233018045       0.071079938  -3.27825     1.000000
  133 AG1     (  0)       0.168047531       0.112855900   1.48905     0.320965
  134 AG2     (  0)       2.514317849       0.416545776   6.03611    -0.086665
  135 AG3     (  0)      -2.228949368       0.422848679  -5.27127    -0.067461
  426 DKDZCDL1(  0)       0.222316687       0.045177090   4.92100    -0.095734
  356 KDZ     ( -1)      -0.026463757       0.004041156  -6.54856     8.585965
  351 YDZ     (  0)       0.060604557       0.010179226   5.95375     6.883520
  406 RMACDZ  (  0)      -0.009800209       0.002531600  -3.87115     3.299496
  352 AAZ     ( -1)       0.000617827       0.000163091   3.78823   129.870051

SE of equation            =     0.014512790
Sum of squared residuals  = 0.482322246E-01   0.277814438E-10
Average absolute error    =     0.010146921
Sum of ABS residuals      =  2.42511418    
R squared                 =   0.21098
Durbin-Watson statistic   =   1.96997
Overid test: p-value      = 0.00000         (df =  11)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.991539934E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  446 AA1Z     ( -1)
  447 AA2Z     ( -1)

Mean of dependent variable        0.005078653

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.054192269       0.015900697   3.40817     0.583682
  306 C       (  0)      -0.212039546       0.071977510  -2.94591     1.000000
  133 AG1     (  0)       0.060425727       0.123645767   0.48870     0.320965
  134 AG2     (  0)       3.009765568       0.476369477   6.31813    -0.086665
  135 AG3     (  0)      -2.331255466       0.426917316  -5.46067    -0.067461
  426 DKDZCDL1(  0)       0.262079834       0.048901909   5.35930    -0.095734
  356 KDZ     ( -1)      -0.032487714       0.004915649  -6.60904     8.585965
  351 YDZ     (  0)       0.076108152       0.012468623   6.10397     6.883520
  406 RMACDZ  (  0)      -0.010755280       0.002578211  -4.17161     3.299496
  352 AAZ     ( -1)       0.001056569       0.000260259   4.05968   129.870051
  446 AA1Z    ( -1)      -0.000626918       0.000289165  -2.16803    82.830500

SE of equation            =     0.014562648
Sum of squared residuals  = 0.483521232E-01   0.229575664E-10
Average absolute error    =     0.010379205
Sum of ABS residuals      =  2.48063010    
R squared                 =   0.20902
Durbin-Watson statistic   =   1.91792
Overid test: p-value      = 0.00000         (df =  10)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.891858954E-02
CHI SQ  =        4.700 NO. RESTR. =    1. P-VALUE  =   0.03015622
F VALUE =        4.700 DEGS. FR.  =    1.,  228.
TEST2 3 AA2Z(-1);                                                             

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  446 AA1Z     ( -1)
  447 AA2Z     ( -1)

Mean of dependent variable        0.005078653

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.060172684       0.015605987   3.85574     0.583682
  306 C       (  0)      -0.233018045       0.071079938  -3.27825     1.000000
  133 AG1     (  0)       0.168047531       0.112855900   1.48905     0.320965
  134 AG2     (  0)       2.514317849       0.416545776   6.03611    -0.086665
  135 AG3     (  0)      -2.228949368       0.422848679  -5.27127    -0.067461
  426 DKDZCDL1(  0)       0.222316687       0.045177090   4.92100    -0.095734
  356 KDZ     ( -1)      -0.026463757       0.004041156  -6.54856     8.585965
  351 YDZ     (  0)       0.060604557       0.010179226   5.95375     6.883520
  406 RMACDZ  (  0)      -0.009800209       0.002531600  -3.87115     3.299496
  352 AAZ     ( -1)       0.000617827       0.000163091   3.78823   129.870051

SE of equation            =     0.014512790
Sum of squared residuals  = 0.482322246E-01   0.277814438E-10
Average absolute error    =     0.010146921
Sum of ABS residuals      =  2.42511418    
R squared                 =   0.21098
Durbin-Watson statistic   =   1.96997
Overid test: p-value      = 0.00000         (df =  11)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.991539934E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  446 AA1Z     ( -1)
  447 AA2Z     ( -1)

Mean of dependent variable        0.005078653

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.054192269       0.015900697   3.40817     0.583682
  306 C       (  0)      -0.212039546       0.071977510  -2.94591     1.000000
  133 AG1     (  0)       0.060425727       0.123645767   0.48870     0.320965
  134 AG2     (  0)       3.009765568       0.476369477   6.31813    -0.086665
  135 AG3     (  0)      -2.331255466       0.426917316  -5.46067    -0.067461
  426 DKDZCDL1(  0)       0.262079834       0.048901909   5.35930    -0.095734
  356 KDZ     ( -1)      -0.032487714       0.004915649  -6.60904     8.585965
  351 YDZ     (  0)       0.076108152       0.012468623   6.10397     6.883520
  406 RMACDZ  (  0)      -0.010755280       0.002578211  -4.17161     3.299496
  352 AAZ     ( -1)       0.000429651       0.000185244   2.31938   129.870051
  447 AA2Z    ( -1)       0.000626918       0.000289165   2.16803    47.039551

SE of equation            =     0.014562648
Sum of squared residuals  = 0.483521232E-01   0.243449844E-10
Average absolute error    =     0.010379205
Sum of ABS residuals      =  2.48063010    
R squared                 =   0.20902
Durbin-Watson statistic   =   1.91792
Overid test: p-value      = 0.00000         (df =  10)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.891858955E-02
CHI SQ  =        4.700 NO. RESTR. =    1. P-VALUE  =   0.03015622
F VALUE =        4.700 DEGS. FR.  =    1.,  228.
MODEQ 3 AA1Z(-1) AA2Z(-1) - AAZ(-1);                                          
EQUATION 3  CDZ1  
   RHS     CNST2  C  AG1  AG2  AG3  DKDZCDL1  KDZ(-1)  YDZ  
   RHS     RMACDZ  AA1Z(-1)  AA2Z(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  KDZ(-1)  YDZ(-1)  RMACDZ(-1)  
   FSR     LCOGSZ  LEXZ(-1)  LODHM(-1)  LYZ(-1)  LVZ(-1)  LIMZ(-1)  
   FSR     LTRGSZ  LYNLZ(-1)  LPIMZ(-1)  DKDZCDL1  T  AA1Z(-1)  
   FSR     AA2Z(-1)  
2SLS; EST 3; END;                                                             

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  446 AA1Z     ( -1)
  447 AA2Z     ( -1)

Mean of dependent variable        0.005078653

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.054192269       0.015900697   3.40817     0.583682
  306 C       (  0)      -0.212039546       0.071977510  -2.94591     1.000000
  133 AG1     (  0)       0.060425727       0.123645767   0.48870     0.320965
  134 AG2     (  0)       3.009765568       0.476369477   6.31813    -0.086665
  135 AG3     (  0)      -2.331255466       0.426917316  -5.46067    -0.067461
  426 DKDZCDL1(  0)       0.262079834       0.048901909   5.35930    -0.095734
  356 KDZ     ( -1)      -0.032487714       0.004915649  -6.60904     8.585965
  351 YDZ     (  0)       0.076108152       0.012468623   6.10397     6.883520
  406 RMACDZ  (  0)      -0.010755280       0.002578211  -4.17161     3.299496
  446 AA1Z    ( -1)       0.000429651       0.000185244   2.31938    82.830500
  447 AA2Z    ( -1)       0.001056569       0.000260259   4.05968    47.039551

SE of equation            =     0.014562648
Sum of squared residuals  = 0.483521232E-01   0.228125296E-10
Average absolute error    =     0.010379205
Sum of ABS residuals      =  2.48063010    
R squared                 =   0.20902
Durbin-Watson statistic   =   1.91792
Overid test: p-value      = 0.00000         (df =  10)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.891858955E-02
@                                                                             
EQ 4 IHHZ1 CNST2 C DKHZIHL1 KHZ(-1) YDZ RMALIHHZ RHO=2 AAZ(-1)                
 FSR CNST2 CNST2(-1) CNST2(-2) C KHZ(-1) RMALIHHZ YDZ(-1)                     
 KHZ(-2) KHZ(-3) RMALIHHZ(-1) RMALIHHZ(-2) YDZ(-2)                            
 LCOGSZ LJHGSZ LTRGSZ LEXZ(-1) LODHM(-1) LYNLZ(-1) PCPD(-1)                   
 LIMZ(-1)                                                                     
 DKHZIHL1 DKHZIHL1(-1) DKHZIHL1(-2) IHHZ1(-1) IHHZ1(-2)                       
 AA1Z(-1) AA1Z(-2) AA1Z(-3) AA2Z(-1) AA2Z(-2) AA2Z(-3)                        
;                                                                             
EQUATION 4  IHHZ1  RHO=2  
   RHS     CNST2  C  DKHZIHL1  KHZ(-1)  YDZ  RMALIHHZ  AAZ(-1)  
   FSR     CNST2  CNST2(-1)  CNST2(-2)  C  KHZ(-1)  RMALIHHZ  
   FSR     YDZ(-1)  KHZ(-2)  KHZ(-3)  RMALIHHZ(-1)  RMALIHHZ(-2)  
   FSR     YDZ(-2)  LCOGSZ  LJHGSZ  LTRGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LYNLZ(-1)  PCPD(-1)  LIMZ(-1)  DKHZIHL1  DKHZIHL1(-1)  
   FSR     DKHZIHL1(-2)  IHHZ1(-1)  IHHZ1(-2)  AA1Z(-1)  AA1Z(-2)  
   FSR     AA1Z(-3)  AA2Z(-1)  AA2Z(-2)  AA2Z(-3)  
@                                                                             
TEST2 4 AA1Z(-1);                                                             

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  446 AA1Z     ( -1)
  446 AA1Z     ( -2)
  446 AA1Z     ( -3)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)

Iter   Rhos:  1            2
   1     0.390649253  0.125789000
   2     0.427992031  0.184423648
   3     0.457389323  0.223133626
   4     0.486765884  0.260095688
   5     0.519572127  0.299714211
   6     0.554160702  0.334962899
   7     0.584467431  0.347239537
   8     0.602594785  0.344771181
   9     0.609843176  0.343738851
  10     0.612783598  0.343856571
  11     0.614172737  0.344173102
  12     0.614923989  0.344443516
  13     0.615367436  0.344638446
  14     0.615642925  0.344772348
  15     0.615819238  0.344862932
  16     0.615934112  0.344923914
  17     0.616009793  0.344964911
  18     0.616060008  0.344992465
  19     0.616093481  0.345010987
  20     0.616115862  0.345023440
  21     0.616130856  0.345031813
  22     0.616140915  0.345037444
  23     0.616147670  0.345041231

Number of iterations for RHO =   23


Mean of dependent variable        0.000416100

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.140851098       0.084564000   1.66562     0.583682
  306 C       (  0)       0.751315554       0.268566744   2.79750     1.000000
  428 DKHZIHL1(  0)       0.328581664       0.046424658   7.07774    -0.245763
  355 KHZ     ( -1)      -0.028046545       0.007947082  -3.52916    39.409752
  351 YDZ     (  0)       0.051752527       0.027640230   1.87236     6.883520
  407 RMALIHHZ(  0)      -0.024353069       0.004616091  -5.27569     3.401850
  352 AAZ     ( -1)       0.000744056       0.000281149   2.64648   129.870051
    0 RHO     ( -1)       0.616147670       0.069854124   8.82049     0.000000
    0 RHO     ( -2)       0.345041231       0.068497082   5.03731     0.000000

SE of equation            =     0.015475533
Sum of squared residuals  = 0.550831884E-01   0.447595564E-04
Average absolute error    =     0.011173404
Sum of ABS residuals      =  2.67044366    
R squared                 =   0.44188
Durbin-Watson statistic   =   2.00182
Overid test: p-value      = 0.00735         (df =  24)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.101730211E-01

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  446 AA1Z     ( -1)
  446 AA1Z     ( -2)
  446 AA1Z     ( -3)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)

Iter   Rhos:  1            2
   1     0.616147670  0.345041231
   2     0.626017435  0.334212027
   3     0.627329190  0.331876929
   4     0.627184627  0.331090626
   5     0.626826878  0.330639057
   6     0.626480197  0.330299261
   7     0.626182138  0.330025761
   8     0.625934790  0.329804439
   9     0.625733096  0.329626658
  10     0.625570606  0.329485061
  11     0.625440925  0.329373102
  12     0.625338205  0.329285096
  13     0.625257329  0.329216235
  14     0.625193956  0.329162548
  15     0.625144485  0.329120806
  16     0.625105981  0.329088421
  17     0.625076084  0.329063337
  18     0.625052910  0.329043933
  19     0.625034975  0.329028938
  20     0.625021108  0.329017359
  21     0.625010396  0.329008422
  22     0.625002127  0.329001528

Number of iterations for RHO =   22


Mean of dependent variable        0.000416100

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.136776676       0.078598433   1.74020     0.583682
  306 C       (  0)       0.908170328       0.225875613   4.02067     1.000000
  428 DKHZIHL1(  0)       0.380156968       0.050937046   7.46327    -0.245763
  355 KHZ     ( -1)      -0.038241193       0.007711302  -4.95911    39.409752
  351 YDZ     (  0)       0.077509532       0.029258062   2.64917     6.883520
  407 RMALIHHZ(  0)      -0.025517293       0.004719853  -5.40637     3.401850
  352 AAZ     ( -1)       0.003528910       0.001004883   3.51176   129.870051
  446 AA1Z    ( -1)      -0.003306428       0.001138864  -2.90327    82.830500
    0 RHO     ( -1)       0.625002127       0.071343413   8.76047     0.000000
    0 RHO     ( -2)       0.329001528       0.069626538   4.72523     0.000000

SE of equation            =     0.015421074
Sum of squared residuals  = 0.544583795E-01  -0.695822843E-04
Average absolute error    =     0.011184157
Sum of ABS residuals      =  2.67301356    
R squared                 =   0.44821
Durbin-Watson statistic   =   1.99139
Overid test: p-value      = 0.04561         (df =  23)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.810496648E-02
CHI SQ  =        8.696 NO. RESTR. =    1. P-VALUE  =   0.00318863
F VALUE =        8.696 DEGS. FR.  =    1.,  229.
TEST2 4 AA2Z(-1);                                                             

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  446 AA1Z     ( -1)
  446 AA1Z     ( -2)
  446 AA1Z     ( -3)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)

Iter   Rhos:  1            2
   1     0.390649253  0.125789000
   2     0.427992031  0.184423648
   3     0.457389323  0.223133626
   4     0.486765884  0.260095688
   5     0.519572127  0.299714211
   6     0.554160702  0.334962899
   7     0.584467431  0.347239537
   8     0.602594785  0.344771181
   9     0.609843176  0.343738851
  10     0.612783598  0.343856571
  11     0.614172737  0.344173102
  12     0.614923989  0.344443516
  13     0.615367436  0.344638446
  14     0.615642925  0.344772348
  15     0.615819238  0.344862932
  16     0.615934112  0.344923914
  17     0.616009793  0.344964911
  18     0.616060008  0.344992465
  19     0.616093481  0.345010987
  20     0.616115862  0.345023440
  21     0.616130856  0.345031813
  22     0.616140915  0.345037444
  23     0.616147670  0.345041231

Number of iterations for RHO =   23


Mean of dependent variable        0.000416100

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.140851098       0.084564000   1.66562     0.583682
  306 C       (  0)       0.751315554       0.268566744   2.79750     1.000000
  428 DKHZIHL1(  0)       0.328581664       0.046424658   7.07774    -0.245763
  355 KHZ     ( -1)      -0.028046545       0.007947082  -3.52916    39.409752
  351 YDZ     (  0)       0.051752527       0.027640230   1.87236     6.883520
  407 RMALIHHZ(  0)      -0.024353069       0.004616091  -5.27569     3.401850
  352 AAZ     ( -1)       0.000744056       0.000281149   2.64648   129.870051
    0 RHO     ( -1)       0.616147670       0.069854124   8.82049     0.000000
    0 RHO     ( -2)       0.345041231       0.068497082   5.03731     0.000000

SE of equation            =     0.015475533
Sum of squared residuals  = 0.550831884E-01   0.447595564E-04
Average absolute error    =     0.011173404
Sum of ABS residuals      =  2.67044366    
R squared                 =   0.44188
Durbin-Watson statistic   =   2.00182
Overid test: p-value      = 0.00735         (df =  24)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.101730211E-01

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  446 AA1Z     ( -1)
  446 AA1Z     ( -2)
  446 AA1Z     ( -3)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)

Iter   Rhos:  1            2
   1     0.616147670  0.345041231
   2     0.626017435  0.334212027
   3     0.627329190  0.331876929
   4     0.627184627  0.331090626
   5     0.626826878  0.330639057
   6     0.626480197  0.330299261
   7     0.626182138  0.330025761
   8     0.625934790  0.329804439
   9     0.625733096  0.329626658
  10     0.625570606  0.329485061
  11     0.625440925  0.329373102
  12     0.625338206  0.329285096
  13     0.625257329  0.329216235
  14     0.625193956  0.329162548
  15     0.625144485  0.329120806
  16     0.625105981  0.329088421
  17     0.625076084  0.329063337
  18     0.625052910  0.329043933
  19     0.625034975  0.329028938
  20     0.625021108  0.329017359
  21     0.625010396  0.329008422
  22     0.625002127  0.329001528

Number of iterations for RHO =   22


Mean of dependent variable        0.000416100

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.136776676       0.078598433   1.74020     0.583682
  306 C       (  0)       0.908170328       0.225875613   4.02067     1.000000
  428 DKHZIHL1(  0)       0.380156968       0.050937046   7.46327    -0.245763
  355 KHZ     ( -1)      -0.038241193       0.007711302  -4.95911    39.409752
  351 YDZ     (  0)       0.077509532       0.029258062   2.64917     6.883520
  407 RMALIHHZ(  0)      -0.025517293       0.004719853  -5.40637     3.401850
  352 AAZ     ( -1)       0.000222481       0.000332748   0.66862   129.870051
  447 AA2Z    ( -1)       0.003306428       0.001138864   2.90327    47.039551
    0 RHO     ( -1)       0.625002127       0.071343413   8.76047     0.000000
    0 RHO     ( -2)       0.329001528       0.069626538   4.72523     0.000000

SE of equation            =     0.015421074
Sum of squared residuals  = 0.544583795E-01  -0.695822847E-04
Average absolute error    =     0.011184157
Sum of ABS residuals      =  2.67301356    
R squared                 =   0.44821
Durbin-Watson statistic   =   1.99139
Overid test: p-value      = 0.04561         (df =  23)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.810496648E-02
CHI SQ  =        8.696 NO. RESTR. =    1. P-VALUE  =   0.00318863
F VALUE =        8.696 DEGS. FR.  =    1.,  229.
MODEQ 4 AA1Z(-1) AA2Z(-1) - AAZ(-1);                                          
EQUATION 4  IHHZ1  RHO=2  
   RHS     CNST2  C  DKHZIHL1  KHZ(-1)  YDZ  RMALIHHZ  AA1Z(-1)  
   RHS     AA2Z(-1)  
   FSR     CNST2  CNST2(-1)  CNST2(-2)  C  KHZ(-1)  RMALIHHZ  
   FSR     YDZ(-1)  KHZ(-2)  KHZ(-3)  RMALIHHZ(-1)  RMALIHHZ(-2)  
   FSR     YDZ(-2)  LCOGSZ  LJHGSZ  LTRGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LYNLZ(-1)  PCPD(-1)  LIMZ(-1)  DKHZIHL1  DKHZIHL1(-1)  
   FSR     DKHZIHL1(-2)  IHHZ1(-1)  IHHZ1(-2)  AA1Z(-1)  AA1Z(-2)  
   FSR     AA1Z(-3)  AA2Z(-1)  AA2Z(-2)  AA2Z(-3)  
2SLS; EST 4; END;                                                             

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2013.3,    0 missing obs.,  239 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  446 AA1Z     ( -1)
  446 AA1Z     ( -2)
  446 AA1Z     ( -3)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)

Iter   Rhos:  1            2
   1     0.390709317  0.125834457
   2     0.437688236  0.192480930
   3     0.479728918  0.242256007
   4     0.523663520  0.288142747
   5     0.565597816  0.319231701
   6     0.596185590  0.325763235
   7     0.611301704  0.325077555
   8     0.617568159  0.325393207
   9     0.620414953  0.326141518
  10     0.621922191  0.326834494
  11     0.622828282  0.327373806
  12     0.623420847  0.327775397
  13     0.623829156  0.328072386
  14     0.624119921  0.328292909
  15     0.624331522  0.328457715
  16     0.624487830  0.328581647
  17     0.624604525  0.328675330
  18     0.624692322  0.328746446
  19     0.624758755  0.328800608
  20     0.624809237  0.328841965
  21     0.624847722  0.328873607
  22     0.624877132  0.328897853
  23     0.624899648  0.328916454
  24     0.624916911  0.328930738
  25     0.624930161  0.328941715
  26     0.624940339  0.328950154
  27     0.624948162  0.328956645

Number of iterations for RHO =   27


Mean of dependent variable        0.000416100

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.136893217       0.078504682   1.74376     0.583682
  306 C       (  0)       0.907525650       0.225126503   4.03118     1.000000
  428 DKHZIHL1(  0)       0.380112630       0.050941355   7.46177    -0.245763
  355 KHZ     ( -1)      -0.038233212       0.007706584  -4.96111    39.409752
  351 YDZ     (  0)       0.077529787       0.029255098   2.65013     6.883520
  407 RMALIHHZ(  0)      -0.025512194       0.004720250  -5.40484     3.401850
  446 AA1Z    ( -1)       0.000222282       0.000332765   0.66799    82.830500
  447 AA2Z    ( -1)       0.003529010       0.001004863   3.51193    47.039551
    0 RHO     ( -1)       0.624948162       0.071345105   8.75951     0.000000
    0 RHO     ( -2)       0.328956645       0.069620341   4.72501     0.000000

SE of equation            =     0.015421279
Sum of squared residuals  = 0.544598287E-01   0.653102453E-04
Average absolute error    =     0.011184415
Sum of ABS residuals      =  2.67307529    
R squared                 =   0.44820
Durbin-Watson statistic   =   1.99136
Overid test: p-value      = 0.04562         (df =  23)
SMPL and No. Obs.         = 1954.1   2013.3    239
UDU for 2SLS              = 0.810496638E-02
@                                                                             
SMPL 1954.1 2007.4;                                                           
Sample period is now  1954.1 to  2007.4 Internally:     9 to   224
EQ  1 LCSZ FSR CNST2 C AG1 AG2 AG3 LCSZ(-1) LAA1Z(-1) LAA2Z(-1)               
 T LYDZ(-1) RSA(-1)                                                           
 LODHM(-1) LIMZ(-1) LJHGSZ LPIMZ(-1) LYNLZ(-1) PCPD(-1)                       
 LCOGSZ LTRGSZ RS(-2) RB(-1) LYZ(-1) LVZ(-1) UR(-1)                           
 LYDZ ;                                                                       
EQUATION 1  LCSZ  
   FSR     CNST2  C  AG1  AG2  AG3  LCSZ(-1)  LAA1Z(-1)  LAA2Z(-1)  
   FSR     T  LYDZ(-1)  RSA(-1)  LODHM(-1)  LIMZ(-1)  LJHGSZ  
   FSR     LPIMZ(-1)  LYNLZ(-1)  PCPD(-1)  LCOGSZ  LTRGSZ  
   FSR     RS(-2)  RB(-1)  LYZ(-1)  LVZ(-1)  UR(-1)  LYDZ  
NLEQ LCSZ=COEF(1,1)+COEF(2,1)*AG1+COEF(3,1)*AG2+COEF(4,1)*AG3                 
 + COEF(5,1)*LCSZ(-1)+COEF(6,1)*LYDZ+COEF(7,1)*RSA+COEF(8,1)*CNST2            
 + COEF(9,1)*LOG((COEF(10,1)*(AH+MH)+(1-COEF(10,1))*(KH*PKH))/(PH*POP)) ;     
NL2SLS EQUATION=1 NCOEF=10 MAXITERS=200 FILESTART=KEYBOARD;                   
Number of coefficients =     10
MAXITERS =    200
STEPSIZE = 0.100000000E-03
TOLCOEF  = 0.100000000E-03
TOLGRADE = 0.100000000E-06
METHOD IS DFP
INITIAL VALUE OF F =   0.165259091303E+00
Iter, Lambda, F:     1  0.5399356E-04  0.171388549277E-01
Iter, Lambda, F:     2  0.9242577E-03  0.730278528308E-02
Iter, Lambda, F:     3  0.1257179E-01  0.256051856597E-02
Iter, Lambda, F:     4  0.3003194E+00  0.934456191404E-03
Iter, Lambda, F:     5  0.2348450E+01  0.874537088139E-03
Iter, Lambda, F:     6  0.2041075E+02  0.791910584834E-03
Iter, Lambda, F:     7  0.2102599E+02  0.751167715187E-03
Iter, Lambda, F:     8  0.3161522E+01  0.747271005447E-03
Iter, Lambda, F:     9  0.1283045E+02  0.742277135211E-03
Iter, Lambda, F:    10  0.2106176E+03  0.664997986129E-03
Iter, Lambda, F:    11  0.1168998E+02  0.661132379425E-03
Iter, Lambda, F:    12  0.1315271E+02  0.658218324661E-03
Iter, Lambda, F:    13  0.2213520E+03  0.614373190670E-03
Iter, Lambda, F:    14  0.6174813E+02  0.601707739492E-03
Iter, Lambda, F:    15  0.8932523E+02  0.583628372165E-03
Iter, Lambda, F:    16  0.5310453E+02  0.572825792968E-03
Iter, Lambda, F:    17  0.1011238E+02  0.570974902504E-03
Iter, Lambda, F:    18  0.1804694E+02  0.568232262058E-03
Iter, Lambda, F:    19  0.1344557E+02  0.566374253517E-03
Iter, Lambda, F:    20  0.2260853E+01  0.566248822598E-03
Iter, Lambda, F:    21  0.2850204E+02  0.565778854507E-03
Iter, Lambda, F:    22  0.3786773E+03  0.559030151074E-03
Iter, Lambda, F:    23  0.5283706E+00  0.558948638644E-03
Iter, Lambda, F:    24  0.1657397E+01  0.558895857631E-03
Iter, Lambda, F:    25  0.7578206E+02  0.557659857878E-03
Iter, Lambda, F:    26  0.2466544E+03  0.554373091586E-03
Iter, Lambda, F:    27  0.4770125E+01  0.554266454170E-03
Iter, Lambda, F:    28  0.7360739E+01  0.554131355592E-03
Iter, Lambda, F:    29  0.2738423E+02  0.553663402907E-03
Iter, Lambda, F:    30  0.1434625E+02  0.553457354709E-03
Iter, Lambda, F:    31  0.7372149E+01  0.553366270607E-03
Iter, Lambda, F:    32  0.2419952E+01  0.553360414803E-03
Iter, Lambda, F:    33  0.1751999E+01  0.553359189776E-03
Iter, Lambda, F:    34  0.1042708E+01  0.553359149235E-03
Iter, Lambda, F:    35  0.9552308E+00  0.553359148853E-03

TERMINATION. ITERS=   35 FUNCTION EVALS=    1190 IER= 4 F=  0.553359148853E-03
IER =  4 CONVERGENCE REACHED FOR X VALUES.  TOLERANCE =    0.100000E-03

GRADIENT VALUES

 -0.83863270433E-05 -0.26753034264E-05  0.80441090494E-06  0.60897417893E-06
 -0.11765541266E-04 -0.15255641557E-04 -0.34527248031E-04 -0.40456396550E-05
 -0.34503230335E-04 -0.16437889193E-06

X VALUES

 -0.11820232604E+00 -0.37924310098E-01 -0.14962799437E+00  0.86108126830E-01
  0.82264934016E+00  0.10341477418E+00 -0.10857996745E-02  0.32348231011E-01
  0.42297371679E-01  0.83293684013E+00

MEAN OF DEPENDENT VARIABLE        1.421239113

Equation number =    1
**********************

NBEG =  1954.1 NEND =  2007.4 NOB =  216


First stage regressors 

304 CNST2    (   0)
306 C        (   0)
133 AG1      (   0)
134 AG2      (   0)
135 AG3      (   0)
380 LCSZ     (  -1)
448 LAA1Z    (  -1)
449 LAA2Z    (  -1)
250 T        (   0)
359 LYDZ     (  -1)
127 RSA      (  -1)
375 LODHM    (  -1)
390 LIMZ     (  -1)
371 LJHGSZ   (   0)
358 LPIMZ    (  -1)
354 LYNLZ    (  -1)
363 PCPD     (  -1)
369 LCOGSZ   (   0)
373 LTRGSZ   (   0)
 30 RS       (  -2)
 23 RB       (  -1)
350 LYZ      (  -1)
388 LVZ      (  -1)
 87 UR       (  -1)
359 LYDZ     (   0)

MEAN OF DEPENDENT VARIABLE        1.421239113

     Initial value        Coef est             SE         T statistic    

  1      -0.110000000      -0.118202326       0.040647133   -2.90801
  2      -0.150000000      -0.037924310       0.051545653   -0.73574
  3      -0.440000000      -0.149627994       0.100416480   -1.49007
  4       0.490000000       0.086108127       0.101602529    0.84750
  5       0.810000000       0.822649340       0.024359291   33.77148
  6       0.130000000       0.103414774       0.025880918    3.99579
  7      -0.001200000      -0.001085800       0.000210404   -5.16056
  8       0.018000000       0.032348231       0.004659968    6.94173
  9       0.039000000       0.042297372       0.009852944    4.29287
 10       0.500000000       0.832936840       0.231662134    3.59548

SE of equation          =      0.003573188
Sum of squared residuals =  0.275781772E-02   0.548380535E-07
Sum of ABS residuals     =  0.600110664    
R squared                =    0.99990
Durbin-Watson statistic  =    1.65404

@                                                                             
EQ  2 LCNZ FSR CNST2 C AG1 AG2 AG3 LCNZ(-1) LCNZ1(-1) LAA1Z(-1) LAA2Z(-1)     
 LYDZ(-1)                                                                     
 RMA(-1)                                                                      
 LCOGSZ LEXZ(-1) LODHM(-1) LIMZ(-1)                                           
 LTRGSZ LJHGSZ LYNLZ(-1) LPIMZ(-1) PCPD(-1) UR(-1) LVZ(-1) RS(-1) RS(-2)      
 T ;                                                                          
EQUATION 2  LCNZ  
   FSR     CNST2  C  AG1  AG2  AG3  LCNZ(-1)  LCNZ1(-1)  LAA1Z(-1)  
   FSR     LAA2Z(-1)  LYDZ(-1)  RMA(-1)  LCOGSZ  LEXZ(-1)  
   FSR     LODHM(-1)  LIMZ(-1)  LTRGSZ  LJHGSZ  LYNLZ(-1)  
   FSR     LPIMZ(-1)  PCPD(-1)  UR(-1)  LVZ(-1)  RS(-1)  RS(-2)  
   FSR     T  
NLEQ LCNZ=COEF(1,2)+COEF(2,2)*AG1+COEF(3,2)*AG2+COEF(4,2)*AG3                 
 + COEF(5,2)*LCNZ(-1)+COEF(6,2)*LCNZ1(-1)+COEF(7,2)*LYDZ+COEF(8,2)*RMA        
 + COEF(9,2)*CNST2                                                            
 + COEF(10,2)*LOG((COEF(11,2)*(AH+MH)+(1-COEF(11,2))*(KH*PKH))/(PH*POP)) ;    
NL2SLS EQUATION=2 NCOEF=11 MAXITERS=200 FILESTART=KEYBOARD;                   
Number of coefficients =     11
MAXITERS =    200
STEPSIZE = 0.100000000E-03
TOLCOEF  = 0.100000000E-03
TOLGRADE = 0.100000000E-06
METHOD IS DFP
INITIAL VALUE OF F =   0.220299091641E+00
Iter, Lambda, F:     1  0.3369863E-04  0.187001497382E-01
Iter, Lambda, F:     2  0.1731612E-02  0.945225187799E-02
Iter, Lambda, F:     3  0.1384357E-01  0.375402084121E-02
Iter, Lambda, F:     4  0.3055071E+00  0.219539256355E-02
Iter, Lambda, F:     5  0.4049614E+01  0.203735267286E-02
Iter, Lambda, F:     6  0.1515362E+02  0.183408484337E-02
Iter, Lambda, F:     7  0.4687423E+01  0.178524137421E-02
Iter, Lambda, F:     8  0.3505690E+01  0.176876076773E-02
Iter, Lambda, F:     9  0.1440318E+02  0.172840969077E-02
Iter, Lambda, F:    10  0.2095709E+01  0.172681494127E-02
Iter, Lambda, F:    11  0.1094540E+02  0.172288321049E-02
Iter, Lambda, F:    12  0.6507681E+02  0.170271954693E-02
Iter, Lambda, F:    13  0.7277927E+02  0.167963704957E-02
Iter, Lambda, F:    14  0.5011979E+01  0.167853637020E-02
Iter, Lambda, F:    15  0.6488446E+02  0.166774708412E-02
Iter, Lambda, F:    16  0.1256006E+03  0.164682187175E-02
Iter, Lambda, F:    17  0.7973652E+01  0.164550104979E-02
Iter, Lambda, F:    18  0.4192213E+02  0.163917215208E-02
Iter, Lambda, F:    19  0.8436418E+01  0.163809862563E-02
Iter, Lambda, F:    20  0.3148551E+02  0.163501096610E-02
Iter, Lambda, F:    21  0.2237717E+03  0.161303642998E-02
Iter, Lambda, F:    22  0.1780985E+01  0.161278056090E-02
Iter, Lambda, F:    23  0.2198010E+02  0.161087155371E-02
Iter, Lambda, F:    24  0.2916097E+02  0.160847052663E-02
Iter, Lambda, F:    25  0.4254231E+01  0.160826208676E-02
Iter, Lambda, F:    26  0.1494027E+02  0.160778891518E-02
Iter, Lambda, F:    27  0.2128391E+01  0.160776291602E-02
Iter, Lambda, F:    28  0.6434543E+02  0.160753154142E-02
Iter, Lambda, F:    29  0.2939411E+03  0.160647738828E-02
Iter, Lambda, F:    30  0.7912038E+00  0.160645617160E-02
Iter, Lambda, F:    31  0.6435141E+01  0.160642888983E-02
Iter, Lambda, F:    32  0.2436618E+03  0.160563227995E-02
Iter, Lambda, F:    33  0.2921838E+02  0.160553112627E-02
Iter, Lambda, F:    34  0.1529947E+02  0.160548155556E-02
Iter, Lambda, F:    35  0.3301436E+01  0.160547289909E-02
Iter, Lambda, F:    36  0.2197273E+01  0.160547152373E-02
Iter, Lambda, F:    37  0.1228528E+01  0.160547148890E-02
Iter, Lambda, F:    38  0.1023182E+01  0.160547148884E-02

TERMINATION. ITERS=   38 FUNCTION EVALS=    1374 IER= 4 F=  0.160547148884E-02
IER =  4 CONVERGENCE REACHED FOR X VALUES.  TOLERANCE =    0.100000E-03

GRADIENT VALUES

 -0.16995659384E-05 -0.55558990009E-06  0.17354164053E-06  0.77207972944E-07
 -0.11535776197E-05  0.72472457831E-08 -0.37601077508E-05 -0.16812749110E-04
 -0.22029288116E-05 -0.75951636100E-05 -0.25663214389E-07

X VALUES

 -0.26650290740E+00  0.65227123266E-01  0.28909826217E+00 -0.33407352832E+00
  0.74433146940E+00  0.18587397359E+00  0.11923699071E+00 -0.89886853720E-03
 -0.98206021255E-02  0.43409411744E-01  0.67856440126E+00

MEAN OF DEPENDENT VARIABLE        0.531237744

Equation number =    2
**********************

NBEG =  1954.1 NEND =  2007.4 NOB =  216


First stage regressors 

304 CNST2    (   0)
306 C        (   0)
133 AG1      (   0)
134 AG2      (   0)
135 AG3      (   0)
382 LCNZ     (  -1)
383 LCNZ1    (  -1)
448 LAA1Z    (  -1)
449 LAA2Z    (  -1)
359 LYDZ     (  -1)
128 RMA      (  -1)
369 LCOGSZ   (   0)
378 LEXZ     (  -1)
375 LODHM    (  -1)
390 LIMZ     (  -1)
373 LTRGSZ   (   0)
371 LJHGSZ   (   0)
354 LYNLZ    (  -1)
358 LPIMZ    (  -1)
363 PCPD     (  -1)
 87 UR       (  -1)
388 LVZ      (  -1)
 30 RS       (  -1)
 30 RS       (  -2)
250 T        (   0)

MEAN OF DEPENDENT VARIABLE        0.531237744

     Initial value        Coef est             SE         T statistic    

  1      -0.300000000      -0.266502907       0.089607602   -2.97411
  2       0.024000000       0.065227123       0.094139331    0.69288
  3       0.010000000       0.289098262       0.169133512    1.70929
  4      -0.050000000      -0.334073528       0.161871913   -2.06381
  5       0.740000000       0.744331469       0.043561716   17.08683
  6       0.210000000       0.185873974       0.060396080    3.07758
  7       0.140000000       0.119236991       0.034021363    3.50477
  8      -0.001100000      -0.000898869       0.000493135   -1.82276
  9      -0.023000000      -0.009820602       0.010545806   -0.93123
 10       0.040000000       0.043409412       0.018222430    2.38220
 11       0.500000000       0.678564401       0.305616355    2.22031

SE of equation          =      0.006275004
Sum of squared residuals =  0.850514604E-02  -0.173356463E-08
Sum of ABS residuals     =   1.02399970    
R squared                =    0.99872
Durbin-Watson statistic  =    1.99801

@                                                                             
EQ   3  CDZ1 CNST2 C AG1 AG2 AG3 DKDZCDL1 KDZ(-1) YDZ RMACDZ AAZ(-1)          
 FSR CNST2 C AG1 AG2 AG3 KDZ(-1) YDZ(-1) RMACDZ(-1)                           
 LCOGSZ LEXZ(-1) LODHM(-1) LYZ(-1) LVZ(-1) LIMZ(-1)                           
 LTRGSZ LYNLZ(-1) LPIMZ(-1)                                                   
 DKDZCDL1                                                                     
 T                                                                            
 AA1Z(-1) AA2Z(-1);                                                           
EQUATION 3  CDZ1  
   RHS     CNST2  C  AG1  AG2  AG3  DKDZCDL1  KDZ(-1)  YDZ  
   RHS     RMACDZ  AAZ(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  KDZ(-1)  YDZ(-1)  RMACDZ(-1)  
   FSR     LCOGSZ  LEXZ(-1)  LODHM(-1)  LYZ(-1)  LVZ(-1)  LIMZ(-1)  
   FSR     LTRGSZ  LYNLZ(-1)  LPIMZ(-1)  DKDZCDL1  T  AA1Z(-1)  
   FSR     AA2Z(-1)  
@                                                                             
TEST2 3 AA1Z(-1);                                                             

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  446 AA1Z     ( -1)
  447 AA2Z     ( -1)

Mean of dependent variable        0.005033494

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.039243401       0.014325506   2.73941     0.539352
  306 C       (  0)      -0.169330656       0.080640381  -2.09982     1.000000
  133 AG1     (  0)       0.017375678       0.148958717   0.11665     0.318301
  134 AG2     (  0)       2.936790187       0.542096170   5.41747    -0.092214
  135 AG3     (  0)      -2.187931138       0.411737361  -5.31390    -0.072303
  426 DKDZCDL1(  0)       0.272485597       0.049673050   5.48558    -0.093153
  356 KDZ     ( -1)      -0.024659623       0.004153863  -5.93655     7.425111
  351 YDZ     (  0)       0.070923876       0.012207824   5.80971     6.531435
  406 RMACDZ  (  0)      -0.006857202       0.002398805  -2.85859     3.161759
  352 AAZ     ( -1)       0.000225265       0.000170207   1.32348   120.816030

SE of equation            =     0.012502350
Sum of squared residuals  = 0.321996029E-01  -0.130478059E-10
Average absolute error    =     0.009152662
Sum of ABS residuals      =  1.97697501    
R squared                 =   0.22327
Durbin-Watson statistic   =   2.20073
Overid test: p-value      = 0.00075         (df =  11)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.477453513E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  446 AA1Z     ( -1)
  447 AA2Z     ( -1)

Mean of dependent variable        0.005033494

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.045370284       0.015719150   2.88631     0.539352
  306 C       (  0)      -0.109959948       0.102307413  -1.07480     1.000000
  133 AG1     (  0)      -0.077673774       0.179817923  -0.43196     0.318301
  134 AG2     (  0)       3.103663264       0.569712054   5.44778    -0.092214
  135 AG3     (  0)      -2.161241145       0.412194721  -5.24325    -0.072303
  426 DKDZCDL1(  0)       0.265154069       0.050218377   5.28002    -0.093153
  356 KDZ     ( -1)      -0.022347938       0.004821353  -4.63520     7.425111
  351 YDZ     (  0)       0.068875023       0.012385285   5.56104     6.531435
  406 RMACDZ  (  0)      -0.007168857       0.002418560  -2.96410     3.161759
  352 AAZ     ( -1)      -0.000223331       0.000506102  -0.44128   120.816030
  446 AA1Z    ( -1)       0.000466034       0.000495228   0.94105    76.420108

SE of equation            =     0.012486574
Sum of squared residuals  = 0.319624777E-01  -0.152978324E-10
Average absolute error    =     0.009123959
Sum of ABS residuals      =  1.97077522    
R squared                 =   0.22899
Durbin-Watson statistic   =   2.22911
Overid test: p-value      = 0.00052         (df =  10)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.463646135E-02
CHI SQ  =        0.886 NO. RESTR. =    1. P-VALUE  =   0.34667963
F VALUE =        0.886 DEGS. FR.  =    1.,  205.
TEST2 3 AA2Z(-1);                                                             

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  446 AA1Z     ( -1)
  447 AA2Z     ( -1)

Mean of dependent variable        0.005033494

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.039243401       0.014325506   2.73941     0.539352
  306 C       (  0)      -0.169330656       0.080640381  -2.09982     1.000000
  133 AG1     (  0)       0.017375678       0.148958717   0.11665     0.318301
  134 AG2     (  0)       2.936790187       0.542096170   5.41747    -0.092214
  135 AG3     (  0)      -2.187931138       0.411737361  -5.31390    -0.072303
  426 DKDZCDL1(  0)       0.272485597       0.049673050   5.48558    -0.093153
  356 KDZ     ( -1)      -0.024659623       0.004153863  -5.93655     7.425111
  351 YDZ     (  0)       0.070923876       0.012207824   5.80971     6.531435
  406 RMACDZ  (  0)      -0.006857202       0.002398805  -2.85859     3.161759
  352 AAZ     ( -1)       0.000225265       0.000170207   1.32348   120.816030

SE of equation            =     0.012502350
Sum of squared residuals  = 0.321996029E-01  -0.130478059E-10
Average absolute error    =     0.009152662
Sum of ABS residuals      =  1.97697501    
R squared                 =   0.22327
Durbin-Watson statistic   =   2.20073
Overid test: p-value      = 0.00075         (df =  11)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.477453513E-02

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  446 AA1Z     ( -1)
  447 AA2Z     ( -1)

Mean of dependent variable        0.005033494

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.045370284       0.015719150   2.88631     0.539352
  306 C       (  0)      -0.109959948       0.102307413  -1.07480     1.000000
  133 AG1     (  0)      -0.077673775       0.179817923  -0.43196     0.318301
  134 AG2     (  0)       3.103663264       0.569712054   5.44778    -0.092214
  135 AG3     (  0)      -2.161241145       0.412194721  -5.24325    -0.072303
  426 DKDZCDL1(  0)       0.265154069       0.050218377   5.28002    -0.093153
  356 KDZ     ( -1)      -0.022347938       0.004821353  -4.63520     7.425111
  351 YDZ     (  0)       0.068875023       0.012385285   5.56104     6.531435
  406 RMACDZ  (  0)      -0.007168857       0.002418560  -2.96410     3.161759
  352 AAZ     ( -1)       0.000242703       0.000171000   1.41932   120.816030
  447 AA2Z    ( -1)      -0.000466034       0.000495228  -0.94105    44.395922

SE of equation            =     0.012486574
Sum of squared residuals  = 0.319624777E-01  -0.129484617E-10
Average absolute error    =     0.009123959
Sum of ABS residuals      =  1.97077522    
R squared                 =   0.22899
Durbin-Watson statistic   =   2.22911
Overid test: p-value      = 0.00052         (df =  10)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.463646135E-02
CHI SQ  =        0.886 NO. RESTR. =    1. P-VALUE  =   0.34667963
F VALUE =        0.886 DEGS. FR.  =    1.,  205.
MODEQ 3 AA1Z(-1) AA2Z(-1) - AAZ(-1);                                          
EQUATION 3  CDZ1  
   RHS     CNST2  C  AG1  AG2  AG3  DKDZCDL1  KDZ(-1)  YDZ  
   RHS     RMACDZ  AA1Z(-1)  AA2Z(-1)  
   FSR     CNST2  C  AG1  AG2  AG3  KDZ(-1)  YDZ(-1)  RMACDZ(-1)  
   FSR     LCOGSZ  LEXZ(-1)  LODHM(-1)  LYZ(-1)  LVZ(-1)  LIMZ(-1)  
   FSR     LTRGSZ  LYNLZ(-1)  LPIMZ(-1)  DKDZCDL1  T  AA1Z(-1)  
   FSR     AA2Z(-1)  
2SLS; EST 3; END;                                                             

Equation number =    3
**********************

Dependent variable = CDZ1    

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  306 C        (  0)
  133 AG1      (  0)
  134 AG2      (  0)
  135 AG3      (  0)
  356 KDZ      ( -1)
  351 YDZ      ( -1)
  406 RMACDZ   ( -1)
  369 LCOGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  350 LYZ      ( -1)
  388 LVZ      ( -1)
  390 LIMZ     ( -1)
  373 LTRGSZ   (  0)
  354 LYNLZ    ( -1)
  358 LPIMZ    ( -1)
  426 DKDZCDL1 (  0)
  250 T        (  0)
  446 AA1Z     ( -1)
  447 AA2Z     ( -1)

Mean of dependent variable        0.005033494

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.045370284       0.015719150   2.88631     0.539352
  306 C       (  0)      -0.109959948       0.102307413  -1.07480     1.000000
  133 AG1     (  0)      -0.077673775       0.179817923  -0.43196     0.318301
  134 AG2     (  0)       3.103663264       0.569712054   5.44778    -0.092214
  135 AG3     (  0)      -2.161241145       0.412194721  -5.24325    -0.072303
  426 DKDZCDL1(  0)       0.265154069       0.050218377   5.28002    -0.093153
  356 KDZ     ( -1)      -0.022347938       0.004821353  -4.63520     7.425111
  351 YDZ     (  0)       0.068875023       0.012385285   5.56104     6.531435
  406 RMACDZ  (  0)      -0.007168857       0.002418560  -2.96410     3.161759
  446 AA1Z    ( -1)       0.000242703       0.000171000   1.41932    76.420108
  447 AA2Z    ( -1)      -0.000223331       0.000506102  -0.44128    44.395922

SE of equation            =     0.012486574
Sum of squared residuals  = 0.319624777E-01  -0.140616858E-10
Average absolute error    =     0.009123959
Sum of ABS residuals      =  1.97077522    
R squared                 =   0.22899
Durbin-Watson statistic   =   2.22911
Overid test: p-value      = 0.00052         (df =  10)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.463646135E-02
@                                                                             
EQ 4 IHHZ1 CNST2 C DKHZIHL1 KHZ(-1) YDZ RMALIHHZ RHO=2 AAZ(-1)                
 FSR CNST2 CNST2(-1) CNST2(-2) C KHZ(-1) RMALIHHZ YDZ(-1)                     
 KHZ(-2) KHZ(-3) RMALIHHZ(-1) RMALIHHZ(-2) YDZ(-2)                            
 LCOGSZ LJHGSZ LTRGSZ LEXZ(-1) LODHM(-1) LYNLZ(-1) PCPD(-1)                   
 LIMZ(-1)                                                                     
 DKHZIHL1 DKHZIHL1(-1) DKHZIHL1(-2) IHHZ1(-1) IHHZ1(-2)                       
 AA1Z(-1) AA1Z(-2) AA1Z(-3) AA2Z(-1) AA2Z(-2) AA2Z(-3)                        
;                                                                             
EQUATION 4  IHHZ1  RHO=2  
   RHS     CNST2  C  DKHZIHL1  KHZ(-1)  YDZ  RMALIHHZ  AAZ(-1)  
   FSR     CNST2  CNST2(-1)  CNST2(-2)  C  KHZ(-1)  RMALIHHZ  
   FSR     YDZ(-1)  KHZ(-2)  KHZ(-3)  RMALIHHZ(-1)  RMALIHHZ(-2)  
   FSR     YDZ(-2)  LCOGSZ  LJHGSZ  LTRGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LYNLZ(-1)  PCPD(-1)  LIMZ(-1)  DKHZIHL1  DKHZIHL1(-1)  
   FSR     DKHZIHL1(-2)  IHHZ1(-1)  IHHZ1(-2)  AA1Z(-1)  AA1Z(-2)  
   FSR     AA1Z(-3)  AA2Z(-1)  AA2Z(-2)  AA2Z(-3)  
@                                                                             
TEST2 4 AA1Z(-1);                                                             

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  446 AA1Z     ( -1)
  446 AA1Z     ( -2)
  446 AA1Z     ( -3)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)

Iter   Rhos:  1            2
   1     0.433523265  0.102513715
   2     0.502229690  0.183229836
   3     0.548529731  0.231005220
   4     0.575503503  0.255782705
   5     0.587216487  0.266688787
   6     0.591572942  0.271403149
   7     0.593183506  0.273460033
   8     0.593802675  0.274350029
   9     0.594049443  0.274730718
  10     0.594150135  0.274892184
  11     0.594191777  0.274960317
  12     0.594209120  0.274988984
  13     0.594216369  0.275001027
  14     0.594219405  0.275006082

Number of iterations for RHO =   14


Mean of dependent variable        0.001008648

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.050577069       0.048753558   1.03740     0.539352
  306 C       (  0)       0.494865551       0.104098109   4.75384     1.000000
  428 DKHZIHL1(  0)       0.363942203       0.055963999   6.50315    -0.268228
  355 KHZ     ( -1)      -0.030954910       0.006983504  -4.43258    37.872109
  351 YDZ     (  0)       0.121196918       0.034261182   3.53744     6.531435
  407 RMALIHHZ(  0)      -0.023284033       0.004781441  -4.86967     3.554255
  352 AAZ     ( -1)       0.000345913       0.000402342   0.85975   120.816030
    0 RHO     ( -1)       0.594219405       0.079078735   7.51428     0.000000
    0 RHO     ( -2)       0.275006082       0.074531538   3.68979     0.000000

SE of equation            =     0.015646658
Sum of squared residuals  = 0.506773087E-01   0.368835813E-05
Average absolute error    =     0.011427449
Sum of ABS residuals      =  2.46832909    
R squared                 =   0.42807
Durbin-Watson statistic   =   1.95941
Overid test: p-value      = 0.00010         (df =  24)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.137728136E-01

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  446 AA1Z     ( -1)
  446 AA1Z     ( -2)
  446 AA1Z     ( -3)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)

Iter   Rhos:  1            2
   1     0.594219405  0.275006082
   2     0.596682196  0.282712638
   3     0.597975561  0.286531580
   4     0.598681237  0.288552607
   5     0.599077276  0.289660524
   6     0.599302687  0.290280485
   7     0.599431817  0.290631658
   8     0.599506016  0.290832021
   9     0.599548713  0.290946825
  10     0.599573301  0.291012769
  11     0.599587466  0.291050702
  12     0.599595628  0.291072540
  13     0.599600331  0.291085119
  14     0.599603042  0.291092366

Number of iterations for RHO =   14


Mean of dependent variable        0.001008648

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.063947851       0.057057649   1.12076     0.539352
  306 C       (  0)       0.774724242       0.146729157   5.27996     1.000000
  428 DKHZIHL1(  0)       0.408733821       0.055978468   7.30163    -0.268228
  355 KHZ     ( -1)      -0.046544242       0.008709829  -5.34388    37.872109
  351 YDZ     (  0)       0.152185946       0.036098549   4.21585     6.531435
  407 RMALIHHZ(  0)      -0.024601130       0.005000090  -4.92014     3.554255
  352 AAZ     ( -1)       0.003638891       0.001275377   2.85319   120.816030
  446 AA1Z    ( -1)      -0.003622799       0.001338776  -2.70605    76.420108
    0 RHO     ( -1)       0.599603042       0.077545971   7.73223     0.000000
    0 RHO     ( -2)       0.291092366       0.074326855   3.91638     0.000000

SE of equation            =     0.015808101
Sum of squared residuals  = 0.514785908E-01   0.128021345E-04
Average absolute error    =     0.011824499
Sum of ABS residuals      =  2.55409182    
R squared                 =   0.41902
Durbin-Watson statistic   =   1.94800
Overid test: p-value      = 0.00085         (df =  23)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.119752343E-01
CHI SQ  =        7.193 NO. RESTR. =    1. P-VALUE  =   0.00731760
F VALUE =        7.193 DEGS. FR.  =    1.,  206.
TEST2 4 AA2Z(-1);                                                             

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  446 AA1Z     ( -1)
  446 AA1Z     ( -2)
  446 AA1Z     ( -3)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)

Iter   Rhos:  1            2
   1     0.433523265  0.102513715
   2     0.502229690  0.183229836
   3     0.548529731  0.231005220
   4     0.575503503  0.255782705
   5     0.587216487  0.266688787
   6     0.591572942  0.271403149
   7     0.593183506  0.273460033
   8     0.593802675  0.274350029
   9     0.594049443  0.274730718
  10     0.594150135  0.274892184
  11     0.594191777  0.274960317
  12     0.594209120  0.274988984
  13     0.594216369  0.275001027
  14     0.594219405  0.275006082

Number of iterations for RHO =   14


Mean of dependent variable        0.001008648

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.050577069       0.048753558   1.03740     0.539352
  306 C       (  0)       0.494865551       0.104098109   4.75384     1.000000
  428 DKHZIHL1(  0)       0.363942203       0.055963999   6.50315    -0.268228
  355 KHZ     ( -1)      -0.030954910       0.006983504  -4.43258    37.872109
  351 YDZ     (  0)       0.121196918       0.034261182   3.53744     6.531435
  407 RMALIHHZ(  0)      -0.023284033       0.004781441  -4.86967     3.554255
  352 AAZ     ( -1)       0.000345913       0.000402342   0.85975   120.816030
    0 RHO     ( -1)       0.594219405       0.079078735   7.51428     0.000000
    0 RHO     ( -2)       0.275006082       0.074531538   3.68979     0.000000

SE of equation            =     0.015646658
Sum of squared residuals  = 0.506773087E-01   0.368835813E-05
Average absolute error    =     0.011427449
Sum of ABS residuals      =  2.46832909    
R squared                 =   0.42807
Durbin-Watson statistic   =   1.95941
Overid test: p-value      = 0.00010         (df =  24)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.137728136E-01

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  446 AA1Z     ( -1)
  446 AA1Z     ( -2)
  446 AA1Z     ( -3)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)

Iter   Rhos:  1            2
   1     0.594219405  0.275006082
   2     0.596682196  0.282712638
   3     0.597975561  0.286531580
   4     0.598681237  0.288552608
   5     0.599077276  0.289660524
   6     0.599302687  0.290280485
   7     0.599431817  0.290631658
   8     0.599506016  0.290832021
   9     0.599548713  0.290946825
  10     0.599573301  0.291012769
  11     0.599587466  0.291050702
  12     0.599595628  0.291072540
  13     0.599600331  0.291085119
  14     0.599603042  0.291092366

Number of iterations for RHO =   14


Mean of dependent variable        0.001008648

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.063947851       0.057057649   1.12076     0.539352
  306 C       (  0)       0.774724242       0.146729157   5.27996     1.000000
  428 DKHZIHL1(  0)       0.408733821       0.055978468   7.30163    -0.268228
  355 KHZ     ( -1)      -0.046544242       0.008709829  -5.34388    37.872109
  351 YDZ     (  0)       0.152185946       0.036098549   4.21585     6.531435
  407 RMALIHHZ(  0)      -0.024601130       0.005000090  -4.92014     3.554255
  352 AAZ     ( -1)       0.000016093       0.000424837   0.03788   120.816030
  447 AA2Z    ( -1)       0.003622799       0.001338776   2.70605    44.395922
    0 RHO     ( -1)       0.599603042       0.077545971   7.73223     0.000000
    0 RHO     ( -2)       0.291092366       0.074326855   3.91638     0.000000

SE of equation            =     0.015808101
Sum of squared residuals  = 0.514785908E-01   0.128021353E-04
Average absolute error    =     0.011824499
Sum of ABS residuals      =  2.55409182    
R squared                 =   0.41902
Durbin-Watson statistic   =   1.94800
Overid test: p-value      = 0.00085         (df =  23)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.119752343E-01
CHI SQ  =        7.193 NO. RESTR. =    1. P-VALUE  =   0.00731760
F VALUE =        7.193 DEGS. FR.  =    1.,  206.
MODEQ 4 AA1Z(-1) AA2Z(-1) - AAZ(-1);                                          
EQUATION 4  IHHZ1  RHO=2  
   RHS     CNST2  C  DKHZIHL1  KHZ(-1)  YDZ  RMALIHHZ  AA1Z(-1)  
   RHS     AA2Z(-1)  
   FSR     CNST2  CNST2(-1)  CNST2(-2)  C  KHZ(-1)  RMALIHHZ  
   FSR     YDZ(-1)  KHZ(-2)  KHZ(-3)  RMALIHHZ(-1)  RMALIHHZ(-2)  
   FSR     YDZ(-2)  LCOGSZ  LJHGSZ  LTRGSZ  LEXZ(-1)  LODHM(-1)  
   FSR     LYNLZ(-1)  PCPD(-1)  LIMZ(-1)  DKHZIHL1  DKHZIHL1(-1)  
   FSR     DKHZIHL1(-2)  IHHZ1(-1)  IHHZ1(-2)  AA1Z(-1)  AA1Z(-2)  
   FSR     AA1Z(-3)  AA2Z(-1)  AA2Z(-2)  AA2Z(-3)  
2SLS; EST 4; END;                                                             

Equation number =    4
**********************

Dependent variable = IHHZ1   

 1954.1 -   2007.4,    0 missing obs.,  216 obs. used.

First stage regressors 

  304 CNST2    (  0)
  304 CNST2    ( -1)
  304 CNST2    ( -2)
  306 C        (  0)
  355 KHZ      ( -1)
  407 RMALIHHZ (  0)
  351 YDZ      ( -1)
  355 KHZ      ( -2)
  355 KHZ      ( -3)
  407 RMALIHHZ ( -1)
  407 RMALIHHZ ( -2)
  351 YDZ      ( -2)
  369 LCOGSZ   (  0)
  371 LJHGSZ   (  0)
  373 LTRGSZ   (  0)
  378 LEXZ     ( -1)
  375 LODHM    ( -1)
  354 LYNLZ    ( -1)
  363 PCPD     ( -1)
  390 LIMZ     ( -1)
  428 DKHZIHL1 (  0)
  428 DKHZIHL1 ( -1)
  428 DKHZIHL1 ( -2)
  429 IHHZ1    ( -1)
  429 IHHZ1    ( -2)
  446 AA1Z     ( -1)
  446 AA1Z     ( -2)
  446 AA1Z     ( -3)
  447 AA2Z     ( -1)
  447 AA2Z     ( -2)
  447 AA2Z     ( -3)

Iter   Rhos:  1            2
   1     0.433967828  0.103017491
   2     0.506967734  0.188028329
   3     0.556814362  0.238916354
   4     0.583296695  0.264244642
   5     0.593029709  0.276548534
   6     0.596489090  0.283104970
   7     0.597957430  0.286659813
   8     0.598688406  0.288606672
   9     0.599084727  0.289687504
  10     0.599307601  0.290295105
  11     0.599434764  0.290639863
  12     0.599507735  0.290836693
  13     0.599549707  0.290949502
  14     0.599573874  0.291014307
  15     0.599587796  0.291051587
  16     0.599595818  0.291073050
  17     0.599600441  0.291085412
  18     0.599603105  0.291092535

Number of iterations for RHO =   18


Mean of dependent variable        0.001008648

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.063948130       0.057057773   1.12076     0.539352
  306 C       (  0)       0.774725268       0.146729343   5.27996     1.000000
  428 DKHZIHL1(  0)       0.408733894       0.055978450   7.30163    -0.268228
  355 KHZ     ( -1)      -0.046544267       0.008709830  -5.34388    37.872109
  351 YDZ     (  0)       0.152185875       0.036098565   4.21584     6.531435
  407 RMALIHHZ(  0)      -0.024601148       0.005000090  -4.92014     3.554255
  446 AA1Z    ( -1)       0.000016093       0.000424837   0.03788    76.420108
  447 AA2Z    ( -1)       0.003638897       0.001275378   2.85319    44.395922
    0 RHO     ( -1)       0.599603105       0.077545967   7.73223     0.000000
    0 RHO     ( -2)       0.291092535       0.074326858   3.91638     0.000000

SE of equation            =     0.015808100
Sum of squared residuals  = 0.514785838E-01   0.125824057E-04
Average absolute error    =     0.011824498
Sum of ABS residuals      =  2.55409167    
R squared                 =   0.41902
Durbin-Watson statistic   =   1.94800
Overid test: p-value      = 0.00085         (df =  23)
SMPL and No. Obs.         = 1954.1   2007.4    216
UDU for 2SLS              = 0.119752343E-01
@                                                                             
QUIT;                                                                         
Normal End of Job.
