                                                                                
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=US21.INP;                                                          
Control passed to data set US21.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 AA test (size of wealth effects).                                     
@ Requires changing some lines in US2.INP.                                    
@                                                                             
SMPL 1952.1 2013.3;                                                           
Sample period is now  1952.1 to  2013.3 Internally:     1 to   247
GENR CTOTAL=4*(CS+CN+CD+IHH);                                                 
Name added to list: CTOTAL          
2SLS; EST 1-4; END;                                                           

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

Dependent variable = LCSZ    

 1952.1 -   2013.3,    2 missing obs.,  245 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        1.454338008

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.022879388       0.003436910   6.65697     0.569388
  306 C       (  0)      -0.142108303       0.023050744  -6.16502     1.000000
  133 AG1     (  0)      -0.063169591       0.023154740  -2.72815     0.322308
  134 AG2     (  0)      -0.307548251       0.033402061  -9.20746    -0.086345
  135 AG3     (  0)       0.282625119       0.057097900   4.94983    -0.067907
  380 LCSZ    ( -1)       0.804047096       0.023338671  34.45128     1.449184
  359 LYDZ    (  0)       0.130794321       0.023734688   5.51068     1.866271
  127 RSA     (  0)      -0.001145307       0.000231295  -4.95171     3.770448
  381 LAAZ    ( -1)       0.040365808       0.005615081   7.18882     4.742254

SE of equation            =     0.003811527
Sum of squared residuals  = 0.342854654E-02   0.571663050E-09
Average absolute error    =     0.002889812
Sum of ABS residuals      = 0.708003911    
R squared                 =   0.99990
Durbin-Watson statistic   =   1.53009
Overid test: p-value      = 0.14120         (df =  12)
SMPL and No. Obs.         = 1952.1   2013.3    245
UDU for 2SLS              = 0.631683507E-03

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

Dependent variable = LCNZ    

 1952.1 -   2013.3,    2 missing obs.,  245 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        0.552303247

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)      -0.014651551       0.007571980  -1.93497     0.569388
  306 C       (  0)      -0.347934307       0.066874224  -5.20282     1.000000
  133 AG1     (  0)       0.121185347       0.049169665   2.46464     0.322308
  134 AG2     (  0)       0.125746271       0.058754097   2.14021    -0.086345
  135 AG3     (  0)      -0.308592543       0.112827341  -2.73509    -0.067907
  382 LCNZ    ( -1)       0.735767417       0.042869917  17.16279     0.549461
  383 LCNZ1   ( -1)       0.221230714       0.057745293   3.83115     0.002909
  381 LAAZ    ( -1)       0.050482488       0.010469677   4.82178     4.742254
  359 LYDZ    (  0)       0.118442655       0.030911977   3.83161     1.866271
  128 RMA     (  0)      -0.000943120       0.000507791  -1.85730     6.301406

SE of equation            =     0.006560104
Sum of squared residuals  = 0.101132170E-01  -0.711170289E-09
Average absolute error    =     0.004888492
Sum of ABS residuals      =  1.19768057    
R squared                 =   0.99894
Durbin-Watson statistic   =   1.96850
Overid test: p-value      = 0.14120         (df =  12)
SMPL and No. Obs.         = 1952.1   2013.3    245
UDU for 2SLS              = 0.188704650E-02

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

Dependent variable = CDZ1    

 1952.1 -   2013.3,    1 missing obs.,  246 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        0.004983953

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.056812580       0.014062420   4.04003     0.567073
  306 C       (  0)      -0.155875271       0.029594884  -5.26697     1.000000
  133 AG1     (  0)       0.042037478       0.029046576   1.44724     0.320998
  134 AG2     (  0)       2.541611340       0.417298328   6.09063    -0.085994
  135 AG3     (  0)      -1.973022663       0.329441182  -5.98900    -0.067631
  426 DKDZCDL1(  0)       0.192463718       0.038565765   4.99053    -0.093988
  356 KDZ     ( -1)      -0.026280606       0.004014963  -6.54567     8.410501
  351 YDZ     (  0)       0.058428469       0.009954648   5.86947     6.787162
  406 RMACDZ  (  0)      -0.009061177       0.002314241  -3.91540     3.222447
  352 AAZ     ( -1)       0.000565374       0.000156004   3.62410   127.405990

SE of equation            =     0.014421160
Sum of squared residuals  = 0.490808876E-01   0.134612044E-10
Average absolute error    =     0.009982622
Sum of ABS residuals      =  2.45572500    
R squared                 =   0.20559
Durbin-Watson statistic   =   2.00156
Overid test: p-value      = 0.14120         (df =  12)
SMPL and No. Obs.         = 1952.1   2013.3    246
UDU for 2SLS              = 0.924936613E-02

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

Dependent variable = IHHZ1   

 1952.1 -   2013.3,    5 missing obs.,  242 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     0.396504178  0.125908628
   2     0.440599435  0.183860176
   3     0.478882465  0.229056303
   4     0.520810358  0.275480142
   5     0.564716332  0.314972823
   6     0.600457691  0.325757074
   7     0.619325322  0.322948136
   8     0.626652949  0.322377343
   9     0.629765877  0.322913240
  10     0.631362943  0.323593272
  11     0.632328790  0.324178295
  12     0.632980837  0.324644105
  13     0.633451852  0.325010868
  14     0.633806913  0.325301561
  15     0.634082341  0.325534414
  16     0.634300411  0.325722894
  17     0.634475728  0.325876867
  18     0.634618347  0.326003638
  19     0.634735452  0.326108699
  20     0.634832329  0.326196248
  21     0.634912960  0.326269540
  22     0.634980404  0.326331134
  23     0.635037049  0.326383066
  24     0.635084788  0.326426970
  25     0.635125136  0.326464174
  26     0.635159318  0.326495762
  27     0.635188337  0.326522627
  28     0.635213012  0.326545506
  29     0.635234026  0.326565015
  30     0.635251943  0.326581667
  31     0.635267236  0.326595893
  32     0.635280300  0.326608056
  33     0.635291468  0.326618460
  34     0.635301023  0.326627366

Number of iterations for RHO =   34


Mean of dependent variable        0.000346919

                     Coef est             SE           T statistic      Mean
  304 CNST2   (  0)       0.130361051       0.086224462   1.51188     0.576446
  306 C       (  0)       0.921598017       0.270077363   3.41235     1.000000
  428 DKHZIHL1(  0)       0.383113731       0.051345777   7.46145    -0.245640
  355 KHZ     ( -1)      -0.037680638       0.008509059  -4.42830    39.216633
  351 YDZ     (  0)       0.075864535       0.033581441   2.25912     6.841888
  407 RMALIHHZ(  0)      -0.026175303       0.004775583  -5.48107     3.379254
  447 AA2Z    ( -1)       0.003654005       0.000972770   3.75629    46.689102
    0 RHO     ( -1)       0.635301023       0.070918812   8.95815     0.000000
    0 RHO     ( -2)       0.326627366       0.070169571   4.65483     0.000000

SE of equation            =     0.015345006
Sum of squared residuals  = 0.548643256E-01   0.120257176E-03
Average absolute error    =     0.011163378
Sum of ABS residuals      =  2.70153745    
R squared                 =   0.44517
Durbin-Watson statistic   =   1.99547
Overid test: p-value      = 0.14120         (df =  12)
SMPL and No. Obs.         = 1952.1   2013.3    242
UDU for 2SLS              = 0.697044458E-02
PRINTMODEL;                                                                   
               THE STRUCTURAL MODEL
               ********************


             VALUE           NAME     LAG       NUM

LCSZ     EQUATION    1
          0.0228793878    1  CNST2              1
         -0.1421083030    2  C                  2
         -0.0631695910    3  AG1                3
         -0.3075482513    4  AG2                4
          0.2826251193    5  AG3                5
          0.8040470962    6  LCSZ     (-1)      6
          0.1307943211    7  LYDZ               7
         -0.0011453069    8  RSA                8
          0.0403658076    9  LAAZ     (-1)      9

LCNZ     EQUATION    2
         -0.0146515512    1  CNST2             10
         -0.3479343065    2  C                 11
          0.1211853475    3  AG1               12
          0.1257462710    4  AG2               13
         -0.3085925427    5  AG3               14
          0.7357674174    6  LCNZ     (-1)     15
          0.2212307138    7  LCNZ1    (-1)     16
          0.0504824883    8  LAAZ     (-1)     17
          0.1184426551    9  LYDZ              18
         -0.0009431197   10  RMA               19

CDZ1     EQUATION    3
          0.0568125804    1  CNST2             20
         -0.1558752709    2  C                 21
          0.0420374779    3  AG1               22
          2.5416113396    4  AG2               23
         -1.9730226625    5  AG3               24
          0.1924637180    6  DKDZCDL1          25
         -0.0262806060    7  KDZ      (-1)     26
          0.0584284688    8  YDZ               27
         -0.0090611768    9  RMACDZ            28
          0.0005653745   10  AAZ      (-1)     29

IHHZ1    EQUATION    4
          0.1303610505    1  CNST2             30
          0.9215980171    2  C                 31
          0.3831137312    3  DKHZIHL1          32
         -0.0376806383    4  KHZ      (-1)     33
          0.0758645352    5  YDZ               34
         -0.0261753028    6  RMALIHHZ          35
          0.0036540046    7  AA2Z     (-1)     36
          0.6353010226    8  RHO      (-1)     37
          0.3266273665    9  RHO      (-2)     38

LL1Z     EQUATION    5
          0.0146251301    1  C                 39
          0.9379651658    2  LL1Z     (-1)     40
         -0.0036726164    3  LAAZ     (-1)     41
         -0.0239024440    4  UR                42

LL2Z     EQUATION    6
          0.0084417455    1  C                 43
          0.9912335106    2  LL2Z     (-1)     44
          0.0058495521    3  LWAZPH            45
         -0.0026000003    4  LAAZ     (-1)     46

LL3Z     EQUATION    7
          0.0451408954    1  C                 47
          0.9653391932    2  LL3Z     (-1)     48
          0.0299789109    3  LWAZPH            49
         -0.0157515138    4  LAAZ     (-1)     50
         -0.1344583351    5  UR                51

LLMZ     EQUATION    8
         -0.3553663229    1  C                 52
          0.8656971683    2  LLMZ     (-1)     53
          0.0260164058    3  LWAZPH            54
         -1.7010790491    4  UR                55

NONE9    EQUATION    9
          1.0000000000    1  C                 56

LPF      EQUATION   10
          0.9052330482    1  LPF      (-1)     57
          0.0480855099    2  LWFD5             58
          0.0023197684    3  CNST2             59
         -0.0001256736    4  TB                60
          0.0060575862    5  C                 61
          0.0002518060    6  T                 62
          0.0391967468    7  LPIM              63
         -0.1768153265    8  UR                64

LY       EQUATION   11
          0.3214246778    1  C                 65
          0.3592338531    2  LY       (-1)     66
          0.8008591793    3  LX                67
         -0.2127259045    4  LV       (-1)     68
         -0.0098946403    5  D593              69
         -0.0040364454    6  D594              70
          0.0083794050    7  D601              71
          0.4027169316    8  RHO      (-1)     72
          0.3942492638    9  RHO      (-2)     73
          0.1560429234   10  RHO      (-3)     74

LKK1     EQUATION   12
         -0.0003711282    1  CNST2             75
          0.0006148165    2  C                 76
         -0.0069585039    3  LEXKK    (-1)     77
          0.9054444417    4  LKK1     (-1)     78
          0.0127671768    5  LY1               79
          0.0111677925    6  LY1      (-1)     80
          0.0039934838    7  LY1      (-2)     81
          0.0040345707    8  LY1      (-3)     82
          0.0065587170    9  LY1      (-4)     83
         -0.0000054035   10  RBA4     (-2)     84
          0.0008000266   11  CGZ3     (-2)     85

LJF1     EQUATION   13
          0.0002198345    1  C                 86
         -0.0362150174    2  LEXL     (-1)     87
          0.6056296760    3  LJF1     (-1)     88
          0.2649239649    4  LY1               89
         -0.0181046149    5  D593              90

LHF1     EQUATION   14
         -0.0039006907    1  C                 91
         -0.1737850189    2  LHFL1A            92
         -0.0267277811    3  LEXL     (-1)     93
          0.1869378187    4  LY1               94
          0.0000121689    5  T                 95

LHO      EQUATION   15
          3.9351562492    1  C                 96
          0.0176822515    2  HFF               97
          0.0081605812    3  HFF      (-1)     98
          0.9691998783    4  RHO      (-1)     99

LWFQZ    EQUATION   16
          0.9358929995    1  LWFQZPF  (-1)    100
          0.7664710057    2  LPFZ             101
         -0.0511759937    3  C                102
          0.0000523499    4  T                103

LMFZ     EQUATION   17
          0.2325518405    1  C                104
          0.9353215758    2  LMFL1Q           105
          0.0255296608    3  LXMFA            106
         -0.0057309457    4  RSB              107

LDF1     EQUATION   18
          0.0246189586    1  LPIEFAZ          108

NONE19   EQUATION   19
          1.0000000000    1  C                109

NONE20   EQUATION   20
          1.0000000000    1  C                110

NONE21   EQUATION   21
          1.0000000000    1  C                111

NONE22   EQUATION   22
          1.0000000000    1  C                112

RBMRSL2  EQUATION   23
          0.2055762880    1  C                113
          0.9146579524    2  RBLMRSL2         114
          0.3271969204    3  RSMRSL2          115
         -0.2738447517    4  RSLMRSL2         116
          0.2020406255    5  RHO      (-1)    117

RMMRSL2  EQUATION   24
          0.3881825183    1  C                118
          0.8762064824    2  RMLMRSL2         119
          0.3261698482    3  RSMRSL2          120
         -0.1325743772    4  RSLMRSL2         121

CGZ      EQUATION   25
          0.1063984839    1  C                122
         -0.1454071098    2  RB1              123
         11.7904514199    3  TPIEM1Z          124

LCURZ    EQUATION   26
         -0.0567182737    1  C                125
          0.9579761303    2  LCURL1Q          126
          0.0486623453    3  LXMFAZ           127
         -0.0013249971    4  RSA              128
         -0.1051318281    5  RHO      (-1)    129

LIMZ     EQUATION   27
          0.0382428071    1  CNST2            130
         -0.9609686055    2  C                131
          0.7908897663    3  LIMZ     (-1)    132
          0.4329127947    4  LXXXZ            133
          0.0896284553    5  LPFZPIM          134
         -0.1181002559    6  D691             135
          0.1365498092    7  D692             136
         -0.0865962394    8  D714             137
          0.0977279859    9  D721             138

LUB      EQUATION   28
          0.8200331965    1  C                139
          0.2615278502    2  LUB      (-1)    140
          1.1473805162    3  LU               141
          0.4438368001    4  LWF              142
          0.8812605279    5  RHO      (-1)    143

INTGZ    EQUATION   29
          0.0014749048    1  C                144
          0.7932767553    2  INTGZ    (-1)    145
          0.1728791417    3  RQG              146
          0.2142635284    4  RHO      (-1)    147

RS       EQUATION   30
          0.6990346684    1  C                148
          0.9186462490    2  RS       (-1)    149
          0.0667388972    3  PCPD             150
        -10.8461260773    4  UR               151
        -69.6753032136    5  UR1              152
          0.0130636054    6  PCM1     (-1)    153
          0.2172364722    7  PCM1L1A          154
          0.2659073052    8  RS1      (-1)    155
         -0.3150640843    9  RS1      (-2)    156
SMPL 2005.1 2013.3;                                                           
Sample period is now  2005.1 to  2013.3 Internally:   213 to   247
CREATEU;                                                                      
Residuals created for the period  2005.1 -  2013.3
CREATE AASTOR=AA;                                                             
Name added to list: AASTOR          
CREATE AAZSTOR=AAZ;                                                           
Name added to list: AAZSTOR         
CREATE LAAZSTOR=LAAZ;                                                         
Name added to list: LAAZSTOR        
CREATE AA=AA+1000;                                                            
RMSE DYNAMIC FILEVAR=KEYBOARD;                                                

Results for the period  2005.1 -  2013.3
Simulation is dynamic.

          Actual         Predicted      Error     %Error

     1  CS      

 2005.1   1567.9750000   1567.9750000      0.0000000    0.00000
 2005.2   1582.0750000   1583.2693248      1.1943248    0.00075
 2005.3   1595.5250000   1597.6799164      2.1549164    0.00135
 2005.4   1603.8500000   1606.7618057      2.9118057    0.00182
 2006.1   1614.4750000   1617.9845722      3.5095722    0.00217
 2006.2   1626.1250000   1630.0980848      3.9730848    0.00244
 2006.3   1634.1250000   1638.4855780      4.3605780    0.00267
 2006.4   1645.0500000   1649.7339913      4.6839913    0.00285
 2007.1   1655.0750000   1659.9847213      4.9097213    0.00297
 2007.2   1660.1750000   1665.2512473      5.0762473    0.00306
 2007.3   1666.1000000   1671.3172949      5.2172949    0.00313
 2007.4   1669.0750000   1674.4057264      5.3307264    0.00319
 2008.1   1675.9000000   1681.3678263      5.4678263    0.00326
 2008.2   1677.6250000   1683.2430448      5.6180448    0.00335
 2008.3   1674.1750000   1679.9427852      5.7677852    0.00345
 2008.4   1672.9250000   1678.8819635      5.9569635    0.00356
 2009.1   1663.8250000   1669.9999626      6.1749626    0.00371
 2009.2   1658.6750000   1665.0702641      6.3952641    0.00386
 2009.3   1659.8750000   1666.4501223      6.5751223    0.00396
 2009.4   1662.1250000   1668.8101148      6.6851148    0.00402
 2010.1   1667.1000000   1673.8772705      6.7772705    0.00407
 2010.2   1676.8000000   1683.6522698      6.8522698    0.00409
 2010.3   1686.1500000   1693.0906618      6.9406618    0.00412
 2010.4   1697.1500000   1704.1381282      6.9881282    0.00412
 2011.1   1704.5750000   1711.5439488      6.9689488    0.00409
 2011.2   1713.5250000   1720.4638837      6.9388837    0.00405
 2011.3   1724.1750000   1731.1110616      6.9360616    0.00402
 2011.4   1728.8750000   1735.8530528      6.9780528    0.00404
 2012.1   1737.8000000   1744.7946759      6.9946759    0.00403
 2012.2   1745.3500000   1752.3162583      6.9662583    0.00399
 2012.3   1748.3750000   1755.3077895      6.9327895    0.00397
 2012.4   1751.1750000   1758.0420016      6.8670016    0.00392
 2013.1   1757.7750000   1764.5849273      6.8099273    0.00387
 2013.2   1762.8750000   1769.5904716      6.7154716    0.00381
 2013.3   1763.3750000   1769.9768677      6.6018677    0.00374

RMSE     =       5.8491026   RMSE%    =     0.00345
MAE      =       5.5780462   MAE%     =     0.00330
MEANERR  =       5.5780462   MEAN%ERR =    0.00330

     2  CN      

 2005.1    528.5000000    528.5000000      0.0000000    0.00000
 2005.2    530.8000000    531.3011809      0.5011809    0.00094
 2005.3    531.9750000    532.9506329      0.9756329    0.00183
 2005.4    541.0500000    542.3804474      1.3304474    0.00246
 2006.1    545.5250000    547.0747121      1.5497121    0.00284
 2006.2    547.3250000    548.9912844      1.6662844    0.00304
 2006.3    550.0500000    551.7911315      1.7411315    0.00317
 2006.4    559.2500000    561.0582705      1.8082705    0.00323
 2007.1    560.3750000    562.1910431      1.8160431    0.00324
 2007.2    559.2750000    561.0797909      1.8047909    0.00323
 2007.3    560.0500000    561.8493285      1.7993285    0.00321
 2007.4    559.6000000    561.3941041      1.7941041    0.00321
 2008.1    556.5250000    558.3203739      1.7953739    0.00323
 2008.2    560.4250000    562.2661491      1.8411491    0.00329
 2008.3    553.0250000    554.8894387      1.8644387    0.00337
 2008.4    544.6250000    546.5248545      1.8998545    0.00349
 2009.1    545.0250000    547.0161023      1.9911023    0.00365
 2009.2    541.1000000    543.1639107      2.0639107    0.00381
 2009.3    543.1250000    545.2534096      2.1284096    0.00392
 2009.4    545.8750000    548.0329097      2.1579097    0.00395
 2010.1    550.4000000    552.5772646      2.1772646    0.00396
 2010.2    553.0250000    555.2004669      2.1754669    0.00393
 2010.3    556.5000000    558.6859201      2.1859201    0.00393
 2010.4    563.6000000    565.7974819      2.1974819    0.00390
 2011.1    565.6250000    567.7940456      2.1690456    0.00383
 2011.2    566.6000000    568.7306557      2.1306557    0.00376
 2011.3    565.9500000    568.0492579      2.0992579    0.00371
 2011.4    567.7500000    569.8621641      2.1121641    0.00372
 2012.1    570.9000000    573.0207082      2.1207082    0.00371
 2012.2    573.4750000    575.5831078      2.1081078    0.00368
 2012.3    575.7250000    577.8215419      2.0965419    0.00364
 2012.4    576.6500000    578.7192712      2.0692712    0.00359
 2013.1    580.5500000    582.5995423      2.0495423    0.00353
 2013.2    582.9000000    584.9127246      2.0127246    0.00345
 2013.3    586.7750000    588.7553462      1.9803462    0.00337

RMSE     =       1.8940450   RMSE%    =     0.00338
MAE      =       1.8346735   MAE%     =     0.00328
MEANERR  =       1.8346735   MEAN%ERR =    0.00328

     3  CD      

 2005.1    256.5500000    256.5500000      0.0000000    0.00000
 2005.2    263.8250000    264.3918567      0.5668567    0.00215
 2005.3    266.8250000    267.8423040      1.0173040    0.00381
 2005.4    259.7000000    261.0665433      1.3665433    0.00526
 2006.1    270.3250000    271.9526852      1.6276852    0.00602
 2006.2    270.0250000    271.8408360      1.8158360    0.00672
 2006.3    273.7750000    275.7184576      1.9434576    0.00710
 2006.4    277.4000000    279.4205039      2.0205039    0.00728
 2007.1    280.5000000    282.5563289      2.0563289    0.00733
 2007.2    284.5500000    286.6105157      2.0605157    0.00724
 2007.3    287.7250000    289.7661003      2.0411003    0.00709
 2007.4    288.8500000    290.8529849      2.0029849    0.00693
 2008.1    280.6250000    282.5746323      1.9496323    0.00695
 2008.2    279.7500000    281.6376581      1.8876581    0.00675
 2008.3    271.1750000    272.9965897      1.8215897    0.00672
 2008.4    251.6750000    253.4284949      1.7534949    0.00697
 2009.1    252.1500000    253.8354244      1.6854244    0.00668
 2009.2    250.6250000    252.2442261      1.6192261    0.00646
 2009.3    262.6250000    264.1818450      1.5568450    0.00593
 2009.4    257.8750000    259.3735233      1.4985233    0.00581
 2010.1    261.2750000    262.7216449      1.4466449    0.00554
 2010.2    269.0750000    270.4745925      1.3995925    0.00520
 2010.3    273.4250000    274.7829164      1.3579164    0.00497
 2010.4    281.8500000    283.1710907      1.3210907    0.00469
 2011.1    285.5750000    286.8661644      1.2911644    0.00452
 2011.2    285.0000000    286.2653320      1.2653320    0.00444
 2011.3    288.6000000    289.8438507      1.2438507    0.00431
 2011.4    297.9250000    299.1508359      1.2258359    0.00411
 2012.1    304.9250000    306.1396902      1.2146902    0.00398
 2012.2    307.1500000    308.3561279      1.2061279    0.00393
 2012.3    313.3500000    314.5498528      1.1998528    0.00383
 2012.4    321.3000000    322.4952399      1.1952399    0.00372
 2013.1    325.8750000    327.0662693      1.1912693    0.00366
 2013.2    330.8000000    331.9889102      1.1889102    0.00359
 2013.3    337.1000000    338.2878177      1.1878177    0.00352

RMSE     =       1.5266398   RMSE%    =     0.00550
MAE      =       1.4636242   MAE%     =     0.00524
MEANERR  =       1.4636242   MEAN%ERR =    0.00524

     4  IHH     

 2005.1    185.7144617    185.7144617      0.0000000    0.00000
 2005.2    189.0679839    189.0679839      0.0000000    0.00000
 2005.3    190.6470737    190.6470737      0.0000000    0.00000
 2005.4    190.2153503    190.2153503      0.0000000    0.00000
 2006.1    189.0756169    189.0756170      0.0000000    0.00000
 2006.2    179.2514621    179.2514621      0.0000000    0.00000
 2006.3    170.7570751    170.7570751      0.0000000    0.00000
 2006.4    160.4086909    160.4086909      0.0000000    0.00000
 2007.1    151.8515947    151.8515947      0.0000000    0.00000
 2007.2    144.5678854    144.5678854      0.0000000    0.00000
 2007.3    124.4965278    124.4965278      0.0000000    0.00000
 2007.4    123.8129397    123.8129397      0.0000000    0.00000
 2008.1    111.6783024    111.6783024      0.0000000    0.00000
 2008.2    106.7822324    106.7822323      0.0000000    0.00000
 2008.3    101.1614828    101.1614829      0.0000000    0.00000
 2008.4     90.7119852     90.7119852      0.0000000    0.00000
 2009.1     82.4380903     82.4380903      0.0000000    0.00000
 2009.2     76.9454922     76.9454922      0.0000000    0.00000
 2009.3     80.5958212     80.5958212      0.0000000    0.00000
 2009.4     80.8947945     80.8947945      0.0000000    0.00000
 2010.1     81.7073218     81.7073218      0.0000000    0.00000
 2010.2     85.0793039     85.0793039      0.0000000    0.00000
 2010.3     78.7729973     78.7729972      0.0000000    0.00000
 2010.4     78.5177299     78.5177299      0.0000000    0.00000
 2011.1     78.3498040     78.3498040      0.0000000    0.00000
 2011.2     79.0587213     79.0587212      0.0000000    0.00000
 2011.3     81.2317973     81.2317973      0.0000000    0.00000
 2011.4     83.3770103     83.3770103      0.0000000    0.00000
 2012.1     85.6291147     85.6291147      0.0000000    0.00000
 2012.2     86.9132347     86.9132347      0.0000000    0.00000
 2012.3     89.3131512     89.3131512      0.0000000    0.00000
 2012.4     93.3162346     93.3162347      0.0000000    0.00000
 2013.1     95.3566741     95.3566741      0.0000000    0.00000
 2013.2     98.3204793     98.3204794      0.0000000    0.00000
 2013.3    101.7526111    101.7526111      0.0000000    0.00000

RMSE     =       0.0000000   RMSE%    =     0.00000
MAE      =       0.0000000   MAE%     =     0.00000
MEANERR  =       0.0000000   MEAN%ERR =    0.00000

   451  CTOTAL  

 2005.1  10154.9578466  10154.9578464     -0.0000002    0.00000
 2005.2  10263.0719355  10272.1213851      9.0494496    0.00088
 2005.3  10339.8882947  10356.4797080     16.5914133    0.00160
 2005.4  10379.2614010  10401.6965864     22.4351853    0.00216
 2006.1  10477.6024677  10504.3503458     26.7478782    0.00255
 2006.2  10490.9058484  10520.7266693     29.8208210    0.00284
 2006.3  10514.8283004  10547.0089688     32.1806684    0.00306
 2006.4  10568.4347636  10602.4858266     34.0510630    0.00322
 2007.1  10591.2063788  10626.3347520     35.1283732    0.00332
 2007.2  10594.2715416  10630.0377572     35.7662156    0.00338
 2007.3  10553.4861111  10589.7170064     36.2308953    0.00343
 2007.4  10565.3517586  10601.8630205     36.5112619    0.00346
 2008.1  10498.9132096  10535.7645396     36.8513300    0.00351
 2008.2  10498.3289294  10535.7163370     37.3874075    0.00356
 2008.3  10398.1459314  10435.9611856     37.8152542    0.00364
 2008.4  10239.7479407  10278.1891923     38.4412515    0.00375
 2009.1  10173.7523610  10213.1583183     39.4059573    0.00387
 2009.2  10109.3819686  10149.6955720     40.3136034    0.00399
 2009.3  10184.8832847  10225.9247924     41.0415077    0.00403
 2009.4  10187.0791781  10228.4453693     41.3661912    0.00406
 2010.1  10241.9292874  10283.5340071     41.6047197    0.00406
 2010.2  10335.9172156  10377.6265327     41.7093171    0.00404
 2010.3  10379.3919891  10421.3299822     41.9379931    0.00404
 2010.4  10484.4709197  10526.4977227     42.0268031    0.00401
 2011.1  10536.4992161  10578.2158513     41.7166351    0.00396
 2011.2  10576.7348850  10618.0743706     41.3394855    0.00391
 2011.3  10639.8271892  10680.9438698     41.1166806    0.00386
 2011.4  10711.7080412  10752.9722523     41.2642111    0.00385
 2012.1  10797.0164589  10838.3367564     41.3202975    0.00383
 2012.2  10851.5529387  10892.6749147     41.1219760    0.00379
 2012.3  10907.0526049  10947.9693417     40.9167368    0.00375
 2012.4  10969.7649386  11010.2909897     40.5260511    0.00369
 2013.1  11038.2266963  11078.4296517     40.2029554    0.00364
 2013.2  11099.5819174  11139.2503431     39.6684258    0.00357
 2013.3  11156.0104442  11195.0905711     39.0801268    0.00350

RMSE     =      36.7721487   RMSE%    =     0.00349
MAE      =      35.5053755   MAE%     =     0.00337
MEANERR  =      35.5053755   MEAN%ERR =    0.00337
CREATE AA2STO=AA2;                                                            
Name added to list: AA2STO          
CREATE AA2ZSTO=AA2/POP;                                                       
Name added to list: AA2ZSTO         
CREATE LAA2ZSTO=LOG(AA2Z)             ;                                       
Name added to list: LAA2ZSTO        
CREATE AA2=AA2+1000;                                                          
CREATE AA2Z=AA2/POP;                                                          
CREATE LAA2Z=LOG(AA2Z)             ;                                          
RMSE DYNAMIC FILEVAR=KEYBOARD;                                                

Results for the period  2005.1 -  2013.3
Simulation is dynamic.

          Actual         Predicted      Error     %Error

     1  CS      

 2005.1   1567.9750000   1567.9750000      0.0000000    0.00000
 2005.2   1582.0750000   1583.2693248      1.1943248    0.00075
 2005.3   1595.5250000   1597.6799164      2.1549164    0.00135
 2005.4   1603.8500000   1606.7618057      2.9118057    0.00182
 2006.1   1614.4750000   1617.9845722      3.5095722    0.00217
 2006.2   1626.1250000   1630.0980848      3.9730848    0.00244
 2006.3   1634.1250000   1638.4855780      4.3605780    0.00267
 2006.4   1645.0500000   1649.7339913      4.6839913    0.00285
 2007.1   1655.0750000   1659.9847213      4.9097213    0.00297
 2007.2   1660.1750000   1665.2512473      5.0762473    0.00306
 2007.3   1666.1000000   1671.3172949      5.2172949    0.00313
 2007.4   1669.0750000   1674.4057264      5.3307264    0.00319
 2008.1   1675.9000000   1681.3678263      5.4678263    0.00326
 2008.2   1677.6250000   1683.2430448      5.6180448    0.00335
 2008.3   1674.1750000   1679.9427852      5.7677852    0.00345
 2008.4   1672.9250000   1678.8819635      5.9569635    0.00356
 2009.1   1663.8250000   1669.9999626      6.1749626    0.00371
 2009.2   1658.6750000   1665.0702641      6.3952641    0.00386
 2009.3   1659.8750000   1666.4501223      6.5751223    0.00396
 2009.4   1662.1250000   1668.8101148      6.6851148    0.00402
 2010.1   1667.1000000   1673.8772705      6.7772705    0.00407
 2010.2   1676.8000000   1683.6522698      6.8522698    0.00409
 2010.3   1686.1500000   1693.0906618      6.9406618    0.00412
 2010.4   1697.1500000   1704.1381282      6.9881282    0.00412
 2011.1   1704.5750000   1711.5439488      6.9689488    0.00409
 2011.2   1713.5250000   1720.4638837      6.9388837    0.00405
 2011.3   1724.1750000   1731.1110616      6.9360616    0.00402
 2011.4   1728.8750000   1735.8530528      6.9780528    0.00404
 2012.1   1737.8000000   1744.7946759      6.9946759    0.00403
 2012.2   1745.3500000   1752.3162583      6.9662583    0.00399
 2012.3   1748.3750000   1755.3077895      6.9327895    0.00397
 2012.4   1751.1750000   1758.0420016      6.8670016    0.00392
 2013.1   1757.7750000   1764.5849273      6.8099273    0.00387
 2013.2   1762.8750000   1769.5904716      6.7154716    0.00381
 2013.3   1763.3750000   1769.9768677      6.6018677    0.00374

RMSE     =       5.8491026   RMSE%    =     0.00345
MAE      =       5.5780462   MAE%     =     0.00330
MEANERR  =       5.5780462   MEAN%ERR =    0.00330

     2  CN      

 2005.1    528.5000000    528.5000000      0.0000000    0.00000
 2005.2    530.8000000    531.3011809      0.5011809    0.00094
 2005.3    531.9750000    532.9506329      0.9756329    0.00183
 2005.4    541.0500000    542.3804474      1.3304474    0.00246
 2006.1    545.5250000    547.0747121      1.5497121    0.00284
 2006.2    547.3250000    548.9912844      1.6662844    0.00304
 2006.3    550.0500000    551.7911315      1.7411315    0.00317
 2006.4    559.2500000    561.0582705      1.8082705    0.00323
 2007.1    560.3750000    562.1910431      1.8160431    0.00324
 2007.2    559.2750000    561.0797909      1.8047909    0.00323
 2007.3    560.0500000    561.8493285      1.7993285    0.00321
 2007.4    559.6000000    561.3941041      1.7941041    0.00321
 2008.1    556.5250000    558.3203739      1.7953739    0.00323
 2008.2    560.4250000    562.2661491      1.8411491    0.00329
 2008.3    553.0250000    554.8894387      1.8644387    0.00337
 2008.4    544.6250000    546.5248545      1.8998545    0.00349
 2009.1    545.0250000    547.0161023      1.9911023    0.00365
 2009.2    541.1000000    543.1639107      2.0639107    0.00381
 2009.3    543.1250000    545.2534096      2.1284096    0.00392
 2009.4    545.8750000    548.0329097      2.1579097    0.00395
 2010.1    550.4000000    552.5772646      2.1772646    0.00396
 2010.2    553.0250000    555.2004669      2.1754669    0.00393
 2010.3    556.5000000    558.6859201      2.1859201    0.00393
 2010.4    563.6000000    565.7974819      2.1974819    0.00390
 2011.1    565.6250000    567.7940456      2.1690456    0.00383
 2011.2    566.6000000    568.7306557      2.1306557    0.00376
 2011.3    565.9500000    568.0492579      2.0992579    0.00371
 2011.4    567.7500000    569.8621641      2.1121641    0.00372
 2012.1    570.9000000    573.0207082      2.1207082    0.00371
 2012.2    573.4750000    575.5831078      2.1081078    0.00368
 2012.3    575.7250000    577.8215419      2.0965419    0.00364
 2012.4    576.6500000    578.7192712      2.0692712    0.00359
 2013.1    580.5500000    582.5995423      2.0495423    0.00353
 2013.2    582.9000000    584.9127246      2.0127246    0.00345
 2013.3    586.7750000    588.7553462      1.9803462    0.00337

RMSE     =       1.8940450   RMSE%    =     0.00338
MAE      =       1.8346735   MAE%     =     0.00328
MEANERR  =       1.8346735   MEAN%ERR =    0.00328

     3  CD      

 2005.1    256.5500000    256.5500000      0.0000000    0.00000
 2005.2    263.8250000    264.3918567      0.5668567    0.00215
 2005.3    266.8250000    267.8423040      1.0173040    0.00381
 2005.4    259.7000000    261.0665433      1.3665433    0.00526
 2006.1    270.3250000    271.9526852      1.6276852    0.00602
 2006.2    270.0250000    271.8408360      1.8158360    0.00672
 2006.3    273.7750000    275.7184576      1.9434576    0.00710
 2006.4    277.4000000    279.4205039      2.0205039    0.00728
 2007.1    280.5000000    282.5563289      2.0563289    0.00733
 2007.2    284.5500000    286.6105157      2.0605157    0.00724
 2007.3    287.7250000    289.7661003      2.0411003    0.00709
 2007.4    288.8500000    290.8529849      2.0029849    0.00693
 2008.1    280.6250000    282.5746323      1.9496323    0.00695
 2008.2    279.7500000    281.6376581      1.8876581    0.00675
 2008.3    271.1750000    272.9965897      1.8215897    0.00672
 2008.4    251.6750000    253.4284949      1.7534949    0.00697
 2009.1    252.1500000    253.8354244      1.6854244    0.00668
 2009.2    250.6250000    252.2442261      1.6192261    0.00646
 2009.3    262.6250000    264.1818450      1.5568450    0.00593
 2009.4    257.8750000    259.3735233      1.4985233    0.00581
 2010.1    261.2750000    262.7216449      1.4466449    0.00554
 2010.2    269.0750000    270.4745925      1.3995925    0.00520
 2010.3    273.4250000    274.7829164      1.3579164    0.00497
 2010.4    281.8500000    283.1710907      1.3210907    0.00469
 2011.1    285.5750000    286.8661644      1.2911644    0.00452
 2011.2    285.0000000    286.2653320      1.2653320    0.00444
 2011.3    288.6000000    289.8438507      1.2438507    0.00431
 2011.4    297.9250000    299.1508359      1.2258359    0.00411
 2012.1    304.9250000    306.1396902      1.2146902    0.00398
 2012.2    307.1500000    308.3561279      1.2061279    0.00393
 2012.3    313.3500000    314.5498528      1.1998528    0.00383
 2012.4    321.3000000    322.4952399      1.1952399    0.00372
 2013.1    325.8750000    327.0662693      1.1912693    0.00366
 2013.2    330.8000000    331.9889102      1.1889102    0.00359
 2013.3    337.1000000    338.2878177      1.1878177    0.00352

RMSE     =       1.5266398   RMSE%    =     0.00550
MAE      =       1.4636242   MAE%     =     0.00524
MEANERR  =       1.4636242   MEAN%ERR =    0.00524

     4  IHH     

 2005.1    185.7144617    185.7144617      0.0000000    0.00000
 2005.2    189.0679839    192.7315678      3.6635840    0.01938
 2005.3    190.6470737    196.4522607      5.8051870    0.03045
 2005.4    190.2153503    197.1452577      6.9299074    0.03643
 2006.1    189.0756169    196.4488773      7.3732603    0.03900
 2006.2    179.2514621    186.6435698      7.3921077    0.04124
 2006.3    170.7570751    177.9072797      7.1502046    0.04187
 2006.4    160.4086909    167.1624664      6.7537755    0.04210
 2007.1    151.8515947    158.1256629      6.2740682    0.04132
 2007.2    144.5678854    150.3338110      5.7659256    0.03988
 2007.3    124.4965278    129.7578247      5.2612969    0.04226
 2007.4    123.8129397    128.5876662      4.7747265    0.03856
 2008.1    111.6783024    115.9972803      4.3189779    0.03867
 2008.2    106.7822324    110.6810836      3.8988512    0.03651
 2008.3    101.1614828    104.6797302      3.5182473    0.03478
 2008.4     90.7119852     93.8869163      3.1749311    0.03500
 2009.1     82.4380903     85.2950792      2.8569890    0.03466
 2009.2     76.9454922     79.5212195      2.5757273    0.03347
 2009.3     80.5958212     82.9244598      2.3286386    0.02889
 2009.4     80.8947945     83.0058502      2.1110557    0.02610
 2010.1     81.7073218     83.6239415      1.9166196    0.02346
 2010.2     85.0793039     86.8260524      1.7467485    0.02053
 2010.3     78.7729973     80.3719196      1.5989223    0.02030
 2010.4     78.5177299     79.9874813      1.4697514    0.01872
 2011.1     78.3498040     79.7059681      1.3561641    0.01731
 2011.2     79.0587213     80.3158135      1.2570923    0.01590
 2011.3     81.2317973     82.4030016      1.1712043    0.01442
 2011.4     83.3770103     84.4732272      1.0962169    0.01315
 2012.1     85.6291147     86.6774635      1.0483488    0.01224
 2012.2     86.9132347     87.9166695      1.0034348    0.01155
 2012.3     89.3131512     90.2752300      0.9620788    0.01077
 2012.4     93.3162346     94.2404816      0.9242470    0.00990
 2013.1     95.3566741     96.2461199      0.8894458    0.00933
 2013.2     98.3204793     99.1790942      0.8586148    0.00873
 2013.3    101.7526111    102.5839509      0.8313398    0.00817

RMSE     =       3.8859085   RMSE%    =     0.02851
MAE      =       3.1445055   MAE%     =     0.02557
MEANERR  =       3.1445055   MEAN%ERR =    0.02557

   451  CTOTAL  

 2005.1  10154.9578466  10154.9578464     -0.0000002    0.00000
 2005.2  10263.0719355  10286.7757209     23.7037854    0.00231
 2005.3  10339.8882947  10379.7004560     39.8121614    0.00385
 2005.4  10379.2614010  10429.4162158     50.1548148    0.00483
 2006.1  10477.6024677  10533.8433870     56.2409193    0.00537
 2006.2  10490.9058484  10550.2951002     59.3892518    0.00566
 2006.3  10514.8283004  10575.6097874     60.7814870    0.00578
 2006.4  10568.4347636  10629.5009286     61.0661650    0.00578
 2007.1  10591.2063788  10651.4310249     60.2246461    0.00569
 2007.2  10594.2715416  10653.1014594     58.8299178    0.00555
 2007.3  10553.4861111  10610.7621940     57.2760829    0.00543
 2007.4  10565.3517586  10620.9619266     55.6101680    0.00526
 2008.1  10498.9132096  10553.0404514     54.1272418    0.00516
 2008.2  10498.3289294  10551.3117418     52.9828124    0.00505
 2008.3  10398.1459314  10450.0341749     51.8882435    0.00499
 2008.4  10239.7479407  10290.8889165     51.1409758    0.00499
 2009.1  10173.7523610  10224.5862742     50.8339132    0.00500
 2009.2  10109.3819686  10159.9984813     50.6165127    0.00501
 2009.3  10184.8832847  10235.2393469     50.3560622    0.00494
 2009.4  10187.0791781  10236.8895921     49.8104139    0.00489
 2010.1  10241.9292874  10291.2004855     49.2711981    0.00481
 2010.2  10335.9172156  10384.6135265     48.6963110    0.00471
 2010.3  10379.3919891  10427.7256715     48.3336824    0.00466
 2010.4  10484.4709197  10532.3767283     47.9058087    0.00457
 2011.1  10536.4992161  10583.6405078     47.1412916    0.00447
 2011.2  10576.7348850  10623.1027398     46.3678548    0.00438
 2011.3  10639.8271892  10685.6286873     45.8014980    0.00430
 2011.4  10711.7080412  10757.3571200     45.6490788    0.00426
 2012.1  10797.0164589  10842.5301516     45.5136928    0.00422
 2012.2  10851.5529387  10896.6886539     45.1357153    0.00416
 2012.3  10907.0526049  10951.8176568     44.7650519    0.00410
 2012.4  10969.7649386  11013.9879774     44.2230389    0.00403
 2013.1  11038.2266963  11081.9874347     43.7607384    0.00396
 2013.2  11099.5819174  11142.6848023     43.1028849    0.00388
 2013.3  11156.0104442  11198.4159304     42.4054862    0.00380

RMSE     =      49.3002536   RMSE%    =     0.00469
MAE      =      48.0833973   MAE%     =     0.00457
MEANERR  =      48.0833973   MEAN%ERR =    0.00457
@                                                                             
@ End AA test.                                                                
@                                                                             
@                                                                             
@ BEGIN EXAMINING RESIDUALS                                                   
@                                                                             
SMPL 2005.1 2013.3;                                                           
Sample period is now  2005.1 to  2013.3 Internally:   213 to   247
CREATE AA=AASTOR;                                                             
CREATE AAZ=AAZSTOR;                                                           
CREATE LAAZ=LAAZSTOR;                                                         
CREATE AA2=AA2STO;                                                            
CREATE AA2Z=AA2ZSTO;                                                          
CREATE LAA2Z=LAA2ZSTO;                                                        
SMPL 1954.1 2013.3;                                                           
Sample period is now  1954.1 to  2013.3 Internally:     9 to   247
2SLS;                                                                         
EST 1 2 3 4  SETLHSRESID;                                                     

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
LHS Variable values replaced by estimated residuals:  380  LCSZ    

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
LHS Variable values replaced by estimated residuals:  382  LCNZ    

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
LHS Variable values replaced by estimated residuals:  427  CDZ1    

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
LHS Variable values replaced by estimated residuals:  429  IHHZ1   
END;                                                                          
SMPL 2008.1 2013.3;                                                           
Sample period is now  2008.1 to  2013.3 Internally:   225 to   247
CREATE R1=LCSZ/0.003733070;                                                   
Name added to list: R1              
CREATE R2=LCNZ/0.006578902;                                                   
Name added to list: R2              
CREATE R3=CDZ1/0.014548924;                                                   
Name added to list: R3              
CREATE R4=IHHZ1/0.015419671;                                                  
Name added to list: R4              
PRINTVAR FIXEDF LEVELS R1 R2 R3 R4 ;                                          
 
          R1          R2          R3          R4      
         Level       Level       Level       Level  
2008.1    -0.23839    -1.24129    -2.35146    -1.82433
2008.2    -1.22792     0.48589    -1.03262    -0.73825
2008.3    -1.01658    -2.08678    -1.61723     1.90162
2008.4    -0.82537    -2.07730    -5.31842    -0.63894
2009.1    -1.20688     0.39022    -0.46919    -0.04812
2009.2    -0.79418    -1.27209    -1.09654    -0.15444
2009.3     0.18438     0.41341     3.10335     2.48727
2009.4     0.06937     0.16261    -1.29108     0.42094
2010.1     0.59401     0.77619     0.46832    -0.21916
2010.2     0.89859     0.03767     1.07515     0.02011
2010.3     1.06186     0.48392     0.18110    -2.62394
2010.4     1.06355     1.31554     1.10605    -0.45131
2011.1     0.15877    -0.19899    -0.48581    -0.44050
2011.2     0.44825    -0.22592    -1.72015     0.35747
2011.3     0.77274    -0.69556    -1.00250     0.31700
2011.4     0.65876     0.32386     1.16341    -0.01897
2012.1     0.95611     0.27910    -0.00499    -1.29179
2012.2     0.47227    -0.14348    -1.43759    -1.27055
2012.3    -0.07137    -0.04749    -0.10704    -0.38172
2012.4    -1.15064    -0.83072    -0.29800    -1.20538
2013.1     0.10457     0.50761     0.67881     0.08209
2013.2    -0.79225    -0.25729     0.75982    -0.58615
2013.3    -1.87229     0.22379     1.89566    -0.69312
@                                                                             
@ END EXAMINING RESIDUALS                                                     
@                                                                             
QUIT;                                                                         
Normal End of Job.
