Null Hypothesis: IR has a unit root

Exogenous: Constant
Lag Length: 3 (Automatic - based on SIC, maxlag=13)

t-Statistic Prob.*

Augmented Dickey-Fuller test statistic -11.31175 0.0000

Test critical values: 1% level -3.473672
5% level -2.880463
10% level -2.576939

*MacKinnon (1996) one-sided p-values.

Null Hypothes is : INF has a unit root

Exogenous : Cons tant
Lag Length: 13 (Automatic - bas ed on SIC, maxlag=13)

t-Statis tic Prob.*

Augmented Dickey-Fuller tes t s tatis tic -5.497700 0.0000

Tes t critical values : 1% level -3.476805
5% level -2.881830
10% level -2.577668

*MacKinnon (1996) one-s ided p-values .

Null Hypothesis: ER has a unit root

Exogenous: Constant
Lag Length: 9 (Automatic - based on SIC, maxlag=13)

t-Statistic Prob.*

Augmented Dickey-Fuller test statistic -10.08887 0.0000

Test critical values: 1% level -3.475500
5% level -2.881260
10% level -2.577365

*MacKinnon (1996) one-sided p-values.

Heteroskedasticity Test: Breusch-Pagan-Godfrey

F-statistic 1.275005 Prob. F(3,152) 0.2850

Obs*R-squared 3.829309 Prob. Chi-Square(3) 0.2805
Scaled explained SS 4.774839 Prob. Chi-Square(3) 0.1890

24
Series: Residuals
Sample 2004M03 2017M02
20
Observations 156

16 Mean -3.49e-18
Median -0.002522
12 Maximum 0.204407
Minimum -0.352258
8
Std. Dev. 0.093813
Skewness -0.170066
Kurtosis 3.626820
4

Jarque-Bera 3.305860
0 Probability 0.191488
-0.3 -0.2 -0.1 0.0 0.1 0.2

Variable Coefficient Std. Error t-Statistic Prob.

C 0.008755 0.001135 7.710815 0.0000

IR -0.300774 0.201108 -1.495582 0.1368
INF -0.093375 0.085143 -1.096691 0.2745
ER 0.030659 0.033342 0.919525 0.3593
Dependent Variable: SR
Method: Leas t Squares
Date: 05/04/17 Tim e: 10:48
Sam ple (adjus ted): 2004M03 2017M02
Included obs ervations : 156 after adjus tm ents

Variable Coefficient Std. Error t-Statis tic Prob.

IR -3.000850 1.343518 -2.233575 0.0270

INF -0.227910 0.568801 -0.400685 0.6892
ER -0.554544 0.222742 -2.489628 0.0139
C -3.15E-06 0.007585 -0.000415 0.9997

R-s quared 0.066060 Mean dependent var -2.81E-05

Adjus ted R-s quared 0.047627 S.D. dependent var 0.097075
S.E. of regres s ion 0.094735 Akaike info criterion -1.850167
Sum s quared res id 1.364147 Schwarz criterion -1.771966
Log likelihood 148.3131 Hannan-Quinn criter. -1.818405
F-s tatis tic 3.583779 Durbin-Wats on s tat 2.751285
Prob(F-s tatis tic) 0.015299