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Y=C+I+G+X-M I=f(Faci) y=c + i + g+ x-m P=Y/y C=f(y) G=G g=f(G/p) C=f(P c) i=f(I/P) X-M=f(x, m)

INOM = 57227.850353 + 0.587161449246 * FACI CNOM = 2756.63714613 + 0.884423132709 * CREAL * P ( ) CREAL = 7757.92879575 + 0.531989642588 * GDPREAL2 GREAL = 23909.537733 + 0.407500263584 * GNOM / P ( ) IREAL = - 5277.80197734 + 1.27371887236 * INOM / P ( ) TEST2 = 66602.058408 + 3.54103885952 * TEST1 * P ( )

gdpreal = creal + ireal + greal + tbreal + test1 ( ) gdpnom = cnom + inom + gnom + tbnom + test2 ( ) p = gdpnom / gdpreal ( )

VAR

ADF Phillips-Perron

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( )

Faci

GDP_C

GDP_R

Inv_C

Inv_R

VAR

VAR