Hi;

Before I put a Gretl's example. Data set which I study is monthly. I have 101 observations and, if I apply the Johansen's tests in it, I obtain following output:

Rank	Eigenvalue	Trace	p-value	L-máx	p-value
0	0,11637	13,736	[0,3151]	11,01	[0,2600]
1	0,030163	2,7258	[0,6392]	2,7258	[0,6380]

Then I question to my self: if two hypothesis are accepted, why we must conclude that there aren't any cointegration relationships??? To conclude that I think we have to interpretate sequently, that is, starting with the less rank, the first rank we accept it will be the rank of cointegration, won´t it? In this case rank zero, doesn´t it?

If the null hypothesis in L-max were that there are exactly "r0" ( and no r<=r0 as the trace test)) cointegration vectors, it would impossible the interpretation, because the rank would be, at the same time, zero and one. In a lot of articles there is that distintion between both tests.

I continue thinking that this isn't very clear in Gretl

Cheerssssss and thanksss

Javi