Dear Sir Johansen's test give me: Analisi della cointegrazione Test di Johansen (Caso III: costante non vincolata) Rango Autovalore Test L-max Test traccia H0: ipotesi di 0 0,88 66,0 [0%] 181,7 [0%] Nessuna cointegrazione 1 0,76 43,7 [2%] 115,7 [0%] 1 equazione cointegrante 2 0,58 26,7 [29%] 71,9 [3%] 2 equazioni cointegranti 3 0,50 21,3 [27%] 45,3 [8%] 3 equazioni cointegranti 4 0,34 12,8 [49%] 24,0 [21%] 4 equazioni cointegranti 5 0,30 11,1 [15%] 11,2 [20%] 5 equazioni cointegranti 6 0,00 0,17 [68%] 0,17 [68%] 6 equazioni cointegranti In parentesi quadra sono indicati i p-value This is no cointegration H0: r=0 or only 1 equation cointegrated H0: r=1 ???? Why p value is zero for both cases? You can think I'm a stupid .... Perhaps I can't test H0: r=1, before accepted the hypothesis of r=0 ?? Thank you very very much enrico rivera -- No virus found in this outgoing message. Checked by AVG Free Edition. Version: 7.5.432 / Virus Database: 268.16.2/613 - Release Date: 01/01/2007 14.50