Hey all, ' I'm trying to master Johansen's test for cointegration, but I am a bit puzzled. When I ran a bivariate Johansen test on some data I'm working on, the result was: Case 3: Unrestricted constant Rank Eigenvalue Trace test p-value Lmax test p-value 0 0,21652 20,783 [0,0062] 14,153 [0,0502] 1 0,10802 6,6300 [0,0100] 6,6300 [0,0100] (Two time series of 60 observations each. ADF, PP and KPSS tests indicate that they both are I(1). ) As I've understood it, this means that the test rejects both the "no cointegrating equation" and the "one cointegrating equation" hypotheses, but there can't be two cointegrating relations with only two variables, right? Could there be some sort of misspecification issue (e.g. wrong lag length) going on? Thanks /Olle