The Correlation between Monetary Policy and Housing Price Change Based on a VAR Model

Table 4

Johansen’s coconsolidation test results.

Examination table (trace test)
Hypothetical cointegration relationship	Characteristic value	Trace test	Critical value 5%	Value
None	0.4150	39.4807	29.7970	0.0028
At most 1	0.2328	15.3494	15.4947	0.0526
At most 2	0.0733	3.4258	3.84147	0.0642
Examination table (maximum characteristic root statistic)
Hypothetical cointegration relationship	Characteristic value	Trace test	Critical value 5%	value
None	0.4150	24.1313	21.1316	0.0183
At most 1	0.2328	11.9236	14.2646	0.1135
At most 2	0.0733	3.4258	3.8414	0.0642

represents a rejection of the null hypothesis at the 5% level. Data source: Eviews 10 software calculation.