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193

Table 13.7 (Cont.)

Year

Month

MR240

Year

Month

MR240

Year

Month

MR240

3.209

4.15

5.525

5.47

4.920

5.83

3.390

4.15

5.324

5.31

5.273

6.85

3.490

4.17

5.324

5.12

5.727

6.88

3.450

4.16

5.021

5.20

6.131

6.85

3.530

4.16

5.223

5.29

6.081

6.88

3.490

4.24

5.273

5.40

6.738

7.03

3.309

4.21

5.122

5.55

7.547

7.09

3.259

4.17

6.333

5.92

8.358

7.57

3.440

4.14

6.030

6.00

8.662

7.31

3.309

4.18

5.929

6.08

7.244

7.02

3.309

4.18

5.424

6.20

7.294

7.27

3.510

4.18

6.434

5.92

7.244

7.11

3.470

4.16

5.929

6.29

7.345

7.30

3.611

4.18

6.232

6.17

7.244

7.38

3.410

4.19

6.738

6.17

7.547

7.49

3.772

4.18

7.142

6.21

8.358

7.80

3.832

4.19

7.244

6.70

8.865

8.12

3.812

4.17

6.839

6.52

7.648

8.06

3.862

4.18

7.041

6.80

7.851

8.06

3.812

4.18

7.547

6.81

8.307

8.32

3.812

4.18

7.750

6.84

9.576

8.51

3.762

4.19

6.637

6.41

7.041

8.39

3.812

4.25

6.738

6.48

7.041

8.00

4.013

4.33

6.738

6.90

7.294

7.75

3.913

4.35

6.535

7.42

7.041

7.65

3.812

4.40

6.131

7.15

5.424

7.64

4.316

4.49

6.283

6.75

4.618

7.60



4.517

4.58

6.333

6.90

5.313

8.01

4.436

4.78

6.030

6.74

5.021

8.35

4.517

4.59

5.424

6.80

4.971

8.17

4.618

4.63

4.819

6.22

5.626

7.97

4.517

4.69

4.719

6.30

6.081

8.09

4.618

4.78

4.215

5.97

5.929

8.36

4.618

4.82

3.359

6.11

6.232

8.48

4.819

5.07

3.510

5.73

5.223

8.02

5.122

4.76

3.913

5.98

5.021

8.12

4.819

4.66

4.316

6.13

5.021

7.83

4.316

4.79

5.021

6.30

4.416

7.85

4.618

4.55

5.223

6.30

4.769

7.80

4.517

4.44

4.618

5.94

4.769

7.90

4.517

4.65

4.618

5.80

4.769

7.95

4.114

4.51

4.164

5.75

5.324

8.12

3.510

4.71

4.013

5.79

5.273

7.98

3.410

4.83

3.510

5.81

5.021

8.01

3.711

5.10

3.209

5.90

5.021

7.85

3.812

4.99

3.259

5.85

5.071

7.78

4.265

5.12

3.611

5.98

76 -

4.719

, 7.73

4.316

5.18

3.410

5.98

4.366

7.48

4.215

5.46

3.611

5.81

4.164

7.16

4.517

5.60

3.711

5.86

4.567

7.68

4.517

5.57

3.611

5.73

4.477

7.74

4.819

5.37

4.517

5.70

4.557

7.69

4.719

5.39

4.567

5.85

4.416

7.68

5.021

5.59

4.517

5.73

4.769

7.65

5.525

5.47

4.920

5.59

4.971

7.50

(contd)



Table 13.7 (Cont.)

Year

Month

MR240

Year

Month

MR240

Year

Month

MR240

5.273

7.62

9.611

9.05

13.449

12.89

5.324

7.51

8.764

8.78

13.347

13.88

5.879

7.61

9.017

8.91

16.062

13.10

6.081

7.80

10.033

9.06

14.677

13.64

5.576

7.75

10.186

9.29

14.831

14.26

5.778

7.95

11.611

10.54

15.190

15.12

5.980

8.09

10.237

10.08

13.909

15.58

6.081

8.16

10.084

10.10

12.632

14.69

6.434

8.28

11.509

11.11

10.298

13.58

6.182

8.31

13.142

12.27

9.576

14.05

6.434

8.47

15.241

12.40

12.019

14.17

6.535

8.63

9.830

10.81

12.121

14.05

6.535

8.56

7.547

10.31

13.347

13.86

7.648

8.38

6.182

10.01

12.376

13.55

7.851

8.57

7.294

10.68

11.407

13.63

8.865

8.86

9.068

11.33

11.611

14.06

8.814

8.73

10.745

11.83

8.764

13.61

9.865

8.96

11.306

12.30

6.535

12.55

9.474

8.84

15.190

12.30

6.940

11.58

9.373

9.09

11.102

11.96

7.800

10.75

9.627

9.01

13.909

12.40

"7.598

10.98

9.474

9.21

14.370

13.15

"Short- and long-term interest rates as measured by the 1-month Treasury bill rate and the bonds.

Source: David N. DeJong, "Co-integration and Trend Stationary in Macroeconomic Time Working Paper 89-05, University of Iowa, February 1989.

monthly yields to maturity of 20-year Treasury Series: Evidence from the Likelihood Function,



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