英语翻译The results of the Johansen trace test are provided in T

英语翻译
The results of the Johansen trace test are provided in Table 2.These results suggest that
one co-integrating vector (or a long-run relation) between goods prices measured by the
consumer price index (CPI) and the stock price index exists in each country under study.
We conclude from the similarity in results across several countries in this study that it
takes stock prices a long time to return to their long run relation when there is unexpected
movement in goods prices,and that the co-integrating tests are robust.This is similar to the
case with European,U.S.,and Japanese markets as reported by Anari and Kolari (2001)
and Khil and Lee (2000).
Time path of the relation between stock prices and goods prices
We next explore howstock prices (SP) react to shocks in goods prices (CP).For this purpose,
innovations on current and future values of the endogenous variables.In other words,a
shock to the j-variable directly affects the j-variable,and is also transmitted to all of the
endogenous variables through the dynamic structure of the vector error correction model
(VECM) of Johansen (1991).More specifically,a change in the error term in Eq.(8) will
immediately change the value of current SP.It will also impact all future values of the SP
differential and changes in CP.The impulse response functions shed light on the dynamics
of the variables included in the VECM system as a result of a shock to either one of these
variables.
The impulse response function,or moving average representation,is suggested as an
alternative descriptive device of the VAR system because autoregressive systems are very
difficult to define succinctly; there are complex patterns of cross-equation feedbacks and
estimated lagged coefficients that tend to oscillate.The impulse response function may
yield a reasonable economic interpretation.The impulse response function is computed by
artificially imposing a one standard deviation shock to one variable and by measuring the
response of each variable in the system.

汉森的结果微量测试是提供在表2.这些结果表明,
一个co-integrating向量(或长期均衡关系)之间的货物的价格来衡量
消费者物价指数(CPI)和股票价格指数存在于每一个国家处于研究阶段.
我们得出的结论是,从相似的结果中跨越几个国家在该研究结果表明,它
以股票价格很长一段时间要回到他们的长期关系当有出乎意料的
运动商品的价格,co-integrating测试具有很强的鲁棒性.这是相似的
案例与欧洲、美国、和日本市场上反映的Anari和Kolari(2001)
和Khil和李(2000).
汉森的结果微量测试是提供在表2.这些结果表明,
一个co-integrating向量(或长期均衡关系)之间的货物的价格来衡量
消费者物价指数(CPI)和股票价格指数存在于每一个国家处于研究阶段.
我们得出的结论是,从相似的结果中跨越几个国家在该研究结果表明,它
时间路径之间关系的股票价格和商品的价格
我们下一步探索howstock价格(SP)反应在货物的价格冲击(CP).为了这个目的,
在当前和未来价值创新的内生变量.换句话说,
j-variable的冲击,并直接影响到j-variable也是传播给所有的孩子
通过动态结构内生变量向量误差修正模型
(VECM)的琼汉森(1991).更确切的说,在误差项改变在情商.(8)将
立刻改变当前SP的价值.它也将影响到所有未来的价值SP
微分和改变CP.揭示了脉冲响应函数的动态变化
变量包括在VECM系统由于一个打击,这其中之一
变量.
在脉冲响应函数,或移动平均线的表象,建议作为一种
选择描述性装置VAR系统,因为自回归系统非常
简洁明了,很难定义存在着复杂的反馈、cross-equation模式
估计滞后系数更倾向于之振动.在脉冲响应函数
一个合理的经济解释产量.计算了脉冲响应函数
人工加征标准差休克是一个变量,通过测量
在反应中的每个变量的系统.