Sign of Beta Coefficients

[DaGe]

Hi together

I have the following question:

If Eviews gives estimated output for my cointegration coefficients like below. How are the Coefficients to be interpreted:

Is then my equation for Cointeq1:

LIB3M(-1) = 3.482 CPIYOY(-1) + 32.129 log(PIMI(-1)) -19

or is it:

LIB3M(-1) = -3.482 CPIYOY(-1) - 32.129 log(PIMI(-1)) +19

I would be very pleased about an answer and am thankful for any help!

Dani


Cointegrating Eq: CointEq1 CointEq2 CointEq3

LIB3M(-1) 1.000000 1.000000 1.000000

CPIYOY(-1) 3.482092 -6.762055 2.383228

LOG(PMI(-1)) 32.12916 0.000000 0.000000

LIBEUR(-1) 0.000000 -0.630731 0.000000

CPIEUYOY(-1) 0.000000 5.175665 0.000000

WKEUROR(-1) 0.000000 0.000000 0.000000

C -19.89440 -3.636015 -3.963019

[DaGe]

A friend of mine could already help me, it's of course the second interpretation.

nevertheless, thanks much