URGENT help needed - how to interpret johansen results?

[um4rio]

dependant variable: L(sales)
independent variables: L(price), L(income)

where L means log

Here are the results:

Vector Error Correction Estimates
Date: 02/02/10 Time: 13:45
Sample (adjusted): 1931 2004


Cointegrating Eq: CointEq1


L(SALES(-1)) 1.000000

L(PRICE(-1)) 0.412459


L(INCOME(-1)) 0.7035123


C -3.481203


does the above mean that the price elasticity and income elasticity are 0.412 and 0.703, or that they are -0.412 and -0.703?

thanks

[um4rio]

anybody have any idea? even a short answer will do..

[xnder]

They have positive sign. So it's "+0.412459" and "+0.7035123".
(-1) means the lag, not the sign!
The second has got a good elasticity, it's near 1, value of perfect transmission. When sales change by 1%, income variation is of +0,7%. Remember that the prices have to be logged.
bye