EXECUTION
 *******************************************************************************
      FRML UX2 Y2 - ALP*Y1

      FRML UX3 Y3 - ALP*Y2

      FRML UX4 Y4 - ALP*Y3

      FRML UX5 Y5 - ALP*Y4

      FRML UX6 Y6 - ALP*Y5

      FRML UX7 Y7 - ALP*Y6

      FRML DUX3 Y3 - ALP*Y2 - (Y2 - ALP*Y1)

      FRML DUX4 Y4 - ALP*Y3 - (Y3 - ALP*Y2)

      FRML DUX5 Y5 - ALP*Y4 - (Y4 - ALP*Y3)

      FRML DUX6 Y6 - ALP*Y5 - (Y5 - ALP*Y4)

      FRML DUX7 Y7 - ALP*Y6 - (Y6 - ALP*Y5)



                       Equations used for the estimations
                       ==================================



                           First Differenced Equations
                           ===========================

      FRML DU3 Y3 - ALP*Y2 - (Y2 - ALP*Y1)

      FRML DU4 Y4 - ALP*Y3 - (Y3 - ALP*Y2)

      FRML DU5 Y5 - ALP*Y4 - (Y4 - ALP*Y3)

      FRML DU6 Y6 - ALP*Y5 - (Y5 - ALP*Y4)

      FRML DU7 Y7 - ALP*Y6 - (Y6 - ALP*Y5)



                                 Level Equations
                                 ===============

      FRML U3 Y3 - ALP*Y2

      FRML U4 Y4 - ALP*Y3

      FRML U5 Y5 - ALP*Y4

      FRML U6 Y6 - ALP*Y5

      FRML U7 Y7 - ALP*Y6



                            Mask Matrix for GMM (DIF)
                            =========================


                                      ZM_AB

                      1             2             3             4             5 
        1       1.00000       1.00000       1.00000       1.00000       1.00000 
        2       0.00000       1.00000       1.00000       1.00000       1.00000 
        3       0.00000       0.00000       1.00000       1.00000       1.00000 
        4       0.00000       0.00000       0.00000       1.00000       1.00000 
        5       0.00000       0.00000       0.00000       0.00000       1.00000 



                            Mask Matrix for GMM (SYS)
                            =========================


                                      ZM_BB

                      1             2             3             4             5 
        1       1.00000       1.00000       1.00000       1.00000       1.00000 
        2       0.00000       1.00000       1.00000       1.00000       1.00000 
        3       0.00000       0.00000       1.00000       1.00000       1.00000 
        4       0.00000       0.00000       0.00000       1.00000       1.00000 
        5       0.00000       0.00000       0.00000       0.00000       1.00000 
        6       0.00000       0.00000       0.00000       0.00000       0.00000 
        7       0.00000       0.00000       0.00000       0.00000       0.00000 
        8       0.00000       0.00000       0.00000       0.00000       0.00000 
        9       0.00000       0.00000       0.00000       0.00000       0.00000 
       10       0.00000       0.00000       0.00000       0.00000       0.00000 


                      6             7             8             9            10 
        1       0.00000       0.00000       0.00000       0.00000       0.00000 
        2       0.00000       0.00000       0.00000       0.00000       0.00000 
        3       0.00000       0.00000       0.00000       0.00000       0.00000 
        4       0.00000       0.00000       0.00000       0.00000       0.00000 
        5       0.00000       0.00000       0.00000       0.00000       0.00000 
        6       1.00000       0.00000       0.00000       0.00000       0.00000 
        7       0.00000       1.00000       0.00000       0.00000       0.00000 
        8       0.00000       0.00000       1.00000       0.00000       0.00000 
        9       0.00000       0.00000       0.00000       1.00000       0.00000 
       10       0.00000       0.00000       0.00000       0.00000       1.00000 


 Current sample:  1 to 100


                   Parameter values in Monte Carlo experiments
                   ===========================================


                 NTRIAL            LT 
 Value        500.00000       7.00000 


                 S2_ETA          S2_V 
 Value          1.00000       1.00000 


                    NOB         ALPHA 
 Value        100.00000       0.80000 



                         GMM(DIF): <One-step estimation>
                         ===============================


 ECM_D1 =    0.60449

 EDM_D1 =    0.17669

 EEM_D1 =    0.17084

 SGN_D1 =    15.77783

 DF_D1 = 14.00000


                         GMM(DIF): <Two-step estimation>
                         ===============================


 ECM_D2 =    0.58026

 EDM_D2 =    0.21132

 EEM_D2 =    0.14858

 SGN_D2 =    14.86338

 DF_D2 = 14.00000


                         GMM(SYS): <One-step estimation>
                         ===============================


 ECM_S1 =    0.84551

 EDM_S1 =    0.078431

 EEM_S1 =    0.074876

 SGN_S1 =    28.53350

 DF_S1 = 19.00000


                         GMM(SYS): <Two-step estimation>
                         ===============================


 ECM_S2 =    0.83692

 EDM_S2 =    0.078599

 EEM_S2 =    0.038718

 SGN_S2 =    20.25254

 DF_S2 = 19.00000

 *******************************************************************************

 END OF OUTPUT.

   MEMORY USAGE:    ITEM:    DATA ARRAY  TOTAL MEMORY
                   UNITS:  (4-BYTE WORDS) (MEGABYTES)
   MEMORY ALLOCATED         :  24500000     100.0
   MEMORY ACTUALLY REQUIRED :  17974583      74.0
   CURRENT VARIABLE STORAGE :    167234