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Using the data on food in the Demand Functions data set, the following regressions were run, each with the logarithm of food as the dependent variable: (1) an OLS regression on a time trend T defined to be 1 in 1959, 2 in 1960, etc.; (2) an AR(1) regression using the same specification; and (3) an OLS regression on T and the logarithm of food lagged one time period, with the results shown in the table (standard errors in parentheses):
Discuss why each regression specification appears to be unsatisfactory. Explain why it was not possible to perform a common factor test.
Why is independence important in the central bank business? Should a central bank be independent? Define independence of a central bank according to the authors of the textbook.
Recall the espresso machinecontribution game discussed in class. You and your roommate may by an espresso machine for $50. Your value for havingthe espresso machine is $40 and your value for not having it is zero.
Historical evidence for the U.S. economy indicates that
A 12-year-old boy, while crossing a bridge over the defendant's trolley tracks, swung an 8-foot-long wire over the bridge. The wire touched the defendant's uninsulated trolley wire, which ran over the tracks of his trolley and beneath the bridge
The financial market looks like the following. 1. People decide not to hold currency. 2. The required reserve ratio on deposits is 10 percent 3. The money demand function looks like Md = $Y*( 0.9 - 3*i ) 4. Nominal income is $5 Trillion 5. The Moneta..
What actions could the government take to move the economy back to potential GDP?I also need to graph this :S I am not very good at economics
In a competitive market, the market-determined price is $25. For a typical firm producing 10,000 units of output, the firm's average cost reaches its minimum value of $25. Is this firm making the profit-maximizing decision? If not, what should the..
Describe three ways in which this advice might be incorrect
If you used the uncompensated demand curve to calculate the change in consumer surplus, would your calculation be too high or too low?I. Provide a graph showing the initial outcome, the outcome after price change, the income effect, the substituti..
If income elasticity of demand of good X is 0.89, what will happen to equilibrium price if there is an increase in income of consumers. Draw a diagram to support your answer.
What is driving the real price of gold? Conduct an analysis of demand and supply shocks in the gold market. Need 20 bullet points along with data and its source
Try to work out reasonable regularity conditions, do not just state high-level assumptions on the criterion function if possible. Also, try and avoid imposing "correct specification" assumptions or conditional homoskedasticity. Find the asymptotic..
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