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G. Menges developed the following econometric model for the West German economy*: Yt = β0 + β1 Yt-1 + β2 It + u1t It = β3 + β4 Yt + β5 Qt + u2tCt = β6 + β7 Yt + β8 Ct-1 + β9 Pt + u3t Qt = β10 + β11 Qt-1 + β12 Rt + u4twhere Y = national incomeI = net capital formation C = personal consumption Q = pro?tsP = cost of living indexR = industrial productivityt = timeu = stochastic disturbances
a. Which of the variables would you regard as endogenous and which as exogenous?
b. Is there any equation in the system that can be estimated by the single-equation least-squares method?
c. What is the reason behind including the variable P in the consump- tion function?
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