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Question 1:
a) Explain what is a VAR giving an example both in the form of an equation and matrix. Discuss its benefits and limitations.
b) How can we estimate a VAR involving equations having a contemporaneous feedback term?
c) Distinguish between variance decomposition and impulse response functions.
Question 2:
(a) What are the two types of non-stationarity that exist and show how one of them can be made stationary?
(b) How do we test for a unit root?
(c) What does it mean when two variables are cointegrated?
(d) Using the Engle-Granger approach show how parameters can be estimated in cointegrated systems.
Suppose a small open economy is characterised by the following equations/information: Y =6K 0 L 1-α K 0 = 30,000 L 0 = 10,000
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As in the model solved initially, the following is the LP model Maximize Z = $42.13*(x 11 + x 12 + x 13 + x 14 ) + $38.47*(x 21 + x 22 + x 23 + x 24 ) + $27.87*(x 31 + x
Suppose years of schooling, s , is the only variable that affects earnings. The equations for the weekly salaries of male and female workers are given by w m = 500 + 100 s and
what is role of education in economic development?
the following are the weekly amounts of welfare payments made by the federal government to a sample of six families: $139, $136,$130,$136,$147and$136.what is the range
Suppose that the aggregate demand curve in a particular year is given by the algebraic expression: Y = 3000 + 1000/P, where Y is the aggregate output and P is t
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compare the price elasticity of demand on two parallel demand curves for a given price and for a given quantity
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