Estimate the short-run and long-run elasticities, Business Economics

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Consider the following model:

Y*i= β₀X_t ^β1e^Ut

a) Using the stock adjustment model, estimate the short-run and long-run elasticities

b) Comment on the following processes :
i) Autoregressive
ii) Distributed lag

c) How is a fixed effect model (FEM) different from an error components model (ECM)?

d) How do we test for "ARCH Effects"?

e) Briefly comment on two information criteria for model selection

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