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In order to estimate aVAR, alag length must be used in the estimation. There are many different criteria which can be used to signal the ideal lag length to use.Asteriou & Hall (2011) explain that the following three statistics are mainly used.
The first criterion which assesses the goodness of fit of the model is the Akaike Information criterion, (AIC), developed by Akaike (1974) and is written;
AIC=(RSS/n) e(2k/n)
The Schwarz Criterion (SC) developed by Schwarz (1978) with the following equation;
SC=(RSS/n) e(k/n)
The SCstatistic is likely to penalise complexity within models. Finally, the Hannan and Quin criterion, (HQC);
HQC=(RSS/n) (ln?n)(2k/n)
The method of selecting the ideal lag length will be the lag number which minimises the statistics of each criterion. Should the tests produce conflicting results, then an explanation into which test that I will use will accompany the results.
Determine the Economic functions of money There are three functions of economics of money - A medium of exchange. - A unit of account - Store of value.
it has been argued that economic development of developing countries has been held back by a persistent fall in the terms of trade of developing countries over the long run
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Consider two consumers, A and B. A and B both want perfect consumption smoothing (c = cf) and both have no current wealth. However, the two consumers have different income streams.
A recent article in the Cincinnati Enquirer reported that the mean labor cost to repair a heat pump is $90 with a standard deviation of $22. Montes plumbing and Heating Service com
Ask question #The market demand for brand X has been estimated as Qx=1500-3Px-0.05I-2.5Py+7.5Pz Where Px is the price of brand X, I is per-capita income, Py IS the price of brand Y
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A group has chartered a bus to Atlanta. The driver costs $200, the bus costs $500, and parking in Atlanta will be $90. You have already paid $700 to reserve the bus and a driver. T
Y= C+I+G C= 100,000000+ 0.4yd I= 400,00000 T= 0.2+60m G= 750, 000000 Calculate equilibrium level of income
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