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In order to observe the correlations between each variable, the most effective method to use is Vector Autoregression (VAR). VAR estimation uses a system of simultaneous equations to observe interdependencies throughout multiple time-series data.
The VAR is unrestricted; it will produce a theory-free estimation of economic relationships. It is imperative to understand that the estimation will not test any economic theories, nor will it analyse any government policies such as inflation targeting. The VAR will purely estimate the correlations between the specified macroeconomic variables over the time period. This paper's empirical set-up is largely borrowed from Jiménez-Rodríguez, R. and Sánchez, M. (2004) as their study was very similar to this paper, but focuses onseveral OECD countries, not just the UK. The borrowed methodology is using an unconstrained vector autoregression which is then transformed into its Moving Average Representation form in order to estimate the impulse response functions. The following vector autoregression of order p, where p is the number of lags is estimated;
Where, = GDP, = Oil Prices, = Inflation rate, = Interest Rate, = Unemployment rate and = Real exchange rate. Finally, is the error term for each equation.
Neo-classical thinking on growth: Neo-classical thinking on growth is owed to the Robert Solow whose exogenous growth models in the of the mid-20th century remained
What causes a supply curve to shift? a. Changes into Input Prices An input is a good which is used to generate another good. b. Changes into Technology c. Chang
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How much more did the average household spend on appliances, electronics, and furniture when it received the 2008 tax rebate? (b) If all 110 million households did so, how much did
Suppose that a widget market is described by the following supply and demand equations. Supply: Q = 3 P Demand: Q =400 - P a. Solve for the equilibrium price and the
Below is a simple/familiar (I hope) worksheet for the "Dice Game". Answer the following questions given the data for the each Work Center's scheduled production:
what are the limitation of economies scales
Face Tree manufactures artificial trees and flowers. There are about 100 workers who do the routine assembly work for pay ranging from $8 per hour to $15 per hour. They work in two
Indicate whether each of the following statements is true, false, or uncertain, and explain your answer. Your grade will depend primarily on the quality of your explanation.
Assume that Jimmy Cash has $2000 in his checking account and uses his checking card to withdraw $200 from his ATM machine. By what amount did M1 change from this individual transac
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