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Category > Management Posted 31 Jan 2018 My Price 6.00

wage-determination equation

8.17.      A variation of the wage-determination equation given in exercise 8.17 is as follows†:

Wˆ t = 1.073 + 5.288Vt − 0.116Xt + 0.054Mt + 0.046Mt−1 (0.797)   (0.812)  (0.111)               (0.022)      (0.019)

R2 = 0.934       df = 14

where    W = wages and salaries per employee

V = unfilled job vacancies in Great Britain as a percentage of the total number of employees in Great Britain

X = gross domestic product per person employed

M = import prices

Mt−1 = import prices in the previous (or lagged) year (The estimated standard errors are given in the parentheses.)

 

 

 

 

 

 

 

 

 

 

a.    Interpret the preceding equation.

b.     Which of the estimated coefficients are individually statistically significant?

c.     What is the rationale for the introduction of the X variable? A priori, is the sign of X expected to be negative?

d.     What is the purpose of introducing both Mt and Mt−1 in the model?

e.     Which of the variables may be dropped from the model? Why?

f.     Test the overall significance of the observed regression.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Jan 2018 12:01 AM My Price 6.00

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