Maurice Tutor

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Category > Management Posted 04 May 2018 My Price 8.00

consumption expenditure

For pedagogic purposes Hanushek and Jackson estimate the following model:

Where Ct = aggregate private consumption expenditure in year t, GNPt = gross national product in year t, and D = national defense expenditures in year t, the objective of the analysis being to study the effect of defense expenditures on other expenditures in the economy

Postulating that   = σ2(GNPt)2, they transform (1) and estimate

The empirical results based on the data for 1946–1975 were as follows (standard errors in the parentheses)* :

a. What assumption is made by the authors about the nature of heteroscedasticity? Can you justify it?

b. Compare the results of the two regressions. Has the transformation of the original model improved the results, that is, reduced the estimated standard errors? Why or why not?

c. Can you compare the two R2 values? Why or why not? (Hint: Examine the dependent variables.)

 

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Maurice Tutor
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Status NEW Posted 04 May 2018 07:05 PM My Price 8.00

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