Reconsider the savingsincome regression in Section 8.7. Suppose we divide the sample into two periods as 19701982
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Reconsider the savings–income regression in Section 8.7. Suppose we divide the sample into two periods as 1970–1982 and 1983–1995. Using the Chow test, decide if there is a structural change in the savings–income regression in the two periods. Comparing your results with those given in Section 8.7, what overall conclusion do you draw about the sensitivity of the Chow test to the choice of the break point that divides the sample into two (or more) periods?
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