Refer to Exercise 18.10. For the two-equation system there obtain the reduced-form equations and estimate their parameters.
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Refer to Exercise 18.10. For the two-equation system there obtain the reduced-form equations and estimate their parameters. Estimate the indirect least-squares regression of consumption on income and compare your results with the OLS regression.
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The reduced form equations are The OLS estimates of these reduced form regressions based on th...View the full answer
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