Question: Calculate the impulse-response functions. Explain the four functions and discuss your findings. Do you have any prior knowledge about the economies of both MSAs? Comment

Calculate the impulse-response functions. Explain the four functions and discuss your findings. Do you have any prior knowledge about the economies of both MSAs? Comment on whether the ordering of the series matters for your results.

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The correlation coefficient between the residuals from each equation in the VAR is 071 which implies that a shock in one market will produce a contemporaneous reaction in the other Since we wish to tr... View full answer

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Calculate the impulse-response functions. Explain the four functions and discuss your findings. Comment on whether the ordering of the series matters for your results.

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