Perform a test for the autocorrelation in the residuals of the estimated model with detailed steps: hypothesis, test statistics, decision rule, decision, and conclusion. Eviews outputs of the test must be provided here.

Are the residuals follow a white noise process? Reasons? (Please help me to answer this question, I will upvote right then)

Transcribed Image Text:

Date: 05/21/23 Time: 09:58 Sample: 7/01/1963 4/29/2022 Included observations: 14810 Partial Correlation Autocorrelation AC PAC Q-Stat Prob 1 0.076 0.076 85.556 0.000 2 0.010 0.004 86.976 0.000 3 0.009 0.008 88.308 0.000 4 -0.041 -0.042 112.80 0.000 5 0.004 0.010 113.05 0.000 6 0.008 0.007 113.95 0.000 7 0.021 0.021 120.51 0.000 8 -0.017 -0.022 124.72 0.000 9 0.000 0.003 124.72 0.000 10 -0.010 -0.010 126.15 0.000 Date: 05/21/23 Time: 09:58 Sample: 7/01/1963 4/29/2022 Included observations: 14810 Partial Correlation Autocorrelation AC PAC Q-Stat Prob 1 0.076 0.076 85.556 0.000 2 0.010 0.004 86.976 0.000 3 0.009 0.008 88.308 0.000 4 -0.041 -0.042 112.80 0.000 5 0.004 0.010 113.05 0.000 6 0.008 0.007 113.95 0.000 7 0.021 0.021 120.51 0.000 8 -0.017 -0.022 124.72 0.000 9 0.000 0.003 124.72 0.000 10 -0.010 -0.010 126.15 0.000