Question: Reconsider the data in Exercise 14.4. Defi ne a new set of transformed variables as the fi rst difference of the original variables, y yy

Reconsider the data in Exercise 14.4. Defi ne a new set of transformed variables as the fi rst difference of the original variables, y yy t tt ′ = − −1 and x xx t tt ′ = − −1. Regress y′

t on x′

t through the origin. Compare the estimate of the slope from this fi rst - difference approach with the estimate obtained from the iterative method in Exercise 14.4.

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