Empirical Research.
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Logit Model and probit model.
Consider the following Keynesian model of income determination
Where,
C= Consumption expenditure
I=Investment expenditure
Y=Income
G=Government expenditure
G₁ and Yt-1 are assumed predetermined
(a) State the reduced form equations and determine which of the preceding equations are identified.
(b) Which method will you use to estimate the parameters of the over identified equation and of the exactly identified equation? Justify your answer.
Distinguish between ordinary least square method and indirect least square method of estimation. Specify the conditions under which indirect least method is applied.
What do you mean by the term 'lags' in the context of economic data? Explain the various methods to estimate the distributed lag models.
Autocorrelation
Explain with illustration the computation process of fixed effect estimation method.
Heteroscedasticity and homoscedasticity.