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Nature of the Problem and Relation to the Literature
The Structure of the Model
Characteristics of the Data
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67 CHART ACTUAL AND ESTIMATED adjustment coefficients business cycle capital stock capital utilization Chapter characteristic roots CM CM Cobb-Douglas coefficient of determination Constant convergence cross-adjustment demand functions denotes relative prices dent Variables Prod Dependent Variables Nonprod disequilibrium distributed lag patterns distributed lag responses dynamic equations error of estimate ESTIMATED STRUCTURE ESTIMATED VALUES excess demand exogenous variables factors of production feedback Figures in parentheses firm forecast Hours Capital inputs Inven Jorgenson lag operator long-run elasticities matrix natural Indepen natural logarithms nondurable industries NOTE null hypothesis output output elasticities price elasticity production function rate of utilization reduced form regression returns to scale sales elasticities sample period serial correlation short-run specification squared residuals SSR logarithms standard error statistics stock variables STRUCTURE OF MODEL sum of squared time-series total durables total inventories total manufacturing TOTAL NONDURABLES utilization rates variables except trend vector w/c denotes relative Ytt-i Yu-i