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Unduh sekarang ( 6 Halaman )

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Table 1. Full-sample Mincer and Zarnowitz (1969) forecast rationality tests
Figure 1. Rolling estimates of parameters of α and β in the Mincer and Zarnowitz (1969) regressions for various horizons (h)
Figure 2. Fluctuation rationality tests for the Mincer and Zarnowitz (1969) regressions for the following cases: for testing Hreports Equation (β =0 : α = 0 and 1 jointly for each horizon (first row); for testing H0 : α = 0 (second row); and for testing H0
Figure 3. Fluctuation revision test over time (line with stars) for GDP deflator data (left-hand side panel) and GDP growth (right-hand sidepanel), together with the critical value (dotted line)

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07350015%2E2012%2E738955

Figure 1 presents the con- ditional CDFs G and F for low/high education using the proposed bandwidth method (we restrict the plotting range of the X axis to the 0. 995th quantiles