KLEIN'S MODEL I
In Example 18.6 we discussed briefly the pioneering model of Klein. Initially, the model was estimated for the period 1920-1941. The underlying data are given in Table 20.5; and OLS, reduced-form, and 2SLS estimates are given in Table 20.6. We leave it to the reader to interpret these results.
EXAMPLE 20.2 (Continued)
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