This nested model is one form in which the famous (Federal Reserve Bank of) St. Louis model, a pro-monetary-school bank, has been expressed and estimated. The results of this model for the period 1953-I to 1976-IV for the United States are as follows (t ratios in parentheses):34
0.40 (2.96) 0.41 (5.26) 0.25 (2.14) 0.06 (0.71) -0.05 (-0.37)
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