43
+++++++
Variable Coefficient
 Standard Error tratio P[T>t] Mean of X
+++++++
Constant
856.107861
221.141722
3.871
.0002
YT

1.21490273
.32340906
3.757
.0003
4987.32410
CT1

.98759074
.04395654
22.467
.0000
4465.65542
CY

1.13474451
.31933175
3.553
.0006
4503.23012
?
? The results are essentially the same.
This suggests
? that neither model is right.
The regressions are based on real consumption and real disposable income.
Results for 1950 to
2000 are given in the text.
Repeating the exercise for 1980 to 2000 produces: for the first regression, the
estimate of
α
is 1.03 with a t ratio of 23.27 and for the second, the estimate is 1.24 with a t ratio of 3.062.
Thus, as before, both models are rejected.
This is qualitatively the same results obtained with the full 51
year data set.
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