ECOS3021 1 Tutorial 1 (August 12) 1.Refer to the following table (taken from Kim et al. (1994) “Key features of New Zealand business cycles, Economic Record). Note that the numbers in parentheses are standard errors of the estimates. Which variables are pro-cyclical, acyclical, and counter-cyclical? List all leading, lagging and coincident indicators. Which variables are more volatile than real GDP?
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