You are presented with the Australian Bureau of Statistics (ABS) information on Adelaidde’s RGRT from April 1982 through March 2010. This information together with the information on the unemployment rate (UR), the consumer price index (CPI) and the average weekly earnings (AWE) per person in Adelaide.
1. Convert the original monthly RGRT series to a quarterly series by taking the average across the three months in a quarter.
2. Following the protocol shown on in box labeled “Exercise 9.7” on page 154 of Koop, test for a unit root for each of the variables except for CPI. You may also wish to consider converting the nominal RGRT and AWE to the real dollars by dividing them by CPI to see if it improves in relation to the nonstationarity problem.
3. Make sure your identified model is free of insignificant explanatory variables
4. Create your business report, in which you will document and discuss the results of your analysis. Your report should include the following items:
• An executive summary
• Introduction to the problem
• Justifications and discussions of methodologies
• Evaluation of results and discussions of limitations
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