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Autocorrelation of β11


Displacement


Figure 8

Autocorrelations and Residual Autocorrelations of Level, Slope and Curvature Factors

Autocorrelation of ^11

Displacement


Autocorrelation of β21

Displacement


Autocorrelation of ^21

Displacement


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Autocorrelation of β31

Autocorrelation of ^31

Displacement


Displacement


Notes to Figure 8: We plot the sample autocorrelations of the three estimated factors, β1t, β2t, andβ31, as
well as the sample autocorrelations of AR(1) models fit to the three estimated factors, along with Barlett’s
approximate 95% confidence bands.



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