Table 1: Estimation with Static Gap
|
CW (quadr. adj.) |
CEH (lumpy adj.) | |
|
R2 without non-linear parameter |
0.90 |
0.65 |
|
R2 with non-linear parameter: |
0.90 |
0.79 |
|
Increase in R2 after adding non-linear parameter: |
0.00 |
0.14 |
|
Minimum adjustment speed (non-linear model): |
0.19 |
0.31 |
|
Maximum adjustment speed (non-linear model): |
0.20 |
0.46 |
|
Range of adjustment speeds (non-linear model): |
0.01 |
0.15 |
CW column based on Table 1a in CW (2004). CEH based on Table 3 in CEH (1997). Maximum,
minimum and range of adjustment speeds are calculated considering adjustment hazards in the range
μG ± 2σG, where μG and σG denote the mean and standard deviation of the cross-section of static
gaps for the model under consideration.
11
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