Three Strikes and You.re Out: Reply to Cooper and Willis



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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