Keynesian Dynamics and the Wage-Price Spiral:Estimating a Baseline Disequilibrium Approach



7 Appendix: Estimation Results

Single Equation Estimation of (21) to (25)

Linear Regression - Estimation by Least Squares

Dependent Variable DW
Quarterly Data From 1965:01
Usable Observations 143

To 2000:04

Degrees of Freedom 138

Skipped/Missing        1

R Bar **2   0.613335

T x R**2     133.351

0.0144268217

0.0067728907

0.0042115453

0.0024477217

57.3108

0.00000000

1.623078


Total Observations 144
Centered R**2     0.624227

Uncentered R**2   0.932527

Mean of Dependent Variable
Std Error of Dependent Variable
Standard Error of Estimate
Sum of Squared Residuals
Regression F(4,138)
Significance Level of F
Durbin-Watson Statistic

Variable                     Coeff       Std Error T-Stat Signif

1.

DP{1}

0.197140530

0.148555607

1.32705

0.18668405

2.

DFP

0.929962056

0.189391042

4.91027

0.00000253

3.

VL{1}

0.195780837

0.032693348

5.98840

0.00000002

4.

UKBP{1}

-0.068700307

0.034212646

-2.00804

0.04659112

5.

Constant

-0.181534056

0.031220303

-5.81462

0.00000004

Linear Regression - Estimation by Least Squares

Dependent Variable DP

Quarterly Data From 1965:01 To 2000:04

Usable Observations 144 Degrees of Freedom 139

Centered R**2     0.835171      R Bar **2   0.830428

Uncentered R**2   0.959113      T x R**2     138.112

Mean of Dependent Variable      0.0105799813

Std Error of Dependent Variable 0.0060979256

Standard Error of Estimate      0.0025110731

Sum of Squared Residuals        0.0008764628

Regression F(4,139)                  176.0747

Significance Level of F           0.00000000

Durbin-Watson Statistic             1.599777

Variable                     Coeff       Std Error T-Stat Signif

1.

DW{1}

0.087894111

0.046473210

1.89129

0.06066693

2.

DFP

0.935253173

0.061707858

15.15614

0.00000000

3.

VC{1}

0.046153826

0.005654010

8.16303

0.00000000

4.

D74

0.009987686

0.001840223

5.42743

0.00000025

29



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