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



11.

VL{1}

0.461799467

12.

VL{2}

-0.461799467

13.

VC{1}

-0.010854974

14.

UKBP

-0.103630314

15.

D74

-0.002665601

16.

Constant

0.008902589

17.

VC{1}

-0.108166568

18.

DVL{1}

1.002987661

19.

RRATE{1}

-0.091396432

20.

UKBP

-0.386270535

21.

Constant

0.093312776

22.

DFP

0.438595499

23.

VC{1}

0.071940548

24.

RATE{1}

-0.064939038

3SLS Estimation of the System (31) to (35)

Linear Systems - Estimation by


Seemingly Unrelated Regressions


Iterations Taken 2

Quarterly Data From 1965:01 To 2000:04

Usable Observations    140

Total Observations    144      Skipped/Missing        4

Dependent Variable DW

Centered R**2     0.622469      R Bar **2   0.469931

Uncentered R**2   0.933152      T x R**2     130.641

Mean of Dependent Variable      0.0145273297

Std Error of Dependent Variable 0.0067628354

Standard Error of Estimate      0.0049237398

Sum of Squared Residuals        0.0024000782

Durbin-Watson Statistic             1.647187

Variable                     Coeff       Std Error T-Stat Signif

1.

DP{1}

0.190786620

0.144850244

1.31713

0.18779501

2.

DFP

0.944474099

0.185285895

5.09739

0.00000034

3.

VL{1}

0.194794094

0.031937339

6.09926

0.00000000

4.

UKBP{1}

-0.078907652

0.033873529

-2.32948

0.01983374

5.

Constant

-0.180706804

0.030494684

-5.92585

0.00000000

Dependent Variable DP

Centered R**2     0.831840      R Bar **2   0.763897

Uncentered R**2   0.959287      T x R**2     134.300

Mean of Dependent Variable 0.0107511047

Std Error of Dependent Variable 0.0060983439

34



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