-0.03 -0.01 0.01 0.03 0.05 -0.08 -0.04 0.00 0.04 0.08 -0.30 -0.22 -0.14 -0.06 0.02 0.10 -0.4 -0.3 -0.2 -0.1 -0.0 0.1 0.2 -0.10 -0.02 0.06 0.10 0.14
US-Exports
US-Imports
Figure 1: Linear (dashed) and semiparametric estimates (solid) of ytk = E[ytk∣vtk] for US
exports and imports in selected sectors. 95% confidence intervals for the semiparametric
estimates (wide dashes) and a horizontal line indicating E[ytk|vtk] = 0 are also shown. Rp2
is the partial degree of explantation, and θ is the slope estimate from the linear regression
(11) (t-ratios in parentheses).
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