3. We have annual data, from 1963 until 1972, about the amount of money in a country \( (M t) \) and the national income \( (Y t) \), in million Euros that can be summarized in the following: \( \sum M_{t}=37.2 \quad \sum M_{t}^{2}=147.18 \quad \sum M_{t} Y_{t}=295.95 \) \[ \sum Y_{t}=75.5 \quad \sum Y_{t}^{2}=597.95 \] a- Could you specify a linear regression model representing the theory that states that the national income is determined by the amount of money in a country? b- Think about possible factors contained in error \( \left(u_{i}\right) \) of your econometric specification representing the above theory. c- Find the OLS estimated values for the parameters of your econometric model and interpret your results.
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