Regression results代写 回归结果代写 Stata代写

Q1

Regression results代写 The two to four period lagged consumption growth rates also have predictive power for the consumption growth rate.

a)    Regression results代写

In Stata

b)

c)   Regression results代写

d)

e)

Q2       Regression results代写

The regression results are as follows. We can see that the one period lagged income and wealth (stock market index) growth rate have predictive power for the consumption growth rate. The two to four period lagged consumption growth rates also have predictive power for the consumption growth rate. The one to four period lagged income growth rate do not have significant predict power for the consumption growth rate (the p-value is at the margin of 5% significant level). The one to four period lagged wealth growth rate have predictive power for the consumption growth rate. According to Hall (1978), the pure life cycle-permanent income hypothesis claims that C_t cannot be predicted by any variable dated t-1 or earlier other than C_t-1. The empirical result does not support the hypothesis.

Q3      Regression results代写

a)

The regressions of GDP growth on lagged values of GDP growth, lagged values of consumption growth and lagged stock market growth are as follows (four periods lags are used)

We can see that both the three groups of lagged variables have predictive power for GDP growth.  I use choose the one to four lagged stock market growth rate as X_t-1 to forecast income growth. In this way, all the three variables (consumption, income, wealth) can be used in this question: lagged wealth variables used as IV, consumption and fitted income variables are used in the regression.

b)   Regression results代写

The regression results are as follows

The scatter plot of the fitted values from the above regressions is as follows

We can see that compared with Q1 e), the points are more concentrated for the fitted values. And the scatter plot of fitted points is more like a line with positive slope. If equation (1) is true,

so 

Therefore, we should have .

From the scatter plot, we can see that the income growth rate and consumption growth rate are positively correlated, this provides a preliminary support for equation (1).

c)     Regression results代写

The regression result is as follows

We can see that the coefficient on Income Growth Rate  is 0.7333. The coefficient is highly significant (p value is below 1% level). The value of  is between 0 and 1, which tends to be consistent with the model’s setting. The result suggests that 73.33% of consumers simply consume their current income.

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