2SLS estimator

3SLS estimator

Regres.

Coef.

St. error

Coef.

St. error

C

1

8.052

5.297

8.910

5.484

Y?T

0.8947

0.0076

0.8934

0.0079

I

1

?6.437

12.591

?5.876

11.527

r

?3.394

4.2453

?3.443

3.7754

ΔY

0.5975

0.1182

0.7136

0.1051

Y_?1

0.1503

0.0095

0.1459

0.0089

r

1

1.162

0.9955

2.474

1.448

M/P

?0.0173

0.00978

0.0051

0.0108

Y

0.00423

0.00277

?0.0017

0.0033

ln(w/P)

1

1.832

0.1551

1.823

0.2323

lnY

0.3870

0.0226

0.3883

0.0338