Equation: Markov switching probabilities

Transition summary: Constant Markov transition probabilities and expected durations

Sample: 1 142

Included observations: 142

Constant transition probabilities:

P(i, k) = P(s(t) = k | s(t − 1) = i)

(row = i/column = k)

1

2

1

0.961409

0.038591

2

0.039685

0.960315

Constant expected durations:

1

2

25.91270

25.19846