ordinary Least Square regression coecients. Logically, state the why the assumption allows us to make inferences

INSTRUCTIONS TO CANDIDATES

ANSWER ALL QUESTIONS

Problem One

1a) State assumption necessary to test the signi€cance (inference) ofProblem One

1a) State assumption necessary to test the signi€cance (inference) of Ordinary Least Square regression coecients. Logically, state the why the assumption allows us to make inferences.

1b) Given a regression yi = β0 + β1x1i + β2x2i + u, sketch that ˆβ1 is biased estimator of β1 if

x1i and x2i are strongly correlated. (Hint: Directly, guess the formula for ˆβ1 and show that it is

biased.)

1.

1b) Given a regression yi = β0 + β1x1i + β2x2i + u, sketch that ˆβ1 is biased estimator of β1 if

x1i and x2i are strongly correlated. (Hint: Directly, guess the formula for ˆβ1 and show that it is

biased.)

1

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