RDP 2005-08: Declining Output Volatility: What Role for Structural Change?
Equation (1)
σ
i
t
Y
=
β
t
X
i
t
−
1
+
β
2
Z
i
t
+
β
3
W
t
+
α
i
+
ε
i
t
for
i
=
1
,
2
,
...
,
20
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