14.8 Suppose that Yt is the monthly value of the number of new home construction projects started in the United States. Because of the weather, Yt has a pronounced seasonal pattern; for example, housing starts are low in January and high in June. Let mJan denote the average value of housing starts in January and let mFeb, mMar,c, mDec denote the average values in the other months. Show that the values of mJan, mFeb,

c, mDec can be estimated from the OLS regression Yt = b0 + b1Febt + b2Mart + g+ b11Dect + ut, where Febt is a binary variable equal to 1 if t is February, Mart is a binary variable equal to 1 if t is March, and so forth. (Hint: Show that b0 + b2 = mMar, and so forth.)