16.3 A version of the permanent income theory of consumption implies that the logarithm of real GDP...

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16.3 A version of the permanent income theory of consumption implies that the logarithm of real GDP (Y) and the logarithm of real consumption (C) are cointegrated with a cointegrating coefficient equal to 1. Explain how you would investigate this implication by

(a) plotting the data and

(b) using a statistical test.

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