What proportion of the variance in next years unemployment is explained by this years inflation? If we
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What proportion of the variance in next year’s unemployment is explained by this year’s inflation?
If we are going to use data from this year to predict unemployment next year, why not use this year’s unemployment to predict next year’s unemployment? A model like this, in which previous values of a variable are used to predict future values of the same variable, is called an autoregressive model. The following table presents the data needed to fit this model.
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