1. Use the AR(1) model from Chapter 3 to model the default rate in Figure 12.2. What...
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1. Use the AR(1) model from Chapter 3 to model the default rate in Figure 12.2. What does the AR(1) model reveal regarding the persistence of the default rate? Can you fit the default rate closely? What is the fit (in terms of R2) of the AR(1) model?
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