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1. In order to allow for autocorrelation, the econometrician decides to use a model in first differences with a constant y t u t By

1. In order to allow for autocorrelation, the econometrician decides to use a model in first differences with a constant

y_t u_t

By attempting to calculate the long-run solution to this model, explain what might be a problem with estimating models entirely in first differences.

Please solve I will give good rating thank u

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