3. (25 points) In a study of the influence of financial institutions on bond interest rates in Germany, quarterly data over a period of 12 years were analyzed. The postulated model was Y, = Bo + Bixy; + Baxy + & where y; = change over the quarter in the bond interest rates x,; = change over the quarter in bond purchases by financial institutions X,; = change over the quarter in bond sales by financial institutions The estimated regression coefficients were as follows: b, = 0057 by, = 0.065 Interpret these estimates