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a) Take growth rates of consumption and income (year-on-year differences inlconsandlgdp) and conduct regression analysis and estimate the model. LGDP = income icons = consumption

a) Take growth rates of consumption and income (year-on-year differences inlconsandlgdp) and conduct regression analysis and estimate the model.

LGDP = income

icons = consumption

These are the formulas to figure out the growth rates

grconst = iconst - iconst?4

grgdpt = lgdpt ? lgdpt?4

The data on icons and lgdp with years is provided below

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