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Below is a plot of the annual price of oil (US$ per barrel) from 1860 until 2011. You are asked to estimate an econometric model.

Below is a plot of the annual price of oil (US$ per barrel) from 1860 until 2011.

You are asked to estimate an econometric model. What kind of model would

you estimate and why? Can you recommend an alternative model? Please be

precise and explain. For this question you are restricted to using only the Oil

Price series.

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