Consider once more the CLRM: yz = Be + B2X10 +... + BxXxt + Uzs a) What is the consequence of applying OLS to estimate and make inference on the model above if the error terms are autocorrelated? Saarel [12 marks] b) What tests can you use in order to detect autocorrelation? Discuss. [13 marks] c) What would you do if the condition of no autocorrelation is violated? [5 marks] Consider once more the CLRM: yz = Be + B2X10 +... + BxXxt + Uzs a) What is the consequence of applying OLS to estimate and make inference on the model above if the error terms are autocorrelated? Saarel [12 marks] b) What tests can you use in order to detect autocorrelation? Discuss. [13 marks] c) What would you do if the condition of no autocorrelation is violated? [5 marks]