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Suppose a researcher wants to estimate the AR order for an autoregression of the unemployment rate (UR,). She estimates AR(p) models (p = 1, 2,..,
Suppose a researcher wants to estimate the AR order for an autoregression of the unemployment rate (UR,). She estimates AR(p) models (p = 1, 2,.., 5) over the sample period 1995:M1 - 2014:M12 for UR, and makes some calculations for each model that are summarized in the given table. SSR(p) denotes the sum of squared residuals of the estimated AR(p), and T denotes the number of observations. Complete the given table by finding the values of the Bayes information criterion (BIC) and the Akaike information criterion (AIC) for different values of p. AR order (p) 1 2 3 4 5 SSR(p) 9.4175 8.7538 8.7361 8.5816 8.7378 T SSR(p) In 2.2426 2. 1695 2.1675 2.1496 2.1677 T InT (p +1) T 0.0457 0.0685 0.0913 0.1142 0.137 (P+ 1)= 0.0167 0.025 0.0333 0.0417 0.05 BIC AIC (Round your answers to four decimal places.)
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