The results for the regression are as follows

	Coefficients	Standard Error	T stat
Intercept	14.63	0.5226	27.995
financial crisis	13.71	1.0610	12.922
COVID-19 crisis	15.71	1.6643	9.439
transition	5.40	1.1835	4.563

1. In estimating the regression , you are also concerned that the t-statistics may be inflated because of the presence of conditional heteroscedasticity. You conduct a regression of the squared residuals against the dummy variables X1, X2, and X3 and find that for the squared residuals regression:

	Multiple R	0.4145
	R Square	0.1718
	Adjusted R Square	0.1600
	SEE	92.3760

1. Conduct a test at the level to see if conditional heteroskedasticity is present
2. In view of your answer for a), what needs to be done?