From: Great expectations? evidence from Colombia’s exchange rate survey
Coefficient/test | k = 1 month | k = 1 year | ||
---|---|---|---|---|
First differences | Fixed effects | First differences | Fixed effects | |
\(\beta _{0}\) | 0.01*** (0.001) | −0.01*** (0.001) | −0.01*** (0.001) | −0.14*** (0.004) |
\(\beta _{1}\) | 0.72*** (0.036) | 0.68*** (0.028) | 0.24*** (0.040) | 0.32*** (0.058) |
\(\beta _{2}\) | 0.00 (0.003) | 0.00 (0.003) | 0.00 (0.005) | 0.00 (0.006) |
\(t: \beta _{1}=1\) | 57.4*** (0.000) | 144*** (0.000) | 363*** (0.000) | 134*** (0.000) |
\(Wald: \beta _{0}=0 \, \beta _{1}=1\) | 41.7*** (0.000) | 96.7*** (0.000) | 205*** (0.000) | 2801*** (0.000) |
Observations | 3611 | 4100 | 2869 | 3443 |