ECON 5041 Annual Data Analysis on Per Capita Income in New York I just need the answer for question 1(contains 3 parts) in attached file.(The data required is given as a excel document)(ARMA Model, using R studio) ECON 504
(Due to Shi by 9:00 a.m on March 25, 2019)
1. For this exercise, use the annual data on per capita income (nominal) in the state of New
York from the Bureau of Economic Analysis web site. Use the data for the period 1950-2016
for your analysis.
a. Identify and estimate an ARMA model for per capita percentage income growth in
New York. Use R. Explain the rationale behind the choice of your model. Include at
least one other potential candidate model for your comparison.
b. Use R to obtain and present point forecasts, and the standard errors of the
forecasts (with forecast error uncertainty) for years 2017 and 2018 based on your
c. Obtain the following percentiles of the forecast density function for the forecast of
the growth rate of per capita income for 2017: 5, 20, 30, 50, 70, 80, and 95.
Present these percentiles in a tabular form.
Do the following problem from your text book:
Chapter 2: Exercise 5. Use R. Use the data file posted along with this homework.
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