Skip to main content
. Author manuscript; available in PMC: 2012 Jan 1.
Published in final edited form as: J Appl Econ. 2011;26(3):393–415. doi: 10.1002/jae.1226

Table 3.

OLS regressions with proxies for the level (columns 1-2), heterogeneity (columns 3-4) and uncertainty (column 5) of expectations. HRS 2008.

Dependent Variable P0 Px |uP0| |uPx| Px-P0
[1] [2] [3] [4] [5]
Constant 45.627
[0.360]** 		64.813
[0.785]** 		24.485
[0.184]** 		21.434
[0.429]** 		−24.532
[0.966]**
July 08 to September 08 −0.142
[0.698]		 0.571
[0.628]		 −0.39
[0.356]		 0.173
[0.343]		 1.702
[0.773]*
October 08 to November 08 4.922
[1.254]** 		3.645
[1.128]** 		1.714
[0.640]** 		1.762
[0.617]** 		4.343
[1.389]**
December 08 to February 09 0.041
[2.000]		 1.06
[1.799]		 2.562
[1.021]* 		2.331
[0.983]* 		−0.175
[2.215]
Dummies for the
‘x’ categories		 YES YES YES
N 9348 9348 9348 9348 9348

Standard errors in brackets.

*

significant at 5%

**

significant at 1%

Notes. “Px” is defined as Px+ for positive thresholds and (1-Px− ) for negative thresholds. “Px-P0” is defined as (Px+ - P0) for positive thresholds and (P0+Px− - 1) for negative thresholds.