. Author manuscript; available in PMC: 2018 Nov 13.

Published in final edited form as: Rev Econ Dyn. 2017 Feb 16;25:187–207. doi: 10.1016/j.red.2017.02.005

Table 4.

Estimated parameters common to all states.

Parameter	θ	ϕ	ω	γ	η ₁
Estimate	0.629	0.589	0.324	0.334	0.252
	(0.305)	(0.250)	(0.028)	(0.070)	(0.024)