The application of the formula requires that the inverses of the model error

covariances [MATHEMATICAL EXPRESSION NOT REPRODUCIBLE IN ASCII] are available.

0 software was used for the analysis with maximum likelihood estimation, and the input matrix was the

covariance matrix.

In terms of the

covariances, notable is the increased smoothing offered by transfers to changes in head earnings, especially in the middle of the distribution in the depth of the Great Recession, and by the increased negative

covariance of other nontransfer income and head earnings in the top half of the income distribution.

The permanent environmental matrix of variances and

covariances for all pairwise analyses was equal to I x [V.

are reported in Table 3, whereas the results for the

covariance terms, that is, cov([alpha][DELTA][S.

In order to validate this assumption, it was necessary to fit the experimental measurements with the theoretical expressions of morphological parameters of the pores such as the transverse and longitudinal

covariances.

The second approach explains the risk premium using

covariances with current consumption growth and with news about future consumption growth; this might be called "CCAPM+," as it generalizes the insight about risk that is embodied in the consumption-based CAPM with power utility.

By comparing the statistical values with the critical ones and by taking into consideration the probability that the null hypothesis to be true, we draw the conclusion that our

covariance time series is a I(0) process.

The elements of the composite

covariance matrix can be obtained from sub-matrices using standard results from linear algebra (Beck and Arnold, 1977)

M])' has a multivariate normal distribution with mean [mu] = 0 and

covariance matrix [SIGMA] = [[[sigma].

Model I is the CAPM, in which I assume that the

covariances with variables that forecast stock market returns have no effects on the expected stock market return.

The Recent Record on Standard Deviations and

Covariance in G-7 Growth