However to find out whether such reduction is due to the exchange rate channel, we re-estimate the model after treating exchange rate as exogenous variable
. After exogenizing the exchange rate, the model represents the traditional money channel where there is no role of exchange rate, and the monetary policy shocks are transmitted to the real sector (aggregate and sectoral) in the standard IS-LM framework.
When the cross correlation between the oil and fat type expenditure levels are analysed after controlling all exogenous variables
within the system, the uncontrollable factors which affect the system have a negative correlation coefficient between butter expenditure level and margarine-vegetable oils expenditure level (I = -0.014).
The purpose of this analysis was to observe the direct effects of the two unobserved exogenous variables
, knowledge and attitude, on the unobserved endogenous variable, practice (Table3).
This result means that 57.2% of total variance of OE can be explained by three exogenous variables
which are (SHRM, and EA).
Therefore, a separate model is estimated in which debt is not considered as an exogenous variable
, in order to compare government expenditure multipliers with and without controlling for debt.
One of the equations in the SEM is defined as: Y = [[alpha].sub.y] + [[beta].sub.y] X + [[GAMMA].sub.y] [xi] + [zeta]; where Y is the vector of endogenous variables; [[alpha].sub.y] is the vector of intercept for Y; [[beta].sub.y] is the matrix of regression coefficients of exogenous indicator variable X; X is the vector of indicator exogenous variable
; [[Gamma].sub.y] is the matrix of regression coefficient of [xi] on Y; [xi], is the vector of exogenous latent factors; and C, is a random vector of errors for Y.
Government support, perceived risk, and education are exogenous variables
. The intention to use SAK-ETAP mainly depends on government support and SME association.
In the above model, the dummy variable indicating whether or not the household participates in tourism related work, [z.sub.i] is assumed to be exogenous variable
. However, is an endogenous dummy variable and is selected by the household as the household makes a decision whether to participate in tourism related work or involve in any other income generating activities.
Drawing on the discussion in this article, three principal conditions can be identified: (1) unilateral leadership from the United States or China; (2) coalition leadership from the BRICS; and (3) an exogenous variable
to shift the behavior of the United States, China, or the BRICS.
Table 4 presents the results of one, two, and three-month ahead forecasts of the futures price using a VAR model with the spot price as an exogenous variable
. Much like the ARIMA model, the VAR model over-predicts the futures price in the shorter-term, but under-predicts in the longer-horizon situation.
The following variable turns to the exogenous variable
"preschool children," and it poses a positive influence on commute time, indicating that families with a preschool child will take longer time for commuting.