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The random walk index (RWI) is a technical indicator that attempts to determine if a stock's price movement is random in
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Instead, our focus is to ascertain what fraction of business-cycle fluctuations in individual countries is due to world shocks and is mediated by fluctuations in the three world commodity prices included in the vector p t. That is, we are interested in estimating the joint contribution of μ t to domestic business cycles in individual countries
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