\begin{table}\caption{SOE Markov Economy, instruments: L(3/4).deltalogc L3.delta8logc L(3/4).deltalogy L3.delta8logy L(3/4).a, 0.75x ORIGINAL MEASUREMENT ERROR, 200 periods}
\begin{tabular}{cccccc}
 \hline \hline\multicolumn{6}{c}{$ \Delta \log \mathbf{C}_{t+1} = \varsigma + \chi \Delta \log \mathbf{C}_t + \eta \mathbb{E}_t[\Delta \log \mathbf{Y}_{t+1}] + \alpha A_t + \epsilon $ } 
\\ \multicolumn{3}{c}{Expectations : Dep Var} & OLS &  (2nd Stage) & KP p-val 
\\ \multicolumn{3}{c}{Independent Variables} & or IV & $ \bar{R}^{2} $ & Hansen J p-val 
\\ \hline \multicolumn{3}{c}{Frictionless : $\Delta \log \mathbf{C}_{t+1}$} & & & 
\\ \multicolumn{1}{c}{$\Delta \log \mathbf{C}_{t} $} & \multicolumn{1}{c}{$\Delta \log \mathbf{Y}_{t+1}$}& \multicolumn{1}{c}{$ A_{t}  $} & & & 
\\ 0.358 & & & OLS & 0.129& 
\\ (0.064) & & & & & 
\\ & 0.483 & & IV & 0.039 & 0.069
\\ & (0.211) & & & & 0.422
\\ & & -0.0006 & IV & 0.030 & 0.000
\\ & & (0.0005) & & & 0.357
\\ 0.412 & 0.305 & 0.0001 & IV & 0.033 & 0.529
\\ (0.418) & (0.367) & (0.0009) & & & 0.537
\\ & \multicolumn{4}{c}{Memo: For instruments $\mathbf{Z}_{t}$,  $\Delta \log \mathbf{C}_{t+1} = \mathbf{Z}_{t} \zeta,~~\bar{R}^{2}=$ } 0.044 & 
\\ \hline \hline 
\end{tabular} 
\end{table} 
\newpage 
\begin{table}\caption{SOE Markov Economy, instruments: L(3/4).deltalogc L3.delta8logc L(3/4).deltalogy L3.delta8logy L(3/4).a, 0.75x ORIGINAL MEASUREMENT ERROR, 200 periods}
\begin{tabular}{cccccc}
 \hline \hline\multicolumn{6}{c}{$ \Delta \log \mathbf{C}_{t+1} = \varsigma + \chi \Delta \log \mathbf{C}_t + \eta \mathbb{E}_t[\Delta \log \mathbf{Y}_{t+1}] + \alpha A_t + \epsilon $ } 
\\ \multicolumn{3}{c}{Expectations : Dep Var} & OLS &  (2nd Stage) & KP p-val 
\\ \multicolumn{3}{c}{Independent Variables} & or IV & $ \bar{R}^{2} $ & Hansen J p-val 
\\ \hline \multicolumn{3}{c}{Sticky : $\Delta \log \mathbf{C}_{t+1}$} %NotOnSlide 
\\ \multicolumn{1}{c}{$\Delta \log {\mathbf{C}}_{t}$} & \multicolumn{1}{c}{$\Delta \log \mathbf{Y}_{t+1}$} & \multicolumn{1}{c}{$A_{t}$} 
\\  0.862 & & & OLS & 0.743 & %NotOnSlide 
\\  (0.035) & & & & & %NotOnSlide 
\\  0.827 & & & IV & 0.384 & 0.000
\\  (0.047) & & & & & 0.358
\\ & 0.879 & & IV & 0.263 & 0.063
\\ & (0.172) & & & & 0.148
\\ & & -0.0008 & IV & 0.091 & 0.000
\\ & & (0.0003) & & & 0.000
\\ 0.732 & 0.141 & 0.0001 & IV & 0.349 & 0.341
\\ (0.080) & (0.124) & (0.0002) & & & 0.438
\\ & \multicolumn{4}{c}{Memo: For instruments $\mathbf{Z}_{t}$,  $\Delta \log \widetilde{\mathbf{C}}_{t+1} = \mathbf{Z}_{t} \zeta,~~\bar{R}^{2}=$ } 0.375 & 
\\ \multicolumn{6}{c}{Horserace coefficient on $\Delta \log \widetilde{\mathbf{C}}_t$ significant at 95\% level for 100.0 of 100.0 subintervals.} 
\\ \multicolumn{6}{c}{Horserace coefficient on $\mathbb{E}[\Delta \log \mathbf{Y}_{t+1}]$ significant at 95\% level for 32.0 of 100.0 subintervals.} 
\\ \hline \multicolumn{3}{c}{Sticky : $\Delta \log \widetilde{\mathbf{C}}_{t+1} $}%NotOnSlide 
\\ \multicolumn{1}{c}{$\Delta \log {\widetilde{\mathbf{C}}}_{t}$} & \multicolumn{1}{c}{$\Delta \log \mathbf{Y}_{t+1}$} & \multicolumn{1}{c}{$A_{t}$} 
\\ 0.497 & & & OLS & 0.253& 
\\ (0.059) & & & & & 
\\  0.802 & & & IV & 0.254 & 0.000
\\  (0.105) & & & & & 0.568
\\ & 0.863 & & IV & 0.185 & 0.070
\\ & (0.191) & & & & 0.218
\\ & & -0.0008 & IV & 0.066 & 0.000
\\ & & (0.0004) & & & 0.003
\\ 0.669 & 0.193 & 0.0001 & IV & 0.233 & 0.377
\\ (0.186) & (0.292) & (0.0005) & & & 0.586
\\ & \multicolumn{4}{c}{Memo: For instruments $\mathbf{Z}_{t}$,  $\Delta \log \widetilde{\mathbf{C}}_{t+1} = \mathbf{Z}_{t} \zeta,~~\bar{R}^{2}=$ } 0.254 & 
\\ \multicolumn{6}{c}{Horserace coefficient on $\Delta \log \widetilde{\mathbf{C}}_t$ significant at 95\% level for 94.0 of 100.0 subintervals.} 
\\ \multicolumn{6}{c}{Horserace coefficient on $\mathbb{E}[\Delta \log \mathbf{Y}_{t+1}]$ significant at 95\% level for 13.0 of 100.0 subintervals.} 
\\ \hline \hline 
\end{tabular} 
\end{table} 
