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Barry Phillips, CFA, has estimated an AR(1) relationship (xt = b0 + b1 × xt-1 + et) and got the following result: xt+1 = 0.5 + 1.0xt + et. Phillips should: A. not first difference the data because b0 = 0.5 < 1. B. first difference the data because b1 = 1. C. not first difference the data because b1 − b0 = 1.0 − 0.5 = 0.5 < 1. |