Consider a two-variables (x, y) linear regression model
\[
y = \alpha + \beta x + \epsilon
\]
where x and y are the parameters, and \( \epsilon \) is the error term. The parameters are estimated using the Ordinary Least Squares (OLS) method. Let \( \hat{\beta} \) denote the estimated value of \( \beta \). If \( \hat{\beta} = 0 \), then which one of the following statements is CORRECT?