Cowles Foundation Discussion Papers

From Cowles Foundation for Research in Economics, Yale University
Yale University, Box 208281, New Haven, CT 06520-8281 USA.
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1709: Credit Cards and Inflation

John Geanakoplos and Pradeep Dubey

1708: Inflationary Equilibrium in a Stochastic Economy with Independent Agents

John Geanakoplos, Ioannis Karatzas, Martin Shubik and William D. Sudderth

1707: The Effects of the Security Environment on Military Expenditures: Pooled Analyses of 165 Countries, 1950-2000

William Nordhaus, John R. Oneal and Bruce Russett

1706: Analyzing Macroeconomic Forecastability

Ray Fair

1705: Measurement of Income with Time Use with Applications to Hedonic Indicators of Happiness and Misery

William Nordhaus

1704: A Paradox of Inconsistent Parametric and Consistent Nonparametric Regression

Peter Phillips and Liangjun Su

1703: LAD Asymptotics under Conditional Heteroskedasticity with Possibly Infinite Error Densities

Jin Seo Cho, Chirok Han and Peter Phillips

1702: Nonparametric Structural Estimation via Continuous Location Shifts in an Endogenous Regressor

Peter Phillips and Liangjun Su

1701: Infinite Density at the Median and the Typical Shape of Stock Return Distributions

Chirok Han, Jin Seo Cho and Peter Phillips

1700: Dynamic Misspecification in Nonparametric Cointegrating Regression

Ioannis Kasparis and Peter Phillips

1699: Explosive Behavior in the 1990s Nasdaq: When Did Exuberance Escalate Asset Values?

Peter Phillips, Yangru Wu and Jun Yu

1697: Rationalizable Implementation

Dirk Bergemann, Stephen Morris and Olivier Tercieux

1697: Rationalizable Implementation

Dirk Bergemann and Stephen Morris

1696: Understanding Inflation-Indexed Bond Markets

John Campbell, Robert Shiller and Luis Viceira

1695: Collaborating

Alessandro Bonatti and Johannes Hörner

1694: Principal Components and Long Run Implications of Multivariate Diffusions

Xiaohong Chen, Lars Hansen and Jose Scheinkman

1693: The Ethics of Distribution in a Warming Planet

John Roemer

1692: Intergenerational Justice when Future Worlds Are Uncertain

Humberto Llavador, John Roemer and Joaquim Silvestre

1691: Efficient Estimation of Copula-based Semiparametric Markov Models

Xiaohong Chen, Wei Biao Wu and Yanping Yi

1690: Mean and Autocovariance Function Estimation Near the Boundary of Stationarity

Liudas Giraitis and Peter Phillips

1689: Bootstrapping I(1) Data

Peter Phillips

1688: Cointegrating Rank Selection in Models with Time-Varying Variance

Xu Cheng and Peter Phillips

1687: Asymptotic Theory for Zero Energy Density Estimation with Nonparametric Regression Applications

Qiying Wang and Peter Phillips

1686: An Analysis of the Dismal Theorem

William Nordhaus

1685: The Perils of the Learning Model For Modeling Endogenous Technological Change

William Nordhaus

1684: Managing Strategic Buyers

Johannes Hörner and Larry Samuelson

1683: Estimation and Model Selection of Semiparametric Multivariate Survival Functions under General Censorship

Xiaohong Chen, Yanqin Fan, Demian Pouzo and Zhiliang Ying

1682: Venture Capital and Sequential Investments

Dirk Bergemann, Ulrich Hege and Liang Peng

1682: Venture Capital and Sequential Investments

Dirk Bergemann, Ulrich Hege and Liang Peng

1682: Venture Capital and Sequential Investments

Dirk Bergemann, Ulrich Hege and Liang Peng

1681: Financial Control of a Competitive Economy without Randomness

Ioannis Karatzas, Martin Shubik and William D. Sudderth

1680: A Principal-Agent Model of Sequential Testing

Dino Gerardi and Lucas Maestri

1679: Copula-Based Nonlinear Quantile Autoregression

Xiaohong Chen, Roger Koenker and Zhijie Xiao

1678: The Evolution of Decision and Experienced Utilities

Arthur Robson and Larry Samuelson

1677: Asymptotic Equivalence of Probabilistic Serial and Random Priority Mechanisms

Yeon-Koo Che and Fuhito Kojima

1676: Inference for Parameters Defined by Moment Inequalities: A Recommended Moment Selection Procedure

Donald Andrews and Panle Jia

1676: Inference for Parameters Defined by Moment Inequalities: A Recommended Moment Selection Procedure

Donald Andrews and Panle Jia

1675: Sufficiency of an Outside Bank and a Default Penalty to Support the Value of Fiat Money: Experimental Evidence

Juergen Huber, Martin Shubik and Shyam Sunder

1675: Sufficiency of an Outside Bank and a Default Penalty to Support the Value of Fiat Money: Experimental Evidence

Juergen Huber, Martin Shubik and Shyam Sunder

1675: The Value of Fiat Money with an Outside Bank: An Experimental Game

Juergen Huber, Martin Shubik and Shyam Sunder

1674: Innovation and Equilibrium?

Martin Shubik

1673: A Dynamic Analysis of Human Welfare in a Warming Planet

Humberto Llavador, John Roemer and Joaquim Silvestre

1673: A Dynamic Analysis of Human Welfare in a Warming Planet

Humberto Llavador, John Roemer and Joaquim Silvestre

1672: The Dynamic Pivot Mechanism

Dirk Bergemann and Juuso Välimäki

1672: The Dynamic Pivot Mechanism

Dirk Bergemann and Juuso Välimäki

1671: Invalidity of the Bootstrap and the m Out of n Bootstrap for Interval Endpoints Defined by Moment Inequalities

Donald Andrews and Sukjin Han

1670: Rationalizing Choice with Multi-Self Models

Attila Ambrus and Kareen Rozen

1669: Rationalization and Cognitive Dissonance: Do Choices Affect or Reflect Preferences?

Keith Chen

1668: Estimating Derivatives in Nonseparable Models with Limited Dependent Variables

Joseph Altonji, Hidehiko Ichimura and Taisuke Otsu

1668: Estimating Derivatives in Nonseparable Models with Limited Dependent Variables

Joseph Altonji, Hidehiko Ichimura and Taisuke Otsu

1667: Affective Decision Making and the Ellsberg Paradox

Anat Bracha and Donald J. Brown

1667: Affective Decision Making and the Ellsberg Paradox

Anat Bracha and Donald J. Brown

1666: Robust Implementation in General Mechanisms

Dirk Bergemann and Stephen Morris

1666: Robust Implementation in General Mechanisms

Dirk Bergemann and Stephen Morris

1665: Asymptotics for LS, GLS, and Feasible GLS Statistics in an AR(1) Model with Conditional Heteroskedaticity

Donald Andrews and Patrik Guggenberger

1665: Asymptotics for LS, GLS, and Feasible GLS Statistics in an AR(1) Model with Conditional Heteroskedaticity

Donald Andrews and Patrik Guggenberger

1665: Asymptotics for LS, GLS, and Feasible GLS Statistics in an AR(1) Model with Conditional Heteroskedaticity

Donald Andrews and Patrik Guggenberger

1664: Reforming Social Security with Progressive Personal Accounts

John Geanakoplos and Stephen Zeldes

1663: Overlapping Generations Models of General Equilibrium

John Geanakoplos

1662: Pareto Improving Taxes

John Geanakoplos and H. M. Polemarchakis

1661: Optimal Bandwidth Choice for Interval Estimation in GMM Regression

Yixiao Sun and Peter Phillips

1660: Testing for Non-Nested Conditional Moment Restrictions Using Unconditional Empirical Likelihood

Taisuke Otsu, Myung Hwan Seo and Yoon-Jae Whang

1659: Smoothing Local-to-Moderate Unit Root Theory

Peter Phillips, Tassos Magdalinos and Liudas Giraitis

1658: Semiparametric Cointegrating Rank Selection

Xu Cheng and Peter Phillips

1657: Structural Nonparametric Cointegrating Regression

Qiying Wang and Peter Phillips

1656: Long Memory and Long Run Variation

Peter Phillips

1655: Unit Root and Cointegrating Limit Theory When Initialization Is in the Infinite Past

Peter Phillips and Tassos Magdalinos

1654: Local Limit Theory and Spurious Nonparametric Regression

Peter Phillips

1653: Unit Root Model Selection

Peter Phillips

1652: Nonlinearity and Temporal Dependence

Xiaohong Chen, Lars Hansen and Marine Carrasco

1652: Nonlinearity and Temporal Dependence

Xiaohong Chen, Lars Hansen and Marine Carrasco

1651: The Impact of a Hausman Pretest on the Size of Hypothesis Tests

Patrik Guggenberger

1650: Estimation of Nonparametric Conditional Moment Models With Possibly Nonsmooth Generalized Residuals

Xiaohong Chen and Demian Pouzo

1650: Estimation of Nonparametric Conditional Moment Models With Possibly Nonsmooth Generalized Residuals

Xiaohong Chen and Demian Pouzo

1650: Estimation of Nonparametric Conditional Moment Models with Possibly Nonsmooth Moments

Xiaohong Chen and Demian Pouzo

1649: Limit Theorems for Functionals of Sums that Converge to Fractional Brownian and Stable Motions

P. Jeganathan

1648: Derivatives Markets for Home Prices

Robert Shiller

1647: The Virtues and Vices of Equilibrium and the Future of Financial Economics

J. Farmer and John Geanakoplos

1646: Emerging Markets in an Anxious Global Economy

Ana Fostel and John Geanakoplos

1645: Understanding Sectoral Labor Market Dynamics: An Equilibrium Analysis of the Oil and Gas Field Services Industry

Patrick Kline

1644: Semiparametric Efficiency in GMM Models of Nonclassical Measurement Errors, Missing Data and Treatment Effects

Xiaohong Chen, Han Hong and Alessandro Tarozzi

1643: A ‘Dual’-Improved Shortcut to the Long Run

Kareen Rozen

1642: Foundations of Intrinsic Habit Formation

Kareen Rozen

1642: Foundations of Intrinsic Habit Formation

Kareen Rozen

1641: Conflict Leads to Cooperation in Nash Bargaining

Kareen Rozen

1640: Efficient Estimation of Semiparametric Conditional Moment Models with Possibly Nonsmooth Residuals

Xiaohong Chen and Demian Pouzo

1639: Communication and Learning

Luca Anderlini, Dino Gerardi and Roger Lagunoff

1639: Do Local Economic Development Programs Work? Evidence from the Federal Empowerment Zone Program

Matias Busso and Patrick Kline

1637: A Positive Theory of Income Taxation Where Politicians Focus upon Swing and Core Voters

John Roemer

1636: Optimal Resource Extraction Contracts under Threat of Expropriation

Eduardo Engel and Ronald Fischer

1635: Estimating Exchange Rate Equations Using Estimated Expectations

Ray Fair

1634: Estimating Term Structure Equations Using Macroeconomic Variables

Ray Fair

1633: Affective Decision Making: A Behavioral Theory of Choice

Anat Bracha and Donald J. Brown

1633: Affective Decision Making: A Behavioral Theory of Choice

Anat Bracha and Donald J. Brown

1632: Low Interest Rates and High Asset Prices: An Interpretation in Terms of Changing Popular Models

Robert Shiller

1631: Inference for Parameters Defined by Moment Inequalities Using Generalized Moment Selection

Donald Andrews and Gustavo Soures

1630: Understanding Recent Trends in House Prices and Home Ownership

Robert Shiller

1629: Belief Free Incomplete Information Games

Dirk Bergemann and Stephen Morris

1628: The Role of the Common Prior in Robust Implementation

Dirk Bergemann and Stephen Morris

1627: Collective Reputation, Professional Regulation and Franchising

Robert Evans and Timothy Guinnane