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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1298: Estimates of the Effectiveness of Monetary Policy

Ray Fair

1297: Monotone Preferences over Information

Juan Dubra and Federico Echenique

1296: Measurability Is Not about Information

Juan Dubra and Federico Echenique

1295: Valuation Ratios and the Long-run Stock Market Outlook: An Update

John Campbell and Robert Shiller

1294: Expected Utility Theory without the Completeness Axiom

Juan Dubra, Fabio Maacheroni and Efe Ok

1293: Local Polynomial Whittle Estimation of Long-range Dependence

Donald Andrews and Yixiao Sun

1292: The Financing of Innovation: Learning and Stopping

Dirk Bergemann and Ulrich Hege

1292: The Financing of Innovation: Learning and Stopping

Dirk Bergemann and Ulrich Hege

1291: Electoral Rules and the Emergence of New Issue Dimensions

Estelle Cantillon

1290: A Computational Analysis of the Core of a Trading Economy with Three Competitive Equilibria and a Finite Number of Traders

Martin Shubik and Alok Kumar

1289: The Uses of Teaching Games in Game Theory Classes and Some Experimental Games

Martin Shubik

1288: Weighted Minimum Mean-Square Distance from Independence Estimation

Donald Brown and Marten H. Wegkamp

1287: Multifractal Products of Cylindrical Rules

Julien Barral and Benoît Mandelbrot

1286: New Data and Output Concepts for Understanding Productivity Trends

William Nordhaus

1285: A Graphical Analysis of Some Basic Results in Social Choice

Estelle Cantillon and Antonio Rangel

1284: Productivity Growth and the New Economy

William Nordhaus

1283: Structural Change in Tail Behavior and the Asian Financial Crisis

Carmela E. Quintos, Zhenhong Fan and Peter Phillips

1282: Alternative Methods for Measuring Productivity Growth

William Nordhaus

1281: Does Democracy Engender Justice?

John Roemer

1280: Unilateral Deviation with Perfect Information

Pradeep Dubey and Ori Haimanko

1279: The Effect of Bidders' Asymmetries on Expected Revenue in Auctions

Estelle Cantillon

1278: Forecasting New Zealand's Real GDP

Aaron Schiff and Peter Phillips

1277: Entry and Vertical Differentiation

Dirk Bergemann and Juuso Välimäki

1276: Investment Incentives in Procurement Auctions

Leandro Arozamena and Estelle Cantillon

1275: Global Games: Theory and Applications

Stephen Morris and Hyun Song Shin

1275: Global Games: Theory and Applications

Stephen Morris and Hyun Song Shin

1274: GMM Estimation of Autoregressive Roots Near Unity with Panel Data

Hyungsik Moon and Peter Phillips

1273: Does One Soros Make a Difference? A Theory of Currency Crises with Large and Small Traders

Giancarlo Corsetti, Amil Dasgupta, Stephen Morris and Hyun Song Shin

1272: How to Compute Equilibrium Prices in 1891

William C. Brainard and Herbert Scarf

1271: Faulty Communication

Stephen Morris

1271: Faulty Communication

Stephen Morris

1270: Optimal Inventory Policies When Sales Are Discretionary

Herbert Scarf

1269: Equivalence of the Higher-order Asymptotic Efficiency of k-step and Extremum Statistics

Donald Andrews

1268: Savings and Portfolio Choice in a Two-Period Two-Asset Model

Saku Aura, Peter Diamond and John Geanakoplos

1267: Pooled Log Periodogram Regression

Katsumi Shimotsu and Peter Phillips

1266: Local Whittle Estimation in Nonstationary and Unit Root Cases

Katsumi Shimotsu and Peter Phillips

1265: Modified Local Whittle Estimation of the Memory Parameter in the Nonstationary Case

Katsumi Shimotsu and Peter Phillips

1264: Trending Time Series and Macroeconomic Activity: Some Present and Future Challenges

Peter Phillips

1263: A Bias-Reduced Log-Periodogram Regression Estimator for the Long-Memory Parameter

Donald Andrews and Patrik Guggenberger

1262: A Stochastic Overlapping Generations Economy with Inheritance

Ioannis Karatzas, Martin Shubik and William D. Sudderth

1261: Information and the Existence of Stationary Markovian Equilibrium

Ioannis Karatzas, Martin Shubik and William D. Sudderth

1260: Rethinking Multiple Equilibria in Macroeconomic Modelling

Stephen Morris and Hyun Song Shin

1259: Social Security Investment in Equities in an Economy with Short-Term Production and Land

Peter Diamond and John Geanakoplos

1258: Estimated, Calibrated, and Optimal Interest Rate Rules

Ray Fair

1257: Inside and Outside Money, Gains to Trade, and IS-LM

Pradeep Dubey and John Geanakoplos

1257: Inside and Outside Money, Gains to Trade, and IS-LM

Pradeep Dubey and John Geanakoplos

1256: Cartoons of the Variation of Financial Prices and of Brownian Motions in Multifractal Time

Benoît Mandelbrot

1255: Competitive Prizes: When Less Scrutiny Induces More Effort

Pradeep Dubey and Chien-wei Wu

1254: Optimal Scrutiny in Multi-Period Promotion Tournaments

Pradeep Dubey and Ori Haimanko

1253: The Theory of Money

Martin Shubik

1252: Asymptotics in Minimum Distance from Independence Estimation

Donald Brown and Marten H. Wegkamp

1251: Bootstrap Unit Root Tests in Panels with Cross-Sectional Dependency

Yoosoon Chang

1250: On the Number of Bootstrap Repetitions for BC_a Confidence Intervals

Donald Andrews and Moshe Y. Buchinsky

1249: Bargaining and Markets: Complexity and the Walrasian Outcome

Hamid Sabourian

1248: Information Acquisition and Efficient Mechanism Design

Dirk Bergemann and Juuso Vaimaki

1247: Default in a General Equilibrium Model with Incomplete Markets

Pradeep Dubey, John Geanakoplos and Martin Shubik

1246: Maximum Likelihood Estimation in Panels with Incidental Trends

Hyungsik Moon and Peter Phillips

1245: Nonlinear Econometric Models with Cointegrated and Deterministically Trending Regressors

Yoosoon Chang, Joon Park and Peter Phillips

1244: Unit Root Log Periodogram Regression

Peter Phillips

1243: Discrete Fourier Transforms of Fractional Processes

Peter Phillips

1242: Political Correctness

Stephen Morris

1241: Coordination Risk and the Price of Debt

Stephen Morris and Hyun Song Shin

1241: Coordination Risk and the Price of Debt

Stephen Morris and Hyun Song Shin

1240: Stationary Multi Choice Bandit Problems

Dirk Bergemann and Juuso Vaimaki

1239: World Income Components: Measuring and Exploiting Risk-Sharing Opportunities

Stefano G. Athanasoulis and Robert Shiller

1238: Survey of Multifractality in Finance

Benoît Mandelbrot

1237: Strategic Buyers and Privately Observed Prices

Dirk Bergemann and Juuso Välimäki

1236: Repeated Games with Almost-Public Monitoring

George Mailath and Stephen Morris

1235: Contractual Intermediaries

Garey Ramey and Joel Watson

1234: On Minsky's Agenda for Reform

James Tobin

1233: Consistent Model and Moment Selection Criteria for GMM Estimation with Applications to Dynamic Panel Data Models

Donald Andrews and Biao Lu

1232: Competition for Goods in Buyer-Seller Networks

Rachel Kranton and Deborah F. Minehart

1231: Vertical Integration: Networks, and Markets

Rachel Kranton and Deborah F. Minehart

1230: Higher-Order Improvements of a Computationally Attractive-Step Bootstrap for Extremum Estimators

Donald Andrews

1230: Higher-Order Improvements of a Computationally Attractive-Step Bootstrap for Extremum Estimators

Donald Andrews

1229: Testing When a Parameter Is on the Boundary of the Maintained Hypothesis

Donald Andrews

1228: An Empirical Model of Inventory Investment by Durable Commodity Intermediaries

George Hall and John Rust

1227: Toward a Theory of Reinsurance and Retrocession

Michael Powers and Martin Shubik

1226: Entry and Innovation in Vertically Differentiated Markets

Dirk Bergemann and Juuso Välimäki

1225: Conditioning Institutions and Renegotiation

Garey Ramey and Joel Watson

1224: Estimation of Autoregressive Roots Near Unity Using Panel Data

Hyungsik Moon and Peter Phillips

1223: Nonstationary Binary Choice

Peter Phillips and Joon Park

1222: Linear Regression Limit Theory for Nonstationary Panel Data

Peter Phillips and Hyungsik Moon

1221: Nonstationary Panel Data Analysis: An Overview of Some Recent Developments

Peter Phillips and Hyungsik Moon

1220: Empirical Limits for Time Series Econometric Models

Peter Phillips and Werner Ploberger

1219: Descriptive Econometrics for Nonstationary Time Series with Empirical Illustrations

Peter Phillips

1218: Starting Small in an Unfamiliar Environment

James Rauch and Joel Watson

1217: Starting Small and Commitment

Joel Watson

1216: Contract-Theoretic Approaches to Wages and Displacement

Wouter J. den Haan, Garey Ramey and Joel Watson

1215: Liquidity Flows and Fragility of Business Enterprises

Wouter J. den Haan, Garey Ramey and Joel Watson

1214: Experimentation in Markets

Dirk Bergemann and Juuso Välimäki

1213: The Hierarchical Approach to Modeling Knowledge and Common Knowledge

Ronald Fagin, John Geanakoplos, Joseph Halpern and Moshe Y. Vardi

1212: Measuring Bubble Expectations and Investor Confidence

Robert Shiller

1211: Rationalizable Trade

Stephen Morris and Skiades Costis

1210: Pareto Improving Price Regulation When the Asset Market Is Incomplete

P. Jean-Jacques Herings and Heracles M. Polemarchakis

1209: Work Motivation

Truman F. Bewley

1208: Preference for Information and Dynamic Consistency

Simon Grant, Atsushi Kajii and Ben Polak

1207: Decomposable Choice Under Uncertainty

Simon Grant, Atsushi Kajii and Ben Polak

1206: Dynamic Common Agency

Dirk Bergemann and Juuso Välimäki

1205: Estimating Yield Curves by Kernel Smoothing Methods

Oliver Linton, Enno Mammen, J. Nielsen and C. Tanggaard