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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966: The Invisible Hand in Modern Macroeconomics

James Tobin

965: Shortest Integer Vectors

Herbert Scarf and David F. Shallcross

964: A Strategic Market Game with a Mutual Bank with Fractional Reserves and Redemption in Gold (A Continuum of Traders)

Martin Shubik and Dimitrios Tsomocos

963: Default and Bankruptcy in a Multistage Exchange Economy

Martin Shubik

962: On the Convex Hull of the Integer Points

Antal Balog and Imre Barany

961: A Strategic Market Game of a Finite Economy with a Mutual Bank

Martin Shubik and Jingang Zhao

960: Smooth Unbiased Multivariate Probability Simulators for Maximum Likelihood Estimation of Limited Dependent Variable Models

Vassilis Hajivassiliou and Axel Borsch-Supan

959: The Price for the Widow's Cruse: Or the Value of an Infinitely Productive Asset

Martin Shubik

958: Least Concavity and the Distribution-Free Estimation of Non-Parametric Concave Functions

Rosa Matzkin

957: Estimation of Multinomial Models Using Weak Monotonicity Assumptions

Rosa Matzkin

956: The Hybrid Solutions of an n-Person Game

Jingang Zhao

955: International Diversification of Social and Private Risk: The US and Japan

Stephen Golub

954: Inefficiency of Strategy-Proof Allocation Mechanisms in Pure Exchange Economies

Lin Zhou

953: Stock Prices and Bond Yields: Can Their Co-Movements Be Explained in Terms of Present Value Models?

Robert Shiller and Andrea E. Beltratti

952: Popular Attitudes Towards Free Markets: The Soviet Union and the United States Compared

Robert Shiller, Maxim Boycko and Vladimir Korobov

951: A Functional Central Limit Theorem for Strong Mixing Stochastic Processes

Donald Andrews and David Pollard

950: To Criticize the Critics: An Objective Bayesian Analysis of Stochastic Trends

Peter Phillips

949: A Shortcut to LAD Estimator Asymptotics

Peter Phillips

948: Operational Algebra and Regression t-Tests

Peter Phillips

947: Testing Covariance Stationarity Under Moment Condition Failure with an Application to Common Stock Returns

Peter Phillips and Mico Loretan

946: The Generalized Basis Reduction Algorithm

Herbert Scarf and Laszlo Lovasz

945: The Frobenius Problem and Maximal Lattice Free Bodies

Herbert Scarf and David F. Shallcross

944: Further Evidence on the Great Crash, the Oil Price Shock, and the Unit Root Hypothesis

Eric Zivot and Donald Andrews

943: Tests for Parameter Instability and Structural Change with Unknown Change Point

Donald Andrews

942: An Improved Heteroskedasticity and Autocorrelation Consistent Covariance Matrix Estimator

Donald Andrews and Christopher J. Monahan

941: Voting by Committees

Salvador Barberà, Hugo Sonnenschein and Lin Zhou

940: Generic Uniform Convergence

Donald Andrews

939: Financial Integration, Liquidity and Exchange Rates

Vittorio Grilli and Nouriel Roubini

938: Aggregation and Social Choice: A Mean Voter Theorem

Andrew Caplin and Barry Nalebuff

937: Aggregation and Imperfect Competition: On the Existence of Equilibrium

Andrew Caplin and Barry Nalebuff

936: A Colored Version of Tverberg's Theorem

Imre Barany and D.G. Larman

935: Testing Game Theoretic Models of Price-Fixing Behaviour

Vassilis Hajivassiliou

934: Growth and Distribution: A Neoclassical Kaldor-Robinson Exercise

James Tobin

933: Testing for a Unit Root in the Presence of Deterministic Trends

Peter Phillips and Peter Schmidt

932: Asymptotics for Linear Processes

Peter Phillips and Victor Solo

931: On the Theory of Macroeconomic Policy

James Tobin

930: Mathematical Programming and Economic Theory

Herbert Scarf

929: Asymptotic and Finite Sample Distribution Theory for IV Estimators and Tests in Partially Identified Structural Equations

In Choi and Peter Phillips

928: Estimating Long Run Economic Equilibria

Peter Phillips and Mico Loretan

927: Alternative Approaches to the Political Business Cycle

William Nordhaus

925: Additive Interactive Regression Models: Circumvention of the Curse of Dimensionality

Donald Andrews and Yoon-Jae Whang

924: Risk Analysis in Economics: An Application to University Finances

William Nordhaus

923: Inflationary Expectations and Price Setting Behavior

Ray Fair

922: Warranties, Durability, and Maintenance: Two Sided Moral Hazard in a Continuous-Time Model

Nancy A. Lutz and Philip Dybvig

921: Full Information Estimation and Stochastic Simulation of Models with Rational Expectations

Ray Fair and John Taylor

920: Renegotiation and Symmetry in Repeated Games

David G. Pearce, Dilip Abreu and Ennio Stacchetti

919: An Introduction to General Equilibrium with Incomplete Asset Markets

John Geanakoplos

918: A Nonparametric Maximum Rank Correlation Estimator

Rosa Matzkin

917: On Integer Points in Polyhedra: A Lower Bound

Imre Barany, Roger Howe and Laszlo Lovasz

916: Neighbors of the Origin for Four by Three Matrices

David F. Shallcross

915: The Reconciliation of Micro and Macro Economics

Martin Shubik

914: Game Theory Without Partitions, and Applications to Speculation and Consensus

John Geanakoplos

913: The Capital Asset Pricing Model as a General Equilibrium with Incomplete Markets

John Geanakoplos and Martin Shubik

912: Existence of Walras Equilibrium Without a Price Player of Generalized Game

John Geanakoplos and Pradeep Dubey

911: Do the Secondary Markets Believe in Life After Debt?

Vassilis Hajivassiliou

910: Asymptotics for Semiparametric Econometric Models: III. Testing and Examples

Donald Andrews

909: Asymptotics for Semiparametric Econometric Models: II. Stochastic Equicontinuity and Nonparametric Kernel Estimation

Donald Andrews

908: Asymptotics for Semiparametric Econometric Models: I. Estimation

Donald Andrews

907: An Empirical Process Central Limit Theorem for Dependent Non-Identically Distributed Random Variables

Donald Andrews

906: Asymptotic Optimality of Generalized C_{L}, Cross-Validation, and Generalized Cross-Validation in Regression with Heteroskedastic Errors

Donald Andrews

905: Market Innovation and Entrepreneurship: A Knightian View

Truman F. Bewley

904: Gold, Liquidity and Secured Loans in a Multi-Stage Economy. Part II. Many Durables, Land and Gold

Martin Shubik and Shuntian Yao

903: The Transactions Cost of Money (A Strategic Game Analysis)

Martin Shubik and Shuntian Yao

902: Solving Systems of Simultaneous Equations in Economics

John Geanakoplos and Wayne Shafer

901: Observability and Optimality

John Geanakoplos and Heracles M. Polemarchakis

900: Liquidity and Bankruptcy with Incomplete Markets: Pure Exchange

John Geanakoplos and Pradeep Dubey

899: Testing for a Unit Root by Generalized Least Squares Methods in the Time and Frequency Domains

Peter Phillips and In Choi

898: The Durbin-Watson Ratio Under Infinite Variance Errors

Peter Phillips and Mico Loretan

897: Time Series Regression with a Unit Root and Infinite Variance Errors

Peter Phillips

896: The Production Smoothing Model Is Alive and Well

Ray Fair

895: Repeated Trade and the Velocity of Money

Martin Shubik, Pradeep Dubey and Siddhartha Sahi

894: Nonparametric Tests of Maximizing Behavior Subject to Nonlinear Sets

Rosa Matzkin

893: Reflections on Econometric Methodology

Peter Phillips

892: The Interaction of Implicit and Explicit Contracts in Repeated Agency

David G. Pearce and Ennio Stacchetti

891: The Interaction of Implicit and Explicit Contracts in Repeated Agency

Martin Shubik

890: The Behavior of Home Buyers in Boom and Post-Boom Markets

Robert Shiller and Karl Case

889: Nonparametric and Distribution-Free Estimation of the Binary Choice and the Threshold-Crossing Models

Rosa Matzkin

888: The Macroeconomics of Government Finance

James Tobin and Michael Haliassos

887: A New Proof of Knight's Theorem on the Cauchy Distribution

Peter Phillips

886: A Little Magic with the Cauchy Distribution

Peter Phillips

885: The Power of Commitment

John Geanakoplos and Chien-fu Chou

884: Correlated Equilibrium with Generalized Information Structures

John Geanakoplos, Adam Brandenburger and Eddie Dekel

883: The Shapes of Polyhedra

Herbert Scarf, R. Kannan and Laszlo Lovasz

882: Error Correction and Long Run Equilibrium in Continuous Time

Peter Phillips

881: Estimation and Inference in Models of Cointegration: A Simulation Study

Peter Phillips and Bruce Hansen

880: Testing for a Unit Root in the Presence of a Maintained Trend

Peter Phillips, Sam Ouliaris and Joon Park

879: Default and Efficiency in a General Equilibrium Model with Incomplete Markets

Pradeep Dubey, John Geanakoplos and Martin Shubik

878: Capital Structure and dividend Irrelevance with Asymmetric Information

Philip Dybvig and Jaime F. Zender

877: Heteroskedasticity and Autocorrelation Consistent Covariance Matrix Estimation

Donald Andrews

877: Heteroskedasticity and Autocorrelation Consistent Covariance Matrix Estimation

Donald Andrews

876: The Stabilization of the U.S. Economy: Evidence from the Stock Market

Matthew Shapiro

875: Information and Timing in Repeated Partnerships

David G. Pearce, Dilip Abreu and Paul Milgrom

874: Asymptotic Normality of Series Estimators for Nonparametric and Semiparametric Regression Models

Donald Andrews

873: Spanning, Valuation and Options

Donald Brown and Stephen Ross

872: Spectral Regression for Cointegrated Time Series

Peter Phillips

871: Gold, Liquidity and Secured Loans in a Multistage Economy. Part I: Gold as Money

Martin Shubik and Shuntian Yao

870: Sources of Business Cycle Fluctuations

Matthew Shapiro and Mark Watson

869: Statistical Inference in Instrumental Variables

Peter Phillips and Bruce Hansen

868: Knightian Decision Theory and Econometric Inference

Truman F. Bewley

867: Warranties as Signals Under Consumer Moral Hazard

Nancy A. Lutz