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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1004: The Cowles Commission Approach, Real Business Cycle Theories, and New Keynesian Economics

Ray Fair

1003: Unidentified Components in Reduced Rank Regression Estimation of ECM's

Peter Phillips

1002: A Bayesian Analysis of Trend Determination in Economic Time Series

Eric Zivot and Peter Phillips

1001: Vector Autoregression and Causality: A Theoretical Overview and Simulation Study

Hiro Y. Toda and Peter Phillips

1000: The Long-Run Australian Consumption Function Reexamined: An Empirical Exercise in Bayesian Influence

Peter Phillips

999: The Tail Behavior of Maximum Likelihood Estimates of Cointegrating Coefficients in Error Correction Models

Peter Phillips

998: Unit Roots

Peter Phillips

997: A Reexamination of the Consumption Function Using Frequency Domain Regressors

Dean Corbea, Sam Ouliaris and Peter Phillips

996: Classification of Two-Person Ordinal Bimatrix Games

Imre Barany, J. Lee and Martin Shubik

995: Preface to Eduard Marz, Schumpeter, English Translation, Yale University Press

James Tobin

994: Price Flexibility and Output Stability: An Old Keynesian View

James Tobin

993: International Currency Regimes, Capital Mobility, and Macroeconomic Policy

James Tobin

992: Commentary on Irving Fisher, The Nature of Capital and Income (1906)

James Tobin

991: On the Internationalization of Portfolios

William C. Brainard and James Tobin

990: An Implementation of the Generalized Basis Reduction Algorithm for Integer Programming

William Cook, Thomas Rutherford, Herbert Scarf and David F. Shallcross

989: How Fast Do Old Men Slow Down?

Ray Fair

988: The Ecology of Markets

William Nordhaus

987: Transformations of the Commodity Space, Behavioral Heterogeneity and the Aggregation Problem

Jean-Michel Grandmont

986: Bayesian Routes and Unit Roots: de rebus prioribus semper est disputandum

Peter Phillips

985: Comment on 'To Criticize the Critics,' by Peter C. B. Phillips

Christopher Sims

984: Dynamic Structural Models: Problems and Prospects. Mixed Continuous Discrete Controls and Market Interactions

Ariel Pakes

983: Repeated Games: Cooperation and Rationality

David G. Pearce

982: Stabilizing the Soviet Economy

William Nordhaus

981: A Bound of the Proportion of Pure Strategy Equilibria in Generic Games

Faruk Gul, David G. Pearce and Ennio Stacchetti

980: Time Series Modelling with a Bayesian Frame of Reference: 1. Concepts and Illustrations

Peter Phillips and Werner Ploberger

979: Testing the Null Hypothesis of Stationarity Against the Alternative of a Unit Root: How Sure Are We That Economic Time Series Have a Unit Root?

Denis Kwiatkowski, Peter Phillips and Peter Schmidt

978: The Spurious Effect of Unit Roots on Exogeneity Tests in Vector Autoregressions: An Analytical Study

Hiro Y. Toda and Peter Phillips

977: Vector Autoregression and Causality

Hiro Y. Toda and Peter Phillips

976: An 'Average' Lyapunov Convexity Theorem and Some Core Equivalence Results

Lin Zhou

975: Exactly Unbiased Estimation of First Order Autoregressive-Unit Root Models

Donald Andrews

974: A Refined Bargaining Set of an n-Person Game and Endogenous Coalition Formation

Lin Zhou

973: Dual Distribution in Franchising

Nancy Gallini and Nancy A. Lutz

972: Strictly Fair Allocations in Large Exchange Economies

Lin Zhou

971: Arithmetic Repeat Sales Price Estimators

Robert Shiller

970: Actual and Warranted Relations Between Asset Prices

Andrea E. Beltratti and Robert Shiller

969: Economic Equilibrium and Soviet Economic Reform

Herbert Scarf

968: Tests of Specification for Parametric and Semiparametric Models

Yoon-Jae Whang and Donald Andrews

967: The Method of Simulated Scores for the Estimation of LDV Models with an Application to External Debt Crisis

Vassilis Hajivassiliou and Daniel McFadden

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