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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461: Equilibrium and Disequilibrium Interpretations of the IS-LM Model

Gary Smith

460: Strategic Market Games: A Sketch of an Approach to the Theory of Money and Financial Institutions. Together with an Informal Guide to Some Papers

Martin Shubik

459: An Analysis of a Macroeconometric Model with Rational Expectationsin the Bond and Stock Markets

Ray Fair

458: How Dead is Keynes?

James Tobin

457: Modeling Technological Change: Use of Mathematical Programming Models in the Energy Sector

William Nordhaus and Ludo Van der Heyden

456: Monetary Policies and the Economy -- The Transmission Mechanism

James Tobin

455: A Theory of Money and Financial Institutions. Part 22. A Price-Quantity Buy-Sell Market with and without Contingent Bids

Martin Shubik

454: A Theory of Money and Financial Institutions. Part 36. The Money Rate of Interest (A Multiperiod Nonatomic Trading and Production Economy with Outside Money, Inside Money and Optimal Bankruptcy Rules)

Pradeep Dubey and Martin Shubik

453: An Observation on the Structure of Production Sets with Indivisibilities

Herbert Scarf

452: Policy Effects in a Model of the Balance of Payments

Ray Fair

451: A Model of the Balance of Payments

Ray Fair

450: A Shortrun Macroeconomic Model of an Open Economy

Gary Smith

449: What is the Value of Advanced Nuclear Power?

William Nordhaus

448: A Theory of Money and Financial Institutions. Part 35. Bankruptcy and Optimality in a Closed Trading Mass Economy Modelled as a Noncooperative Game

Pradeep Dubey and Martin Shubik

447: Noncooperative Exchange with a Continuum of Traders

Pradeep Dubey and Lloyd Shapley

446: The Sensitivity of Fiscal-Policy Effects to Assumptions about the Behavior of the Federal Reserve

Ray Fair

445: Logrolling and Budget Allocation Games

Martin Shubik and Ludo Van der Heyden

444: An Extension of the Brown-Robinson Equivalence Theorem

Donald Brown and M. Khan

443: Strategies for the Control of Carbon Dioxide

William Nordhaus

442: Can the Government Affect Real Output?: A Critique of Models with Rational Expectations

Ray Fair

441: Theory of Money and Financial Institutions. Part 34. A Multiperiod Trading Economy with Fiat Money, Bank Money and an Optimal Bankruptcy Rule

Martin Shubik

440: Probabilistic Generalizations of the Shapley Value

Pradeep Dubey

439: A Theory of Money and Financial Institutions. Part 33. On the Value of Market Information

Martin Shubik

438: Wages, the Terms of Trade, and the Exchange Rate Regime

Douglas Purvis

437: Price Information and the Economics of Consumerism: A Model of Stochastic Equilibrium

John Sutton

436: A Theory of Extramarital Affairs

Ray Fair

435: Economic Growth and Climate: The Carbon Dioxide Problem

William Nordhaus

434: A Note on the Computation of the Tobit Estimator

Ray Fair

433: The Small-Disturbance-Asymptotic Moments of the Instrumental Variables and Ordinary Least Squares Estimators for a Dynamic Equation with Correlated Errors

Jon K. Peck

432: A Model of Insurance Markets with Asymmetric Information

Charles Wilson

431: A Dynamic Economy with Shares, Fiat, Bank and Accounting Money

Joseph J.M. Evers and Martin Shubik

430: A Model of the World Economy

Ray Fair

429: A Closed Economic System with Production and Exchange Modelled as a Game of Strategy

Pradeep Dubey and Martin Shubik

428: The Linear Exchange Model and Induced Welfare Optima

Rolf R. Mantel

427: Asset Markets and the Cost of Capital

James Tobin and William C. Brainard

426: A Short-Run Two-Commodity Macroeconomic Model

Gary Smith and Willaim Starnes

424: A Theory of Money and Financial Institutions. Part 30 (revised). The Optimal Bankruptcy Rule in a Trading Economy Using Fiat Money

Martin Shubik and Charles Wilson

423: On Disequilibrium Economic Dynamics. Part IV. The Theory of Long-Run Phillips Curve

Katsuhito Iwai

422: A Theory of Money and Financial Institutions. Part 28. The Noncooperative Equilibria of a Closed Trading Economy with Market Supply and Bidding Strategies

Pradeep Dubey and Martin Shubik

421: Concepts of Optimality and Their Uses

Tjalling Koopmans

420: The Use of Optimal Control Techniques to Measure Economic Performance

Ray Fair

419: On a General Approach to Optimality in Game Theory

Eduardas Vilkas

418: The Effects of Economic Events on Votes for President

Ray Fair

417: A Theory of Money and Financial Institutions. Part 27. Beyond General Equilibrium

Martin Shubik

416: A Theory of Money and Financial Institutions. Part 26. On the Number of Types of Markets with Trade in Money

Martin Shubik

415: Inflation Theory and Policy

William Nordhaus

414: A Theory of Money and Financial Institutions. Part 25. A Closed Economy with Exogenous Uncertainty, Different Levels of Information, Money, Futures and Spot Markets

Pradeep Dubey and Martin Shubik

413: A General Equilibrium Model of World Trade. Part II. The Empirical Specification

Victor Ginsburgh and Jean Waelbroeck

412: A General Equilibrium Model of World Trade. Part I. Full Format Computation of Economic Equilibria

Victor Ginsburgh and Jean Waelbroeck

411: On Disequilibrium Economic Dynamics. Part III. A Keynesian Theory of Money Wage Adjustment

Katsuhito Iwai

410: A Theory of Money and Financial Institutions. Part 24. Trade and Prices in a Closed Economy with Exogenous Uncertainty, Different Levels of Information, Money and No Futures Markets

Pradeep Dubey and Martin Shubik

409: Implications of Microeconomic Theory for Community Excess Demand Functions

Rolf R. Mantel

408: Examples of Production Relations Based on Microdata

Tjalling Koopmans

407: The Influence of Interest Rates on Resource Prices

Geoffrey Heal

406: The Values of a Nonstandard Competitive Allocation

Donald Brown and Peter A. Loeb

405: The Demand for Energy: An International Perspective

William Nordhaus

404: The Estimation of a Dynamic Equation Following a Preliminary Test for Autocorrelation

Jon K. Peck

403: Price Taking or Price Making Behavior: An Alternative to Full Cost Price Functions

Victor Ginsburgh and Israel Zang

402: A Critical Analysis of Ridge Regression

Frank Campbell and Gary Smith

401: Invariant Competitive Equilibrium in an Infinity-Horizon Economy with Negotiable Shares

Joseph J.M. Evers

400: A Control Variable Investigation of the Properties of Autoregressive Instrumental Variables Estimators for Dynamic Systems

David Hendry and Frank Srba

399: The Limiting Distribution of Inconsistent Instrumental Variables Estimators in a Class of Stationary Stochastic Systems

David Hendry

398: Testing Dynamic Specification in Small Simultaneous Systems: An Application to a Model of Building Society Behavior in the United Kingdom

David Hendry and Gordon Anderson

397: On Controlling the Economy to Win Elections

Ray Fair

396: A Dynamical Model of Political Equilibrium

Gerald H. Kramer

395: A Theory of Money and Financial Institutions. Part 23. Fiat Money, Bank Money, the Force of the Rate of Interest and the Vanishing Float

Martin Shubik

394: A Theory of Money and Financial Institutions. Part 21. Fiat Money, Bank Money, the Float and the Money Rate of Interest

Martin Shubik

393: Collective Rationality

Donald Brown

392: A Duality Theory for Convex Infinite-Horizon Programming

Joseph J.M. Evers

391: Acyclic Aggregation over Finite Sets of Alternatives

Donald Brown

390: The Solution of Systems of Piecewise Linear Equations

B. Curtis Eaves and Herbert Scarf

389: A Finite Algorithm for the Linear Exchange Model

B. Curtis Eaves

388: Oligopoly, Theory, Communication and Information

Martin Shubik

387: Keynesian Models of Recession and Depression

James Tobin

386: On Disequilibrium Economic Dynamics. Part II. Wicksellian Disequilibrium Dynamics, Say's Law and the End of the Natural Rate Theory of Unemployment

Katsuhito Iwai

385: On Disequilibrium Economic Dynamics. Part I. Microfoundations of Wicksellian Disequilibrium Dynamics

Katsuhito Iwai

384: Long Run Effects of Fiscal and Monetary Policy on Aggregate Demand

James Tobin and Willem Buiter

383: Multicollinearity and Forecasting

Gary Smith

382: The Value of a priori Information in Estimating a Financial Model

Gary Smith and William C. Brainard

381: Further Notes on the Misuse of R^2

Gary Smith

380: Okun's Law Revisited

Gary Smith

379: Competitive Equilibrium Contingent Commodities and Information

Martin Shubik

378: Global Analysis and Economics VI. Geometric Analysis of Pareto Optima and Price Equilibria under Classical Hypotheses

Steve Smale

377: A Theory of Money and Financial Institutions. Part XVI. Mathematical Models for a Theory of Money and Financial Institutions

Martin Shubik

376: Fiscal Capacity, Equalization and Public Expenditure for Education

Susan J. Lepper

375: Equilibrium Wage Distributions

Joseph Stiglitz

374: A Theory of Money and Financial Institutions. Part XVIII. A Noncooperative Model of a Closed Trading Economy with Many Traders and Two Bankers

Martin Shubik

373: The Walrasian and Von Neumann Equilibria: A Comparison

Jerzy Los and Maria Wycech-Los

372: Transactions Technology and the Use of Intermediary Agents

Ross M. Starr

371: On the Role of Numbers and Information in Competition

Martin Shubik

370: The Moments of the 3SLS Estimates of the Structural Coefficients of a Simultaneous Equation Model

J. Sargan

369: Towards Keynesian Micro-Dynamics of Price, Wage, Sales and Employment

Katsuhito Iwai

368: A Theory of Money and Financial Institutions. Part XV. A Trading Model to Avoid Tatonnement Metaphysics

Martin Shubik

367: A Theory of Money and Financial Institutions. Part XVII. On the Eight Basic Units of a Dynamic Economy with Spot and Futures Markets

Martin Shubik

366: A Theory of Money and Financial Institutions. Part XIII. Trade with Spot Markets, Fiat Money and Internal Banking

Martin Shubik

365: The General Equilibrium Model is the Wrong Model and a Noncooperative Strategic Process Model is a Satisfactory Model for the Reconciliation of Micro and Macroeconomic Theory

Martin Shubik

364: A Theory of Money and Financial Institutions. Part XII. A Dynamic Economy with Fiat Money Without Banking and With and Without Production Goods

Martin Shubik

363: A Theory of Money and Financial Institutions. Part XI. Trade with Fiat Money but No Individual Trust. A Preliminary Stage towards Banking

Martin Shubik

362: Regulation of Natural Monopolies and the Fair Rate of Return

Hayne Leland

361: Production Theory and the Stock Market

Hayne Leland