This paper examines Robert E. Lucas's views on the relationship of macroeconomics to real world economic phenomena, and on Keynes's place in its history, suggesting that these stem from a particular and debatable understanding of how the subdiscipline has evolved. It considers some implications...

Economists and demographers have long argued that fertility differs by income (differential fertility), and that social security creates incentives for people to rear fewer children. Does the effect of social security on fertility differ by income? How does social security change the...

We analyze the performance of various communication protocols in a generalization of the Crawford-Sobel (1982) model of cheap talk that allows for multiple receivers. We find that whenever the sender can communicate informatively with both receivers by sending private messages, she can...

We examine the publications of authors affiliated with an economics research institution in Canada in (i) the Top-10 journals in economics according to journals' impact factors, and (ii) the Canadian Journal of Economics. We consider all publications in the even years from 1980 to 2000. Canadian...

Milton Friedman is rivaled only by John Maynard Keynes as the most influential political economists of the 20th Century. His approach was that of a classical liberal, rather than a conservative, though this put him on the political right in the United States. Friedman’s work demands to be...

This paper analyzes the higher-order properties of nested pseudo-likelihood (NPL) estimators and their practical implementation for parametric discrete Markov decision models in which the probability distribution is defined as a fixed point. We propose a new NPL estimator that can achieve...

In dynamic discrete choice analysis, controlling for unobserved heterogeneity is an important issue, and finite mixture models provide flexible ways to account for unobserved heterogeneity. This paper studies nonparametric identifiability of type probabilities and type-specific component...

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This paper defines and develops the concept of a product dispersion over any finite number of dimensions. The concept itself is nontrivial because products over several dimensions cannot be constructed by an iterative binary operation. Yet the paper's most important contribution is to...

This paper derives two characterizations of the Kreps-Wilson concept of consistent beliefs. In the first, beliefs are shown to be consistent iff they can be constructed from the elements of monomial vectors which converge to the strategies. In the second, beliefs are shown to be consistent iff...