In this paper, the authors analyze statistical properties of the monetary base, M1, and M2 for the postwar U.S. data record. The authors are specifically interested in answering three policy-related questions. First, to what extent do these monetary aggregates contain information useful for...

In DeJong and Whiteman (1991a), the authors concluded that 11 of the 14 macroeconomic time-series originally studied by Nelson and Plosser (1982) supported trend-stationarity. Phillips (1991) criticizes this inference, claiming that their procedure is biased against integration, and that their...

The debate over whether the expected present value of dividends adequately describes stock prices hinges in part on whether dividends are trend-stationary or integrated processes: it does not if dividends are trend-stationary; it does if they are integrated. This paper argues that classical...

This study examines stock price reactions, for both U.S. and Canadian softwood-lumber producers, to a series of events culminating in the 1986 Memorandum of Understanding under which Canada agreed to impose a 15 percent export tariff on lumber shipped to the United States. The authors' results...

New evidence on the correlation between the cycle and the real wage is provided by using panel data to adjust for the aggregation cum selectivity bias that arises when those who move in and out of the work force over the cycle have systematically different unobserved permanent and transitory...

This research compares several approaches to inference in the multinominal profit model, based on two Monte Carlo experiments for a seven choice model. The methods compared are the simulated maximum likelihood estimator using the GHK recursive probability simulator, the method of simulated...