We estimate dynamic panel data models of unemployment incidence for men using the British Household Panel Survey. Econometric issues concerning unobserved individual heterogeneity, genuine state dependence, and the initial conditions problems are addressed in detail. We find strong evidence of...

Using a number of maturities of up to one year and weekly high quality data on U.K. certificate of deposit rates, 1975-92, the authors provide a variety of tests of the expectations hypothesis of the term structure. Their results appear to give more support to the expectations hypothesis than do...

A forward looking model of the demand for M1, based on minimizing multiperiod quadratic costs, is derived. The dynamic response of the demand for money differs depending on whether shocks are anticipated or unanticipated. The restrictions implicit in the forward model are tested and the model is...