In this paper, we attempt to explain differences between the US and UK household wealth distributions, with an emphasis on the quite different porfolios held in stock and housing equities in the two countries. As a proportion of their total wealth, British households hold relatively small...

This paper provides a methodology for efficient estimation of dynamic panel data models under different assumptions concerning initial conditions and variance assumptions. In the analysis of panel data models that may involve lagged dependent variables, concerns about the initial conditions...

A simple modification of the volume balance equation of the IPARM model is presented to facilitate the use of variable inflow. Traditional approaches for estimating infiltration from advance and/or runoff have merely considered the constant or step inflow case. Whenever this assumption is...

This paper develops a new approach to testing for the existence of a linear long-run relationship, when the orders of integration of the underlying regressors are not known with certainty. The test is the standard Wald or F statistic for testing the significance of the lagged levels of the...