Baba, Hendry and Starr (1992) attempt to restore a stable specification for the demand for M1 balances in the United States. Estimating an error correction model that simultaneously models the long-run and short-run determinants of money demand, they introduce two new explanatory factors of the...

This paper examines the implications of family size heterogeneity for Ricardian households and employs survey data to determine whether or not individual household preferences towards taxation conform to the Ricardian model. Using a dynastic model of intergenerational linkages, we show that the...

Lewis Fry Richardson was a pioneer of peace research. His brilliant, groundbreaking studies, Arms and Insecurity, and Statistics of Deadly Quarrels, showed how mathematical modeling techniques and statistical analysis could be applied to quantitatively investigate questions relating to war and...

Since the extensive work by Burns and Mitchell (1947), many economists have interpreted economic fluctuations in terms of business cycle phases. Given this, we argue that in addition to usual model selection criteria currently used in the profession, the adequacy of a univariate macroeconomic...

Comparing the degree to which idiosyncratic and disaggregate macro shocks (such as regional and industry shocks) are not shared in the economy provides greater understanding of why the economy lacks risk-sharing arrangements in specific areas and can suggest areas where the economy’s...