This study uses data from the Panel Survey of Income Dynamics (PSID) to address a number of questions about life-cycle earnings mobility. It develops a dynamic reduced-form model of earnings and marital status that is nonstationary over the life-cycle. A Gibbs sampling-data augmentation...

As a unified discipline, econometrics is still relatively young and has been transforming and expanding very rapidly over the past few decades. Major advances have taken place in the analysis of cross sectional data by means of semi-parametric and non-parametric techniques. Heterogeneity of...

Thanks and congratulations to all of the discussants for covering a wide array of important topics. Since space does not permit attention to all of the points that have been raise, this reply will concentrate on trying to dispell confusion on important matters that might remain.

As a unified discipline, econometrics is still relatively young and has been transforming and expanding very rapidly over the past few decades. Major advances have taken place in the analysis of cross sectional data by means of semi-parametric and non-parametric techniques. Heterogeneity of...

In the specification of linear regression models it is common to indicate a list of candidate variables from which a subset enters the model with nonzero coefficients. This paper interprets this specification as a mixed continuous-discrete prior distribution for coefficient values. It then...

This paper provides a general and efficient method for computing density ratio class bounds on posterior moments, given the output of a posterior simulator. It shows how density ratio class bounds for posterior odds ratios may be formed in many situations, also on the basis of posterior...

This paper surveys recently developed methods for Bayesian inference and their use in economic time series models. It begins by reviewing aspects of Bayesian inference essential to understanding the implications of the Bayesian paradigm for time series analysis. It next describes the use of...