It is often argued that the dependent variable in money demand functions is really the price level, the money stock itself being exogenous. A recent approach which stresses the theme is the "buffer stock" hypothesis, in which money supply shocks explicitly appear in the demand for money...

We examine several modified versions of the heteroskedasticity-consistent covariance matrix estimator of Hinkley and White. On the basis of sampling experiments which compare the performance of quasi t statistics, we find that one estimator, based on the jackknife, performs better in small...

This paper investigates the costs of residential height restrictions, using a numerically solvable general equilibrium model based on residential location theory. Time and money costs of travel are treated separately. Household demand recreational land and structure and actual construction cost...

This paper proves the existence of general equilibrium in a large class of models which include taxes and similar distortions. A wide range of taxes are compatible with the existence of general equilibrium. These include taxes on income, consumption, and production which may discriminate among...

The widely used Cochrane-Orcutt and Hildreth-Lu procedures for estimating the parameters of a linear regression model with first-order serial correlation typically ignore the first observation. An alternative maximum likelihood procedure is recommended in this paper. This procedure is preferable...

We develop a version of the differencing specification test which may be used to test models with serially correlated errors. The test is worked out for the general case, and in more detail for the commonly-encountered case of models with AR(1) errors. As an example, the test is applied to a...

This paper proves the existence of general economic equilibrium in a class of general equilibrium models where there may be increasing returns to scale in some industries, and in which both production and consumption decisions may be influenced by the level of production in some industries. The...

This paper uses a general equilibrium model of residential land use to study the effects of the property tax in a closed city. Two different specifications of the production technology for housing are used, and yield similar results. The model is too complicated to be solved in closed form, but...

It has been recently argued that unanticipated changes in nominal money supply affect real money demand, and empirical results appear to support this hypothesis. Unfortunately, the econometric techniques used yield severely biased and inconsistent estimates. This paper shows how valid estimates...