This paper examines the consequences of model misspecification using a panel data model with spatially autocorrelated disturbances. The performance of several maximum likelihood estimators assuming different specifications for this model are compared using Monte Carlo experiments. These include...

This article determines the optimum quantity of money for various extensions of the search-theoretic model of fiat money and examines the robustness of the Kiyotaki and Wright's results in the presence of money and inventory holdings. In the case of a bound on money holdings, the optimum...