This paper explores the dynamics of the U.S. hog market with three different dynamic models that are distinguished only by their assumptions with regard to market participants' expectations of future prices. The first model assumes that all the producers in the market have rational expectations....

Since the beginning of this century, the normal distribution has played a central role in the mathematical finance literature. However, major drawbacks insight this assumption rely in the absence of closed form expressions for both its cumulative and probability density functions. Additionally,...

The extent of output growth, hence, productivity growth in service industries has been controversial. Although official data indicate productivity growth slowdowns in 1948-60 and 1979- 98, some economists suggest the official figures are inaccurate due to mismeasured output, inputs, or both. The...

The MacSim package is designed for teaching macroeconomics, focusing on international trade. It uses a set of simplified models, describing the economy of countries belonging to the European Union. It brings together single-country mechanisms, including some financial elements, and international...

In recent years simulation-based estimation of multinomial probit (MNP) models has attracted an increasing interest among econometricians. With the help of more powerful and cheaper computers, MNP models have become a well-accepted alternative to multinomial logit (MNL) models that impose the...

In this paper we develop a likelihood based approach for estimating the joint equilibrium parameter distribution in random coefficient-random utility models. Under this demand specification and a profit maximizing supply specification, the equilibrium distribution of prices and quantities has an...

The negative effect of smoking during a pregnancy on a child's birth weight outcome has been a consistent finding in the economics literature on estimating birth weight production functions. An important result in the literature is that the negative effect of smoking on birth weight is generally...

Since the beginning of this century, the normal distribution has played a central role in the mathematical finance literature. However, major drawbacks insight this assumption rely in the absence of closed form expressions for both its cumulative and probability density functions. Additionally,...

The purpose of this paper is to examine whether the level of inflation matters for the persistence of output growth when shocks to output have asymmetric effects. The idea that inflation could have such threshold effects is worth investigating because some authors have suggested that a low...

The LLS stock market model (for a review see the book in Academic Press 2000: "Microscopic Simulation of Financial Markets; From Investor Behavior to Market Phenomena" by Levy, Levy and Solomon, ISBN: 0124458904) is a model of heterogeneous quasi-rational investors operating in a complex...