We develop a new specification test for IV estimators adopting a particular second order approximation of Bekker. The new specification test compares the difference of the forward (conventional) 2SLS estimator of the coefficient of the right-hand side endogenous variable with the reverse 2SLS...

The authors analyze a continuous time model with a Walrasian labor market and a random search retail market with prices set on a take-it or leave-it basis. The equilibrium distribution of money holdings is the asymptotic steady state of this stochastic process. There is a unique uniform price...

This paper presents a new approach to organizing universal health insurance. First, the government divides the entire population into many large groups. Then, the government creates a federal health insurance system (HealthFed), modeled on the Federal Reserve System, to fill the role now played...