This study examines the empirical implications of extending the rational expectations hypothesis (REH) to include price uncertainty. Unlike previous studies, a general estimation framework that incorporates both the restrictions on structural parameters and the variance-covariance terms is...

A method for estimating bounded price variation models with rational expectations which incorporates all information implied by rationality is applied to a model of the U.S. corn market. The results indicate that the estimated model performs at least as well as a traditional equilibrium model...

A quarterly econometric model of supply response I the U.S. Hog industry is constructed. This model incorporates relevant biological features of hog production directly into the structural specification. dynamic mean path elasticities of the model are analytically derived with the results...

It has long been recognized that usual elasticity and flexibility concepts are of limited value in a multi-equation setting. This is because the response caused by a change in an exogenous variable will have feedback effects as the system obtains a new equilibrium. Consequently, it is necessary...

Traditional time series models assume a constant conditional variance. Realizing the implausibility of this assumption, Bollerslev proposed Generalized Autoregressive Conditional Heteroscedasticity (GARSH) processes, which are characterized by nonconstant conditional variances. In this paper,...