This paper examines the stability of import and export demand functions for the United States over the 1975q1-2001q2 … period. Using the Johansen maximum likelihood approach, an export demand function is readily identified. In contrast, there … appears to be a structural break in the import demand function in 1995; specifications incorporating this break pass tests for …

We develop an asset pricing model with flexible heterogeneity in asset demand across investors, designed to match … institutional and household holdings. A portfolio choice model implies characteristics-based demand when returns have a factor … variables estimator for the characteristics-based demand system to address the endogeneity of demand and asset prices. Using US …

A recent literature considers the identification of heterogeneous demand and supply models via "quasi … demand when one has "micro data'' linking characteristics of individual consumers to their choices. Micro data provide a … panel structure allowing one to exploit variation across consumers within each market, where latent demand shocks are fixed …