1. Macroeconometric Models with Quantity Rationing -- 1.1. Non-Walrasian Economic Concepts -- 1.2. A Reference Macroeconomic Model -- 1.3. A Theoretical Framework for the Study of Structural Changes -- 1.4. The Problems in Specifying a Macroeconometric Model with Quantity Rationing -- 1.5. A...

In a simple macro-finance term structure (MFTS) model with macroeconomic variables as risk factors, it matters little whether an econometrician has a strong prior on a particular macroeconomic model. I show in a Monte Carlo experiment that econometricians with drastically different priors will...