This article discuses the identification of Generalised Rational Expectations Models. It is shown that the necessary and sufficient conditions for local identification of the Quasi-Structural Form (Q-SF) derive from the first derivatives of the Non-Linear Instrumental Variables (NLIV) criterion....

This article discuses the identification of Generalised Rational Expectations Models. It is shown that the necessary and sufficient conditions for local identification of the Quasi-Structural Form (Q-SF) derive from the first derivatives of the Non-Linear Instrumental Variables (NLIV) criterion....

In this article we derive minimal conditions to determine the existence of rational expectations solutions obtained using a Generalized Bzout Theorem. We demonstrate that as long as the matrix polynomial derived from the model is regular, then a monic polynomial factor always exists and from...

This article considers a panel framework to test consumption based asset pricing models driven by a US stock market reference for a number of developed economies. Specifically, we focus on a linearized form of what might be seen as a consumption-based capital asset pricing model in a pooled...

Uncertainty forms an integral part of climate science, and it is often used to argue against mitigative action. This article presents an analysis of uncertainty in climate sensitivity that is robust to a range of assumptions. We show that increasing uncertainty is necessarily associated with...