Daily data on spot and forward dollar/sterling exchange rates and on Britain's foreign exchange reserves are used to reassess the financial history of the 1956 Suez crisis. We find that support of sterling at its Bretton Woods lower bound lost credibility as early as July. Reserve losses also...

Economists are often interested in the coefficient of a single endogenous explanatory variable in a linear simultaneous equations model. One way to obtain a confidence set for this coefficient is to invert the Anderson-Rubin test. The "AR confidence sets" that result have correct coverage under...

We propose a unified framework for studying the greenback-gold price during the U.S. suspension of convertibility from 1862 to 1879. The gold price is viewed as a floating exchange rate, with a fixed destination given by gold standard parity because of the prospect of resumption. We test this...

This paper studies the dynamics of an industry that is subject to exclusive geographical licensing. I develop a model of license ownership that predicts the evolution of profit-maximizing entry and acquisition decisions by firms over time, starting from an initial allocation of licenses. The...

Berle and Means's analysis of the corporation--in particular, their view that those in control are not the owners of the corporation--raises questions about actions that corporations take to counter concerns regarding management's influence. What mechanisms, if any, do corporations implement to...

We discuss the moment condition for the fractional functional central limit theorem (FCLT) for partial sums of x_{t} = Delta^{-d} u_{t}, where d in (-1/2,1/2) is the fractional integration parameter and u_{t} is weakly dependent. The classical condition is existence of q≥2 and q1/(d+1/2)...

[The original version of this paper appeared as a University of California San Diego working paper in 1990 but has since disappeared from the web. This version includes a new appendix.] This paper provides tables of critical values for some popular tests of cointegration and unit roots. Although...

Government by majority rule voting requires that compromise be attainable, but not too easily. Little of the nation's business could be transacted without an ability on the part of the legislators and political parties to strike bargains, but government by majority rule voting could not...

I study the effects of long-run inflation and income taxation in an economy where households face uninsurable idiosyncratic risks. I construct a tractable competitive search framework that generates dispersion of prices, income and wealth. I analytically characterize the stationary equilibrium...

White (1980) marked the beginning of a new era for inference in econometrics. It introduced the revolutionary idea of inference that is robust to heteroskedasticity of unknown form, an idea that was very soon extended to other forms of robust inference and also led to many new estimation...