We conduct Monte Carlo experiments to examine whether the Hansen and Jagannathan (1991) bound is a useful device for evaluating asset pricing models. Specifically, we use recently developed statistical tests, which are based on a 'distance' between the model and the Hansen-Jagannathan bound, to...

This paper is concerned with testing the hypothesis that a conditional median function is linear against a nonparametric alternative with unknown smoothness. We develop a test that is uniformly consistent against alternatives whose distance from the linear model converges to zero at the fastest...

This paper explores how efficiency promotes the use of structure in language. It starts from the premise that one of language's central characteristics is to provide a means for saying noval things about novel circumstances, its creativity. It is reasonable to expect that in a rich and changing...

This paper designs and implements a Bayesian dynamic latent factor model for a vector of data describing the Iowa economy.