Book Review

Purpose – Wicksell's contributions to welfare economics are viewed as largely aligned with Pareto efficiency and James Buchanan's work in public choice. This conflicts with the Scandinavian representation of Wicksell as the forefather of the modern Swedish socialist economy. The purpose of...

We derive forecast confidence bands using a Global Projection Model covering the United States, the euro area, and Japan. In the model, the price of oil is a stochastic process, interest rates have a zero floor, and bank lending tightening affects the United States. To calculate confidence...

FRONT COVER -- ECONOMIC THEORY BY TAUSSIG, YOUNG, AND CARVER AT HARVARD -- COPYRIGHT PAGE -- CONTENTS -- PART I: CORRESPONDENCE BETWEEN FRANK H. KNIGHT, WALTER B. SMITH, AND F. TAYLOR OSTRANDER, 1933-1937 -- PART II: MAURICE BECK HEXTER'S NOTES FROM HARVARD UNIVERSITY, 1921-1922 -- INTRODUCTION...

We derive forecast confidence bands using a Global Projection Model covering the United States, the euro area, and Japan. In the model, the price of oil is a stochastic process, interest rates have a zero floor, and bank lending tightening affects the United States. To calculate confidence...

This paper outlines a simple approach for incorporating extraneous predictions into structural models. The method allows the forecaster to combine predictions derived from any source in a way that is consistent with the underlying structure of the model. The method is flexible enough that...