This article presents a monthly vector autoregressive (VAR) model of housing prices, the federal funds rate, foreclosures, the unemployment rate and the mortgage interest rate for the United States for the period of 2000(1)--2010(8). Impulse response functions show that negative shocks to the...

A new financial asset (Allotment Trading Unit or ATU) that allows a firm to pollute was issued to a number of Chicago firms in 2000 as part of a cap‐and‐trade model to reduce emissions in the Chicago area. A model of this market was developed to enable us to: 1.) Estimate equilibrium...

This study develops the economic rationale for the inclusion of new environmental financial assets, tradable pollution rights, in a well‐diversified portfolio. These new assets are generated and their valuation determined in the market‐incentive environmental regulatory approach called...

Econometric theory, as presented in textbooks and the econometric literature generally, is a somewhat disparate collection of findings. This book describes the history of econometric computation from 1950, based upon an interactive survey involving the collaboration of the many econometricians...