The FMP model exemplifies the Keynesian models later criticized by Lucas, Sargent and others as conceptually flawed. For economists in the 1960s such models were “big science”, posing organizational as well as theoretical and empirical problems. It was part of an even larger industry in...

In a 1957 paper, Robert Solow exploited the mathematical properties of the aggregate production function to isolate the role of disembodied “technical change” in economic growth. Solow's method allowed to disentangle the role of technical change from that of production factors, with the...

In this paper, we build on data on Fed officials, oral history repositories and hitherto under-researched archival sources to unpack the torturous path toward crafting an institutional and intellectual space for postwar economic analysis within the Fed. We show that growing attention to new...

Since graduating with a PhD in Economics from Cambridge, Hashem Pesaran has been a prominent contributor to the theoretical econometrics literature, undertaking work on testing of non-nested models, cointegration, forecasting in the presence of model instability, forecasting of multinomial data,...

The main objective of this article is to investigate both linear and nonlinear effects of inflation on income inequality and to test the Kuznets hypothesis using panel data of 24 developed countries (DCs) and 66 developing countries (LDCs) observed over the period of 1990 to 2014. Additionally,...

The main objective of this article is to investigate both linear and nonlinear effects of inflation on income inequality and to test the Kuznets hypothesis using panel data of 24 developed countries (DCs) and 66 developing countries (LDCs) observed over the period of 1990 to 2014. Additionally,...

This paper empirically studies the bid ask spread model as proposed by Richard Roll using the data from Bombay Stock Exchange (henceforth, BSE). The objective is to understand and determine whether the impact of various events like the abolition of Badla, introduction of Electronic Trading and...

The previous studies on stock market modelling in Pakistan context has assumed a linear relationship between stock market performance and its determinants. Most of the macroeconomic variables do not have linear properties, therefore considering asymmetric features of macroeconomic fundamentals,...

We use the Lindberg-Levy central limit theorem (CLT), Tchebychev's inequality, Slutsky's theorem, and general rules for limiting distributions to demonstrate sufficient conditions under which the Student-t test statistic for the mean is asymptotically standard normal. Although there exist weaker...

This paper is the penultimate version of the Prologue to my book Measuring Utility. From the Marginal Revolution to Behavioral Economics, published in 2018 by Oxford University Press in the series Oxford Studies in the History of Economics