Masahiro Okuno, Itzhak Zilcha; On the Efficiency of a Competitive Equilibrium in Infinite Horizon Monetary Economies, The Review of Economic Studies, Volume 47,
Jerry A. Hausman, David A. Wise; Discontinuous Budget Constraints and Estimation: The Demand for Housing, The Review of Economic Studies, Volume 47, Issue 1, 1
Geoffrey Heal, Michael Barrow; The Relationship between Interest Rates and Metal Price Movements, The Review of Economic Studies, Volume 47, Issue 1, 1 January
In recent years, increasing attention has been devoted to models with a finite (usually small) number of regimes. Various strategies have been discussed in the literature to handle situations where each regime is characterized by a different value of a common parameter vector. See e.g. Barten and Bronsard (1970), Goldfeld and Quandt (1973), Poirier (1976),... . It appears however that no satisfactory treatment has yet been given to cases where the partitioning between " endogenous " and " exogenous " variables changes over time. Our objective is therefore to define a class of models with several regimes which is flexible enough to cover such situations. For convenience, we shall illustrate our argument by reference to an economy which is "controlled " by a policy maker shifting between instruments at some, possibly unknown, points of time. For tractability we shall mainly restrict our attention to a class of dynamic linear models although the concepts we introduce apply in a much broader framework. The possibility that the switching times could be endogenous to the model, such as in disequilibrium models will not be investigated here: work in progress indicates however that our approach can be extended in such directions. The paper is organized as follows: In Section 2 we shall discuss at length the issues to be faced by means of a simple example, taken from Goldfeld and Quandt (1973). In Section 3 we shall introduce the concepts which are needed for our analysis; linear dynamic models, LIML estimation and exogeneity. In Section 4, we shall discuss models with several regimes and concentrate in particular on imposing appropriate restrictions on the parameters characterizing different regimes. It will be shown that it is possible to preserve some of the operational features of LIML procedures.
George A. Akerlof, Hajime Miyazaki; The Implicit Contract Theory of Unemployment meets the Wage Bill Argument, The Review of Economic Studies, Volume 47, Issue
Journal Article Possibility Theorems with Interpersonally Comparable Welfare Levels Get access Kevin W. S. Roberts Kevin W. S. Roberts Massachusetts Institute of Technology and St. Catherine's College, Oxford Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 47, Issue 2, January 1980, Pages 409–420, https://doi.org/10.2307/2297001 Published: 01 January 1980 Article history Received: 01 April 1976 Accepted: 01 January 1978 Published: 01 January 1980
Richard Portes, David Winter; Disequilibrium Estimates for Consumption Goods Markets in Centrally Planned Economies, The Review of Economic Studies, Volume 47,
Journal Article Adaptive Expectations and Uncertainty Get access T. Lawson T. Lawson University of Cambridge Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 47, Issue 2, January 1980, Pages 305–320, https://doi.org/10.2307/2296994 Published: 01 January 1980 Article history Received: 01 September 1977 Accepted: 01 March 1979 Published: 01 January 1980
Journal Article Optimal Taxation with some Non-Taxable Commodities Get access Knud Jørgen Munk Knud Jørgen Munk University of Aarhus and Commission of the European Communities Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 47, Issue 4, July 1980, Pages 755–765, https://doi.org/10.2307/2296941 Published: 01 July 1980 Article history Received: 01 March 1977 Accepted: 01 September 1979 Published: 01 July 1980
Journal Article Wages as Sorting Mechanisms in Competitive Markets with Asymmetric Information: A Theory of Testing Get access J. Luis Guasch, J. Luis Guasch University of California, San Diego Search for other works by this author on: Oxford Academic Google Scholar Andrew Weiss Andrew Weiss Bell Laboratories Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 47, Issue 4, July 1980, Pages 653–664, https://doi.org/10.2307/2296934 Published: 01 July 1980 Article history Received: 01 June 1977 Accepted: 01 September 1979 Published: 01 July 1980