turities on borrowing costs has little empirical support either. In addition, these results provide little support for the more conventional assertion that a lengthening of either contract lengths or loan-tovalue ratios is indicative of a reduction of borrowing costs to home buyers. Admittedly, the strongly negative coefficient of G in equation (3) suggests that something is wrong with my original equation.10 I find little merit, however, in Lee's contention that I used an improper measure of borrowing costs and that my estimate of the income elasticity of housing demand is substantially upward biased as a result.

Frank T. Denton, John Kuiper, The Effect of Measurement Errors on Parameter Estimates and Forecasts: A Case Study Based on the Canadian Preliminary National Accounts, The Review of Economics and Statistics, Vol. 47, No. 2 (May, 1965), pp. 198-206

This paper is concerned with the effects of variations in demographic factors on the time paths of major economic variables. A theoretical macromodel of an economic-demographic system is specified, with numerical parameters. This model is used in computer simulations to study the economic effects of exogenous changes in fertility and immigration rates. A cohort approach is emphasized in the specification of both demographic and economic relationships. Simulation results are reported for a variety of real and artificial time patterns of fertility and immigration under different assumptions about the values of the principal parameters of the economic relationships.