Journal Article A Productivity Theory of Wage Levels—An Alternative to the Phillips Curve Get access E. Kuh E. Kuh Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 34, Issue 4, October 1967, Pages 333–360, https://doi.org/10.2307/2296554 Published: 01 October 1967

Journal Article Balanced Growth and Stability in the Johansen Vintage Model Get access E. Sheshinski E. Sheshinski Massachusetts Institute of Technology Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 34, Issue 2, April 1967, Pages 239–248, https://doi.org/10.2307/2296812 Published: 01 April 1967

The Analogy Between Atemporal and Intertemporal Theories of Resource Allocation Get access E. Malinvaud E. Malinvaud Paris Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 28, Issue 3, June 1961, Pages 143–160, https://doi.org/10.2307/2295944 Published: 01 June 1961

Journal Article A Note on an Index Number Problem Get access E. Rothbarth E. Rothbarth Cambridge Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 11, Issue 2, 1944, Pages 91–98, https://doi.org/10.2307/2295970 Published: 01 January 1944

Journal Article The Quantitative Aspect of the British Population Problem—A Survey Get access E. Grebenik E. Grebenik London Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 10, Issue 1, Winter 1942, Pages 43–52, https://doi.org/10.2307/2967494 Published: 01 December 1942

Journal Article The Measurement of Changes in Real Income under Conditions of Rationing Get access E. Rothbarth E. Rothbarth Cambridge Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 8, Issue 2, February 1941, Pages 100–107, https://doi.org/10.2307/2967466 Published: 01 February 1941

This article presents a theoretical case for replacement of conventional heteroskedasticity-consistent and cluster-robust variance estimators with jackknife variance estimators, in the context of linear regression with heteroskedastic and/or cluster-dependent observations. We examine the bias of variance estimation and the coverage probabilities of confidence intervals. Concerning bias, we show that conventional variance estimators have full downward worst-case bias, while our jackknife variance estimator is never downward biased. Concerning confidence intervals, we show that intervals based on conventional standard errors have worst-case coverage equalling zero, while the jackknife-based confidence interval has coverage probability bounded by the Cauchy distribution, under the auxiliary assumption of normal errors. We also extend the Bell and McCaffrey (2002) student t approximation to our jackknife t-ratio, resulting in confidence intervals with improved coverage probabilities. Our theory holds under broad assumptions, allowing arbitrary cluster sizes, regressor leverage, within-cluster correlation, heteroskedasticity, regression with a single treated cluster, fixed effects, and delete-cluster invertibility failures. Our theoretical findings are consistent with the extensive simulation literature investigating heteroskedasticity-consistent and cluster-robust variance estimation.

Monetary policy and the private sector behaviour of the U.S. economy are modelled as a time varying structural vector autoregression, where the sources of time variation are both the coefficients and the variance covariance matrix of the innovations. The paper develops a new, simple modelling strategy for the law of motion of the variance covariance matrix and proposes an efficient Markov chain Monte Carlo algorithm for the model likelihood/posterior numerical evaluation. The main empirical conclusions are: (1) both systematic and non-systematic monetary policy have changed during the last 40 years—in particular, systematic responses of the interest rate to inflation and unemployment exhibit a trend toward a more aggressive behaviour, despite remarkable oscillations; (2) this has had a negligible effect on the rest of the economy. The role played by exogenous non-policy shocks seems more important than interest rate policy in explaining the high inflation and unemployment episodes in recent U.S. economic history.

The purpose of this paper is to investigate the identifiability of duration models with multiple spells. We prove that the results of Elbers and Ridder (1982) and Heckman and Singer (1984) can be generalized to multi-spell models with lagged duration dependence. We also prove that without lagged duration dependence, the identification result does not depend on moment conditions or tail conditions on the mixing distribution. This result is in contrast to Ridder's (1990) result for single-spell models.

A model of sequential bargaining with one-sided incomplete information is analyzed where, if an agreement is not reached, the agents go to court. A "deadline effect" emerges where much settlement occurs just prior to the trial and many cases proceed to court. If fixed costs are incurred during each bargaining period, a "U-shaped" pattern of settlement emerges. These patterns persist in the limit as the time between offers approaches zero. A model with an endogenous trial date is also considered and it is shown that even with complete information there exists inefficient equilibria where disputes are resolved in court.