[The multi-period control problem analyzed assumes the data are generated by the simple regression model with an unknown slope coefficient. There is a tradeoff between stabilization and experimentation to learn more about the unknown coefficient. When parameter uncertainty is large, experimentation becomes an important consideration.]
[The "price-specie-flow" mechanism depends on a mechanical application of the quantity theory of money, i.e., it assumes that the price level of a country is solely determined by that country's money supply, which is incorrect in an open economy. Two alternative interpretations of the equation of exchange are offered, namely, the aggregate expenditure approach and the demand for money approach; and it is shown that, in general, the Marshall-Lerner condition is neither necessary nor sufficient for the stability of the classical system.]
[This paper deals with simultaneous estimation of supply and demand functions for money in the United States. It gives special attention to supply formulations relating the money stock to maximum possible money stocks and to demand functions incorporating the product of national income and the rate of interest. The estimations test and attempt to improve on these formulations, and they provide evidence on the effects of changing measurement techniques of economic time series. Specifically, substantial differences emerge between estimates using quarterly averages of daily data on stock and flow variables and similar estimates using one-day end-of-quarter figures to characterize a series over a quarter. In the context of this investigation, quarterly average data appear superior in describing the true economic series, as at least some a priori judgments would suggest.]
[A system of demand functions is said to exhibit "generalized additive separability" (GAS) if it can be written in the form xi = fi(yi, R(Y)), i = 1,..., n, where yi is the normalized price of the ith good, and R is a function of all normalized prices. That is, GAS implies that "other prices" enter the demand functions only through an index function, R. This paper shows that the demand functions corresponding to directly and indirectly additive utility functions, the Fourgeaud-Nataf demand functions, and Houthakker's self-dual addilog system exhibit GAS. The direct utility functions corresponding to indirect additivity and the self-dual addilog are characterized, and a production function interpretation of some of these results is suggested. "Generalized strong separability" (GSS) and "generalized weak separability" (GWS) are defined, and it is shown that GSS includes both direct and indirect weak separability.]