This paper generalises previous results on the identification of rational expectations (r.e.) models, establishing necessary and sufficient conditions on the structural form of static and dynamic models, without specific ...

Our focus is on information in expectation surveys that can now be built on thousands (or millions) of respondents on an almost continuous-time basis (big data) and in continuous macroeconomic surveys with a limited number ...

The positive response of prices to an increase in interest rates or contractionary monetary policy has been documented by several empirical studies.2 According to monetarist as well as IS-LM models, an increase in interest ...

To estimate causal relationships, time series econometricians must be aware of spurious correlation, a problem first mentioned by Yule (1926). To deal with this problem, one can work either with differenced series or ...

In 1937 the University of Chicago ordered the publication of a collection of monographs to be included in the International Encyclopedia of Unified Science. Economics had to be part of the plan. The task was entrusted to ...

Consumers often pay different prices for the same product bought in the same store at the same time. However, the demand estimation literature has ignored that fact using, instead, aggregate measures such as the 'list' or ...