# University of Iowa, Department of Economics

# Working Papers

**Contact information of University of Iowa, Department of Economics:**

Postal: University of Iowa, Department of Economics, Henry B. Tippie College of Business, Iowa City, Iowa 52242

Phone: (319) 335-0829

Fax: (319) 335-1956

Web page: http://tippie.uiowa.edu/economics/

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**For corrections or technical questions regarding this series, please contact
(John Solow)** **Series handle:** repec:uia:iowaec
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### 2001

**2001-01 Semiparametric Estimation of the Box-Cox Model Preliminary and Incomplete***by*Savin, N.E. & Wurtz, Allan H.

### 2000

**00-04 An Adaptive, Rate-Optimal Test of Linearity for Median Regression Models***by*Horowitz, Joel L. & Spokoiny, Vladimir G.**00-03 Group Identity and Gender in Public Goods Experiments***by*Solow, John L. & Kirkwood, Nicole**00-02 Should the Dea's Stride Data Be Used for Economic Analyses of Markets for Illegal Drugs?***by*Horowitz, Joel L.**00-01 Semiparametric Models***by*Horowitz, Joel L.

### 1999

**99-10 The Bootstrap***by*Horowitz, Joel L.**99-09 Exorcising the Ghost of Cigarette Advertising Past: Collusion, Regulation and Fear Advertising***by*Solow, John L.**99-08 An Analysis of the Evolution of the Skill Premium***by*Ingram, Beth & Neumann, George**99-07 A Robust Test For Autocorrelation in the Presence of Statistical Dependence***by*Lobato, I.N. & Nankervis, John C. & Savin, N.E.**99-06 Job Destruction and Wage Dynamics***by*Neumann, George R.**99-04 CAPM Reconsidered: A Robust Finite Sample Evaluation***by*Ravikumar, B. & Ray, Surajit & Savin, N.E.**99-03 Moral Hazard, Optimal Unemployment Insurance, and Experience Rating***by*Williamson, Stephen D. & Wang, Cheng**99-02 An Adaptive, Rate-Optimal Test of a Parametric Model Against a Nonparametric Alternative***by*Horowitz, Joel L. & Spokoiny, Vladimir G.

### 1998

**99-05 On the Local Interaction of Money and Credit***by*Jin, Yi & Temzelides, Ted**99-01 Evaluating Asset-Pricing Models Using The Hansen-Jagannathan Bound: A Monte Carlo Investigation***by*Otrok, Christopher & Ravikumar, B. & Whiteman, Charles H.**98-12 Learning to Communicate in Cheap-Talk Games***by*Blume, Andreas & Dieckmann, Tone**98-11 Coordination and Learning with a Partial Language***by*Blume, Andreas**98-10 An Experimental Investigation of Optimal Learning in Coordination Games***by*Blume, Andreas & Gneezy, Uri**98-09 Private Money***by*Williamson, S.D.**98-08 Risk Aversion vs. Intertemporal Substitution: Identification Failure in the Intertemporal Consumption CAPM***by*Neely, C.J. & Roy, A. & Whiteman, C.H.**98-07 Empirically Relevant Critical Values For Hypothesis Tests: The Bootstrap to the Rescue***by*Horowitz, J.L. & Savin, N.E.**98-06 Internet Based Econometric Computing***by*Horowitz, J.L.**98-05 Nonparametric Estimation of a Generalized Additive Model with an Unknown Link Function***by*Horowitz, J.L.**98-04 Habit Formation: A Resolution of the Equity Premium Puzzle?***by*Otrok, C. & Ravikumar, B. & Whiteman, C.**98-03 Money and Price Dispersion***by*Camera, G. & Corbae, D.**98-02 Learning in Sender-Receiver Games***by*Blume, A. & DeJong, D.V. & Neumann, G.R. & Savin, N.E.**98-01 Robust Wald Tests in SUR Systems with Adding Up Restrictions: An Algebraic Approach to Proofs of Invariance***by*Surajit, R. & Ravikumar, B. & Savin, N.E.

### 1997

**97-21 Payments Systems with Random Matching and Private Information***by*Williamson, Stephen**97-20 Money, Credit, and Allocation Under Complete Dynamic Contracts and Incomplete Markets***by*Aiyagari, S. Rao & Williamson, Stephen**97-19 Money and Dynamic Credit Arrangements with Private Information***by*Aiyagari, S. Rao & Williamson, Stephen**97-18 Evolution of Communication with Partial Common Interest***by*Blume, Andreas & DeJong, Douglas V. & Kim, Yong-Gwan & Sprinkle, Geoffrey B.**97-16 Nonparametric Analysis of Randomized Experiments With Missing Covariate and Outcome Data***by*Horowitz, Joel & Manski, Charles**97-15 Minimum Consumption Requirements: Theoretical and Quantitative Implications for Growth and Distribution***by*Chatterjee, S. & Ravikumar, B.**97-14 Testing that Stock Returns Are Uncorrelated Using A General Box-Pierce Q Test***by*Nankervis, J.C. & Savin, N.E. & Lobato, I.**97-13 Growth and Risk-Sharing with Private Information***by*Khan, A. & Ravikumar, B.**97-12 Costly Technology Adoption and Capital Accumulation***by*Khan, A. & Ravikumar, B.**97-11 Information Transmission and Preference Similarity***by*Blume, A.**97-10 Fast Learning in Organizations***by*Blume, A.**97-09 Band Spectral Regression with Trending Data***by*Corbae, D. & Ouliaris, S. & Phillips, P.C.B.**97-08 Financial Fragility and the Great Depression***by*Cooper, R. & Corbae, D.**97-07 On the Changing Nature of Entrepreneurship***by*Wu, S.Y.**97-06 Semiparametric Estimation of a Proportional Hazard Model With Unobserved Heterogeneity***by*Horowitz, J.**97-05 Equilibrium Search Models and The Transition from School to Work***by*Bowlus, A.J. & Kiefer, N.M. & Neumann, G.R.**97-04 When Are Nash Equilibria Self Enforcing ? An Experimental Analysis***by*Clark, K. & Kay, S. & Sefton, M**97-03 Credit in a Random Matching Model with Private Information***by*Aiyagari, S.R. & Williamson, S.D.**97-02 The Power of Hessian and Outer Product Based Wald and LM Tests***by*Parks, R.W. & Savin, N.E. & Wurtz, A.H.**97-01 Can Bilateral Trade Agreements Help Induce Free Trade***by*Riezman, R.

### 1996

**96-16 Capital Markets and the Longevity of Family Businesses***by*Bhattacharya, U. & Ravikumar, B.**96-15 Managing Competition: The Case of the National Football League***by*Neumann, G.R. & Tamura, R.F.**96-14 Bayesian Leading Indicators: Measuring and Predicting Economic Conditions in Iowa***by*Otrok, C. & Whiteman, C.H.**96-13 Bootstrap Methods for Covariance Structure***by*Horowitz, J.L.**96-12 Cyclical Implications of the Variable Utilization of Physical and Human Capital***by*Ingram, B.F. & DeJong, D.N. & Whiteman, C.H. & Wen, Y.**96-11 Bootstrap Methods for Median Regression Models***by*Horowitz, J.**96-10 A Discourse on A Model of the Entrepreneur-Centered Economy***by*Wu, S.Y.**96-09 A Spline Analysis of the Small Firm Effect: Does Size Really Matter***by*Savin, N.E. & Loughran, T. & Horowitz, J.L.J.**96-08 Measuring Productivity Differences in Equilibrium Search Models***by*Neumann, G.R. & Lanot, G.**96-07 Real and Spurious Long Memory Properties of Stock Market Data***by*Lobato, I.N. & Savin, N.E.**96-06 Power of tests in Binary Response Models***by*Savin, N.E. & Wurtz, A.**96-05 The Effect of Nuisance Parameters on the Power of LM Tests in Logit and Probit Models***by*Savin, N.E. & Wurtz, A.**96-04 Information Transmission and Preference Similarity***by*Blume, A.**96-03 Communication, Risk and Efficiency in Games***by*Blume, A.**96-02 Bootstrap Critical Values for Tests Based on the Smoothed Maximum Score Estimator***by*Horowitz, J.L.**96-01 Pricing Derived Securities Under an Edgeworthian Process***by*Wu, S.Y. & Qin, C.Z.

### 1995

**95-18 What Can Be Learned About Population Parameters when the Data Are Contaminated***by*Horowitz, J.L. & Manski, C.F.**95-17 Fitting Equilibrium Search Models to Labor Market Data***by*Bowlus, A.J. & Kiefer, N.M. & Neumann, G.R.**95-16 The Engine of Growth or Its Handmaiden? A Time Series Assessment of Export-Led Growth***by*Riezman, R. & Whiteman, C. & Summers, P.M.**95-15 Semiparametric Estimation of a Censored Regression Model with an Unknown Transformation of the Dependent Variable***by*Horowitz, J. & Gorgens, T.**95-14 A General Equilibrium Model of the Three-Sector Competitive Economy***by*Wu, S.Y.**95-13 Inventories, Time on the Market and Prices in an Economy with Uncertain and Sequential Trade: Theory and an Empirical Test***by*Horowitz, J.L. & Eden, B.**95-12 Censoring of Outcomes and Regressors Due to Survey Nonresponse: Identification and estimation Using Weights and Imputations***by*Horowitz, J.L. & Manski, C.F.**95-11 Search Models and Duration Data***by*Neumann, G.R.**95-10 Bootstrap Methods in Econometrics: Theory and Numerical Performance***by*Horowitz, J.L.**95-09 Unemployment Insurance with Moral Hazard in a Dynamic Economy***by*Williamson, S. & Wang, C.**95-08 A Score Test for Seasonal Fractional Integration and Cointegration***by*Silvapulle, P.**95-07 Using Macroeconomic Data to Measure Nonmarket Activity***by*Kocherlakota, N. & Ingram, B.F. & Savin, N.E.**95-06 Keynes vs. Prescott and Solow: Identifying Sources of Business Cycle Fluctuations***by*DeJong, D.N. & Ingram, B.F. & Whiteman, C.H.**95-05 The Equity Premium: It's Still a Puzzle***by*Kocherlakota, N.**95-04 Evolutionary Stability in Sender-Receiver Games with Partial Common Interest***by*Blume, A.**95-03 Confidence Intervals for the Sample Mean of Overdifferenced Data***by*Kocherlakota, N.R. & Savin, N.E.**95-01 Discount Window Lending and Deposit Insurance***by*Williamson, S.D.

### 1994

**94-26 Symmetry and Subgame Consistency in Harsanyi and Selten's Solution for Games***by*Kim, Y.G. & Oh, J.H.**94-25 Status Signaling Game in the Animal Contest***by*Kim, Y.G.**94-24 Do Meeting in Smoke-Filled Rooms Facilitate Collusion?***by*McCutcheon, B.**94-23 Evolutionary Analyses of Tacit Communication in Van Huyck, Battalio, And Bell's Game Experiments***by*Kim, Y.G.**94-22 Direct Semiparametric Estimation of Single-Index Models With Discrete Covariates***by*Horowitz, Joel & Hardle, Wolfgang**94-21 Money and Finance in a Model of Costly Commitment***by*Chatterjee, Satyajit & Corbae, Dean**94-19 Sequential Trade, Search Externalities and Inventories: Do Houses Sell Faster in Thick Markets?***by*Eden, Benjamin & Horowitz, Joel**94-18 Beyond Calibration***by*DeJong, David & Ingram, Beth & Whiteman, Charles**94-15 Robust Scale Estimation in the Error Components Models Using the Empirical Characteristic Function***by*Markatou, Marianthi & Horowitz, Joel**94-14 Inventories in a Competitive Environment: An Empirical Study of a Housing Market***by*Eden, Benjamin & Horowitz, Joel**94-11 Consumer Durables, the Terms of Trade and the U.S. Trade Deficit***by*Sadka, Joyce & Yi, Kei-Mu**94-06 Keeping Society in the Dark: On the Admissibility of Pretrial Negotiations as Evidence in Court***by*Daughety, Andrew & Reinganum, Jennifer

### 1993

**94-13 Inflation and Price Adjustment: An Analysis of Micro Data***by*Eden, Benjamin**93-15 Neighborhood Stability in Sender-Receiver Games***by*Blume, A.**93-14 Semiparametric Estimation of Regression Models for Panel Data***by*Horowitz, J.L. & Markatou, M.**93-13 Symmetry and Subgame Consistency in Harsanyi and Selten's Solution for Games***by*Oh, J.H. & Kim, Y.G.**93-12 Is the Minimum Chi-Square Estimator the Winner in Logit Regression?***by*Hughes, G.A. & Savin, N.E.**93-11 Corrections and Blocking Rules for the Block Bootstrap with Dependent Data***by*Hall, P. & Horowitz, J.L.**93-10 Testing the Consumption CAPM with Heavy-Tailed Pricing Errors***by*Kocherlakota, N.R.**93-09 Political Reform and Trade Policy***by*Riezman, R. & Wilson, J.D.**93-08 Politics and Trade Policy***by*Riezman, R. & Wilson, J.D.**93-07 Evolutionary Stability in Games of Communication***by*Blume, A. & Kim, Y.G. & Sobel, J.**93-06 Equilibrium Refinement in Sender-Receiver Games***by*Blume, A.**93-05 On the Inferior Power of Outer Product Wald and LM Tests***by*Parks, R.W. & Savin, N.E.**93-04 Contract Renegotiation with Adverse Selection and Hidden Information***by*Blume, A.**93-03 Settlement and Litigation with Multiple Defendants: The Auditor and Manager***by*Blume, A. & DeJong, D.V.**93-02 An Evolutionary Approach to Pre-Play Communication***by*Kim, Y.G. & Sobel, J.**93-01 Socially-Influenced Choice : Equity Considerations in Models of Consumer Choice and Games***by*Daughety, A.F.

### 1992

**94-17 Product Safety: Liability, R & D and Signaling***by*Daughety, Andrew & Reinganum, Jennifer**92-28 Semiparametric Estimation of a Regression Model with an Unknown Transformation of the Dependent Variable***by*Horowitz, J.L.**92-25 Multi-Country Comparisons of the Consumption-Based CAPM: The Cases of Germany, Japan and USA***by*Roy, A.**92-24 Regional Economies and Market Integration***by*Tamura, R.**92-23 Stochastic Growth of Quality and Quantity***by*Tamura, R.**92-22 How to Subsidize Education and Achieve Voluntary Integration: An Analysis of Voucher Systems***by*Eden, B.**92-21 Black-White Wage Differentials : 1967-89; A Reinterpretation***by*O'Neill, D. & Ercan, H. & Greene, S.**92-20 Education and Income Growth: A Cross Country Study***by*O'Neill, D.**92-19 Inventories in a Competitive Environment***by*Bental, B. & Eden, B.**92-18 Asymmetric Information and the Excess Volatility of Stock Prices***by*Eden, B. & Jovanovic, B.**92-17 Evolutionary Stability in Games of Communication***by*Blume, A. & Kim, Y.G. & Sobel, J.**92-16 A Competitive Equilibrium Model of the Entrepreneur- Centered Economy***by*Wu, S.Y. & Qin, C.Z.**92-15 A Generalized Model of the Entrepreneur-Centered***by*Wu, S.Y. & Qin, C.Z.**92-14 Evolutionarily Stable Strategies in the Repeated Prisoner's Dilemma***by*Kim, Y.G.**92-13 Equilibrium Refinement in Perturbed Games and in Sender- Receiver Games***by*Blume, A.**92-12 Equilibrium Refinements in Sender-Receiver Games***by*Blume, A.**92-11 Settlement and Litigation with Multiple Defendants: the Auditor and Manager***by*Blume, A. & DeJong, D.**92-10 Multiple Optima and Asymptotic Approximations in the Partial Adjustment Model***by*McManus, D.A. & Nankervis, J.C. & Savin, N.E.**92-09 Explaining Business Cycles : A Multiple Shock Approach***by*Ingram, B.F. & Kocherlakota, N.R. & Savin, N.E.**92-07 Is the Minimum Chi-Squared Estimator the Winner in Logit Regression?***by*Hughes, G.A. & Savin, N.E.**92-06 Testing a Parametric Model Against a Semiparametric Alternative***by*Horowitz, J.L. & Hardle, W.**92-05 Identification and Robustness in the Presence of Errors in Data***by*Horowitz, J.L. & Manski, C.F.**92-04 Non-Invarience of the Wald Test: The Bootstrap to the Rescue***by*Horowitz, J.L. & Savin, N.E.

### 1991

**92-27 The Engine of Growth or Its Handmaiden? A Time Series Assessment of Export-Led Growth***by*Riezman, R.G. & Summers, P.M. & Whiteman, C.H.**92-26 On the Determination of Roles in Bargaining Models: Settlement Negotiations with Two-Sided Asymmetric Information***by*Daughety, A.F. & Reinganum, J.F.**92-08 Measures of Excess Demand and Unemployment in Canada and the United States***by*Siebert, C.D. & Zaidi, M.A.**91-32 Production and Inventory Behavior When Sport Markets are Complete***by*Bental, B. & Eden, B.**91-31 An Experiment on Coordination in Multi-Candidate Elections: The Importance of Polls and Election Histories***by*Forsythe, R. & Myerson, R. & Rietz, T. & Weber, R.**91-30 The Adjustment of Prices to Monetary Shocks when Spot Markets Are Complete***by*Eden, B.**91-29 Intra-Play Communication in Repeated Games***by*Blume, A.**91-28 Equilibrium Refinement in Sender-Receiver Games***by*Blume, A.**91-27 Communication-Proof Equilibria in Cheap-Talk Games***by*Blume, A. & Sobel, J.**91-26 World Business Cycles***by*Riezman, R.G. & Whiteman, C.H.**91-25 A Rexamination of the Consumption Function Using Frequency Domain Regressions***by*Corbae, D. & Ouliaris, S. & Phillips, P.C.B.**91-24 Keeping Society in the Dark : On the Admissibility of Pretrial Nogotiations as Evidence in Court***by*Daughety, A. & Reinganum, J.**91-23 Endogenous Sequencing in Models of Settlement and Litigation***by*Daughety, A. & Reinganum, J.**91-22 Perfect Competition for Economies with Asymmetric Information***by*Eden, B.**91-21 Bootstrap-Based Critical Values for the Information Matrix test***by*Horowitz, J.L.**91-19 Forward Induction in the Battle of Sexes Games***by*Cooper, R. & DeJong, D.V. & Forsythe, R. & Ross, T.W.**91-18 From Decay to Growth : A Dynamic Equilibrium Model of Income Distribution***by*Tamura, R.**91-17 Fertility , Human Capital and the "Wealth of Nations"***by*Tamura, R.**91-16 Efficient Equilibrium Convergence : Heterogeneity and Growth***by*Tamura, R.**91-15 Initial Versus Continuing Proposal Power in Legislative Seniority Systems***by*McKelvey, R.D. & Riezman, R.**91-14 An Economic Analysis of the Droit de Suite***by*Solow, J.**91-13 Anatomy of a Market***by*Forsythe, R. & Nelson, F. & Neumann, G.R. & Wright, J.**91-12 Semiparametric Estimation of a Work-Trip Mode Choice Model***by*Horowitz, J.L.**91-11 What in the Best Estimator of the ML Covariance in Linear Regression Models?***by*Parks, R.W. & Savin, N.E.**91-10 A Lagrange Multiplier Test of Uniformity Against Beta Alternatives***by*Sefton, M.**91-09 On Managing Externalities: The Demand for Competitive Balance in the NFL***by*Neumann, G.R. & Tamura, R.F.**91-08 Endogenous Market Participation and General Equilibrium Value of Money***by*Chatterjee, S. & Corbae, D.**91-07a Money Non-Neutrality when Spot Market are Complete***by*Eden, B.**91-06 Prodoctivity, Market Power and Capacity Utilization when Spot Market Are Complete***by*Eden, B. & Griliches, Z.**91-05 The Case for Trend-Stationarity is Stronger than we Thought***by*DeJong, D.N. & Whiteman, C.H.**91-04 An Experimental Study of Voting Rules and Polls in Three- Way Elections***by*Forsythe, R. & Myerson, R. & Rietz, T. & Weber, R.**91-03 Asset Pricing in a Dynamic Economy with Moral Hazard : Theory and Tests***by*Kocherlakota, N.R.**90-01rev Bargaining with Private Information***by*Kennan, J. & Wilson, R.

### 1990

**90-30 Post Econometric Policy Evaluation : A Critique***by*Ingram, B.**91-02 Renting and selling : Higher Profits from Renegotiation- Proof Rental Contracts***by*Blume, A.**90-30a Endogenous Market Participation and the General Equelibrium Value of Money***by*Chatterjee, S. & Corbae, D.**90-29 Bubbles and Constraints on Debt Accumulation***by*Kocherlakota, N.R.

### Undated

**97-17 Private Money and Reserve Management in a Random Matching Model***by*Cavalcanti, Ricardo & Erosa, Andres & Temzelides, Ted