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We thank the editor and the anonymous referees for helpful comments, but the responsibility for erros is entirely the authors'. We also acknowledge support from the National Science Foundation under grant SES-9818789. Abstract We hope to be able to provide answers to the following questions: 1) Has there been a structural break in postwar U.S. real GDP(More)
The authors acknowledge with thanks support from the National Science Foundation under grants SES-9818789 and SBR-9711301 and from the Van Voorhis and Ensley endowments at the University of Washington. We received helpful comments from many individuals and particularly Abstract––This paper reconciles two widely-used decompositions of GDP into trend and(More)
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We collected and completely sequenced 32,127 full-length complementary DNA clones from Oryza sativa L. ssp. japonica cv. "Nipponbare." Mapping of these clones to genomic DNA revealed approximately 20,500 transcriptional units (TUs) in the rice genome. For each TU, we selected 60-mers using an algorithm that took into account some DNA conditions such as base(More)
This paper investigates whether evidence for a positive relationship between stock market volatility and the equity premium is more decisive when the volatility feedback effects of large and persistent changes in market volatility are taken into account. The analysis has two components. First, a log– linear present value framework is employed to derive a(More)
It is now well known that standard asymptotic inference techniques for instrumental variable estimation perform very poorly in the presence of weak instruments. Specifically, standard asymptotic techniques give spuriously small standard errors, leading investigators to accept apparently tight confidence regions which unfortunately may be very far from the(More)