This paper addresses the problem of how to estimate market demand functions for finance in the presence of rationing within the context of the U.K. house mortgage market. Two distinct approaches are outlined. The first, ...
Sims' innovation-accounting techniques are used to investigate the relationship between housing starts and mortgage availability using U.S. monthly data over 1967-1984. First, a four variable vector autoregression is ...
This paper extends the results of Jovanovic and Rosenthal (1988) on the existence of equilibrium in anonymous sequential games. They prove existence in the case where the aggregate distribution of agents' characteristics ...