Patric
H. Hendershott Fall
2001
email:
p.hendershott@abdn.ac.uk
PERSONAL
born: 3/3/39
married (Carole), three adult children
PhD
1965 Purdue University,
Economics
ACADEMIC
AND PROFESSIONAL EXPERIENCE
University of Aberdeen, half-time Chair
in Property Economics and Finance, 2000-
Weimer School of Advanced Studies in Real
Estate and Land Economics, 1999-
Ohio State University, Professor
Emeritus, 2000
Previous
Permanent
Ohio State University, Professor of
Finance, 1981-00
Holder of the John W. Galbreath Chair in
Real Estate, 1981-00
Professor of Public Policy, 1989-00
Purdue University, Associate Professor,
Economics and Finance, 1969-72
Krannert Distinguished Professor, 1980-81
Professor of Economics and Finance,
1972-81
Northwestern University, Assistant
Professor of Economics, 1967‑69
Federal Reserve Board, Research
Economist, 1964-67
Visiting
Professorships
University of Melbourne, Centre for
Financial Studies, March–midApril 2001-03
University of Aberdeen, Centre for
Property Research, spring 1999
Bond University (Australia), Professor of
Finance and Real Estate, winter 1991
Stanford University, Professor of
Economics, 1978‑79
New York University, Professor of Finance
and Economics, fall 1975
University of Florida, Professor of
Finance, winter 1975
MAJOR
CONSULTANCIES
Member, Board of Directors of Imperial
Credit Commercial Mortgage Investment Corp., 1997-2000
Price Waterhouse,
Consultant, 1990-92
Part-time Director, Housing and Real
Estate Finance Research, 1994-97
World Bank, 1991-93
U.S. Government Accounting Office,
1982-90
Member, Board of Directors of Buckeye
Federal Savings and Loan, 1989-91
Mortgage Insurance Companies of America,
1989-90
U.S. League of Savings Institutions,
1987-88
Federal Home Loan Bank of Cincinnati,
1982-85
SERVICE
ACTIVITIES
Fulbright Senior Awards Committee,
1995-98
Economics, 1995
Australasia, 1996-98
Member, Board of Directors of the Eastern
European Real Property Foundation, 1992-present
Member of the Advisory Committee of the
Cambridge-Maastricht Symposium Series, 2000-
Journal of the American Real Estate and
Urban Economics Association,
Co-Editor, 1988-91
Associate Editor, 1980-86, 1992-present
Journal of Property Research,
North-American Editor, 1995-present
Associate Editor, 1991-94
Journal of Money Credit and Banking, Associate Editor, 1983-present
Journal of Housing Economics, Founding Associate Editor, 1990-present
Regional Science and Urban Economics, Associate Editor, 1997-present
Journal of Real Estate Research, Associate Editor, 2000-present
Journal of Financial Services Research, Founding Associate Editor, 1988-99
Housing Finance Review, Founding Associate Editor, 1980-88
Journal of Finance, Associate Editor, 1972-73
HONORS
Research Associate, National Bureau of
Economic Research, 1979-present
Academic Fellow, Urban Land Institute,
1990-present
Fellow, Homer Hoyt Advanced Studies
Institute, 1991-present
Member, Office of Housing Policy Research
Advisory Board, Fannie Mae, 1992-present
Visiting Scholar, University of Auckland,
Property Department, winter 1996
Director, Freddie Mac Sponsored NBER
Housing Project, 1993-95
John S. Day Alumni Distinguished Academic
Service Award, Krannert School of Management, 1993
George Bloom Award for Outstanding
Contributions to the Field of Real Estate, American
Real Estate and Urban Economics
Association, 1992
Visiting Scholar, Australian National
University Urban Research Program, fall 1992
Visiting Scholar, The National Swedish
Institute for Building Research, July 1991
Visiting Scholar, Federal Reserve Board,
May 1991
Visiting Scholar, University of British
Columbia, August 1989
Fulbright Senior Research Scholar,
Australia, winter 1989
Visiting Scholar, Federal Home Loan Bank
of San Francisco, summer 1984
American Real Estate and Urban Economics
Association,
Board of Directors, 1982‑91
Second Vice-President to President,
1983-85
Chair, Nominating Committee, 1997
Member, Program Committee, 2000
Member,
Executive Nominating Committee, 2001
National Tax Association: Board of
Directors, 1982‑85
American Finance Association: Board of
Directors, 1974‑76
RECENT
PROFESSIONAL PRESENTATIONS
“Home Ownership and the Duration of
Unemployment: A Test of the Oswald Hypothesis” (with Richard Green), NBER 2001 Summer Institute Workshop on Public
Policy and Real Estate Markets, Boston, August, and AREUEA Annual Meetings,
January 2002.
“Estimation of the Rental Adjustment Process,” (with Bryan MacGregor and Raymond Tse), AREUEA Annual Meetings, January 2001.
“Pricing Retail Leases with Renewal and
Overage Options” (with Charles Ward), AREUEA Annual Meetings, January 2001, and
Cambridge-Maastricht Symposium, June 2001.
“The Rise and Fall of Housing’s Favored
Investment Status,” (with Michael White), AREUEA International Meeting in Gavle
Sweden, June 2000 and AREUEA Midyear Meeting, May 2000.
“Explaining Real Commercial Rents Using
an Error Correction Model with Panel Data,” (with Bryan MacGregor and Michael
White), Maastricht-Cambridge Symposium, Maastricht June 2000 and AREUEA Annual
Meetings, January 2000.
“Mortgage Refinances, Adverse Selection,
and the FHA Streamline Program” (with David Brickman), European Financial
Management Meetings, Edinburgh Scotland, May 2000, and AREUEA Annual Meetings,
January 1999.
“Lease Overage Rent Clauses: Motivation
and Use,” (with Mark Eppli, Luis Mejia and James Shilling) ARES Annual
Meetings, Santa Barbara, March 2000.
PUBLICATIONS: Books and Monographs
The Level and Composition of Household
Saving, editor and
author of four chapters, Ballinger Publishing Co., 1985 (306 pages).
Regulation and Reform of the Housing
Finance System (with K.
Villani), American Enterprise Institute for Public Policy Research, Washington,
D.C., 1978 (135 pages).
Understanding Capital Markets: Volume I:
A Flow of Funds Financial Model,
Lexington Books, D.C. Heath and Company, 1977 (366 pages).
An Empirical Analysis of the Market for
Tax‑Exempt Securities
(with T. Koch), Monograph Series in Finance and Economics, NYU GBA Center for
the Study of Financial Institutions, 1977‑4 (70 pages).
The Neutralized Money Stock: An Unbiased
Measure of Federal Reserve Actions,
Richard D. Irwin, 1968 (169 pages).
OTHER
PUBLICATIONS
“Estimation of the Rental Adjustment
Process,” (with Bryan MacGregor and Raymond Tse). Real Estate Economics,
forthcoming.
“Pricing Upward-Only Adjusting Leases,”
(with Brent Ambrose and M. Klosek). Journal of Real Estate Economics and
Finance, forthcoming.
“Forecasting Housing Markets: Lessons
Learned” (with John Weicher). Real Estate Economics, forthcoming 2002.
“Explaining Real Commercial Rents Using
an Error Correction Model with Panel Data,” (with B. MacGregor and M. White), Journal
of Real Estate Economics and Finance, 2001.
“The Future of Virtual Malls,” (with R.J
and T.J. Hendershott), Real Estate Finance, 18, 2001, 25-32.
“Home Ownership and Unemployment in the
U.S.” (with Richard Green), Urban Studies, 38, 2001, 1509-20.
“Further Evidence on the Existence of
Housing Market Bubbles,” (with S.C. Bourassa and J.Murphy), Journal of
Property Research, 18, 2001.
“The Rise and Fall of Housing’s Favored
Investment Status,” (with M. White), Journal of Housing Research, 11,
2000, 157-171.
“Mortgage Refinances, Adverse Selection,
and the FHA Streamline Program,” (with D, Brickman), Journal of Real Estate
Economics and Finance, 21, 2000, 151-173.
“Will the Internet Reduce the Demand for
Mall Space?” (with R.J and T.J. Hendershott), Real Estate Finance, 17,
2000, 41-46.
“The Capitalization of Interest Subsidies into Swedish House
Prices,” (with T. Berger, P. Englund, and B. Turner), Journal of Money
Credit and Banking, 32, 2000, 199-217.
“Property Asset Bubbles: Evidence from
the Sydney Office Market,” Journal of Real Estate Economics and Finance,
20, 2000, 67-81.
“Incorporating Option-Like Features in
the Valuation of Shopping Center Leases,” (with C.R.W. Ward) Real Estate
Finance, 16, 1999, 31-36.
“Estimating Capitalization Rates and
Capitalization Effects in Stockholm,” (with B. Turner), Journal of Property
Research, 16, 1999, 109-122.
“Workings of the London Office Market,”
(with C. Lizieri and G. Matysiak), Real Estate Economics, 27, 1999,
365-387.
“Taxes and House Prices: Large or Small
Effect?” (with D. Capozza and R. Green), Proceedings of the 91st
Annual Conference of the National Tax Association, 1999, 19-24.
“Selling Price and Selling Time: The
Impact of Seller Motivation,” (with M. Glower and D. Haurin), Real Estate
Economics, 26, 1998, 719-740.
“Equilibrium Models in Real Estate
Research: A Survey,” Journal of Real Estate Literature , 6, 1998, 13-25;
largely reprinted from “Uses of Equilibrium Models in Real Estate Research,” Journal
of Property Research, 14, 1997, 1-13.
“Borrowing Constraints and the Tenure Choice of Young Households,”
(with D. Haurin and S. Wachter), Journal of Housing Research, 8, 1997,
137-154.
“Debt Usage and Mortgage Choice: The FHA-Conventional Decision,”
(with W.LaFayette and D. Haurin) Journal of Urban Economics, 41, 1997,
202-217.
“Home
or Alone: The Costs of Independent Living for Youth,” (with J. Haurin, D.
Haurin and S. Bourassa), Social Science Research, 26, 1997, 135-152.
“Wealth Accumulation and Housing Choices
of Young Households: An Exploratory Investigation,” (with D. Haurin and S.
Wachter), Journal of Housing Research, 7, 1996, 33-57.
“Age, Housing Demand, and Real House
Prices,” (with R. Green), Regional Science and Urban Economics, 26,
1996, 465-480.
“Introduction and Overview,” Regional
Science and Urban Economics, 26, 1996, 227-234.
"Bubbles in Metropolitan Housing
Markets," (with J. Abraham), Journal of Housing Research, 7, 1996,
191-207.
“Taxes, Home Mortgage Borrowing and
Residential Land Prices,” (with D. Capozza and R. Green) in Aaron and Gale,
(eds), Fundamental Tax Reform, Brookings Institute, Washington, DC,
1996, 171-210.
“Valuing Properties When Comparable Sales
Do Not Exist and the Market is in Disequilibrium," Journal of Property
Research, 13, 1996, 57-66.
"Rental Adjustment and Valuation in
Overbuilt Markets: Evidence from the Sydney Office Market," Journal of
Urban Economics, 39, 1996, 51-67.
“Real House Prices in Australian Capital
Cities,” (with S. Bourassa), Australian Economic Review, 3rd Quarter,
1995, 16-26.
“Real Effective Rent Determination: Evidence
from the Sydney Office Market,” Journal of Property Research, 38, 1995,
57-66.
"Office Markets During the Past
Decade: How Distorted Have Appraisals Been?," (with E. Kane), Real
Estate Economics, 23, 1995, 101-117.
“The Tax Reform and the Housing Market,”
(with P. Englund and B. Turner) Scandinavian Economic Policy Review, 2,
1995, 319-356.
"Rapid Housing Privatization: Pay
the Special Dividend Now," (with R. Buckley and K. Villani), Journal of
Real Estate Economics and Finance, 10, 1995, 63-80.
"Escrow Accounts and the Value of
Mortgage Servicing Contracts," (with K. Villani) Journal of Financial
Services Research, 1994, 59-76.
"Housing Finance in the United
States," in Poterba (ed.), Housing Markets in the United States and
Japan, University of Chicago Press, 1994, 65-86.
"Independent Living and Home
Ownership: An Analysis of Australian Youth," (with S. Bourassa and D. and
J. Haurin), Australian Economic Review, 1994, 29-44.
"Housing Decisions of American
Youth," (with D. Haurin and D. Kim), Journal of Urban Economics,
37, 1994, 28-45.
"On the Equity Effects of Taxing
Imputed Rent: Evidence from Australia" (with S. Bourassa) Housing
Policy Debate, 5, 1994, 73-95.
"Equity and Nonequity Determinants
of FHA Single-Family Mortgage Foreclosures in the 1980s," (with W.
Schultz), AREUEA Journal, 21, 1993, 405-430.
"The Impact of Real Rents and Wages
on Household Formation," (with D. Haurin and D. Kim), Review of
Economics and Statistics, 1993, 284-293.
"Patterns and Determinants of
Metropolitan House Prices, 1977-91," (with J. Abraham), in Real Estate
and the Credit Crunch, Browne and Rosengren (eds.), Proceedings of the 25th
Annual Boston Fed Conference, 1993, 18-42.
"The Causes and Consequences of the
1980s Commercial Real Estate Boom," (with E. Kane), Journal of Applied
Corporate Finance, 1992, 61-70.
"Are Real House Prices Likely to
Decline by 47 Percent?" Regional Science and Urban Economics, 22,
1992, 553-563.
"Changing Fortunes of FHA's Mutual
Mortgage Insurance Fund and the Legislative Response," (with J. Waddell), Journal
of Real Estate Economics and Finance, 5, 1992, 119-132.
"The Continued Interest Rate
Vulnerability of Thrifts," (with J. Shilling), in Hubbard (ed.), Financial
Markets and Financial Crises, University of Chicago Press, 1992, 259-282.
"Real Estate Markets Since 1980:
What Role Have Tax Changes Played?," (with J. Follain and D. Ling), National
Tax Journal, 1992, 253-266.
"Introducing Risky Housing and
Tenure Choice into a Portfolio‑Based General Equilibrium Model,"
(with Y. Won), Journal of Public Economics, 1992, 293-316.
"Treasury Bill Rates in the 1970s
and 1980s," (with J. Peek), Journal of Money Credit and Banking,
24, 1992, 195-214.
"The Market for Home Mortgage
Credit: Recent Changes and Future Prospects," in Gilbert (ed.), The
Changed Market for Financial Services, Economic Policy Conference, Federal
Reserve Bank of St. Louis, 1992, 99-123.
"Changes in the Relative Incentives
to Invest in Housing: Australia, Sweden, and the United States," (with S.
Bourassa), Journal of Housing Economics, March 1992, 60-83.
"Revenue and Welfare Implications of
a Capital Gains Tax Cut," (with E. Toder and Y. Won), National Tax
Journal, March 1991, 21‑40.
"Local House Price Indexes:
1982-1991," (with D. Haurin and D. Kim), AREUEA Journal, 19, 1991,
259-269.
"Housing Price Indexes: Issues and
Results", (with D. Haurin), AREUEA Journal , 19, 1991, 451-472.
“The Composition of Mortgage
Originations,” Journal of Housing Research, 1, 1990, 443-62.
"The Relationship Between Median and
Constant Quality House Prices: Implications for Setting FHA Loan Limits,"
(with T. Thibodeau) AREUEA Journal, 18, 1990, 323‑334.
"Research on Real Estate
Investment," (with D. Haurin) AREUEA Journal, 18, 1990, 369‑75.
"Risk and Return on Real Estate: Evidence
from Equity REITs," (with K. Chan and A. Sanders) AREUEA Journal,
18, 1990, 431‑452.
"On the Determinants of the Value of
Call Options on Default‑Free Bonds," (with S. Buser and A. Sanders),
Journal of Business, January 1990, Part 2, S33‑S50.
"Reforming Conforming Loan Limits:
The Impact on Thrift Income and Taxpayer Outlays," (with J. Shilling), Journal
of Financial Services Research, December 1989, 311‑331.
"The Impact of the Agencies on
Conventional Fixed‑Rate Mortgage Yields," (with J. Shilling), The
Journal of Real Estate Finance and Economics, 2, 1989, 101‑115.
"Integration of Mortgage and Capital
Markets and the Accumulation of Residential Capital," (with R. Van Order),
Regional Science and Urban Economics, May 1989, 189‑210.
"The Future of Thrifts as Mortgage
Portfolio Lenders," in The Future of the Thrift Industry,
Proceedings of the 14th Annual Conference of the Federal Home Loan Bank of San
Francisco, 1989, 153‑163.
"Adjustments in Real Estate
Markets," (with D. Haurin), AREUEA Journal, Winter 1988‑89,
343‑353.
"Aggregate U.S. Private Saving:
Conceptual Measures and Empirical Tests," (with J. Peek), in Lipsey and
Tice (eds.), Measurement of Saving, Investment and Wealth, NBER Income
and Wealth volume, 1989, 185‑223.
"Household Formation and Home
Ownership: The Impacts of Demographics,
Sociological and Economic Factors," Housing Finance Review, Summer
1988, 201-224.
"Homeownership Rates of Married
Couples: An Econometric Investigation," (with D. Haurin and D. Ling), Housing
Finance Review, Summer 1988, 85-108.
"Understanding the Real Estate
Provisions of the Tax Act: Their
Motivation and Impact," (with J. Follain and D. Ling), National Tax
Journal, September 1987, 363‑372.
"Tax Changes and Capital Allocation
in the 1980s," in Feldstein (ed.), The Effects of Taxation on Capital
Formation, University of Chicago Press, 1987, 259‑290.
"Tax Reform and the Slope of the
Playing Field," in Feldstein (ed.), Taxes and Capital Formation,
University of Chicago Press, 1987, 51‑61.
"Effects on Real Estate," (with
J. Follain and D. Ling) in Pechman (ed.), Tax Reform and the U.S. Economy,
The Brookings Institution, 1987, 71-94.
"Tax Policy and Stock Prices,"
(with T. Downs), National Tax Journal, June 1987,183-90.
“Pricing Mortgages: An Interpretation of
the Models and Results,” (with R. Van Order),
Journal of Financial Services Research, October 1987, 95-131
(reprinted in J. Quigley (ed.), The Economics of Housing II, Edward
Elgar Publishing Limited, 1997, 495-531).
"Affordability and the Value of
Creative Finance: An Application to Seller‑Financed Transactions,"
(with D. Haurin), Housing Finance Review, Winter 1986, 189‑206.
"Tax Reform and Financial
Markets," in Economic Consequences of Tax Reform, Federal Reserve
Bank of Boston, 1986, 153‑177 (Reprinted in Portfolio, International
Perspectives, No. 3, Volume 13).
"Debt and Equity Yields
Revisited," in Friedman (ed.), Financing Corporate Capital Formation,
University of Chicago Press, 1986, 35‑50.
"Mortgage Pricing: What Have We
Learned So Far?" AREUEA Journal, 14, 1986, 585‑597.
"Debt and Equity Yields: 1926‑80,"
(with R. Huang) in Friedman (ed.) Corporate Capital Structures in the United
States, University of Chicago Press, 1985, 117‑163.
"Pricing Life of Loan Rate Caps on
Default‑Free Adjustable‑Rate Mortgages," (with S. Buser and A.
Sanders), AREUEA Journal, 13, 1985, 248‑260.
"Valuing Default‑Free ARM Rate
Caps: Implications of 1970‑84 Interest Rate Behavior," (with J.
Shilling), AREUEA Journal, 13, 1985, 317‑332.
"Pricing Adjustable Rate
Mortgages," in Solving the Mortgage Menu Problem, Proceedings of
the 10th Annual Conference
of the Federal Home Loan Bank of San Francisco, 1985, 98‑119.
"Trading and the Tax Shelter Value
of Depreciable Real Estate," with (D. Ling), National Tax Journal,
June 1984, 213‑223.
"Prospective Changes in Tax Law and
the Value of Depreciable Real Estate," (with D. Ling), AREUEA Journal,
12, 1984, 297‑317.
"Expectations, Surprises and
Treasury Bill Rates: 1960‑82," Journal of Finance, July 1984,
685‑696.
"Pricing FHA Mortgage Default
Insurance," (with D. Cunningham), Housing Finance Review, October
1984, 373‑392.
"Pricing Default‑Free Fixed‑Rate
Mortgages," (with S. Buser), Housing Finance Review, October 1984,
405‑430.
"Measurement of Spreads Between Yields
on Various Mortgage Contracts and Treasury Securities," (with J. Shilling
and K. Villani), AREUEA Journal, Winter 1983-84, 476‑490.
“Government Policy and the Allocation of
Capital Between Residential and Nonresidential Uses,” Financial Analysts Journal,
1983, 39:3-8.
"The Allocation of Capital Between
Residential and Nonresidential Uses: Taxes, Inflation, and Credit Market
Constraints," (with S. Hu), Journal of Finance, June 1983, 795‑812.
"Housing Finance in America in the
Year 2001," (with K. Villani) in Gau and Goldberg eds.), North American
Housing Markets into the 21st Century, North‑Holland 1983; 181‑202.
"The Economics of Mortgage
Terminations: Implications for Mortgage Lenders and Mortgage Terms," (with
S. Hu and K. Villani), Housing Finance Review, April 1983, 127‑142.
"Accelerating Inflation,
Nonassumable Fixed Rate Mortgages, and Consumer Choice and Welfare," (with
S. Hu) Public Finance Quarterly, April 1982, 158‑184.
The Economics of Tenure Choice,
1955-79" (with J. Shilling), in Sirmans (ed.), Research in Real Estate,
Vol. I, JAI Press Inc., 1982, 105-133.
"Taxes and the User Cost of Capital
for Owner-Occupied Housing," (with J. Slemrod), AREUEA Journal,
Winter 1983, 375-393.
"The Impacts on Capital Allocation
of Some Aspects of the Economic Recovery Tax Act of 1981," (with J.
Shilling) Public Finance Quarterly, April 1982, 242‑273.
"Inflation, Resource Utilization,
and Debt and Equity Returns," in Friedman (ed.), The Changing Role of
Debt and Equity in Financing U.S. Capital Formation, University of Chicago
Press, 1982, 15‑26.
"Inflation and Extraordinary Returns
on Owner‑Occupied Housing: Some Implications for Capital Allocation and
Productivity Growth," (with S. Hu), Journal of Macroeconomics, 3,
1981, 177-203 (reprinted in J. Quigley (ed.), The Economics of Housing II,
Edward Elgar Publishing Limited, 1997, 90-116).
"The Decline in Aggregate Share
Values: Taxation, Valuation Errors, Risk and Profitability," American
Economic Review, December 1981, 909‑922.
"Investment in Producers'
Equipment," (with S. Hu) in Aaron and Pechman (eds.), How Taxes Affect
Economic Behavior, Brookings Institution, 1981, 85‑126.
"Inflation and the Growth in Home
Mortgage Debt, 1964-78," (with C. Hsieh), Journal of Financial Research,
Fall 1980, 189-202.
"Secondary Residential Mortgage
Markets and the Relative Cost of Mortgage Funds," (with K. Villani), AREUEA
Journal, Spring 1980, 50‑76.
"Government-Induced Biases in the
Allocation of the Stock of Fixed Capital in the United States," (with S.
Hu) in von Furstenberg (ed.) Capital, Efficiency and Growth, Ballinger
Publishing Co., 1980, 323-360.
"The Relative Impacts of Various
Proposals to Stimulate Business Investment," (with S. Hu) in von
Furstenberg (ed.) The Government and Capital Formation, Ballinger
Publishing Company, 1980, 321‑336.
"Real User Costs and the Demand for
Single Family Housing," Brookings Papers on Economic Activity,
2:1980, 401‑444.
"The Demand for Tax‑Exempt
Securities by Financial Institutions," (with T. Koch), Journal of Finance,
June 1980, 717‑728.
"Analysis of the Impact of Capital
Specific Policies of Legislation: Application to Reforms of the Tax‑Exempt
Market," Journal of Money, Credit, and Banking, May 1980, 377‑399.
"The Likely Impact of Increases in
Deposit Rate Ceilings on Thrift Earnings and Housing Construction," AREUEA
Journal, Summer 1979, 177‑189.
"The Impact of Taxes, Risk, and
Relative Security Supplies on Interest Rate Differentials," (with T.
Cook), Journal of Finance, September 1978, 1173‑1186.
"The Impact of Relative Security
Supplies: A Test with Data from a Regional Tax‑Exempt Bond Market,"
(with D. Kidwell), Journal of Money, Credit and Banking, August 1978,
337‑347.
"The Impact of Advanced Refunding
Bond Issues on State and Local Borrowing Costs," (with D. Kidwell), National
Tax Journal, Spring 1978, 93‑100.
"Model Simulations of the Impact of
Selective Credit Policies and Financial Reforms: The Appropriate Monetary
Policy Assumption," Journal of Banking and Finance, September 1977,
173‑184.
"The Interest‑Rate Behavior of
Flow‑of‑Funds and Bank‑Reserves Financial Models," Journal
of Money, Credit and Banking, November 1976 (with F. Orlando), 497‑512.
"A Tax Cut in a Multiple Security
Model: Crowding Out, Pulling In and the Term Structure of Interest Rates,"
Journal of Finance, September 1976, 1185‑1199.
"The Financial Behavior of
Households: Some Empirical Estimates," (with R. Lemmon), Journal of
Finance, June 1975, 733‑759.
"A Flow of Funds Model: First
Estimates and Forecasts,” (with R. Lemmon), 1973 Business and Economic
Statistics Section, Proceedings of the ASA, 112‑121.
"Expected Inflation Implied by
Capital Market Rates," (with J. Van Horne), Journal of Finance, May
1973, 301‑314.
"A Flow of Funds Model: Estimates
for the Nonbank Finance Sector," Journal of Money, Credit, and Banking,
November 1971, 815‑832.
"Financial Disintermediation in a
Macroeconomic Framework," Journal of Finance, September 1971, 843‑856.
"The Neutralized Money Stock and the
Full Employment Interest Rate," Journal of Finance, March 1971, 127‑136.
"Free Reserves, Interest Rates, and
Deposits: A Synthesis," (with F. deLeeuw), Journal of Finance, June
1970, 599‑613.
"Recent Development of the Financial
Sector of Econometric Models," Journal of Finance, March 1968, 41‑66.
"The Structure of International
Interest Rates: the U.S. Treasury Bill Rate and Eurodollar Deposit Rate," Journal
of Finance, September 1967, 455‑65.