Keith R. McLaren
B.Ec. M.Ec. (Monash)
M.A. Ph.D. (Northwestern)
F.A.S.S.A.
Emeritus Professor of Econometrics
Clayton campus, Room 763E, Menzies building (Building
11).
Mail: Department of Econometrics & Business Statistics, Monash University,
Clayton, Vic. 3800, AUSTRALIA
Phone: IDD + 61 3 9905 2395; Fax: IDD + 61 3 9905 5474
Email: Keith.McLaren@monash.edu
Research Interests
Duality Theory. Applied Econometrics. Demand systems.
Intertemporal Optimization. Financial Econometrics.
Research Projects
- Using the Consumer's
Profit Function to Model Demand Equations, (joint with Russel Cooper and
Gary Wong)
- Using the Distance
Function to Model Inverse Demand Equations, (joint with Gary Wong)
- Evaluating Research Policy
in Australian Broadacre Agriculture - Accounting for Interactions between
the Beef, Sheep Meat, Wool and Grains Industries (joint with Xueyan Zhao, Dawn Nguyen, Gary Griffith and John
Mullen)
- Investigating the
appropriateness of econometric specifications of input demand systems
implied by Cost Function representations
Supplementary
Information
- Readers′ Appendix to accompany "Specification and Estimation of
Regular Inverse Demand Systems" by Gary K K
Wong and Keith R McLaren, American Journal of
Agricultural Economics, Vol 87, No. 4, November 2005, pp. 823-834.
Readers Appendix
Some Selected
Publications
- "Using
the Murphy Model to Provide Short-run Macroeconomic Closure for
ORANI", (joint with James Breece, Chris
Murphy and Alan A. Powell), Economic Record, September 1994.
- "A
Simple Nested Test of the Almost Ideal Demand System", (joint with
Jane Fry and Tim Fry), Empirical Economics, 1995.
- "Approaches
to the Solution of Stochastic Intertemporal Consumption Models",
(joint with Russel J. Cooper), Australian Economic Papers, June
1995.
- "A
System of Demand Equations Satisfying Effectively Global Regularity
Conditions", (joint with Russel J. Cooper), Review of Economics
and Statistics, 1996.
- "The
Stochastic Specification of Demand Share Equations: Restricting Budget
Shares to the Unit Simplex", (joint with Jane Fry and Tim Fry), Journal
of Econometrics 73, 1996.
- "Using
the Cost Function to Generate Flexible Demand Systems - An Initial
Exploration" (joint with Peter D. Rossiter and Alan A. Powell)",
Econometric Society Australasian Meeting 1996, Proceedings, Volume 2:
Econometric Theory, ed. Michael McAleer, Paul Miller and Anthony D.
Hall, The University of Western Australia, pp. 379-418.
- "Compositional
Data Analysis and Zeros in Micro Data" (joint with Jane M. Fry and
Tim R. L. Fry ), Econometric Society Australasian Meeting 1996,
Proceedings, Volume 4: Microeconometrics,
ed. Michael McAleer, Paul Miller and Christine Ong, The University of
Western Australia, pp. 213-226.
- "Parsimonious
Autocorrelation Corrections for Singular Demand Systems", Economics
Letters, Vol. 53, issue 2, November 1996, pp. 115-121.
- "Compositional
Data Analysis and Zeros in Micro Data" (with Jane M. Fry and Tim R.
L. Fry), Applied Economics, Vol. 32, 2000, pp. 953-959; see FF&M2
- "Using
the Cost Function to Generate Marshallian Demand Systems" (with Peter
D. Rossiter and Alan A. Powell), Empirical Economics, Volume 25,
Issue 2, 2000, pp. 209-228
- "Modelling
Zeroes in Micro Data" Jane M. Fry, Tim R. L. Fry, Keith R. McLaren
and Tanya Smith, Applied Economics, Vol. 33, 2001, pp.383-392; see FFM&S
- "Estimating
Demand with Varied Levels of Aggregation" (with Simone
Grose); see G&M1
- "An
EM Algorithm for Modelling Variably-Aggregated Demand" (with Simone
Grose); see G&M2
- "On
the Empirical Exploitation of Consumers' Profit Functions in Static
Analyses" Russel J. Cooper, Keith R. McLaren and Gary K.K. Wong, Economics Letters,
Volume 72, 2001, pp. 181-187; see CM&W
- "Modelling
Regular and Estimable Inverse Demand Systems: A Distance Function
Approach" Keith R. McLaren and Gary K. K. Wong, W&M1
- "Nonsimultaneity and Futures Options Pricing:
Simulation and Empirical Evidence" (with Robert E.J. Hibbard and Rob Brown)
BH&M
- "Specification
and Estimation of Regular Inverse Demand Systems: A Distance Function
Approach" Keith R. McLaren and Gary K. K. Wong, American Journal
of Agricultural Economics, Vol 87, No. 4, November 2005, pp. 823-834.
- "Demand
Systems Based on Regular Ratio Indirect Utility Functions"
By Russel J. Cooper, Macquarie University and Keith R. McLaren, Monash University. Econometric Society Australasian Meeting 2006; see http://esam06.anu.edu.au/
- "A
Regular Demand System with Commodity-Specific Demographic Effects" by
Paul Blacklow, University of Tasmania, Russel
Cooper, University of Western Sydney, Roger Ham, University of Western
Sydney and Keith McLaren, Monash University. Econometric Society Australasian Meeting 2006; see DEMAIDS.pdf
- "Demand
Systems Incorporating Intertemporal Consumption Dynamics" by Russel J
Cooper, University of Western Sydney, H Youn Kim, Western Kentucky
University and Keith R McLaren, Monash University. Econometric Society Australasian Meeting 2006; see http://esam06.anu.edu.au/
- "Effective
Global Regularity and Empirical Modeling of
Direct, Inverse and Mixed Demand Systems" (with Gary K. K. Wong), Canadian Journal of Economics, Vol 42, No 2, May 2009,
pp. 749-770. See W&M3
- "The
Benefit Function Approach to Modeling
Price-Dependent Demand Systems: An Application of Duality Theory"
Keith R. McLaren and Gary K. K. Wong, American
Journal of Agricultural Economics, Vol 91, Issue4, 2009,
pp. 1110-1123. available online at http://www3.interscience.wiley.com/journal/120119656/issue
- "A
New Example of a Closed Form Mean-Variance Representation" Working
Paper 1/2009, Dept of Econometrics and Business Statistics, Monash
University, February 2009. See WP2009/1.
A condensed version is published as
- "Closed
Form Mean-Variance Representations", Medium for Econometric Applications, Volume 17, Edition 2,
2009, pp. 14-18.
- "A
New Example of a Closed Form Mean-Variance Representation, and
Implications for the Equity Premium Puzzle" December 2013. See A
New Example of a Closed Form Mean-Variance Representation, and
Implications for the Equity Premium Puzzle.pdf
- "The
Econometric Specification of Input Demand Systems Implied by Cost Function
Representations" Keith R. McLaren and Xueyan
Zhao, Working Paper 3/2009, Dept of Econometrics and Business Statistics,
Monash University, April 2009. See WP2009/3.
Revised Version Mclaren_Zhao_July_1_2011.pdf.
- "Empirical
Demand Systems Incorporating Intertemporal Consumption Dynamics", H.
Youn Kim Keith R. McLaren and K. K. Gary Wong, Empirical Economics
2013, Volume 45, pp. 349-370. ( Published online August 2012).
- "Consumer
Demand, Consumption, and Asset Pricing: An Integrated Analysis" H.
Youn Kim, Keith R. McLaren and K.K. Gary Wong, Working Paper 4/2014, Dept
of Econometrics and Business Statistics, Monash University, February 2014.
See WP2014/4.
- "Econometric
Modelling of Price Response by Alcohol Types to Inform Alcohol Tax
Policies", Preety Srivastava, Keith R.
McLaren, Michael Wohlgenant and Xueyan Zhao, Australian
Journal of Agricultural and Resource Economics, 59, 3, July 2015, pp.
412-432. Also Working Paper 5/2014, Dept of Econometrics and Business
Statistics, Monash University, February 2014. See WP2014/5.
- "Economic
welfare evaluation in an era of rapid technological change" Russel J.
Cooper, Keith R. McLaren, Fahd Rehman, Wojciech A. Szewczyk,
Economics Letters, 131, 2015 pp. 38-40.
- "A
Class of Demand Systems Satisfying Global Regularity and Having Complete
Rank Flexibility", Keith R. McLaren and Ou
Yang, Empirical Economics, Vol. 51, Issue 1, 2016, pp. 315-337.
Online August 2015. Also Working Paper 6/2014, Dept of Econometrics and
Business Statistics, Monash University, February 2014. See WP2014/6.
- "Forecasting
Compositional Time Series: A State Space Approach", Ralph D.Snyder, J. Keith Ord, Anne
B. Koehler, Keith R. McLaren, and Adrian N. Beaumont, International
Journal of Forecasting, forthcoming, DOI
10.1016/j.ijforecast.2016.11.008.
- Kim, H.
Y., McLaren, K. R., & Wong, K. K. G. (2019). Valuation of public
goods: an intertemporal mixed demand approach. Empirical Economics,
(0123456789). https://doi.org/10.1007/s00181-019-01734-0.
- Kim, H.
Y., McLaren, K. R., & Wong, K. K. G. (2019). Consumer Demand,
Consumption, and Asset Pricing: An Integrated Analysis With
Intertemporal Two-Stage Budgeting. Macroeconomic Dynamics, 1–47.
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