J. Huston McCulloch

Professor Emeritus, Economics
The Ohio State University

Vita (PDF format)

Adaptive Learning and Adaptive Least Squares


     Term Structure of Interest Rates

Stable Distributions

It's not right to pick only what you like, but to take all of the evidence... -- Richard P. Feynman


  • In GAUSS, most formerly at American University GAUSS Archive but now linked directly here.
    • STABOPT Computes log-Stable Option values by method of "The Risk-Neutral Measure under Log-Stable Uncertainty," linked above.
    • SMSTRG Symmetric stable regression package. (JHM, "Linear Regression with Stable Disturbances," in R. Adler, R. Feldman, and M.S. Taqqu, eds., A Practical Guide to Heavy Tails (Birkhaeuser, Boston, 1998.)
    • STAB Stable distribution parameter estimates by quantile method (JHM, "Simple Consistent Estimators of Stable Distribution Parameters", Commun. in Statist., 1986, 1109-36.
    • SYMSTB Symmetric Stable Distribution and Density approximation (JHM, "Numerical Approximation of the Symmetric Stable Distribution and Density," in Adler et al.)
    • RNDSSTA, RNDSTA. Stable distribution random number generators.
    • RNDKMSTA Long-Cycle stable distribution random number generator using the GAUSS 3.6+ rndKMu RNG.
    • STABMED. Roughly estimates stable distribution parameters by matching sample kurtosis and skewness to Monte Carlo median values.

    • STABRND.M Stable distribution random number generator

  • In VS FORTRAN, at StatLib
  • Other stable distribution software on John Nolan's Page.

Bank Deposit Insurance


Utility Theory

History of Economic Thought

"Hegel, Marx, and Mises: The Hegelian Foundations of Dialectical Materialism" Working paper, 1977.

Industrial Organization

Labor Economics

Time Series Econometrics

  • State Estimation with Stable Errors and Whisker Particles July 31, 2020

  • "Moment Ratio Estimation of Autoregressive/Unit Root Processes and Autocorrelation-Consistent Standard Errors," (unabridged version). Published, Computational Statistics and Data Analysis 100 (Aug. 2016): 712-733. DOI: 10.1016/j.csda.2015.07.003

    "Signal Extraction Can Generate Volatility Clusters from IID Shocks"
    with Prasad V. Bidarkota
    Paper for 9th International Conference on Computing in Economics and Finance
    Seattle, July 11-12, 2003
    PDF format

    "Generating Serially Uncorrelated Forecasts of Inflation by Estimating the Order of Integration Directly"
    with Jeffrey A. Stec
    (formerly "Proxying Inflation Forecasts with Fuller/Roy-Type Median Unbiased Near Unit Root Coefficient Estimates")
    Paper for 6th International Conference on Computing in Economics and Finance
    Barcelona, July 6-8, 2000
    WORD format

    Bidarkota-McCulloch Inflation Forecast Data (48 KB)

    Equity Markets

    "A Further Equity Premium Puzzle"
    Paper for January 2000 Econometric Society Meetings, Boston
    Asset Pricing I session, Jan. 9, 8:00 AM
    WORD format

    National Debt

    "An Improved Balanced Budget Amendment"
    The Independent Review 17 (Fall 2012): 219-25.

    Social Security

    "Let's Not Save Social Security"
    Column in the Toledo Blade, 3/12/99, revised with 2000 figures.

    "Double Delusion"
    Letter to Wall St. Journal, 3/18/99.

    Course Materials

    Econ 520
    Econ 640
    Econ 641
    Econ 821



    Global Warming

    Some Archaeological Outliers

    "Banish the Dread Ohiomander!"
    Newly rewritten in response to the 2012 Voters First Ohio proposal

    Selected Letters to Editors

    "A Statistical Model of Smallpox Vaccine Dilution"
    by J. Huston McCulloch and James R. Meginniss

    Boulder High School 1963 45th Reunion

    Mail to: mcculloch.2@osu.edu

    Retired from Economics Department
    Ohio State University

    OSU Department of Economics
    Department Home Page
    Personal Home Pages

    Dept. of Finance, OSU Fisher School of Business

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