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Health diagnosis indicators used as explanatory variables in econometric models often suffer from substantial measurement error. This measurement error can lead to seriously biased inferences about the effects of health conditions on the outcome measure of interest, and the bias generally spills over into inferences about the effects of policy/treatment variables. We generalize an existing instrumental variables (IV) method to make it compatible with the types of instruments typically available in large datasets containing health diagnoses. In particular, we relax the classical IV assumption that the instruments must have uncorrelated measurement errors. We identify and estimate the covariance matrix of the measurement errors and then use this information to derive a correction term to mitigate or eliminate the bias associated with classical IV. Our Monte Carlo simulations suggest that this corrected IV method can produce estimates far superior to those produced by OLS or classical IV.

Money occupies a central position in both the disciplines of law and economics. From the legal point of view, money constitutes a vital part of the legal system. Ever since the advance from a barter economy, money has become a central instrumentality of legal transactions. Seeking a legal definition of the phenomenon of money is, therefore, an invaluable exercise for the discipline of law. However, as money is an economic phenomenon, seeking to ascertain the meaning of money for legal purposes cannot be comprehensively pursued without due regard to economics. This thesis sets out to show the importance of monetary and other economic factors in analysing and applying the law of money. In particular, this thesis sets out to identify the principal functions performed by money from the viewpoint of their relevance in comprehensively defining the phenomenon for legal purposes. It examines the legal meaning of money in the context of such developments as the use of advancing technology to transmit by electronic means rights to money at ever increasing speeds and amounts across the globe, floating exchange rate markets, the changing role of gold from its once unique position as the quintessential international monetary reserve, the development of "electronic cash", and the tracing of money through a series of paperless transactions. When examining these developments, there is a focus on how legal analysis might be assisted by identifying the role performed by money in specific sets of circumstances. While attention is given to international monetary units, such as the Special Drawing Right and the European Currency Unit where relevant throughout the thesis, the development of the Euro as the currency of the European Union in the twenty-first century is not specifically addressed. This is an on-going and developing process, raising specific issues such as natural currency areas within the European Union necessarily outside the ambit of this thesis, which focuses on the law of money proceeding from an Australian viewpoint to more general materials especially in the English-speaking world. However, this thesis does draw from the non-English-speaking world for materials and examples that may well be of universal significance, and have unique ramifications, in the process of determining the meaning of money for legal purposes. While focussing on the future, the thesis carefully considers the past from the point of view of determining the extent to which the existing law is able to deal with what appear as entirely new phenomena, associated with technological advancement and apparent rapid globalisation.

This paper describes and analyzes research on the dynamics of long-term care and suggests directions for the literature to make progress. We discuss sources and causes of dynamics including inertia/state dependence (confounded by unobserved heterogeneity); match-speciÂ…c effects; and costs of changing caregivers. We comment on causes of dynamics including learning/human capital accumulation; burnout; and game playing. We suggest how to deal with endogenous geography; dynamics in discrete and continuous choices; and equilibrium issues (multiple equilibria, dynamic equilibria). Next, we evaluate the advantages of different potential data sources (NLTCS, PSID, AHEAD/HRS, SHARE, ELSA) and identify fiÂ…rst order data problems including noisy measures of wealth and family structure. We suggest some methods to handle econometric problems such as endogeneity (work, geography) and measurement error. Finally, we discuss potential policy implications of dynamics including the effect of dynamics on parameter estimates and direct policy implications of inertia (implications for family welfare, parent welfare, child welfare, and cost of government programs).