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In this paper the static properties of the hybrid Monte Carlo algorithm are studied in the context of condensed-matter systems. The algorithm is used to simulate a Lennard-Jones liquid near the coexistence region. The hybrid Monte Carlo algorithm generates a canonical distribution in configuration space, permitting the application of the Ferrenberg-Swendsen extrapolation scheme. Moreover, it is an exact algorithm: The configurational averages prove to be independent of the step size, and the algorithm does not suffer from numerical instabilities due to finite step size.