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Economic Inquiry

Articles from Vol. 27, No. 4, October

An International Arbitrage Pricing Model with PPP Deviations
AN INTERNATION AL ARBITRAGE PRICING MODEL WITH PPP DEVIATIONS I. INTRODUCTION There is a growing literature examining the implications of purchasing power parity (PPP) deviations in international asset pricing models. This literature typically...
Industrial Structure and Monopoly Power in the Federal Bureaucracy: An Empirical Analysis
INDUSTRIAL STRUCTURE AND MONOPOLY POWER IN THE FEDERAL BUREAUCRACY: AN EMPIRICAL ANALYSIS I. INTRODUCTION In theories of public supply of services, bureau monopoly power plays a key role in determining output, budget, and cost levels. That...
Investment in Sister's Children as Behavior towards Risk
INVESTMENT IN SISTER'S CHILDREN AS BEHAVIOR TOWARDS RISK I. INTRODUCTION A man in some societies invests much in the children of his sister. An explanation has been suggested by biologist Richard Alexander and examined by anthropologist Jeffrey...
Parental Altruism and Self-Interest: Child Labor among Late Nineteenth-Century American Families
PARENTAL ALTRUISM AND SELF-INTEREST: CHILD LABOR AMONG LATE NINETEENTH-CENTURY AMERICAN FAMILIES Insofar as machinery dispenses with muscular power, it becomes a means of employing laborers of slight muscular strength, and those whose bodily development...
Racism as Rent Seeking
RACISM AS RENT SEEKING I. INTRODUCTION Economists have modeled discrimination as tastes, as an optimal tariff, as a signaling device and as the result of status seeking. (1) They have not however, developed an explicitly political model of dicrimination....
Rational Expectations in the Aggregate
RATIONAL EXPECTATIONS IN THE AGGREGATE I. INTRODUCTION One of the major recent innovations in economic theory is the emergence of the rational expectations hypothesis, the hypothesis that expectations of agents tend to be consistent with the...
The Empirical Reliability of Monetary Aggregates as Indicators: 1983-1987
THE EMPIRICAL RELIABILITY OF MONETARY AGGREGATES AS INDICATORS: 1983-1987 I. INTRODUCTION It is widely believed that monetary aggregates have failed to predict real growth and inflation over 1983-87. This presumed breakdown of previously reliable...
The Impact of External Parities on Brand-Name Capital: The 1982 Tylenol Poisonings and Subsequent Cases
THE IMPACT OF EXTERNAL PARTIES ON BRAND-NAME CAPITAL: THE 1982 TYLENOL POISONINGS AND SUBSEQUENT CASES I. INTRODUCTION On September 30, 1982 Johnson & Johnson announced that three people had been kiled as the result of ingesting cyanide-laced...
U.S. Military Expenditure and the Dollar
U.S.MILITARY EXPENDITURE AND THE DOLLAR I. INTRODUCTION Many recent contributions have tried to explain fluctuations in the real exchange rate of the dollar against major currencies, most of all the Japanese yen and the deutsche mark. Among...