Economic Inquiry

Articles from Vol. 28, No. 4, October

A Contribution to the Theory of Depletable Resource Scarcity and Its Measures
A CONTRIBUTION TO THE THEORY OF DEPLETABLE RESOURCE SCARCITY AND ITS MEASURES I. INTRODUCTION The question of devising suitable measures of the scarcity of natural resources has received considerable attention in the past quarter-century, beginning...
Anticipated Money, Unanticipated Money, and Output: 1873-1930
ANTICIPATED MONEY, UNANTICIPATED MONEY, AND OUTPUT: 1873-1930 I. INTRODUCTION This paper examines the roles of anticipated and unanticipated money in the period between the Civil War and the Depression.(1) Such an examination is warranted for...
Electoral Politics, Interest Groups, and the Size of Government
ELECTORAL POLITICS, INTEREST GROUPS, AND THE SIZE OF GOVERNMENT I. INTRODUCTION Interest groups have been considered main actors in the political drama for some time now by political scientists (as in Bentley [1908], Schattschneider [1935],...
Expropriation of Multinational Firms: The Role of Domestic Market Conditions and Domestic Rivalries
EXPROPRIATION OF MULTINATIONAL FIRMS: THE ROLE OF DOMESTIC MARKET CONDITIONS AND DOMESTIC RIVALRIES HAMID MOHTADI(*) The causes of expropriation of Multinational Firms (MNFs) by their host governments are investigated, based on social welfare...
Fear of Nuclear War and Intercountry Differences in the Rate of Saving
FEAR OF NUCLEAR WAR AND INTERCOUNTRY DIFFERENCES IN THE RATE OF SAVING JOEL SLEMROD [*] I. INTRODUCTION AND REVIEW OF PREVIOUS LITERATURE Can differences in the perceived likelihood of nuclear war explain intercountry differences in saving...
Financial Innovation, Price Smoothing, and Monetary Policy
FINANCIAL INNOVATION, PRICE SMOOTHING, AND MONETARY POLICY I. INTRODUCTION In a monetary economy, the volume of nominal transactions fluctuates with the level of economic activity. Empirical evidence suggests that the supply of nominal transaction...
Intertemporal Substitution and Constraints on Labor Supply: Evidence from Panel Data
INTERTEMPORAL SUBSTITUTION AND CONSTRAINTS ON LABOR SUPPLY: EVIDENCE FROM PANEL DATA I. INTRODUCTION Through much of the 1970s and 1980s, macroeconomic stabilization analysis has been dominated by equilibrium models in which fluctuations in...
Intracountry Evidence on the Lucas Variance Hypothesis
INTRACOUNTRY EVIDENCE ON THE LUCAS VARIANCE HYPOTHESIS I. INTRODUCTION Seventeen years ago, Lucas [1973] developed an aggregate supply model that challenged the efficacy of neo-Keynesian macroeconomic stabilization policy and significantly altered...
Price Prediction Errors and Real Activity: A Reassessment
PRICE PREDICTION ERRORS AND REAL ACTIVITY: A REASSESSMENT I. INTRODUCTION Macro models employing rational expectations and natural rate assumptions have proven to be powerful and tractable analytical tools. In these models output and employment...
The Demise of Hospital Philanthropy
THE DEMISE OF HOSPITAL PHILANTHROPY I. INTRODUCTION Until the beginning of this century, most hospitals primarily served the poor and derived a major portion of their revenue from private philanthropy. The more affluent avoided hospital care...
The Voluntary Provision of Public Goods? the Turnpike Companies of Early America
THE VOLUNTARY PROVISION OF PUBLIC GOODS? THE TURNPIKE COMPANIES OF EARLY AMERICA I. The heroic role of the agent called "government" in the simple public-goods model is clear enough, but the relevance of the model is still in dispute. A long...