Economic Inquiry

Articles from Vol. 31, No. 2, April

Business Cycle Asymmetry: A Deeper Look
I. INTRODUCTION The behavior of macroeconomic variables over phases of the business cycle has long been an object of interest to economists. A critical aspect of this is the symmetry or asymmetry of business cycles. An asymmetric cycle is one in which...
Comovements of Budget Deficits, Exchange Rates, and Outputs of Traded and Non-Traded Goods
I. INTRODUCTION The total United States budget deficit was roughly zero at the beginning of 1981. After some ups and downs, the deficit reached $140 billion in early 1985 and remained high compared to deficit levels experienced in peacetime years prior...
Friedman's Methodology of Positive Economics: A Soft Reading
...There are many ways to read a text and the ones most accessible to a modern are often inappropriate when applied to the past.... Trying to transmit such lessons to students I offer them a maxim: when reading the work of an important thinker, look...
Incomplete Contracting: A Laboratory Experimental Analysis
I. INTRODUCTION Williamson [1975] and Klein, Crawford, and Alchian [1978], among others, pioneered the notion that long-term contracts arise as a means of governing and protecting valuable investments in long-term trading relationships. Contract...
International Evidence on Friedman's Theory of the Business Cycle
I. INTRODUCTION Milton Friedman |1969; 1993~ discusses two empirical business cycle regularities he finds in U.S. data and conjectures that they may exist in other countries' data. First, Friedman argues that U.S. data on real output show an important...
Milton Friedman, Starting His Ninth Decade
Some six years ago, Milton Friedman delivered his presidential address to our Association in this same place, the San Francisco Hyatt Regency Hotel. From its humble start some seventy years ago, the Western Economics Association has grown and prospered....
Milton, Money, and Mischief: Symposium and Articles in Honor of Milton Friedman's 80th Birthday
Jerry Jordan: Good Morning. The title of this session is "Milton, Money, and Mischief." In case you do not know the origin of the title, it is from his latest book just published this year, Episodes In Monetary History: Money Mischief by Milton Friedman....
Monetary Rewards and Decision Cost in Experimental Economics
This paper provides a theoretical framework and some evidence about how the size of payoffs affects outcomes in laboratory experiments. We examine theoretical issues related to the question of how payoffs can matter, and what the trade-offs with nonmonetary...
Money Demand during Hyperinflation and Stabilization: Bolivia, 1980-1988
I. INTRODUCTION The stability of demand-for-money equations has been at issue in both econometric research and policy analysis. The academic debates about the relative merits of the traditional, buffer-stock, and the error-correction models of demand...
Simulating a Multiproduct Barter Exchange Economy
I. INTRODUCTION As a research tool, experimental economics is a very useful device for studying many issues in economics, including choice theory, industrial organization, public finance, financial markets, etc. However, by its nature, most of the classroom...
The "Plucking Model" of Business Fluctuations Revisited
The recent surge of renewed interest in business cycles in general, and real business cycles in particular, brought to mind a "plucking model" of business fluctuations that I suggested some twenty-five years ago but that has since sunk into complete...

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