Economic Inquiry

Articles from Vol. 28, No. 2, April

1979-1982: Rules or Discretion in Monetary Policy?
GREGORY HOELSCHER What determined M1 growth from November 1979 through October 1982? A reaction function is developed and tested which ascribes the level of Ml to two Fed motives. One is the Fed's desire to hit its money growth targets, the other...
Capital Controls and Deviations from Proposed Interest Rate Parity: Mexico 1982
MARK M. SPIEGEL An intervention analysis of the Mexican capital control policy of August 1982 shows the policy to have had a negative, but temporary, impact on the Mexican deviation from interest rate parity. Previous studies concerning the impact...
Efficiency Wage Models of Unemployment: A Second View
KEVIN LANG and SHULAMIT KAHN Efficiency wage models, in which firms find it profitable to pay wages above workers' reservation wages, provide a promising explanation for unemployment and interindustry wage differentials. One criticism of such models...
Efficiency Wage Models of Unemployment - One View
H. LORNE CARMICHAEL Persistent wage rigidity and involuntary unemployment appear to be recurrent problems in most economies. What could be preventing the wage adjustment necessary to clear the labor market? Many recent papers claim to have found...
Employment and Welfare Participation among Women
LAURIE J. BASSI The model makes a distinction between voluntary" and "involuntary" welfare receipt. The findings suggest that among female heads of households, the increase in welfare receipt that occurred between 1967 and 1979 was almost completely...
Export Instability and Long-Term Capital Flows: Response to Asset Risk in a Small Economy
JOHN NASH An open capital account allows long-term capital flows to automatically mitigate adverse effects of export instability on domestic saving and investment. An application of portfolio management theory shows that risks that are systematic...
Further Analysis of the Theory of Economic Regulation: The Case of the 1969 Coal Mine and Health and Safety Act
SCOTT M. FUESS, JR. and MARK A. LOEWENSTEIN How does government regulation influence the structure of industries? In the coal mining industry increased safety can be provided with personal protection devices or with engineering controls; but the...
Government Debt and the Demand for Money: An Extreme Bound Analysis
M. KEIVAN DERAVI, CHARLES E. HEGJI and H. DEAN MOBERLY The article provides evidence that there is a relationship between government debt and interest rates via the demand for money. This relationship is examined through the wealth effect of government...
Interest Rate Ceilings and the Role of Security and Collection Remedies in Loan Contracts
NEELA D. MANAGE Collateral or other security for personal loans and restrictions on creditor remedies for the collection of debts have varying effects on the price and quantity of credit which depend in turn on the level of interest rate ceilings....
Profit Sharing, Wage Bargaining, and Unemployment
BERTIL HOLMLUND The paper examines the effects of Profit sharing in an economy with decentralized wage bargaining. Profit sharing makes workers' income more sensitive to wage changes, and this leads to wage moderation. But economy-wide profit sharing...
Teaching Tools: Internationalizing Macroeconomic Principles
I. INTRODUCTION It is now commonly observed that the United States economy is no longer independent of the international marketplace. While for many years U.S. imports, as a percentage of GNP, were much smaller than those of its major trading partners,...
The Political Economy of U.S. Wheat Legislation
BRUCE A. BABCOCK, COLIN A. CARTER and ANDREW SCHMITZ Both taxpayer subsidies to U.S. wheat producers and domestic deadweight losses increased as a result of the U.S. wheat program adopted in 1985. A calculation of the costs and benefits of alternative...
Why Economic Reforms Fail in the Soviet System - a Property Rights-Based Approach
JAN WINIECKI Why do economic reforms fail in Soviet-type systems despite the obvious interest of ruling groups in improving the performance of their ailing economies? The author applies a property rights-based analysis stressing modes of rent-maximization...
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