Economic Inquiry

Articles from Vol. 37, No. 3, July

An Analysis of Women's Return-to-Work Decisions Following First Birth
I. INTRODUCTION Women's labor force participation rate has increased sharply over the last two decades, particularly for married women with young children. From 1970 to 1996, the fraction of women in the labor market rose from 43.3% to 59.3%.(1)...
Are 'Risky Assets' Substitutes for 'Monetary Assets?'
I. INTRODUCTION Financial innovation over the past couple of decades has enhanced the liquidity of many financial assets, particularly noncapital certain ("risky") assets. Further, financial assets previously not regarded as monetary assets, such...
Changes in the Comovement of European Equity Markets
I. INTRODUCTION This paper will investigate the impact that the relaxation of exchange controls within European economies has had on the interdependence of European equity markets. We suggest that the existence of exchange controls within Europe...
Dynamic Gains and Static Losses in Oligopoly: Evidence from the Beer Industry
I. INTRODUCTION More than 40 years ago, Arnold Harberger [1954] estimated the welfare loss due to monopoly in the United States. Harberger's finding that the welfare loss caused by monopoly is surprisingly small sparked a lively debate that enriched...
Empirical Features of the Second-Generation Target Zone Models: Mean-Reverting Fundamentals and Endogenous Devaluation Risk
I. INTRODUCTION In 1978 the countries of the European Community founded the European Monetary System (EMS). Its cornerstone is the Exchange Rate Mechanism (ERM), which aims at limiting bilateral exchange fluctuations among participating countries...
Industrial Output Variability and Real Wage Fluctuations: Determinants and Implications
I. INTRODUCTION The study of business cycles has been at the heart of macroeconomic theory for decades. Theoretical efforts have focused on providing an adequate explanation for sources of economic fluctuations, and toward this explanation, new...
Labor Market Regulation and the Winner's Curse
I. INTRODUCTION In March 1992, the government of British Columbia (B.C.), Canada, introduced the Skill Development and Fair Wage Policy (SDFWP), which mandated the payment of "fair" wages on provincial public construction projects, and promulgated...
Rent-Seeking Firms, Consumer Groups, and the Social Costs of Monopoly
I. INTRODUCTION When a positive monopoly rent is secured under government protection, firms compete with one another to win the monopoly by expending resources. The opportunity costs of such rent-seeking activities - the values of goods and services...
The Demand for Illicit Drugs
I. INTRODUCTION Illicit drug use and alcohol abuse imposes significant costs on society and on the individual users. These costs include increased crime, health problems, and employment problems. Because of these considerable costs, government,...
The Role of the Gold Standard in Keynesian Monetary Theory
I. INTRODUCTION The primary motivation for this paper was provided by ambiguities within the General Theory regarding the efficacy of monetary policy remedies to a depression. I will argue that rather than being a "fixed-price" or "depression" model,...
The Supply of Infants Relinquished for Adoption: Did Access to Abortion Make a Difference?
I. INTRODUCTION One largely undocumented fertility outcome is the option to relinquish an infant for adoption. The dramatic drop in the supply of infants relinquished during the 1980s is puzzling in that it parallels a trend toward greater state...

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