ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1994.tb00419.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1994.tb00420.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

This paper analyzes the choice of a nominal anchor in disinflation programs in chronic inflation countries. Both theory and evidence suggest several conclusions. (i) The recessionary effects associated with disinflation appear in the early stages of money‐based programs but only in the late stages of exchange rate‐based programs. (ii) Lack of credibility is more disruptive under fixed exchange rates than under floating exchange rates. (iii) Attempting to pursue a disinflationary policy while maintaining a given level of the real exchange rate is likely to be self‐defeating. (iv) A high degree of currency substitution favors the exchange rate as the nominal a

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1994.tb00421.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

The Black‐Fama‐Hall system of free banking promises improved macroeconomic performance through the use of a common unit of account defined in terms of a bundle of goods and services and indirectly convertible means of payment. This paper shows how BFH can operate when the actual market price of the dollar‐defining bundle is measured only periodically. The proposed version of BFH would require banks to calculate the amount of redemption medium (gold or securities) needed to redeem money using the subsequent measurement of the bundle's market price. The procedure in effect would make checks, banknotes, and token coins of given face value directly convertible into redemption medium of equal market value and into an index futures contract on the bundle's market price. The paper explains how the system would tend to stabilize the expected price of the dollar‐defining bundle and uses a dynamic stochastic model to illustrate the consequences for the actual price level, real income, and interes

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1994.tb00422.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

The distribution of college majors changed markedly between the 1970s and 1980s as fewer students completed degrees in low‐skill fields such as education and letters and more graduated in high‐skill fields such as engineering and business. This shift was most dramatic for females, who previously were concentrated in low‐skill fields relative to those of males. This paper examines how this education‐related skill upgrade, as represented by changes in the major distribution, affected the gender wage gap for college graduates during the 1980s. The results show that convergence in major distribution between males and females contributed to a decline in the gender wage gap for college gr

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1994.tb00423.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

This study assesses the impact of parental involvement laws on adolescent abortion rates and pregnancy rates. The analysis estimates abortion rate and pregnancy rate models using state‐level data pooled over time for adolescents aged 15–17 compared to older teens aged 18–19 and adults aged 20–44. The results indicate that parental involvement laws reduce adolescent abortion rates and may, to a lessor degree, reduce adolescent pregnancy rates. Thus, the findings imply that enforcement of parental involvement laws will increase adolescent fertilit

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1994.tb00424.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

Recent regulatory changes permitted natural gas pipelines to become “open access” transporters. This change in pipeline carrier status dissolved regulatory barriers to markets. This paper describes the institutions that were developed to support exchange in gas markets and observes and evaluates their emergence, evolution, and performance. The institutional and empirical evidence reveals that gas markets rapidly emerged with the dissolution of regulatory barriers. Spot gas prices converged and became highly correlated. A national market for natural gas developed within four ye

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1994.tb00425.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

Photovoltaics—“solar power”—retains a strong fascination as a future sustainable energy source for the planet some 120 years after its discovery, 80 years after Einstein explained its physics, 30 years after the first laboratory device was produced, and 25 years after its first commercial application. This paper examines the market for photovoltaics at prices above those required for competitive bulk grid‐connected wholesale electricity, surveys current and possible future manufacturing technologies, describes the processes of technology introduction and manufacturing cost reduction, and discusses policy imp

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1994.tb00426.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

Water pricing subsidies and restrictions on water transfers are integral features of federal water supply policies in the western United States. Critics claim that these features discourage efficient use of water. However, current analyses ignore an important feature of federal water supply contracts: entitlement ceilings. This paper analyzes the implications of entitlement ceilings for federal water policies and several proposals for policy reform, including eliminating transfer restrictions, reducing pricing subsidies, and imposing groundwater pump taxes. Analysts may overstate both the efficiency losses resulting from Bureau policies and the amount of water that would be freed up from agriculture if the proposed policy reforms were instituted.

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1994.tb00427.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

Most economic models falsely predicted a landslide victory for former President Bush in 1992. Rather than winning by the predicted margin of eight to 12 percentage points, Bush lost by a margin of about four. Exit polls tend to eliminate the unique candidacy of Ross Perot as an explanation for the turnabout. This paper examines three factors: (i) changes in the proportion of the population in the military (a proxy for national security concerns), (ii) the number of consecutive terms of incumbency, and (iii) nonlinear interactions between the military variable and standard economic variables. Including these factors in an economic model of the 1992 presidential race avoids predictions of a landslide victory for Bush and also improves the model's overall power and stability.

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1994.tb00428.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY