摘要:

If goods markets efficiently process information, much of received macro doctrine seems of little relevance. Neither unemployment nor the money stock should be leading indicators of inflation. Countercyclical monetary policy will have little effect on inflation. Restrictive monetary policy can have severe effects on real variables if the public is unconvinced the authorities are committed to reducing inflation. When proper account is taken of mean shifts in the stochastic process generating CPI inflation rates, there is little remaining autocorrelation indicative of inefficiency, and filter rule experiments similarly support the hypothesis of goods market efficiency.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00506.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

This paper analyzes the enforcement of debt contracts by treating the adherence to a contract as a matter of choice. Many commonly observed features of debt contracts, including the widespread use of collateral, are shown to be market responses to the costs of enforcing contracts. The characteristics of the collateral asset, including its marketability and expectations regarding its future price are shown to have important effects on the payments schedule of the debt. Since default is treated as a choice variable I am able to demonstrate the effects of macroeconomic fluctuations on default rates and lending decisions. Thus the analysis provides a basis for modeling the multiplier phenomena associated with the collapse of lending markets during severe depressions.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00507.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

The interaction between the domestic sulphur industry and the executive branch of the U.S. Government during the Johnson administration suggests that this important extractive industry was sensitive to governmental “moral suasion.” A narrative is provided of the relationship between the industry and the administration's economists, lawyers and departmental politicians. This narrative is followed by an appropriate least squares price model. It is shown that the administration was successful in its efforts to suppress sulphur prices during 1965‐66, that is, during the early stages of the commitment of U.S. forces to combat in Southeast

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00508.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

Previous studies have found that economic growth tends to “trickle down” to poor families. This study investigates whether use of a relative definition of poverty eliminates the impact of economic growth on the incidence of poverty of various demographic groups and whether a decrease in the impact of growth has occurred since 1964. With the exception of families with male heads, economic growth no longer affects poverty irrespective of whether a relative or absolute definition of poverty is used. Our findings indicate that the contribution of growth has been overstated, that much of the past success has been illusory, and that poverty will be more intractable in the fut

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00509.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

One of the most observable features of union wage bargaining is the tendency of a wage settlement in a key wage determining unit to be copied in other wage determining units. This manuscript tests whether shared microeconomic forces or wage leadership leads to this observed similarity among wage settlements. The results suggest that wage leadership, contour theory, accounts for much of the similarity of wage settlements in the construction industry.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00510.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

This paper focuses on enrollment demand, making use of both aggregate and disaggregate data. In a time series analysis we explore the economic environment affecting freshman enrollments over time. Stratifying by type of school reveals significant differences among institutional segments. In particular, community college enrollments appear more sensitive to financial variables and the availability of alternative activities. To further investigate these differences, cross‐sectional analysis is carried out using survey responses from students currently enrolled in each institutional segment. These results, obtained from linear discriminant analysis, show additional, important differences among segmental population

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00511.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00512.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00513.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00514.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00515.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY