摘要:

Oil prices, commodity prices and American monetary policy, the last operating through a variety of channels, have all figured prominently in explanations of the international inflation process in the late 1960s and early 70s. OUT major purpose in this paper is to test these various hypotheses. We do so in the context of a reduced‐form rational‐expectations price equation which we estimate for the United States and seven other industrial countries using quarterly data for the period 1955 through 1976.The principal conclusion that emerges from this exercise is that movements in domestic money in these countries served as the key link in the inflation process. The factors that produced these monetary changes, however, differed among countries. Price shocks of various sorts were clearly of secondary importance.The other important set of conclusions concerns the demand for money. In place of a traditional stock adjustment model, we used GLS with a second‐order correction for autocorrelation. We believe this produced more plausible estimates of the parameters of the long‐run demand function and of the adjustment process

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00633.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

The transition to deregulation of the U.S. air transport industry began in 1976. In this paper we measure total factor productivity growth of the airlines for the first five years of the transition (1976–1980) and compare the performance with that of the preceding years. We find that productivity growth accelerated from 2.8% per year to 5.1% per year. An analysis of covariance model with individual airlines as observations leads to the conclusion that for the trunk airlines nearly all of the acceleration can be explained by increases in output and load factor and decreases in the growth of capacity. For the local service airlines, however, less than half of the acceleration may be so‐explai

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00634.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00635.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

This paper considers both the incentives for and the welfare effects of resale price maintenance (RPM) in retail markets characterized by imperfect consumer information. In markets where point‐of‐sale information on the product is essential for sales and information on prices is costly, RPM permits manufacturers with some monopoly power to resolve two incentive conflicts with retailers. First, because retailers with price‐setting powers do not appropriate the gains in profit to an upstream manufacturer from actions taken to increase demand, their incentives to inform consumers of the product and to set low prices are inadequate. This purely vertical externality results in the classic “double mark‐up” of final prices. Second, when consumers' costs of price search vary, stores offering low prices and no information can exist in the market equilibrium. These discount houses free‐ride on the informational services of high‐price informing retail outlets — a horizontal externality. In the imperfect information setting of this paper, (1) administered pricing improves monopolists' profits by resolving the incentive conflict; (2) the profitable use of a price floor reduces the maximum retail price charged and may reduce the average retail price; (3) price floors or administered prices can be Pareto‐improving and more likely welfare (surplus)‐improving; (4) price floors

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00636.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

Lenders are assumed to use formal credit scoring schemes in order to evaluate borrower credit worthiness. Variables used in these schemes may be measured with error resulting in credit scores which include the effects of biased parameter estimates, and in lending decisions that appear to be discriminatory although lenders are not prejudiced. Regulations which restrict the information used in credit scoring schemes may produce undesirable credit supply results. Theoretical models are supplemented with illustrative empirical analysis of mortgage lending in which use of information on property location is prohibited. The empirical results indicate that the quantitative impact of such regulations is modest.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00637.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00638.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

Energy conservation in the residential sector depends, in large measure, upon the willingness of builders and homeowners to invest in the durable goods which result in an energy efficient house. Since these durable goods generally become attached permanently to the dwelling unit and since ownership of the unit is likely to change within the expected lifetime of the installed equipment, the incentive to invest in conservation measures depends upon the efficiency of the housing market in capitalizing the financial benefits of future fuel savings. This paper examines housing market efficiency in this regard by first estimating an hedonic price index with the annual fuel bill included as an explicit attribute of the structure. Then, from the estimated hedonic price of a one‐dollar reduction in annual fuel costs and assumed fuel price escalation rates and remaining lifetimes of the equipment, implicit housing market discount rates are calculated. The relatively low estimated discount rates indicate that the housing market performs efficiently in capitalizing future fuel saving

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00639.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

This paper analyzes a class of contracts between buyers and sellers which specifies that the purchase of one good cannot be effectuated unless a second good is also purchased. The economic forces resulting from a tie‐in are shown to be influenced by factors such as depreciation of the tying good, the sales policy of the firm and the discount rate. Price discrimination, the traditional hypothesis for this tie‐in, is seen to make sense only when these factors align themselves in particular ways although an alternative hypothesis, risk reduction, is unaffected by these factors. The price‐discrimination hypothesis, therefore, loses much of its appeal, relative to the altern

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00640.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

Rates of return to an investment in a college education are estimated for Mexican American and Anglo male college graduates with majors in business, accounting, education and liberal arts. The returns, estimated for 1967, 1970 and 1973 graduates of Pan American University, are quite substantial for all but the Anglo education majors. The returns to the business and accounting majors substantially exceed those to the other graduates. There was no strong tendency for the rates of return to fall over time nor were there any systematic differences between the returns to the two ethnic groups. This latter result does not imply an absence of labor market discrimination against Mexican American college graduates.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00641.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00642.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY