摘要:

SUMMARYA model of the form xt‐ xt‐1= etwhere xtis the price of a share at timetand etforms a sequence of independent random variates is postulated as a model of the price determining mechanism of stock markets.The form of the distribution function of the et's is investigated. In opposition to suggestions that have been made in connection with other speculative price mechanisms it is found that the distribution function appears to be well approximated by a normal distribution. There is no evidence that the data treated are samples from a stable process with an infinite variance.It is found that the model mentioned above, termed the random‐walk model, provides a good explanation of the variation of stock market prices for daily observations of the price, and for the series formed by the price of every transaction taking place in the market. In the context of this model it is noted that it appears that the price determining mechanism continues to operate at a reduced ‘speed’ during times when the actual market is closed.While it has been suggested that a correlation between the volume of shares transacted and the absolute value of the first differences of the price series should be expected, no such correlation was observed.Two questions which the paper leaves open are the question of cross‐sectional correlation between different shares, and the question of the possibility of information in moments of order greater than two.In conclusion the following law is stated: ‘The price determining mechanism described in Section II (i. e. the random‐walk indicated above) is the only mechanism which is consistent with the unrestrained pursuit of the profit motive by the participants

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1964.tb02458.x

出版商:Blackwell Publishing Ltd    

年代:1964

数据来源: WILEY

摘要:

SUMMARYThis article deals with the empirical and theoretical significance of the so called Patinkin‐debate. Some authors are inclined to disparage the contribution of Patinkinto economic theory, others consider his writings as a new starting point of monetary economics. It is attempted to reconcile both views in stressing the consequences of the fundamental hypothesis implied in Patinkinsintegration of monetory and value theory, the assumption that prices are flexible. The role of administered prices is confronted with the real balance effect.It is argued that the problem raised by Patinkinis still there as Patinkinssolution applies only for perfect competition. It is a theoretical problem of major importance to integrate monetary and value theory in case of imperfect competition. In practice the whole discussion is less important as there exists always a price level determined by the amount of money and the demand for cas

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1964.tb02459.x

出版商:Blackwell Publishing Ltd    

年代:1964

数据来源: WILEY

摘要:

SUMMARYAccording to the neo‐classical theory of economic growth, the rate of growth of output tends towards a value which is independent of the proportion of the national income saved. If the proportion of saving changes, the rate of economic growth reaches—after an adjustment process—its original level, which (with a constant labour force) is alone determined by technical progress and the elasticity of the output in respects to changes in the use of the factor capital. Amongst the infinity of possible proportions of investment there must be one, which leads to a maximazition of consumption. It can be shown, that consumption is maximized, if the proportion of investment equals the elasticity of the output to the factor capital.The theorem that the rate of economic growth is independent of the proportion of investment is only valid, if technical progress is autonomous. The equilibrium system postulated in this theorem is indeterminate to the extent that technical change is induced by the process of capital formation. Under these conditions saving and investment decisions again become the determining parameters of the growth rate. Now technical progress may be partly independent of capital formation, but this does not mean that it is totally autonomous. It would be more correct to say that it is a function of, for example the level of technical knowledge and expenditure on education, even if these factors do not enter the analysis explicitly as factors of production. The neo‐classical theory of equilibrium, however, is based on the assumption that technical progress is simply a function of time; thus this theory of equilibrium is based upon the choice an inappropriate underlying production function.Moreover, only therateof economic growth is dependent upon investment activity but not thelevelof output. With an increasing proportion of investment the level of output increases, tending to a new equilibrium path.There exists a determinable proportion of investment which leads to a maxi‐mazition of consumption.Pearcehas shown recently, that this is valid only under the condition, that several economies which are on the equilibrium path of growth, are compared. If the optimum path is left temporarily (through an increase in the proportion of investment), a (temporary) increase of consumption, which exceeds the consumption foregone, is obtained. Beyond it, it can be shown, that the optimal proportion of investment must be higher, the more technical progress is induced. If technical progress is not autonomus, the system is again open: in the long run the greater the accumulation of capital the greater the possible consumption level. It is the subsistence minimum which determines the proportion of i

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1964.tb02460.x

出版商:Blackwell Publishing Ltd    

年代:1964

数据来源: WILEY

摘要:

SUMMARYThe attitude that Roman Catholic thought should adopt towards the market principle of price establishment turns on implications to be derived from its support for the foudations of the private enterprise economy, the reaction evident in recent years in favour of some more liberal version of the goal of a reformed socio‐economic order, and such direct discussion of the market principle as has occurred.‘Official’ Catholic thought has repeatedly affirmed the necessity of guarding private property, initiative and freedom, and urged limiting the role of the state; so that basic, though duly qualified, support for the private enterprise economy is the clear and inescapable consequence.Next respecting the vision of an ideal socio‐economic orderMater et Magistraseems to mark a welcome resetting of the balance in favour of the neo‐liberal trend in Catholic social thought. It makes no mention of the goal of a corporative economy with the rigid implications inherent in this, substitutes a looser perspective of associational groups and action as the means of filling the old void between unorganised individuals and the state, and shows awareness of the diversity of desirable patterns of reform in different coutries.Lastly, incorporation of the market principle into Roman Catholic thought requires, on the one hand, full acceptance of it as inevitably associated with and necessary to private property and enterprise, and on the other hand and more formally, a working out of its institutional character and the legal and moral safeguards dictated by commutative, distributive and social justices.It has to be borne in mind that the entire argument implicitly views the advanced Western country as the norm, and is subject to considerable qualification respecting the underdeveloped country and various spec

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1964.tb02461.x

出版商:Blackwell Publishing Ltd    

年代:1964

数据来源: WILEY

摘要:

SUMMARYA balance of payments adjustment mechanism should be defined as ‘any balance of payments disturbance which can be deliberately initiated in order to correct some other disturbance’. The traditional mechanisms, based on changes in exchange rates, prices and incomes, can no longer be applied effectively because they are domestically impalatable. Consequently, governments have come to rely on new ways of initiating countervailing disturbances, among them (a) pressures on surplus countries; (b) changes in foreign tastes; (c) stimulating economic growth; and (d) forming or joining a customs union. In the present disequilibrium system, new adjustment mechanisms like these are being widely used, and are in fact becoming the only effective means for maintaining international equilibr

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1964.tb02462.x

出版商:Blackwell Publishing Ltd    

年代:1964

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1964.tb02463.x

出版商:Blackwell Publishing Ltd    

年代:1964

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1964.tb02464.x

出版商:Blackwell Publishing Ltd    

年代:1964

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1964.tb02465.x

出版商:Blackwell Publishing Ltd    

年代:1964

数据来源: WILEY

摘要:

Arrow, K. J., Karlin, S., and Scarf, H. (eds.).Studies in Applied Probability and Management Science.iBailey, MartinJ.National Income and the Price Level.Besson, Jean‐FranÇois.Les groupes industriels et l'Europe.Brus, W. Ogólne problemy funkcjonowania gospodarki socjalistycznej.Cairncross, A. K.Factors in Economic Development.Gottfurcht, Hans.Die internationale Gewerkschaftsbewegung im Weltgeschehen.Haroldsen, EdwinO. (ed.).Food—One Tool in International Economic Development.Hirschman, AlbertO.Journeys toward Progress: Studies of Economic Policy‐Making in Latin America.Homer, Sidney.A History of Interest Rates — 2000 B. C. to the Present.Johnston, T. L.Collective Bargaining in Sweden.Kahn, HildaR.Salaries in the Public Services in England and Wales.Krauel, Wolfgang.Betrachtungen über geistige Strömungen im modernen Brasilien.Meier, GeraldM.International Trade and Development.Paish, F. W.Studies in an Inflationary Economy.Palmer, GladysL. and others.The Reluctant Job Changer: Studies in Work Attachments and Aspirations.Robbins, Lord.Politics and Economics — Papers in Political Economy.Rosenbluth, G. and Thorburn, H. G.,Canadian Anti‐Combines Administration 1952‐1960.WassermanMaxJ., HultmanCharlesW., ZsoldosLaszlo.International Finance.Wrigley, E. A.Industrial Growth and

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1964.tb02466.x

出版商:Blackwell Publishing Ltd    

年代:1964

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1964.tb02467.x

出版商:Blackwell Publishing Ltd    

年代:1964

数据来源: WILEY