ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00612.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

This paper i11ustrates the importance of the fiscal framework for monetary analysis by discussing three separate issues. I begin by examining how the fiscal framework changes the macroeconomic equilibrium associated with different steady state rates of money growth. This includes a summary of research that I have presented elsewhere and comments on several additional aspects of the way in which the fiscal structure destroys the neutrality of monetary policy.The second section deals with the short‐run impact of changes in monetary policy. Here again the fiscal structure complicates the economy's response to monetary policy.The final section looks at the effect of the fiscal structure on the central banks choice of monetary policies. Fiscal structures are likely to influence the policies adopted because they affect the costs and benefits of monetary policie

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00613.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

This paper utilizes new data to evaluate the determinants of the political influence of thirty‐five manufacturing industries on the U.S. Congress during 1976–80. Several measures of influence serve to distinguish between political activity and success. Seller concentration and geopolitical dispersion increase both activity and success, but neither industry size nor leading‐firm size proves significant. We test whether political expenditures facilitate obtaining the favors conferred on an industry by its market structure or by influence independent of that strurture; statistical inference strongly confirms both

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00614.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

It is sometimes argued that a relaxation of price controls in a regulated industry would lead to a decrease in profits and hence to an incentive for firms to skimp on safety. Theory does not allow us to sign the relationship between prices and safety a priori. Analysis of data from the railroad industry from 1963–67 indicates 1) profitable railroads have fewer accidents per mile than do unprofitable roads; 2) for profitable roads, if there is any relationship at all between accidents and profitability it is positive: more profitable roads have more accidents (per mile); and 3) for unprofitable roads, accident rates rise as losses ris

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00615.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.tb00616.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

This paper provides evidence that casts doubt on the conclusioon of several studies of the German hyperinflation that, since government raised most of its revenue from money creation, the money supply process was endogenous. This conclusion in the literature is based on the assumption that the money supply and the price level can be described by linear ARIMA models. It is shown here that the linearity assumption is violated by the data and that relaxing this assumption reverses the earlier results. The paper provides additional evidence in support of the finding that the money supply process may be exogenous.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00617.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

This paper analyzes the extent of labor market competition among blacks, hispanics, and whites in the United States. The specification of a generalized Leontief production function leads to an empirically tractable system of input demand functions. The estimation of the demand system, using the 1976 Survey of Income and Education, reveals that (a) blacks and hispanics are complementary inputs; (b) hispanics and whites may also be complements; and (c) blacks and whites are not complements and may be substitutes.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00618.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

This study examines the redistributive effects of government regulations concerning the hours in which retail stores may remain open for business. Throughout Canada, municipal by ‐laws restrict nighttime shopping hours to a few specified days of the week. In analyzing the outcome of these restrictions, a model of consumer behaviour is used which emphasizes the consumers's decision concerning the allocation of purchases between small and large retail outlets. The empirical results are consistant with the theoretical model, indicating that such market intervention redistributes sales from large to small stor

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00619.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

This Paper estimates the impact of federal regulation of drug quality on research spending by the pharmaceutical industry. The theoretical approach recognizes that the effects of these regulations on reseach spending depend upon the reactions of R&D decision makers and the information available during project selection. The information available to R&D decision makers inthe 1960s suggests that it would have been diffcult for them to forecast accurately regulatory effects on research profitability. As better information developed in the late 1960s and early 1970s, however, regulation had a significant effect on research spending. These differences in response are tested econometrically and prove to be empirically significant. The estimates of current regulatory effects on pharmaceutical R&D are quite large.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00620.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY

摘要:

The FTC initially considered two forms of regulation in the used automobile market, requiring dealers to either certify or warrant the mechanical condition of each automobile sold. Since the regulation would have been imposed only on dealers and not on private sellers, its effectiveness was dependent on the magnitude of the induced shift of sales into the private market. Accordingly, this paper employs a gametheoretic model to examine the theoretical conditions under which society could be expected to benefit from either regulatory alternative. Among other things, it is concluded that a socially beneficial minimum quality standard may not exist in some situations.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1983.tb00621.x

出版商:Blackwell Publishing Ltd    

年代:1983

数据来源: WILEY