ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00489.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

Recent work finds that the balance‐sheet position of households plays an important role in the demand for consumer durables, thus leading to new channels of monetary policy effects on aggregate demand. In this paper, these monetary policy transmission channels are explored with dynamic simulation experiments using a previously estimated consumer durables model and a large scale macro‐econometric model. The experiments indicate that these channels are indeed critical to the operation of the macroeconomic system and to the potency of monetary pol

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00490.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

The Durbin‐Watson test is shown to reject the hypothesis of independent disturbances in the well known Friedman‐Meiselman study. To cope with this the models have been re‐estimated by maximum likelihood assuming an autoregressive disturbance process. The resulting estimates are consistent with Leijonhufvud's analysis of the economics of Keynes. Large sample methods have been applied in a highly exploratory spirit since for the sample sizes involved such methods may not be superior to ones adopted by Friedman‐Meiselman. Our results imply that the Friedman‐Meiselman estimates must be interpreted with caution. This is particularly acute for the 1933–1938 depres

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00491.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

Time series and cross‐country empirical results suggest that cash holding as a proportion of income rises, or equivalently that velocity falls, as income increases. Numerous cross sectional findings at many points in time, in several countries conclude oppositely. It is argued here that the former findings suffer from omitted variable bias by ignoring sociodemographic variables affecting the demand for cash balances. When one incorporates such demand shifters into the analysis the time series and cross‐country findings are seen as consistent with the critically reexamined cross sectional result that velocity increases with inc

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00492.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.tb00493.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

Child care denotes any arrangement used by a working parent for care of a child, including self‐care. This paper is concerned with the factors that influence the demand for market modes of child care by two parent families with working mothers. An econometric model is specified that relates the demand for child care to price, income, and other economic variables. Because of the discrete nature of the child care decision, the multinomial logit probability model is used to analyze the data. The empirical results suggest that the demand for child care is sensitive to both prices and incom

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00494.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

Considerable regulatory energy and academic research has been devoted to examining the question of what constitutes the “correct” basis of valuation of the rate base for utility firms. This study compares utility earnings using data which adjust for differences among state jurisdictions concerning what is allowed in the rate base. The results show that there is no statistical difference in earnings of firms regulated by original cost, fair value, and reproduction cost jurisdictions. The results also show that regulation cannot generally explain the variance in earnings between states and rapid inflation does not seem to affect the resu

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00495.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

SUMMARYIn this paper I have suggested the formal consistency between the models of perfect and monopolistic competition. When products are differentiated only by their quality, the zero‐profit equilibrium position of the perfectly competitive firm can be recast diagrammatically in a way which coincides with the traditional exposition of Chamberlinean tangencies. The illusory excess capacity theorem confuses average revenue product curves with demand schedules. These results should hardly be surprising. Indeed, if such a thing as “perfect” competition actually exists (even in theory), it must be conceivable within a model in which firms are allowed to compete in other dimensions as well as

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00496.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.tb00497.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

This paper expands the conventional model of job search by relaxing the assumption that uncertainty about the job offer disappears once search is completed. Instead, we hypothesize that uncertainty continues even after search since the job offer contains not only an observable money wage but also an unobservable job consumption component. We show that the reservation wage decision rule is robust even under these very general conditions. The paper also analyzes the effect of this type of residual uncertainty on the level of the reservation wage.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1978.tb00498.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY