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Full-Text Articles in Other Economics

International Trade, Factor-Market Distortions, And The Optimal Dynamic Subsidy: Reply, Harvey E. Lapan Dec 1978

International Trade, Factor-Market Distortions, And The Optimal Dynamic Subsidy: Reply, Harvey E. Lapan

Economics Publications

James Cassing and Jack Ochs' comment is, I believe, a very interesting extension of the analysis of my paper. Their two basic results are: (i) that congestion will occur in the search for jobs; and (ii) that given costly labor mobility, private decisions regarding voluntary quits will yield a socially optimal adjustment path if individuals have perfect foresight and if there is no congestion (externality) in the search process. Thus, they argue that even if factor prices are not rigid, the presence of congestion in the search process implies private decisions will not be socially optimal, and therefore that a ...


Lags And The Assignment Problem: A Note, Harvey Lapan, Walter Enders Oct 1978

Lags And The Assignment Problem: A Note, Harvey Lapan, Walter Enders

Economics Publications

Mundell [5] has demonstrated that monetary policy should be paired with external balance and fiscal policy with internal balance. This seminal article led to a voluminous literature 1 which at­ tempted to rectify many of the problems inherent in Mundell's flow equilibrium model. Harry John­ son [2] has characterized this extension of Mun­ dell's work as having "... lent itself to almost infinite mathematical product differentiation, with little significant improvement in quality of eco­ nomic product ..." Although we do not fully agree with Harry Johnson-for there are many deficien­ cies in Mundell's model-we do believe that more can ...


Devaluation, Wealth Effects, And Relative Prices, Harvey Lapan, Walter Enders Sep 1978

Devaluation, Wealth Effects, And Relative Prices, Harvey Lapan, Walter Enders

Economics Publications

The emergence of the portfolio balance approach 1 has led to a reformulation of the causes of balance-of-trade and payments disequilibria. According to this approach, balance-of-trade deficits and surpluses reflect discrepancies between desired and actual wealth holdings; while balance-of­ payments deficits and surpluses reflect discrepancies between desired and actual money holdings. Thus, balance-of-trade and payments disequilibria are viewed as representing disequilibria within the asset markets. Using this framework several authors2 have examined the self-correcting nature of disequilibria within the balance­ of-payments accounts and the ability of a devaluation to reduce the magnitude of a disequilibrium.


Better Year Ahead For Ri Builders, Chester Smolski May 1978

Better Year Ahead For Ri Builders, Chester Smolski

Smolski Texts

"Building permit figures recently released by the Rhode Island Builders Association indicate that housing construction in the first quarter of 1978 is well ahead of the comparable period for 1977. The signs are encouraging that this year will be better than the last and that the recovery continues from 1975, the poorest year for the housing industry in the 1970s."


Breadbox Water Heater Designs, David A. Bainbridge Jan 1978

Breadbox Water Heater Designs, David A. Bainbridge

David A Bainbridge

Integral solar water heaters (batch, breadbox, ICS) provide the most economical and reliable means of heating water. Simple designs can perform well and provide service for decades. Basic design principles include box insulation, orientation and control of heat loss.


Stochastic Disturbances And Exchange Rates, Walter Enders, Harvey E. Lapan Jan 1978

Stochastic Disturbances And Exchange Rates, Walter Enders, Harvey E. Lapan

Economics Publications

One of the central issues in the ongoing debate concerning fixed versus flexible exchange rates is the comparative stabilizing properties of monetary changes as opposed to exchange rate changes. Fixed and flexible exchange rate regimes have been differentiated according to the ability of the private sector of an economy to alter the nominal value of its domestic money supply via the balance of payments. A disturbance which would lead a nation to experience a balance of payments deficit (surplus) in a fixed rate regime would lead to a depreciation (appreciation) of that nation's currency in a flexible exchange rate ...