A growing body of evidence indicates that liquidity constraints could affect a substantial proportion of U. S. consumers, but little is known about why these constraints might exist. An important, but little-explored, issue is the relationship between inter vivos intergenerational transfers and liquidity constraints. These transfers can ease borrowing constraints. Empirical transfer patterns match those predicted from a model in which transfers are allocated to liquidity-constrained consumers. In particular, the distinction between current and permanent incomes of potential recipients is a key aspect of private-transfer behavior. The findings have important implications for our understanding of consumer behavior.

This paper analyzes the implications for turnover of costly job-specific training. The presence of such costs in a search model implies that turnover decisions reduce the value of potential trades that are available to other market participants. There is too much turnover because of this external effect, and, therefore, too much retraining. When the investment in job training is endogenous, inefficient turnover again occurs, and the investment in specific skills is inefficiently high. The interactions between skill acquisition and turnover imply that it is essentially impossible for a brokerage institution to achieve efficiency.

Journal Article Monetary Policy in an Inside-Money, Open Economy: Reply Get access Donald J. Mathieson Donald J. Mathieson International Monetary Fund Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 96, Issue 2, May 1981, Pages 357–361, https://doi.org/10.2307/1882396 Published: 01 May 1981

Journal Article Choice of Technology in Low-Wage Countries: A Nonneoclassical Approach Get access Donald J. Lecraw Donald J. Lecraw University of Western Ontario Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 93, Issue 4, November 1979, Pages 631–654, https://doi.org/10.2307/1884473 Published: 01 November 1979

I. Introduction, 551. — II. The autocorrelation of earnings and the variance of human capital, 553. — III. Applications of the variance of present values, 559. — IV. Conclusions, 564.

Journal Article Intergenerational Wealth Transfers and the Educational Decisions of Male Youth: The Mother's Home Time Hypothesis Get access Donald O. Parsons Donald O. Parsons Ohio State University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 92, Issue 3, August 1978, Pages 521–524, https://doi.org/10.2307/1883158 Published: 01 August 1978

Tobin's banking system model, 83. — Opening the Tobin model, 86. — Foreign sector, 86. — Stationary-state, portfolio balance, 87. — Banking sector, 89. — High-powered money, 89. — Aggregate demand and supply, 90. — Government sector, 91. — Monetary policy, 93. — Fixed exchange rate: increase in required reserve ratio, 94. — Floating exchange rate, 97. — Conclusions, 99. — Appendix I: notation, 100. — Appendix II, 100.

I. Introduction, 490. — II. A brief description of the system, 491. — III. Static welfare losses from foreign exchange pricing, 491. — IV. Revenue gains and losses, 495. — V. Other costs and offsets, 498. — Appendix A: general method: converting loss estimates to linear estimates around the regression means, 499. — Appendix B: methodology of welfare loss calculations, 500.

I. A simple schooling model, 605. — II. Estimation, 606. — III. An interpretation of actual and optimal schooling behavior, 615.

Journal Article Substitution and Supply Elasticities in Calculating the Effective Protective Rate: Comment Get access G. Donald Wood, Jr. G. Donald Wood, Jr. Georgetown University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 84, Issue 1, February 1970, Pages 154–157, https://doi.org/10.2307/1879409 Published: 01 February 1970