The paper addresses the effects of international liquidity conventions on the conduct and success of short-run income stabilization. Two interdependent and noncooperative nations attempt to minimize output variance subject to the international convention that adequate international reserve stocks be maintained. We demonstrate that the Nash outcome of nations which are bound by international reserve constraints is Pareto superior to the Nash outcome of unconstrained nations. With a formal model, we derive the set of Pareto-optimal liquidity conventions and explore the sensitivity of this set to the macroeconomic structural and stochastic characteristics of the nations and to the stabilization instruments that are employed.

Introduction. Some influences of the war on the supply of fertilizer materials, 391. — I. Classification and uses of nitrogen compounds, 394. — II. Sources of fixed nitrogen: Chilean nitrate, 398; coal, 401; air, 404. — III. The fixation of atmospheric nitrogen by chemical processes: arc process, 405; cyanamid process, 408; Haber process, 410; cyanide process, 414. — Summary of the situation at the outbreak of the war, 416. — IV. Developments in nitrogen fixation since the outbreak of the European war: Norway, Sweden, and Switzerland, 417; Germany and Austria, 418; Japan, Italy, France, and Great Britain, 420; United States, 422. — V. The future policy of the United States, 428.

The commodity clause legislation, 579. — Course of clause through Congress, 581. — Its effect on the anthracite railroads, 586. — The Philadelphia and Reading Railway, 588. — The Lehigh Valley Railroad, 591. — The Delaware, Lackawanna and Western Railroad, 594. — The Delaware and Hudson Company, 595. — Difficulties in complying with clause, 596. — Extent of compliance, 598. — Attempt to suspend penalties, 599. — Proposed amendment of the clause, 600. — Government prosecution, 601. — Decision of the Supreme Court, 602. — Further efforts to amend the clause, 605. — Effect of the Supreme Court decision, 607. — Organization of the Delaware, Lackawanna and Western Coal Company, 607. — Readjustment of the affairs of the Delaware and Hudson Company, 610. — Another Supreme Court decision, 611. — Organization of the Lehigh Valley Coal Sales Company, 613. — Conclusion, 614.

This paper views the standard production function in macroeconomics as a reduced form and derives its properties from microfoundations.The shape of this production function is governed by the distribution of ideas.If that distribution is Pareto, then two results obtain: the global production function is Cobb-Douglas, and technical change in the long run is labor-augmenting.Kortum (1997) showed that Pareto distributions are necessary if search-based idea models are to exhibit steady-state growth.Here we show that this same assumption delivers the additional results about the shape of the production function and the direction of technical change.

This paper views the standard production function in macroeconomics as a reduced form and derives its properties from microfoundations. The shape of this production function is governed by the distribution of ideas. If that distribution is Pareto, then two results obtain: the global production function is Cobb-Douglas, and technical change in the long run is labor-augmenting. Kortum showed that Pareto distributions are necessary if search-based idea models are to exhibit steady-state growth. Here we show that this same assumption delivers the additional results about the shape of the production function and the direction of technical change

According to endogenous growth theory, permanent changes in certain policy variables have permanent effects on the rate of economic growth. Empirically, however, U. S. growth rates exhibit no large persistent changes. Therefore, the determinants of long-run growth highlighted by a specific growth model must similarly exhibit no large persistent changes, or the persistent movement in these variables must be offsetting. Otherwise, the growth model is inconsistent with time series evidence. This paper argues that many AK-style models and R&D-based models of endogenous growth are rejected by this criterion. The rejection of the R&D-based models is particularly strong.

This paper concerns the classification of biases in the set of produced varieties in a monopolistically competitive equilibrium in the natural oligopoly setting. That is, we analyze the relationship between the set of produced goods in equilibrium when fixed costs are small and the set of produced goods by a social planner when fixed costs equal zero. It is shown that if all of the goods are substitutes, there are never too few varieties, and there may be too many. Conversely, if the goods are all complementary, there are never too many, and there may be too few.

I. Introduction, 323. — II. Direct linkages, 324, — III. Indirect linkages: Y & N and Rasmussen, 325. — IV. The “output inverse” and forward linkages, 327. — V. Average and total linkage, 329. — VI. Trade effects, 329. — VII. The level of aggregation, 331. — VIII. Conclusion, 332. — Appendix: simple numerical example, 333.

I. Introduction, 1. — II. The model, 3. — III. Full optimization and complete specialization, 8. — IV. Full optimization and incomplete specialization, 10. — V. Optimal tax policy with free trade, 16. — VI. Optimal tariff policy with mobile capital, 23. — VII. Summary and conclusions, 31.

Journal Article The Kaweah Experiment in Co-Operation Get access Wm. Carey Jones Wm. Carey Jones University of California Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 6, Issue 1, October 1891, Pages 47–75, https://doi.org/10.2307/1882163 Published: 01 October 1891