induced Unemployment in Canadian Journal of Economics 8 (May 1975), 174-191. Gujarati, Damodar, The Behaviour of Unemployment and Unfilled Vacancies: Great Britain, 1958-1971, Economic Journal 82 (Feb. 1972), 195-204. Hansen, Bent, Excess Demand, Unemployment, Vacancies, and Wages, Quarterly Journal of Economics 84 (Feb. 1970), 1-23. Meltz, Noah M., Information Requirements for Government Programs Directed toward the Labour Market (Ottawa: Economic Council of Canada, 1974). Perry, G. L., Changing Labor Markets and Inflation, Brookings Papers on Economic Activity (1970), 411448. Reid, Frank, Dummy Variables with a Transitional Phase, Canadian Journal of Economics 10 (May 1977), 326-329. Skolnik, M. L., and F. Siddiqui, The Paradox of Unemployment and Job Vacancies: Some Theories Confronted by Data, Relations Industrielles 31 (1976), 32-56. Wilton, D. A., Wage Determination Process in Canadian Manufacturing Industries, 1962-1975 (Ottawa: Labour Canada, 1977).

Joe A. Stone, Price Elasticities of Demand for Imports and Exports: Industry Estimates for the U.S., The E.E.C. and Japan, The Review of Economics and Statistics, Vol. 61, No. 2 (May, 1979), pp. 306-312

A. Mitchell Polinsky, David T. Ellwood, An Empirical Reconciliation of Micro and Grouped Estimates of the Demand for Housing, The Review of Economics and Statistics, Vol. 61, No. 2 (May, 1979), pp. 199-205

A study of how customers will respond to a tax based on miles per gallon indicates that the long-term effect on gasoline consumption could reduce crude oil imports by 27 percent. When demand elasticity of gasoline is broken down into the price elasticity of demand minus the price elasticity of demand for fuel mileage, it is learned that the short-term miles per gallon factor is larger than previously thought. Adjustments in the stock of automobiles to those providing better gas mileage is indicated by a 20 percent increase in miles per gallon with an additional 40 percent gasoline tax. 20 references.

T HE copper industry appears to believe firmly that short-term copper market forecasting is infeasible.1 Despite this pessimism, considerable effort has been devoted to precisely that task. The better known and more complete models include those of Fisher, Cootner, and Baily (1972) (henceforth FCB) and Charles River Associates (1970) (henceforth CRA). Relative to these studies, the present research estimates a quarterly instead of annual model, extends specification of the domestic price equations,2 and examines prediction of employment. Results of particular interest include substantiation of the dual roles of capacity and output in determining employment, the use of the scrap price as a signal for change in the refinery price, specification of intermetal complementarity in ferrous and nonferrous scrap collection, and inclusion of a price expectations variable in consumption. Refinery price, scrap price, total refined supplies, refined consumption and employment are presented and discussed in detail. Stock variables which are used in several equations cannot quite be derived tautologically from lagged inventories, consumption, and supplies. Incomplete stock data and lack of consistency in defining the points in the continuum of copper production that the refined copper becomes produced, becomes part of stocks, and is consumed, prevent the basic stock change identity from holding. However, some simple refinements on a near tautological equation permit accurate estimation of inventories. Some of the equations presented use subdivisions of total refined supplies, e.g., primary refined production. Some work was done on estimating the subcomponents. Although the outcome of this effort is not presented in detail, some of the results derived from this phase of the research are discussed in the section on supplies.

Production Function, this REVIEW 57 (May 1975a), 243-244. , Real Money Balances as a Variable in the Production Function, The Journal of Money, Credit and Banking 7 (Nov. 1975b), 535-544. Ramsey, James B., Classical Model Selection Through Error Tests, in Paul Zarembka (ed.), Frontiers of Econometrics (New York: Academic Press, Inc., 1974). Ramsey, James B., and Paul Zarembka, Specification Error Tests and Alternative Functional Forms of the Aggregate Productions, Journal of the American Statistical Association 66 (Sept. 1971), 471-477. Sinai, Allen, and Houston H. Stokes, Real Money Balances: An Omitted Variable from the Production Function? this REVIEW 54 (Aug. 1972), 290-296. Real Money Balances: An Omitted Variable from the Production Function?-A Reply, this REVIEW 57 (May 1975), 247-251. Zarembka, Paul, Transformation of Variables in Econometrics, in Paul Zarembka (ed.), Frontiers of Econometrics (New York: Academic Press, Inc., 1974).