A number of developing countries have adopted deficit finance regimes involving multiple- (currency and bond) reserve requirements. A key characteristic of these regimes is that the real interest rates on reservable bonds are higher than the real return rates on currency, so that the nominal interest rates on the bonds are positive. We seek an efficiency-based explanation for the existence of multiple-reserve regimes and for this key characteristic. We find that there are economies in which some of the efficient allocations can be supported only by multiple-reserve requirements, and that positive nominal bond rates may be needed to support some of these allocations. We also find that there are economies in which allocations supported by multiple-reserve regimes with negative nominal bond rates Pareto dominate single-reserve allocations, even when the latter are efficient relative to other single-reserve allocations. Journal of Economic Literature Classification Numbers: E42, E58, H62.

Cowell has shown that if an inequality measure satisfies (1) additivity, (2) decomposability (among population groups), (3) additivitiy of the group inequality measures, (4) symmetry within groups, and (5) twice differentiability, it can be written as an additive function of group measures belonging to the CES class or of the form ∑i, si, ln si, where si is the i-th person's share. Using a result from the theory of functional equations, I prove that the first two conditions, often imposed for analytical convenience, alone imply Cowell's structure. Symmetry, or other ethical postulates, can then be represented by simple parametric restrictions.

Journal Article Functional Separability and Partial Elasticities of Substitution Get access R. Robert Russell R. Robert Russell University of California, San Diego Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 42, Issue 1, January 1975, Pages 79–85, https://doi.org/10.2307/2296821 Published: 01 January 1975

Three Economic Systems Clash in Burma J. Russell Andrus J. Russell Andrus Judson College, Rangoon Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 3, Issue 2, February 1936, Pages 140–146, https://doi.org/10.2307/2967505 Published: 01 February 1936

Nonprofit colleges and universities have merged across the United States citing economies of scale and scope. Yet whether these mergers raise prices has not been empirically assessed. Using a retrospective merger evaluation approach, I estimate that the average merger between 2000 and 2015 increased tuition and fees by 5% to 7% relative to nonmerging institutions in the same state and sector (public or nonprofit). Effects on net prices are estimated imprecisely, but the results are suggestive that nonprofit colleges use mergers to increase price discrimination.

Journal Article A Note on the Transactions Demand for Cash Get access Russell D. Morris Russell D. Morris Board of Governors of the Federal Reserve System Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 85, Issue 3, August 1971, Pages 546–547, https://doi.org/10.2307/1885942 Published: 01 August 1971

The causes of differences in cost, as to ore, 262–264; fuel, 264–267; limestone, 267; labor cost for iron and steel, 267–270.—The accumulated profits of the Steel Corporation, 270–272.—The results of its business for 1906, 272–273.

Reviews the book "Classification in Accounting," by A.A. Fitzgerald and L.A. Schumer.

Expansion in state and local government operations has been one of the most significant features of the U. S. economy in the postwar period. State and local expenditures for goods and services climbed to $51 billion in 1961 approximately 10% of gross national product and are rising at the rate of 6% per annum. This growth has been attended by increasing criticism of governmental accounting, particularly published reports. As part of a governmental accounting project conducted at the University of Hawaii Bureau of Business Research, the published reports of the fifty states was examined. It was found that only 20 per cent of the states present a statement in which revenues and expenses are combined for all funds. Reports range in length from three to 142 statements, and generally present no comparative data. None show the cost of services rendered. It is impossible to obtain vital information from even the best of the state reports. Hawaii is one of three states distinguished by the National Committee on Governmental Accounting Certificate of Conformance, for example, its reports do not disclose something as important as the cost of education.