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

Journal Article The Implications of Price Stabilization for the Short-Term Instability and Long-Term Level of LDCS' Export Earnings Get access D. T. Nguyen D. T. Nguyen University of Lancaster Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 93, Issue 1, February 1979, Pages 149–154, https://doi.org/10.2307/1882604 Published: 01 February 1979

Journal Article Economies of Scale and the Profitability of Marginal-Cost Pricing: A Note Get access John T. Scott John T. Scott Dartmouth College Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 93, Issue 4, November 1979, Pages 741–742, https://doi.org/10.2307/1884482 Published: 01 November 1979

The issues raised by Steven Kohlhagen (1979) are interesting and merit careful consideration. I believe that such consideration leads to the conclusion that one of the problems that he describes is illusory but that the other is of wider applicability than his paper indicates. Before turning to these problems, however, I would like to point out that much of Kohlhagen's discussion proceeds under the presumption that of the future spot rate are incorrectly modelled-in my study (McCallum, 1977) or in others. But his analysis provides no particular justification for that presumption: the existence of expectations does not imply that are formed in any specific manner.I Consequently, this part of his discussion amounts to a reiteration of the fact that estimation of misspecified models is likely to produce misleading results. Since there is no dispute on that point, this aspect of Kohlhagen's discussion will henceforth be ignored. The interesting issues at hand concern estimation of the MT (modern theory) forward rate equationwith correctly modelled-when two particular conditions prevail. The conditions in question are as follows: (a) expected changes in spot exchange rates are related to expected inflation rates according to purchasing-power-parity considerations; (b) real interest rates are equalized across countries. Together (a) and (b) provide the case that Kohlhagen terms purely Fisherian expectations. In addition, he considers the case in which (a) holds but (b) does not. For reference, let us write the MT equation as2

Reviews the book "Financial Statement Analysis," by George Foster.

This paper examines the rules governing the optimal distribution of educational resources originally developed by Arrow, in the context of a model in which some attempt is made to provide a rationale for government expenditure. Thus while there is a private market providing a perfect substitute for government education, if the government cannot adopt the lump-sum taxation which would make exclusive reliance on the private market optimal, but has to rely on an income tax for redistribution, then an optimally chosen scheme of educational provision by the government will powerfully reinforce the redistributive effect of income tax.

T. J. Wales, A. D. Woodland; Labour Supply and Progressive Taxes, The Review of Economic Studies, Volume 46, Issue 1, 1 January 1979, Pages 83–95, https://