Knowledge that Transforms

Jean-Michel Grandmont, Yves Younes; On the Role of Money and the Existence of a Monetary Equilibrium12, The Review of Economic Studies, Volume 39, Issue 3,

Andreu Mas-Colell, Hugo Sonnenschein; General Possibility Theorems for Group Decisions12, The Review of Economic Studies, Volume 39, Issue 2, 1 April 1972,

Journal Article The Optimal Linear Income-tax Get access Eytan Sheshinski Eytan Sheshinski The Hebrew University, Jerusalem Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 39, Issue 3, July 1972, Pages 297–302, https://doi.org/10.2307/2296360 Published: 01 July 1972 Article history Received: 01 March 1971 Revision received: 01 August 1971 Published: 01 July 1972

Partha Dasgupta, Joseph Stiglitz; On Optimal Taxation and Public Production12, The Review of Economic Studies, Volume 39, Issue 1, 1 January 1972, Pages 87

Journal Article A Theory of Monopolistic Price Adjustment Get access Robert J. Barro Robert J. Barro The University of Chicago and Brown University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 39, Issue 1, January 1972, Pages 17–26, https://doi.org/10.2307/2296440 Published: 01 January 1972

They asserted that Gt is a function of Rt but that R* is in no way a function of Gt (see p. 51). From this identity it of course follows that the cycles in R* will generate cycles in R unless offset by G. Investigating the period April 4, 1951-May 31, 1967 as a whole, B-S found 1) monthly cycles in R* and G, 2) no monthly peak in R, and 3) no cross covariance between G and R.' Based on these results they concluded that the effect of Federal Reserve open market operations since the Accord has been practically to eliminate the very strong monthly element cycling in member bank reserves, . (p. 59). In addition, they found a monthly cycle in currency outside all and significant coherence between this series and both R* and G. On the basis of these data they suggested an interpretation of open market operations as being undertaken, or at least having the effect of existing primarily, for the purpose of offsetting a monthly cycle in currency outside all banks (p. 60). But B-S committed important methodological and analytical errors which require us to set aside their results and conclusions and search for correct ones.