Gasoline taxes are widely perceived as the most efficient instrument for reducing gasoline consumption because they exploit all behavioral responses for reducing fuel use, including reduced driving and improved fuel economy. At present, however, higher fuel taxes are viewed as a political nonstarter. Pay-as-you-drive (PAYD) auto insurance, which involves replacing existing lump-sum premiums with premiums that vary in proportion to miles driven, should be more practical, since they do not raise driving costs for the average motorist. We show that when impacts on a broad range of motor vehicle externalities are considered, PAYD also induces significantly higher welfare gains than comparable gasoline tax increases, for fuel reductions below 9%. The reason is that under PAYD, all of the reduction in fuel use, rather than just a fraction, comes from reduced driving; this produces a substantial additional efficiency gain because mileage-related external costs (especially congestion and accidents) are relatively large in magnitude.(This abstract was borrowed from another version of this item.)

The paper studies an idealized gold standard in a two-country setting. Without flexible national domestic credit expansion (dce) policies which offset the effect of money demand shocks on international gold reserves, the gold standard collapses with certainty in finite time through a speculative selling attack against one of the currencies. Various policies for postponing a collapse are considered.When a responsive dce policy eliminates the danger of a run on a country's reserves, the exogenous shocks disturbing the system which previously were reflected in reserve flows, now show up in the behaviour of the public debt. Unless the primary (non-interest) government deficit is permitted to respond to these shocks, the public debt is likely to rise (or fall) to unsustainable levels. For the idealized gold standard analysed in the paper, viability can be achieved only through the active and flexible use of monetary and fiscal policy.

Early history of the industry in Europe, 589.— Growth in the United States since 1911; the American Viscose Company the leading producer, 590. — The technical processes, 592. — Steady improvement of rayon quality, 593.—Protection and its proximate results, 597.—Failures and successes, 600.— Advance in comparative effectiveness, 603.— Costs abroad and at home, 604.—Extraordinary profits, 608.—Domestic and foreign prices, 610.—Duopoly; international ramifications and combinations, 614.— Summary on tariff effects, 617.— The future, 619.

Journal Article Mr. Mallock as Statistician and British Income Statistics Get access Allyn A. Young Allyn A. Young Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 25, Issue 2, February 1911, Pages 376–386, https://doi.org/10.2307/1884954 Published: 01 February 1911

[Two stage least squares methods are used to estimate a postwar quarterly model of U.S. labor demand, supply, and wage adjustment. Analytical techniques are used to derive the long-run equilibrium properties of the estimated model. Short run properties are obtained by approximating the model in the form of two simultaneous difference equations. Simulation methods show the response of the model to an increase in the size of the armed forces.]