Journal Article The Invariant Multiplier Get access R. Eisner R. Eisner Washington, B.C. Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 17, Issue 3, 1949, Pages 198–202, https://doi.org/10.2307/2296279 Published: 01 January 1949

I. Introduction, 198. — II. Central bank control during the inter-war period, 198 — III. More recent problems: control of long-term interest rates in Britain and the United States, 201. — IV. Selective credit policy as a supplement to low and stable interest rates, 206. — V. This policy not a complete break with the past, 209. — VI.

Given a sufficient number of instrumental variables significantly correlated with the investigational variables, consistent estimates of the coefficients of the linear relations can be determined (if they exist), without knowledge of the disturbance variances. The estimates are discussed from the viewpoint of probability convergence. In the case of two investigational and one instrumental variable, all three variables distributed on the normal surface, the distribution of the estimate of the coefficient is found exactly for all sample sizes, on certain hypotheses. The distribution function is remarkably simple. The applicability of the theorem to economic time series is discussed by (a) comparing the probability inferences derived from this Model A with those for the simplest stationary time-series model, termed Model B, and (b) by comparing the large-sample variances on several models. It is found that the theory can be used with confidence when the series are not too short and the error variances not too large. The theory is applied to a particular time series, showing that the accuracy of the estimate of the coefficient depends on the correlation between the instrumental variable and the two investigational variables. The theory to which reference is made in Sections II, III, and IV, relating to the two-investigational-variable case, is extended to many variables and tests are given, applicable when samples are not small, for determining the significance of coefficient estimates.

THE main purpose of this article is to record and analyze the results of some investigations into United Kingdom consumption data over the period I870-I938. The discussion is arranged in three sections consisting respectively of a brief survey of the economic and statistical problems involved, a summary of the data used and the results obtained, and an appraisal of the significance and value of these results. It should be emphasized at the outset that section I is little more than a survey of the work done in this field by others.' The main contribution which it is hoped will be made by this article is to extend these ideas and formulations over a longer time-period than has previously been attempted with United Kingdom data.

I. Introductory and general, 408. — II. Arbitration and conciliation, 412. — III. The extension of the Court's influence, 414. — IV. The growth of the Court's prestige, 416. — V. The Second World War, 418. — VI. The postwar development, 420. — VII. The report of Chief Judge Drake-Brockman, 424. — VIII. Concluding remarks, 427.

Journal Article Reciprocal Demand and Increasing Returns Get access R. C. O. Matthews R. C. O. Matthews Cambridge Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 17, Issue 2, 1949, Pages 149–158, https://doi.org/10.2307/2295870 Published: 01 January 1949

Reviews the book "Applied Economic Analysis," edited by Francis M. Boddy.