This paper investigates the relationship between stabilization policy and the cyclical behavior of employment. A policy regime that is less committed to maintaining a high level of real activity may induce a destabilizing response, causing rational employers to sh ed more labor during a...

This paper investigates the asymmetries between the United States and Europe in terms of differences in structural characteristics as these are captured by the elasticities of the underlying LM and AS curves. The AS elasticity is further decomposed into those factors that underlie Okun's Law and...

The authors compare the estimated after-tax ex ante real interest rates and the inflation forecasts generated by two alternative approaches: (1) the rational expectations model in which the real rate is assumed to have an autoregressive structure, and (2) by utilizing the Livingston survey data...

Artificial linear regressions often provide a convenient way to calculate test statistics and estimated covariance ma trices. This paper discusses one family of these regressions called d ouble length because the number of observations in the artificial reg ression is twice the actual number of...

In this paper, the authors describe a general summary measure of multidimensional inequality and present an example of its use in the context of industrial organization research. Several possible applications are suggested. Copyright 1988 by Blackwell Publishing Ltd

Linear probability models, logit models, and probit models have been used to estimate dichotomous choice models in the past, but recently, the linear probability model has fallen into disfavor because it can yield predicted probabilities outside the 0-1 interval. However, there are some...

This paper provides a critique of the seniority model of union behavior where unions are characterized by flat ind ifference curves on the assumption of layoffs and redundancies being determined by order of inverse seniority. The critique focuses on the internal inconsistencies of the model...

In this paper, the author estimates and tests a three-equation labor-market model for the interwar period on quarterly data. The results for employment indicate that real wage effects can be i dentified in the presence of other variables and that the real wage m akes a significant contribution...

This paper shows that U.K. industry is highly concentrated in its R&D expenditure. At the same time, firms are fairly diversified in their R&D--and this diversification can be observed across broad industry categories. The paper considers the argument that this diversification may be explained...