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Working Paper No. 34The Determinants of US Foreign Production
January 01, 1990 Based on an analysis of industry by region data the author finds little evidence that U.S. unions have been a significant factor in the decision of U.S. firms to produce...more Publication -
Working Paper No. 33
What Remains of the Growth Controversy?
December 10, 1989 This essay contrasts the production function approach to Kaldor’s model of increasing returns which are demand-determined. In particular, the essay analyzes Kaldor’s three major empirical "laws", which were adopted by...more Publication -
Working Paper No. 32
The Effects of Mergers on Prices, Costs, and Capacity Utilization in the US Air Transportation Industry, 1970–84
November 10, 1989 We analyze the effect of mergers on various aspects of airline performance during the period 1970-84, using a panel data set constructed by Caves et al. Estimates derived from a...more Publication -
Working Paper No. 31
The Changing Role of Debt in Bankruptcy
September 01, 1989 The changing economic environment of the late 1980s has been dominated by the financial I innovations brought about by the growing demand for credit by U.S. corporations. When looking at...more Publication -
Working Paper No. 30
Growth Cycles in a Discrete, Nonlinear Model
August 10, 1989 This paper develops a discrete, nonlinear growth cycle model for a macroeconomy. The nonlinearities, which correspond to empirical relationships between profitability and capacity utilization in the postwar U.S. economy, can...more Publication -
Working Paper No. 29
Unionization and the Incidence of Performance-based Compensation in Canada
August 01, 1989 No further information available. Publication -
Working Paper No. 28
The Covariance Transformation and the Instrumental Variables Estimator of the Fixed Effects Model
July 10, 1989 The covariance transformation is a useful and often necessary procedure to estimate the fixed effects model. When some explanatory variables are contemporaneously correlated with the disturbance term, the covariance transformation...more Publication -
Working Paper No. 27
Money and Equilibrium
June 10, 1989 Economic theory has undergone a very deep transformation during the last forty years. Its method and its tools of analysis have evolved dramatically. The standards by which theoretical statements are...more Publication -
Working Paper No. 26
Marx’s Value, Exchange, and Surplus Value Theory
June 09, 1989 The concept of commodity society based on a specific division of labour (opposition between private and social labor) and that of surplus-value are the most prominent achievements of Marx’s intellectual...more Publication -
Working Paper No. 25
Kaleckianism vs. “New” Keynesianism
June 07, 1989 The economics of Kalecki and of the New Keynesianism exhibit remarkable parallels. The major doctrine they have in common is that of business net worth, or equity, as the major...more Publication -
Working Paper No. 24
Financial Instability
June 06, 1989 This study is a continuation of the empirical research on the impacts of debt; it argues that debt-usage is not neutral and that the currency of its cost is bankruptcy....more Publication -
Working Paper No. 23
Viability and Equilibrium
May 10, 1989 More than fifty years after the publication of Keynes’ General Theory and of the review article by Hicks, ISLM remains the basic model for teaching Keynesian macroeconomics. Some Keynesians have...more Publication -
Working Paper No. 22
Debt and Macro Stability
May 08, 1989 There has been much recent interest in the problem of financial instability in the macro economy. Some researchers have looked for cyclical and secular co-movements between debt accumulation, financial crises,...more Publication -
Working Paper No. 21
The Structure of Class Conflict in a Kaleckian-Keynesian Model
April 10, 1989 This paper seeks to explore this issue of the existence and nature of class conflict within a picture of the economy that could be called Kaleckian-Keynesian. Though the particular model...more Publication -
Working Paper No. 20
Profits, Cycles, and Chaos
April 09, 1989 Some time ago, Goodwin (1967) offered an elegant and influential model to represent part of Marx’s thinking on business cycles. In that model he was able to show how the...more Publication -
Working Paper No. 19
A Dynamic Approach to the Theory of Effective Demand
March 10, 1989 This paper attempts to resituate the theory of effective demand within a dynamic nonequilibrium context. Existing theories of effective demand, which derive from the works of Keynes and Kalecki, are...more Publication -
Working Paper No. 18
Profitability and the Time-varying Liquidity Premium in the Term Structure of Interest Rates
March 08, 1989 There have been numerous empirical studies of the term structure. Broadly, the evidence may be said to be consistent with some influence from expectations plus the existence of a liquidity...more Publication -
Working Paper No. 17
Social Progress after the Age of Progressivism
February 01, 1989 This essay is about trade unions, an institution that arose to play an important part in relation to the social progress characterizing much of the present century and that served...more Publication -
Working Paper No. 16
Unionization and Labour Regimes
January 10, 1989 No further information available. Publication -
Working Paper No. 15
The Financially Fragile Firm
January 01, 1989 This paper is an empirical investigation of Minsky’s hypothesis in the U.S. consumer durables sector during the 1920s. The first section of the paper briefly describes Minsky’s financial fragility hypothesis,...more Publication -
Working Paper No. 14
Classical and Neoclassical Elements in Industrial Organization
December 01, 1988 This article analyzes the theoretical foundations of industrial organization studies of monopolistic and competitive pricing. Our analysis will focus on the central debates of the 1950s, 1960s, and 1970s that...more Publication -
Working Paper No. 13
The Effects of Worker Participation, Employee Ownership, and Profit Sharing on Economic Performance
November 10, 1988 For alternative sharing arrangements we review theory on the economic effects on employment, productivity, investment, income and wealth distribution, and life cycle and survival. We find that predictions are often...more Publication -
Working Paper No. 12
The Real Wage and the Marginal Product of Labor
November 01, 1988 As I see it, the errors in Keynes’s analysis in chapter 2 of the General Theorv were his acceptance of diminishing returns in the short-period relation between output and labor...more Publication -
Working Paper No. 11
Ranking Urban Areas
October 09, 1988 Rankings of urban areas provide useful information to planning recreational or tourism activities, making housing-locational decisions, and designing policies to attract industries. This paper illustrates how the structural approach to...more Publication