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Working Paper No. 48The Economic Significance of Equity Capital
April 06, 1991 I was motivated to address this subject by the rich irony of last year’s Nobel Prize in Economics. The end of the LBO era was crowned by the recognition of...more Publication -
Working Paper No. 47
Financial Disturbances and Depressions
April 05, 1991 Events of the past quarter century have renewed the interest of economic historians in major financial disturbances. The study of financial crises was common before World War II, but for...more Publication -
Working Paper No. 46
Redistribution through Taxation
April 04, 1991 Income tax progressivity is studied using Generalized Entropy measures of inequality. Luxembourg Income Study data sets for ten countries are used for international comparative purposes and analysis. Progressivity indices are...more Publication -
Working Paper No. 45
Female-headed Families
March 01, 1991 Over the last few decades in the United States, the poverty rate for female-headed families (with no husband present) has been about three times the poverty rate for male-headed families...more Publication -
Working Paper No. 44
Accounting for the Decline in Private Sector Unionization
February 01, 1991 During the 1980s several qualitative changes occurred in the union decline. First, net gains from certification (less decertification) elections fell to insignificant levels, tending to accelerate the union decline. On...more Publication -
Working Paper No. 43
International Comparison of Household Inequalities
December 10, 1990 This paper demonstrates the usefulness of the decomposability property of the Generalized Entropy (GE) family of measures in comparing inequality among countries. A family of Generalized Entropy measures are decomposed...more Publication -
Working Paper No. 41
Generalized Entropy Measures of Long-run Inequality and Stability among Male Headed Households
December 09, 1990 Short and long-run inequalities and income stability among households with male heads are measured and analyzed using the Panel Study of Income Dynamics for 1969–81. The results suggest short-run inequalities...more Publication -
Working Paper No. 42
Poverty and Choice of Marital Status
December 09, 1990 Over the last few decades in the United States, the poverty rate for female-headed families has been about five times the poverty rate for other family types. This paper addresses...more Publication -
Working Paper No. 40
A Kernel Regression of Phillips’ Data
November 10, 1990 Economists have assumed that the Phillips curve, which shows a positive (negative) relation between inflation and the output ratio (unemployment rate), may be mapped off the aggregate demand -aggregate supply...more Publication -
Working Paper No. 39
Poverty and Household Composition
November 09, 1990 This paper has investigated the relationship between poverty and family type, as reflected in the marital status and gender of the head of the family number of factors have been...more Publication -
Working Paper No. 38
The Mathematics of Economic Growth
July 10, 1990 Traditionally, economists have considered that mathematics acts as a universal language that lends clarity to theoretical statements. This paper proposes that mathematics does not function as a mere language. Rather,...more Publication -
Working Paper No. 37
What Happened to the Corporate Profit Tax?
May 10, 1990 The radical reorientation of the federal budget during the 1980s provided generously for military expansion at the expense of pressing social needs. In the wake of such dramatic upheavals, the...more Publication -
Working Paper No. 36
The Microeconomics of Monopoly Power
April 10, 1990 The purpose of this paper is to outline a consistent microeconomic theory of the firm based on the concept of monopoly power. It builds on the heritage of Post Keynesian...more Publication -
Working Paper No. 35
Industrial De-diversification and Its Consequences for Productivity
January 10, 1990 Due in large part to intense takeover activity during the 1980s, the extent of American firms’ industrial diversification declined significantly during the second half of the decade. The mean number...more Publication -
Working Paper No. 34
The 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