Trade, stability, and macroeconomics: essays in honor of Lloyd A. Metzler
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| Other Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York [u.a.]
Academic Press
1974
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| Series: | Economic theory and mathematical economics
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XVIII, 558 S. 1 Portr., graph. Darst. |
| ISBN: | 0123567505 |
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| adam_text |
TRADE, STABILITY, AND
MACROECONOMICS
Essays in Honor of Lloyd A. Metzler
Eclited by
GEORGE HORWICH and PAUL A. SAMUELSON
Department of Economics Department of Economics
Purdue University Massachusetts Institute
West Lafayette, Indiana of Technology
Cambridge, Massachusetts
1974
ACADEMIC PRESS New York and London
A Subsidiary of Harcourt Brace Jovanovich, Publishers
CONTENTS
List of Contributors xiii
Introduction xv
PART I INTERNATIONAL TRADE THEORY
The Metzler Tariff Paradox: Extensions to Nontraded and Intermediate
Commodities
Ronald IV. Jones
Introduction 3
I. The Melzler Analysis in the Traditional Case 4
II. Nontraded Goods: The Home Country Reaclion 5
III. Nontraded and Intermediate Goods: The Elaslicity of the Foreign Offer Curvc 9
IV. Concluding Remarks 13
Appendix 14
References 18
The Transfer Problem Once Again
John S. Chipman
I. Introduction 19
II. General Formulation 27
III. The Case of Single-Valued Supply Functions: Some General Results 31
IV. The Case of Pure Exchange 41
V. The Transfer Problem with Production 49
Appendix A. The Three-Factor Case 67
Appendix B. The Effect of a Transfer on the Relative Prices of the Two
Domestie Commodities 70
Appendix C. Classesof Utility Functions That Satisfy the Hypothesis of Neutral
Tastes 72
References % 75
v
vi
Contents
The Weifare Economics of Reversed International Transfers
Harry G. Johnson
Introduction 79
I. The Cobb-Douglas Utility Function 83
If. Reversed Transfer, Case 1 : Transfer Specificd in Domestic Product 8S
III. Reversed Transfer, Case 2: Transfer Specified in Foreign Product 90
IV. Summary of Results 91
V. Time Preference and Reversed Transfers 92
VI. A Geometrical Explanation and Extension of the Results 94
Appendix I. Some Numerical Results 98
Appendix II. A Postscript 108
References 109
Some Problems of Stabilization Policy under Floating Exchange Rates
M. June Flanders
I. Introduction III
II. Policy Considerations for a Single Country 114
III. The "n— 1 " Problem 120
IV. Conclusion 125
References 126
Devaluation and the Balance of Trade under Flexible Wages
Joanne Saiop
Introduction 129
Symbols 131
I. A Macromodel of an Open Economy 131
II. The Component Markets 134
III. Devaluation 138
IV. Comparison and Synthesis 144
V. Summary and Conclusions 150
References 151
On the Analytical Framework of Tariffs and Trade Policy
Akira Takayama
I. Introduction 153
II. Basic Model 155
III. Domestic Distortions 164
IV. Nontraded Commodities 168
References 177
Contents
vii
PART II MATHEMATICAL ECONOMICS
Stability Independent of Adjustment Speed
Kenneth J. Arro\v
I. Introduction 181
II. Real Charactcristic Roots of Products of Positive Diagonal and '-Matrices 184
III. Some Notes on Connected Sets 188
IV. Location of Characteristic Roots of Matriccs 191
V. Constancy of the Inertia of a Matrix 193
VI. Conditions That DX and D Have the Same Number of Characteristic Roots
with Zero Real Part 195
VII. A General Class of Matrices for Which the Inertia of DX Is Equal to That of D 198
References 201
A Class of Generalized Metzlerian Matrices 203
James P. Quirk
References 219
Hysteresis of Long-Run Equilibrium from Realistic Adjustment Costs
Murrav C. Kemp and Henry Y. Wan, Jr.
I. Introduction 221
II. Assumptions, Notation, Conclusions 222
III. Example 1 224
IV. Example 2 229
V. Example 3 232
VI. Final Remarks 236
Appendix A. Derivation of Optimal Trajectories for Individual Firm or Industry 237
Appendix B. Speculativc Pricing 240
References 241
Stability in an Economy with Production
Anjan Mukherji
I. Production and Gross Substitutes 243
II. The Economy 245
III. Stabilizing Income Effects 247
IV. On an Arrow-Hahn Conjecture 251
V. The Leontief Model « 254
References 257
viii
Contents
Stability of Markets with Public Goods: A Case of Gross Substitutability 259
Takashi Negishi
References 267
Marx as Mathematical Economist: Steadv-State and Exponent! al Growth
Equilibrium
Paul A. Samuelson
Introduction 269
I. Two Claims to Fame 270
II. Simple Reproduction 272
III. Balanced Expanding Reproduction 276
IV. A Digression on Morishima's Alternative to Marx 279
V. Marx as Advancer of Mainstream-Economics Analytical Technique 280
VI. Living in Marx's Skin: Numerical Examples Generalized 281
VII. Handling Marx's Underlying Technology 283
VIII. Indeterminacy of Wage and Distributive Shares? 2S6
IX. The Number One Issue in Appraising Karl Marx's Theoretical Innovations 288
X. Final Summing Up 292
Appendix 292
References 305
PART Ol INVENTORY FLUCTUATIONS
Aggregate Inventory Behavior: A Critical Study of a Class of Models
John A. Carlson and William E. Wehrs
Introduction 311
I. The Basic Model 312
II. A More Complete Model 317
III. A Preliminary Test for Consistency 324
IV. Conclusion 329
References 331
Inventories and the Generalized Accelerator
Gerald L. Childs
I. Introduction 333
II. Data 335
III. Demand Forecasts 336
Contents
ix
IV. Buffer Stocks 337
V. Materials and Supplies 345
VI. Conclusions 352
Appendix. Definition of Variables 353
References 353
Monetarv Policy and the Inventory Cycle
Michael C. Lovell
Introduction 355
1. The Model 356
II. Dynamic Properties of the Deterministic Model 359
III. The Optimal Simple Rule: Deterministic Case 363
IV. Stochastic Complications 367
V. Summary and Conclusions 369
References 370
PART IV MACROMONETARY THEORY
IS-LM as a Dynamic Framework
Patric H. Hendershott and George Horwich
Introduction 375
I. The Hicksian IS-LM Analysis 376
II. Financial Underpinnings 378
III. Disequilibrium in the Financial Markets 384
IV. IS-LM Dynamics 389
V. Summary 397
Appendix 398
References 398
The Dynamics of Interest Rate Adjustment in a Keynesian Macroeconomic
Model
Wayne F. Perg
Introduction 401
I. The Postulates, Nontätonnement Dynamics, and Walras' Law 402
II. Structure of the Model 407
III. Comparative Statics, Stability, and Dynamics 413
IV. Summary 421
Appendix A. Walras' Law for Flows 422
Appendix B. Derivation of Equation (38) 423
References 424
X
Contents
The Theorv of Money and Income Consistent with Orthodox Value Theory
Earl A. Thompson
Introduction 427
I. The Theory of Money Consistent with Orthodox Value Theory 429
II. The Theory of Income Determination Consistent with Orthodox Value Theory 442
III. Conclusion 451
References 452
Monetary Theory and Economic Consolidations 455
Gerrit Bilkes and Edward Arnes
References 484
PART V GROVVTH
Monev, Growth, and the Propensity to Save: An Iconoclastic View
Ronald I. McKinnon
Introduction 487
I. Financial Structure and Monetary Policy 489
II. The Saving Function 493
III. A Harrod-Domar Growth Model with a Variable Propensity to Save 496
IV. Concluding Notes and Empirical Observations 499
References 501
Economic Growth and Stages of the Balance of Payments: A Theoretical
Model
Stanley Fischer and Jacob A. Frenke!
Introduction 503
I. The Production, Consumption, and Trade Relationships 504
II. The Characteristics of the Stcady State 507
III. The Dynamic Bchavior of the System 509
IV. Conclusions 515
Appendix. Derivation of Time Paths of Net Holdings of Foreign Securities
and the Capital Account 516
References 520
Contents xi
On the Dynamic Stability of Economic Growth: The Neoclassical versus
Keynesian Approaches
Hirofumi Uzawa
I. Introduction 523
II. Basic Assumptions of the Neoclassical Growth Theory 524
III. Dynamic Equilibrium of the Neoclassical Model 528
IV. The Neoclassical Theory of Monetary Growth 529
V. A Keynesian Theory of Economic Growth 537
VI. Keynesian Growth under Füll Employment 547
VII. Concluding Remarks 551
References 552
Author Index
554 |
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| spelling | Trade, stability, and macroeconomics essays in honor of Lloyd A. Metzler ed. by George Horwich and Paul A. Samuelson New York [u.a.] Academic Press 1974 XVIII, 558 S. 1 Portr., graph. Darst. txt rdacontent n rdamedia nc rdacarrier Economic theory and mathematical economics Metzler, Lloyd Appleton Metzler, Lloyd A (Lloyd Appleton) Metzler, Lloyd A. (DE-588)118783564 gnd rswk-swf Macroéconomie Renda Nacional larpcal Macroeconomics (DE-588)4016928-5 Festschrift gnd-content Metzler, Lloyd A. (DE-588)118783564 p DE-604 Horwich, George edt Samuelson, Paul Anthony 1915-2009 (DE-588)118605321 edt Metzler, Lloyd A. (DE-588)118783564 hnr Digitalisierung UB Augsburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=001272354&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Trade, stability, and macroeconomics essays in honor of Lloyd A. Metzler Metzler, Lloyd Appleton Metzler, Lloyd A (Lloyd Appleton) Metzler, Lloyd A. (DE-588)118783564 gnd Macroéconomie Renda Nacional larpcal Macroeconomics |
| subject_GND | (DE-588)118783564 (DE-588)4016928-5 |
| title | Trade, stability, and macroeconomics essays in honor of Lloyd A. Metzler |
| title_auth | Trade, stability, and macroeconomics essays in honor of Lloyd A. Metzler |
| title_exact_search | Trade, stability, and macroeconomics essays in honor of Lloyd A. Metzler |
| title_full | Trade, stability, and macroeconomics essays in honor of Lloyd A. Metzler ed. by George Horwich and Paul A. Samuelson |
| title_fullStr | Trade, stability, and macroeconomics essays in honor of Lloyd A. Metzler ed. by George Horwich and Paul A. Samuelson |
| title_full_unstemmed | Trade, stability, and macroeconomics essays in honor of Lloyd A. Metzler ed. by George Horwich and Paul A. Samuelson |
| title_short | Trade, stability, and macroeconomics |
| title_sort | trade stability and macroeconomics essays in honor of lloyd a metzler |
| title_sub | essays in honor of Lloyd A. Metzler |
| topic | Metzler, Lloyd Appleton Metzler, Lloyd A (Lloyd Appleton) Metzler, Lloyd A. (DE-588)118783564 gnd Macroéconomie Renda Nacional larpcal Macroeconomics |
| topic_facet | Metzler, Lloyd Appleton Metzler, Lloyd A (Lloyd Appleton) Metzler, Lloyd A. Macroéconomie Renda Nacional Macroeconomics Festschrift |
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