American Economist articles from September 22 1991

American Economist archives from September 22 1991

The chaotic behavior of foreign exchange rates.
September 22, 1991... 1. Introduction In the early 1970s, many economists believed that the floating currency exchange rates that were to characterize the post-Bretton Woods period could be well explained by the purchasing power parity theory [see Bilson and...

Effect of interest rate on consumption under alternative expectations hypotheses: evidence from Pakistan.
September 22, 1991... I. Introduction The effect of the interest rate on consumption behavior has been subject to controversy. Before Keynes (1936), the interest rate was considered to be the prime determinant of savings. Keynes demonstrated that...

The link between the rate of growth of stock prices and the rate of growth of GNP in the United States: a causality test.
September 22, 1991... Introduction The stock market crash on October 19, 1987 and subsequent declines in broad stock market indexes raised the specter of an imminent recession which did not materialize.(1) The expectation of a recession by many forecasters and...

The Machine That Changed the World.
September 22, 1991... The Machine That Changed the World, by James P. Womack, Daniel T. Jones, and Daniel Roos. New York: Rawson Associates, 1990. Pp. 323. I have chosen to combine these two books in a single review because they go together like two volumes of...

Made in America: Regaining the Productive Edge.
September 22, 1991... Made in America: Regaining the Productive Edge, by Michael L. Dertouzos, Richard K. Lester, Robert M. Solow, and the MIT Commission on Industrial Productivity. Cambridge, Mass: The MIT Press, 1989. Pp. 345. I have chosen to combine these...

Perspectives on the Risk-Based Capital.
September 22, 1991... Perspectives on Risk-Based Capital, by Raj Bhala. Rolling Meadows: Bank Administration Institute, 1989. Pp. 264. This work provides the reader with a group of perspectives with respect to risk-based capital. The focus in not only on the...

Unlimited Wealth.
September 22, 1991... Unlimited Wealth, by Paul Zane Pilzer. First ed. New York: Crown Publishers, Inc., 1990. Pp. vii, 226, $19.95. In Unlimited Wealth: The Theory and Practice of Economic Alchemy, Paul Zane Pilzer proposes a "Theory of Alchemy" which contrast...

Strategy of a Megamerger: An Insider's Account of The Baxter Travenol-American Hospital Supply Combination.
September 22, 1991... Strategy of a Megamerger: An Insider's Account Of The Baxter Travenol-American Hospital Supply Combination, by Thomas G. Cody. Westport: Quorum Books, 1990. Pp. ix, 299. $45.00. At $3,702.6 billion, the Baxter Travenol purchase of American...

A geometric method for analyzing many-firm or many-period problems in micro theory.
September 22, 1991... 1. Introduction In this paper, we propose a simple geometric device that has the potential of becoming an important teaching aid in analyzing various problems in microeconomic theory dealing with either many firms or many time periods. We...

Investment in name brand capital: evidence from the free banking era.
September 22, 1991... Introduction The reputation literature tells us when, why, and how investment in name brand capital will occur.(1) Empirical evidence to either support or refute this body of theory, however, is scant. This paper uses statistical and...

Currency substitution in Korea.
September 22, 1991... 1. INTRODUCTION The possibility of extensive currency substitution (CS) between domestic and foreign currencies has received a great deal of attention in the economics literature of industrialized nations in the past several years [see...

The impact of imports on price competition in the automobile industry.
September 22, 1991... Price Competition in the Automobile Industry Traditionally, U. S. automobile firms followed a stable policy in pricing cars. General Motors sets its prices based on a target return on its investments, and other firms imitate its price....

Inflation: some empirical evidence.
September 22, 1991... I. Introduction A great part of the post-Keynesian/monetarist debate arose from disagreement about the causal routes of inflation. In this respect, the question of whether it is possible to implement a test which will distinguish between...

Tax policy and the federal budget.
September 22, 1991... Introduction Theoretical economics has been concerned with the study of the economic behavior of individuals in response to changes in tax rates and structure. Unfortunately, few of the findings are directly relevant to resolving tax...

Life and philosophy.
September 22, 1991... In 1928, I was born in the provincial town of Yonago in Tottori Prefecture. Tottori is located in the western part of Japan, in the scenic region officially referred to as the Region in the Shadow of the Mountains. Although it is now among the...

Random walk and life philosophy.
September 22, 1991... I As a particle performs a random walk in a high-dimensional space, an observer may discover a subspace in which the projection of its path approximates a straight line. The observer may then be tempted to anthropomorphize the particle,...