INCOMES POLICY

LLOYD ULMAN AND ROBERT J. FLANAGAN, Wage Restraint: A Study of Incomes Policies in Western Europe (University of California Press, 1971)
JOAN MITCHELL, The National Board for Prices & Incomes (Secker & Warburg, 1972)
ALLAN FELS, The British Prices and Incomes Board (Cambridge University Press, 1972)
HUGH CLEGG, How to Run an Incomes Policy and Why We Made Such a Mess of the Lust One (Heinemann, 1971)
MICHAEL PARKIN AND MICHAEL T. SUMNER (eds.), Incomes Policy and Inflation (Manchester University Press, 1972)
FRANK BLACKABY (ed.), An Incomes Policy for Britain (Heinemann, 1972)     

Reviews

Book reviewed in this article:
Corporate Capital Investment: A Behavioural Approach , by P. Bromiley (Cambridge University Press. Cambridge, 1986)
Industrial Investment in Europe: Economic Theory and Measurement , edited by D. Weiserbs (Martinus Nijhoff, Dordrecht, the Netherlands, 1985)
Inflation and Unemployment: Theory, Experience and Policy-Making . edited by V. E. Argy and J. W. Nevile (Allen & Unwin. London, 1985)
Handbook of Natural Resource and Energy Economics , Vols I and II. edited by A. V. Kneese and J. L. Sweeney (North-Holland, Amsterdam, 1985)
Policies for Environmental Quality Control , edited by A. J. Jakeman, D. G. Day and A. K. Dragun (Centre for Resource and Environmental Studies. ANU, Canberra, 1985)     

Reviews

Books reviewed:
Peter Bernholz, Monetary Regimes and Inflation: History, Economic and Political Relationships
William Oliver Coleman, Economics and Its Enemies: Two Centuries of Anti-Economics
Michael Pusey, The Experience of Middle Australia. The Dark Side of Economic Reform
Bent Flyvbjerg, Nils Bruzelius and Werner Rothengatter, Megaprojects and Risk: An Anatomy of Ambition
Phillip Anthony O'Hara, Marx, Veblen, and Contemporary Institutional Political Economy
Joseph P. Newhouse, Pricing the Priceless. A Health Care Conundrum
Ian McAllister, Steve Dowrick and Riaz Hassan (eds), The Cambridge Handbook of Social Sciences in Australia
Owen Covick (ed), Policies to Boost Australian Saving: How? And Why?
Ross Garnaut, Ligang Song, Yang Yao and Xiaolu Wang, Private Enterprise in China
Andrew Norton, The Unchained University     

Bargaining with subjective mixtures

This paper reconsiders the Bargaining Problem of Nash (Econometrica 28:155–162, 1950). I develop a new approach, Conditional Bargaining Problems, as a framework for measuring cardinal utility. A Conditional Bargaining Problem is the conjoint extension of a Bargaining Problem, conditional on the fact that the individuals have agreed on a “measurement event”. Within this context, Subjective Mixture methods are especially powerful. These techniques are used to characterise versions of the Nash and the Kalai–Smorodinsky solutions. This approach identifies solutions based only on the individuals’ tastes for the outcomes. It is therefore possible to do Bargaining theory in almost complete generality. The results apply to Biseparable preferences, so are valid for almost all non-expected utility models currently used in economics.     

Reviews

Book reviewed in this article:
The Structure and Reform of Direct Taxation: Report of a Committee chaired by Professor J. E. Meade.
Inflation in New Zealand. By Conrad Blylh
The Political Economy of Inflation. Edited by Fred Hirsch and John H. Goldthorpe.
One More Nail. By the Hon. C. R. Kelly
Unions and Unionists in Australia. By D. W. Rawson
Postal Unions and Politics. By Frank Waters and edited by Denis Murphy
On Revolutions and Progress in Economics. By T. W. Hutchison
The Structure of the Keynesian Revolution. By G. Mehta.
Migrant Household Economic Behaviour. By John Nightingale.     

Reviews

Book reviewed in this article:
Empirical Analytics of Demand Systems. By A. A. Powell.
Unemployment and Wage Inflation: with Special Reference to Britain and the U.S.A. By J. Taylor.
The Economics of Inflation. By J. A. Trevithick and C. Mulvey.
Economics and Australian Industry. By F. G. Davidson and B. R. Stewardson.
Agricultural Marketing and Prices. By K. O. Campbell.
Population in Economic Growth. By J. D. Pitchford.
Depression and Recovery in Western Australia 1928'29–1938'39: A Study In Cyclical and Structural Change. By G. D. Snooks.     

NAIRU and productivity shocks: evidence from three gigantic economies

This article investigates NAIRU which stands for Non Accelerating Inflation Rate of Unemployment and its trend in three of the world gigantic economies to mention orderly USA, Japan and China. A Vector Autoregressive Regression model estimated to study the reaction of NAIRU to shocks imposed by labour productivity. Results indicate both productivity shocks and NAIRU fluctuations have counter effects.     

Protection and the Future of Australian Manufacturing

This article was written by Richard H. Snape, Professor of Economics, Monash University. It is a revised version of a paper presented at the convention of the Institute of Industrial Economics (University of Newcastle) on 'The Future of Manufacturing Industry In Australia', Terrigal, 29 April to 1 May, 1977.     

Reviews

Book reviewed in this article:
Oligopoly Theory , by James Friedman
Handbook of International Economics, Volume 1 , edited by Ronald W. Jones and Peter B. Kenen
Price Expectations in Rising Inflation , by Ignazio Visco
Fisheries Management: Theoretical Developments and Contemporary Applications , by G. Waugh     

水旱灾害与我国农业可持续发展

本文根据《中国农村统计年鉴》等有关资料,首先对水灾害对我国农业的影响及其程度进行了分析,其次对我国水旱灾害频率的发生趋势和灾情的发展趋势进行了分析,最后对我国农业防灾减灾对策进行了有益的探讨。     

通货膨胀问题国外研究进展与评述

20世纪70年代以来通货膨胀的频发,成为严重困扰世界各国经济运行的主要难题之一,引发了众多国外学者对通货膨胀的广泛关注以及从宏观层面到微观基础层面的深入研究。本文主要从通货膨胀的福利成本、通货膨胀的不确定性、持续性和通货膨胀目标制四个方面入手,着重回顾与评论20世纪90年代尤其是21世纪以来的国外学者研究通货膨胀问题的成果,以期在把握通货膨胀问题研究的进展中,总结治理经验与合理借鉴应对政策。     

Inflation, Welfare, and Public Goods

In this article we study the welfare effects of monetary policy in a simple overlapping generation economy in which agents voluntarily contribute to a public good. Inflation has two effects at equilibrium: it increases voluntary contributions and it misallocates private consumption across time. We show that the aggregate effect is welfare-improving for "not too large" inflation rates. Moreover, there exists an optimal inflation rate.     

Evolution, bargaining, and time preferences

I include a role for time preferences within a version of the Young (J Econ Theory 59:145–168, 1993b) evolutionary model of bargaining. With or without time preferences, the stochastic stable convention yields a generalized version of the Nash (Econometrica 18:155–162, 1950) Bargaining Solution. When time preferences are added to the model, agents’ discount factors enter into the stochastically stable convention in a natural manner. That is, an agent’s discount factor acts as a bargaining weight within the Nash Bargaining Solution. By taking appropriate limits, an evolutionary foundation for the Rubinstein (Econometrica 50:97–110, 1982) Bargaining Solution is provided. I thank Lew Evans, Jack Leach, Collin Starkweather, Aaron Strong, a referee and associate editor. All errors are my own.     

Product market competition with differentiated goods and social welfare in the presence of an industry-wide union

Mainstream locus communis indicates that a more competitive product market leads to higher social welfare levels. Using a Conjectural Variation (CV) model, this research note analyzes the effects on welfare of different degrees of product market competition in a duopoly with differentiated goods. Bargaining between the firms and the industry-wide union occurs under the Efficient Bargaining (EB) model. The work indicates that, with close substitute goods, social welfare is maximized for the intermediate levels of market competition, whereas more independent goods lead to the standard result of a high welfare level under competitive markets.     

Reviews

Book reviewed in this article:
Inflation, Exchange Rates and the World Economy: Lectures on International Monetary Economics. By W. M. Corden
Technological Uncertainty and the Pure Theory of Allocation: An Essay. By N. F. Laing
Comparative Monetary Economics: Capitalist and Socialist Monetary Systems and Their Interrelations in the Changing International Scene. By J. Wilczynski
Communism and Agrarian Reform in Iraq. By Rony Gabbay     

REVIEWS

Book reviewed in this article:
A Study of Cost and Demand Inflation. By J. D. P itchford . Contributions to Economic Analysis XXXIII.
From Marshall to Keynes. An Essay on the Monetary Theory of the Cambridge School. By B. E shag .
Real Wages in Soviet Russia Since 1928. By J anet E. C hapman . The Age of Marshall. Aspects of British Economic Thought 1890–1915. By N. J ha .     

The emerging discipline of bioeconomics: aims and scope of the Journal of Bioeconomics

'The enterprise within the social sciences best poised to bridge the gap to the natural science, the one that most resembles them in style and self-confidence, is economics' (Wilson 1998, p. 195)'The rich array of things to learn from other disciplines is too rich And not least of all, the need for economic theorists to work on something new and different is too impelling' (Kreps 1997, p. 80)     

中国实行通货膨胀目标制的可行性分析

通货膨胀目标制是一种以保持低而稳定的通货膨胀为首要目标的货币政策框架。本研究参照IMF提出的相关指标,并考虑到中国作为转型国家的经济特征,从中国当前经济运行中控制一般物价水平的必要性、经济结构的完善性、金融市场和银行体系的健全性、中央银行的独立性、货币政策的透明度以及央行准确预测通货膨胀的技术等方面考察了中国实行通货膨胀目标制的可行性,得出中国已经初步具备实施该货币制度的条件。并提出更彻底的制度改革将会确保中国成功实施通货膨胀目标制,从而使得宏观经济运行处于稳定的价格水平因而更有效率。     

Monetary Policy and Financial Stability: The Role of Inflation Targeting

This article examines the relationship between Inflation targeting (IT) and financial instability from 1990 to 2015 for Asian economies. To measure financial instability, a multidimensional financial conditioning index is calculated following the ECB's approach. Using a fixed effects panel data model the study finds that adoption of IT policy in Asian economies has an adverse impact on financial stability, thus rejecting the ‘conventional wisdom’ hypothesis. Further, the Vector Autoregression (VAR) result shows that an IT regime increases housing returns and encourages investors to take higher risks.     

The evolution of the monetary policy regimes in the U.S.

The existing literature on U.S. monetary policy provides no sense of a consensus regarding the existence of a monetary policy regime. This article explores the evolution of U.S. monetary policy regimes via the development of a Markov-switching model predicated on narrative and statistical evidence of a monetary policy regime. We identified five regimes for the period spanning 1956:I?C2005:IV and they roughly corresponded to the Chairman term of the Federal Reserve, except for the Greenspan era. More importantly, we demonstrate that the conflicting results regarding the response to inflation for the pre-Volcker period in the existing literature is not attributable to the different data but due to different samples, and also provided an insight regarding the Great Inflation??namely, that the near non-response to inflation in the early 1960s appears to have constituted the initial seed of the Great Inflation. We also find via analysis of the Markov-switching model for the U.S. real interest rate, that the regime changes in the real interest rate follow the regime changes in monetary policy within 2?years and that the evolution of real interest rate regimes provides a good explanation for the conflicting results regarding the dynamics of real interest rate.