Next steps on grain reserves

The author examines American views on grain reserves and the policies of the Ford and Carter Administrations. He then focusses on the issues to be resolved in the present negotiations aimed at establishing an international grain stabilization reserve. These include the scope of the reserve, crucial to which is the recognition that the world grain market is, essentially, a single market; the price range; and membership and treatment of nonparticipants. The discussion should be carried on at both the International Wheat Council and the Multilateral Trade Negotiations in Geneva. The author sees no reason why an international grains agreement establishing a coordinated system of national grain reserves could not be ready by spring 1978.     

A process model of residential resettlement

Quality & Quantity -     

Cross arbitrage and specification in exchange rate models

Triangular arbitrage between currencies imposes strong restrictions on the specification of exchange rate equations, which do not seem to have been noted in the literature. The form of these restrictions and the ways in which they can be allowed for are examined.     

THE ESTIMATION OF PRODUCTION FRONTIERS: THE AUSTRALIAN LIVESTOCK/CEREALS COMPLEX1

An attempt is made to combine, empirically, the estimation of product transformation surfaces with the more conventional methods of linear supply analysis. This synthetic approach is used to fit simultaneously a system of six aggregate supply functions. The products covered account for more than 70 per cent of the gross value of Australian rural production.     

Detrimental externalities,nonconvexities and technical change

This paper reexamines the implications of detrimental externalities for the nonconvexity of the social production set. A simple model, allowing for induced technical change, is developed to illustrate that the imposition of effluent changes can induce technological changes which serve to ameliorate these nonconvexities.     

SALARIES—A FRAMEWORK FOR THE STUDY OF TRENDS

This paper proposes that salary structures and the development of salaries over time be considered within the framework of the distribution of income over time. In particular, it examines certain salary scales in the U.S. and the progressions of typical individuals' salaries during the period 1948–1969, in comparison with the percentile distributions of household income in the same period, as reflected by the Current Population Survey of the Bureau of the Census.     

The demand for and supply of deposits by credit unions: The Caisses populaires' case correction and comment

This note corrects an error in accounting terminology made by Chateau (1980) in this journal. That error leads to an important misspecification of the theoretical model. Moreover, it is argued that, even given the correction, the assumption that the caisse will maximize the expected utility of reserves is not in general consistent with the assumed underlying motivation to maximize deposit growth.     

Hierarchical system identification of models for urban dynamics

A critical problem in urban modeling is the validation of system models and identification of system parameters within an assumed structure. This paper applies recent developments in system identification in hierarchical structure to identification of system parameters for two models of urban dynamics.