Multiplant manufacturing strategies among the fortune 500

This paper identifies and examines four distinct multiplant strategies prevailing within the nation's largest manufacturing companies. These multiplant strategies govern the charters under which plants operate, thus helping to insure focused factory operations. Using detailed data drawn from over 300 plants, the paper reports on the apparent attractiveness of different strategies to different industry groups and singles out those specific plant characteristics which Fortune 500 plants attribute most often to each strategy. This information can aid in the assignment of plant charters, within company operating divisions.     

Some alternative tests of forward exchange rates as predictors of future spot rates

The paper provides empirical analysis on the issue of forward premiums as predictors of future exchange depreciations. The need to specify an alternative to the null hypothesis, other than its complement is emphasized. Two such alternatives are considered: the random walk model and the possibility of excessive or insufficient exchange rate volatility to accord with the efficiency of exchange markets.     

Bursting bubbles: On the rationality of hyperinflations in optimizing models

It is well known that perfect foresight maximizing models frequently possess a continuum of equilibria. In some of these equilibria the price level is explosive even in models in which the money supply is constant. This paper shows that a sufficient condition to rule out these unstable paths is given by the assumption that there is a smallest non-zero unit of output.