# Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association

# International Economic Review

Phone: (215) 898-8487

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This journal is no longer published by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association. For a followup journal, see International Economic Review, published by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association.
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### June 1974, Volume 15, Issue 2

**415-430 Welfare Criteria with Endogenous Preferences: The Economics of Education***by*Gintis, Herbert**431-439 Price Adjustments During Inflation in Non-Competitive Markets***by*Reinhardt, Paul G**440-449 General Equilibrium and the Heckscher-Ohlin Theory of Trade: The Multi-Country Case***by*Horiba, Yutaka**450-457 More on Nonsimultaneous Additivity***by*Haque, Wahidul**458-471 Interest Rates and Prices Since 1950***by*Cargill, Thomas F & Meyer, Robert A**472-484 Asymptotic Properties of Multiperiod Control Rules in the Linear Regression Model***by*Taylor, John B**485-496 Regression Analysis when the Dependent Variable is Truncated Lognormal, with an Application to the Determinants of the Duration of Welfare Dependency***by*Amemiya, Takeshi & Boskin, Michael J**497-514 A Simulation Study of the Small Sample Properties of the Hannan Estimator of a Distributed Lag Model when the Signal-to-Noise Ratio is Constant***by*Doran, H E**515-521 Estimating the Efficiency of Production***by*Richmond, J**522-528 Bias in Cross-Section Estimates of the Elasticity of Substitution***by*Sveikauskas, Leo**529-533 Stability in a Random Coefficient Model***by*Conlisk, John

### February 1974, Volume 15, Issue 1

**1-260 Maximum Likelihood Estimation of Systems of Simultaneous Regression Equations with Errors Generated by a Vector Autoregressive Process: A Correction***by*Hendry, David F**12-30 Statistical Inference for a Model with Both Random Cross-Sectional and Time Effects***by*Hsiao, Cheng**31-38 Minimum Second Moment Estimation in Simultaneous Equation Systems***by*Nagar, A L & Carter, R A L**39-58 Missing Data in an Autoregressive Model***by*Sargan, J D & Drettakis, E G**59-68 An Appropriate Econometric Framework for Estimating a Labor Supply Function from the SEO File***by*Aigner, Dennis**69-74 Econometric Analysis of Supply in Concentrated Markets***by*Rohlfs, Jeffrey**75-92 Demand-Supply Imbalance, Unexpected Imports and Unintended Inventory Accumulation***by*Caton, C N & Higgins, C I**93-98 A Foreign Exchange Liquidity Trap for Mexico?***by*Ladenson, Mark L**99-118 A Bayesian Model of Demand for Information About Product Quality***by*Kihlstrom, Richard E**119-130 Functional Forms for Revenue and Factor Requirements Functions***by*Diewert, W E**131-142 The Core of a Public Goods Economy***by*Richter, Donald K**143-148 The Limit of the Core of an Economy with Production***by*Boehm, Volker**149-167 International Trade and Exhaustible Resources: A Theoretical Model***by*Vousden, Neil**168-183 International Borrowing for Resource Extraction***by*Long, Ngo Van**184-194 On the Existence of Most-Preferred Alternatives***by*Smith, Tony E**195-208 Sharing the Gains from Regional Cooperation: A Game Theoretic Application to Planning Investment in Electric Power***by*Gately, Dermot**209-215 On the Relationship Between Linear Feedback Control and First Period Certainty Equivalence***by*Norman, Alfred L**216-224 A Clarification and a New Proof of the Certainty Equivalence Theorem***by*Duchan, Alan I**225-235 Variable Returns to Scale in General Equilibrium Theory: A Comment***by*Mayer, Wolfgang**236-241 The Edgeworth-Uzawa Barter Stabilizes Prices***by*Mukherji, Anjan**242-245 Positive Efficiency Prices***by*Ozga, S A**246-250 An Argument for the Usefulness of the Gamma Distributed Lag Model***by*Schmidt, Peter**251-255 A Note on the Estimation and Prediction Inefficiency of "Dynamic" Estimators***by*Johnston, H N**256-259 On the Stability of Dynamic Demand Functions***by*McCarthy, Michael D**1-11 Band Spectrum Regression***by*Engle, Robert F

### October 1973, Volume 14, Issue 3

**535-559 Some Results on the Uniqueness of Steady States in Multisector Models of Optimum Growth when Future Utilities are Discounted***by*Brock, William A**560-573 Optimal Economic Growth and Uncertainty: The No Discounting Case***by*Brock, William A & Mirman, Leonard J**574-579 A Weakly Maximal Golden-Rule Program for a Multi-Sector Economy***by*Peleg, Bezalel**580-586 On the Boundedness of the Feasible Set Without Convexity Assumptions***by*Hurwicz, Leonid & Reiter, Stanley**587-600 Implications of Learning for Economic Models of Uncertainty***by*Crawford, Robert G**601-614 Stochastic Dominance Among Log-Normal Prospects***by*Levy, Haim**615-624 Traded Goods, Nontraded Goods, and the Balance of Payments***by*Mathieson, Donald J**625-631 An Independence Test and Conditional Unbiased Predictions in the Context of Simultaneous Equation Systems***by*Revankar, Nagesh S & Hartley, Michael J**632-645 Effect of Uncertainty on Optimal Control Policies***by*Chow, Gregory C**646-652 Estimation, Prediction and Economic Control***by*Brito, Dagobert L**653-656 On the Estimation of a Partial Adjustment Model with Autocorrelated Errors***by*Miron, John R**657-675 Efficient Input Frontiers for the Manufacturing Sector in Mexico 1965-1980***by*Syrquin, Moshe**676-692 Estimation and Prediction with CES and VES Production Functions***by*Lovell, C A Knox**693-709 Male-Female Wage Differentials in Urban Labor Markets***by*Oaxaca, Ronald**710-720 The Effect of School and District Size on Education Costs in British Columbia***by*Wales, Terence J**721-734 On Reaction Function Equilibria***by*Friedman, James W**735-752 An Axiomatic Approach to Input Demand Theory***by*Sakai, Yasuhiro**753-764 On the Stability Properties of Dynamic Economic Systems***by*Sato, Ryuzo**765-779 The Competitive Firm, Uncertainty, and Capital Accumulation***by*Zabel, Edward**780-784 Technological Change and the Distribution of Income: A Belated Comment***by*Kennedy, Charles & Thirlwall, A P**785-788 On Some Aspects of Linearly Aggregated Macro Models***by*Wu, Roland Y**789-790 A Nesting Theorem on Efficiency of Bayesian or Mixed Regression Model Estimators***by*Anderson, Robert J, Jr

### June 1973, Volume 14, Issue 2

**261-277 A Comparison of Alternative Estimators of Macroeconomic Models***by*Fair, Ray C**278-292 On the Estimation of Lorenz Curves from Grouped Observations***by*Kakwani, N C & Podder, N**293-311 A Simulation Model of Month-to-Month Labor Force Movement in Canada***by*Denton, Frank T**312-327 An Econometric Study of Segmented Labor Markets and the Structure of Unemployment: The Canadian Experience***by*Donner, Arthur W & Lazar, Fred**328-350 Rational Expectations and the Dynamics of Hyperinflation***by*Sargent, Thomas J & Wallace, Neil**351-363 Interaction of Income and Price in Consumer Demand***by*Cramer, J S**364-371 An Adaptive Regression Model***by*Cooley, Thomas F & Prescott, Edward C**372-382 National Growth and Regional Income Inequality: A Consistent Model***by*Sakashita, Noboru & Kamoike, Osamu**383-394 The Equality of the Core and the Set of Equilibria in Economies with Infinitely Many Commodities and a Continuum of Agents***by*Bewley, Truman F**395-413 Production Flexibility, Price Uncertainty and the Behavior of the Competitive Firm***by*Turnovsky, Stephen J**414-420 Taxation vs. Prohibition of an External Diseconomy by Direct Vote: A Game Theoretic Approach***by*Rosenthal, Robert W**421-435 The Option Value of Education and the Optimal Path for Investment in Human Capital***by*Comay, Yochanan & Melnik, A & Pollatschek, M A**436-446 Risk Aversion and the Martingale Property of Stock Prices***by*LeRoy, Stephen F**447-459 Intermediate Goods in a General Equilibrium Trade Model***by*Chang, Winston W & Mayer, Wolfgang**460-472 On a System of Inequalities in Demand Analysis: An Extension of the Classical Method***by*Afriat, S N**473-486 Generalized Comparative Statics with Applications to Consumer Theory and Producer Theory***by*Kalman, Peter J & Intriligator, Michael D**487-492 The Effect of Interest-Rate Changes on Consumption Allocation Over Time***by*Birdsall, William C & Goldstein, Jon H**493-496 Interest Rate and Consumption: Comment***by*Tsiang, S C**497-510 Ex Ante and Ex Post Substitutability in Economic Growth***by*Gordon, Nancy M**511-519 A Note on Using Profit Functions to Aggregate Production Functions***by*Cornwall, Richard R**520-524 A Control Theory Analysis of a Finite Optimum Savings Program in a Two-Sector Model***by*Bell, D J & Brenneman, Ronald & Steedman, Ian**525-529 Wage Determination: The Use of Instrumental Assumptions***by*Rowley, J C R & Wilton, D A**530-532 Imports in Macroeconomic Models***by*Benavie, Arthur

### February 1973, Volume 14, Issue 1

**1-32 Aggregation and Econometric Models***by*Fromm, Gary & Schink, George R**33-48 The Neoclassical Model of Investment Behavior: Another View***by*Gould, John P & Waud, Roger N**49-68 Indian Money Market: An Econometric Study***by*Mammen, Thampy**69-80 Estimation of a Labor Supply Curve for Self-Employed Business Proprietors***by*Wales, Terence J**81-96 Inflation, Lags, and the Demand for Money***by*Shapiro, A A**97-106 Almost Unbiased Estimator in Simultaneous Equations Systems***by*Sawa, Takamitsu**107-119 Use of Prior Information in the Analysis and Estimation of Cobb-Douglas Production Function Models***by*Zellner, Arnold & Richard, Jean F**120-131 The Small Sample Problem of Truncation Remainders in the Estimation of Distributed Lag Models with Autocorrelated Errors***by*Pesaran, M Hashem**132-152 A Life Cycle Model of Life Insurance Purchases***by*Fischer, Stanley**153-181 Aggregate Demand, Real National Income, and the Compensation Principle***by*Chipman, John S & Moore, James C**182-195 International Adjustment and Optimal Reserves***by*Britto, Ronald & Heller, H Robert**196-210 More about Joint Production***by*Kuga, Kiyoshi**211-222 More on Putty-Clay***by*Bardhan, Pranab K**223-233 The Correspondence of Efficiency Frontier as a Generalization of the Cost Function***by*Mundlak, Yair & Volcani, Zvi**234-252 The Economic Significance of Auxiliary Functions in Optimal Control***by*Peterson, David W**253-255 Calculating the Power of the Minimum Standard Error Choice Criterion***by*Schmidt, Peter**256-257 An Errors-in-Variables Model in Which Least Squares Is Consistent***by*Aigner, Dennis J

### October 1972, Volume 13, Issue 3

**431-459 Resource Allocation under Uncertainty***by*Stigum, Bernt P**460-475 Investment, Savings and Employment in the Long-Run***by*Newbery, David M G & Atkinson, A B**476-487 Some Conditions for the Failure of Corrective Production Subsidies***by*Mestelman, Stuart**488-508 Unionism, Relative Wages, and Labor Quality in U.S. Manufacturing Industries***by*Ashenfelter, Orley & Johnson, George E**509-522 The Gains from Free Trade***by*Kemp, Murray C & Wan, Henry Y, Jr**523-530 Traded and Non-Traded Intermediate Inputs and Rybczynski Theorem***by*Ray, Alok**531-543 A Dynamic Balance Sheet Approach to American Direct Foreign Investment***by*Ladenson, Mark L**544-552 Optimal Growth and Foreign Borrowing with Restricted Mobility of Foreign Capital***by*Bade, Robin**553-567 Balanced Growth Path for an Expanding Multiproduct Firm***by*Sengupta, Jati K & Sen, A**568-598 Efficiency Estimation of Production Function***by*Afriat, Sidney N**599-618 Dynamic Properties of Nonlinear Econometric Models***by*Howrey, E Philip & Klein, Lawrence R**619-643 A Long-Term Model of Economic Growth of Japan, 1906-1968***by*Ueno, Hiroya**644-678 Effects of Wage-Parity and Price Synchronization between Canada and the United States on Canadian Economic Growth: Simulation Experiments with a Macro-Model***by*Tsurumi, Hiroki**679-704 The Estimation of Spectra and Cross-Spectra on Short Time Series Data***by*Hatanaka, Michio**705-710 Estimating Coefficients that Change over Time***by*Meyer, Robert A, Jr**711-727 Optimum Simulation Path Estimators***by*Hartley, Michael J**728-736 Canonical Correlation and Extended Limited Information Methods under General Linear Restrictions on Parameters***by*Ghosh, Sukesh K**737-744 On the Asymptotic Properties of Some Two-Step Procedures for Estimating Distributed Lag Models***by*Grether, David M & Maddala, G S**745-756 Testing for Misspecification in Econometric Systems Using Full Information***by*Byron, R P**757-761 A Note on the Forecasting Properties of Two Stage Least Squares Restricted Reduced Forms-The Finite Sample Case***by*McCarthy, Michael D

### June 1972, Volume 13, Issue 2

**189-200 Time Series Regression with Linear Constraints***by*Hannan, E J & Terrell, R D**201-211 Asymptotic Properties of Simultaneous Least Squares Estimators***by*Dhrymes, Phoebus J**212-222 An Econometric Procedure for Ex Post Policy Evaluation***by*Treyz, George I**223-238 A Spectral Approach to Estimating the Distributed Lag Relationship between Long and Short Term Interest Rates***by*Cargill, Thomas F & Meyer, Robert A, Jr**239-244 On the Bias in Estimates of Import Demand Parameters***by*Kakwani, N C**245-256 Effects of Income and Prices on Travel Spending Abroad, 1960 III-1967 IV***by*Kwack, Sung Y**257-270 On the Determination of Economies of Scale in Household Consumption***by*Singh, Balvir**271-286 On the Existence of Steady State Measures for One Sector Growth Models with Uncertain Technology***by*Mirman, Leonard J**287-302 Discount Rates for Public Investment under Uncertainty***by*Sandmo, Agnar**303-323 A Dynamic Programming Model of Demand for Money with A Planned Total Expenditure***by*Chitre, Vikas**324-341 Putty-Putty Versus Putty-Clay: A Synthesis***by*Hu, Sheng Cheng**342-358 The Implications of Steady State Growth for Endogenous and Embodied Technological Change***by*Lane, John S**359-375 A Dynamic Model of an Armaments Race***by*Brito, D L**376-385 The Dynamics of a Revenue Maximizing Firm***by*Leland, Hayne E**386-398 Monetary and Fiscal Policies in a General Equilibrium Underemployment Trade Model under Fixed Exchange Rates***by*Holmes, James M**399-407 Resource Allocation and Scale of Operations in a Monopoly Firm: A Dynamic Analysis***by*Perrakis, Stylianos & Sahin, Izzet**408-415 Relative Stability in Two Types of Dynamic Leontief Models***by*Tokoyama, K & Murakami, Y**416-422 A Note on Price Systems in Infinite Dimensional Space***by*Prescott, Edward C & Lucas, Robert E, Jr**423-425 A Note on Uzawa's Barter Process***by*Ruppert, Richard W & Russell, R Robert**426-428 Another Note on Linear Aggregation of Economic Relations***by*Lutjohann, H

### February 1972, Volume 13, Issue 1

**1-15 Maximum-Likelihood Estimation of Regressions Containing Unobservable Independent Variables***by*Goldberger, Arthur S**16-25 Optimal Control of Linear Econometric Systems with Finite Time Horizon***by*Chow, Gregory C**26-32 Some Properties of Two Stage Least Squares as Applied to Nonlinear Models***by*Edgerton, David L**33-52 Alternative Approaches to the Estimation of Production Functions and of Technical Change***by*Beckmann, Martin J & Sato, Ryuzo & Schupack, Mark**53-64 Wages, Specific Training, and Labor Turnover in US Manufacturing Industries***by*Pencavel, John H**65-84 Real Wages, Factor Prices and Gain from International Trade***by*Floystad, Gunnar**85-110 Budget Policy and Economic Stability in Postwar Japan***by*Snyder, Wayne & Tanaka, Tsutomu**111-122 Price Duopoly and Capacity Constraints***by*Levitan, Richard & Shubik, Martin**123-131 Transactions Costs and the Convergence of a "Trade out of Equilibrium" Adjustment Process***by*Graham, Daniel A & Jacobson, Edward & Weintraub, E Roy**132-147 Nontraded Goods and the Heckscher-Ohlin Model***by*Ethier, Wilfred**148-159 Vintage Capital, Joint Production and the Theory of International Trade***by*Petith, Howard C**160-166 A Twisted Turnpike***by*Keeler, E B**167-170 Duality Principles in the Theory of Cost and Production Revisited***by*Friedman, James W**171-178 Finite Ranges and the Identification Problem***by*Kelly, Jerry S**179-182 The Estimation of Cobb-Douglas Type Functions With Multiplicative and Additive Errors: A Further Analysis***by*Kelejian, H H**183-186 A New Proof of the Non-Substitution Theorem***by*Bose, Sanjit

### October 1971, Volume 12, Issue 3

**348-371 A Compendium on Estimation of the Autoregressive-Moving Average Model from Time Series Data***by*Aigner, Dennis J**372-380 Estimation of a Distributed Lag Model with Second Order Autoregressive Disturbances: A Monte Carlo Experiment***by*Schmidt, Peter**381-402 Money, Expectations, and Dynamics: An Alternative View***by*Hadjimichalakis, Michael G**403-414 Two Planning Processes for an Economy with Production Externalities***by*Aoki, Masahiko**415-430 The Welfare Adjustment Process: Its Stability Properties***by*Mantel, Rolf R**431-447 The Determinants of the Annual Rates of Change of Sectoral Money Wages in a Developing Economy***by*Behrman, Jere R**448-464 An Analysis of the U. K. Balancing Item***by*Duffy, M & Renton, Anthony**465-481 Scale and Other Determinants of Municipal Government Expenditures in Ontario: A Quantitative Analysis***by*Bodkin, Ronald G & Conklin, David W**482-510 A Variable Adjustment Model of Labor Demand***by*Tinsley, P A**511-514 The Principal Component of the Business Cycle***by*Burley, S P**515-516 A Short Proof of the Basic Lemma of the Linear Identification Problem***by*Farebrother, R W**517-518 Unbiased Estimation of Conditional Expectations***by*McElroy, F W**519-525 UNCTAD Secretariat, Trade Prospects and Capital Needs of Developing Countries: Review Article***by*Behrman, Jere R

### June 1971, Volume 12, Issue 2

**161-185 Development in Monocultural Economies***by*Inada, Ken-ichi**186-195 Optimal Control and Monetary Policy***by*Peterson, David W & Lerner, Eugene M**196-208 Demand Uncertainty in Imperfect Competition***by*Baron, David P**209-226 Qualitative Application of a Result in Control Theory to Problems of Economic Growth***by*Lele, Milind M & Jacobson, David H & McCabe, James L**227-238 The Marginal Cost of International Short-Term Capital Movements***by*Levin, Jay H**239-249 Equilibrium Growth in the International Economy: The Case of Unequal Natural Rates of Growth***by*Khang, Chulsoon**250-256 A Stochastic Cash Balance Model with Two***by*Daellenbach, H G**257-272 Maximum Likelihood Estimation of Systems of Simultaneous Regression Equations with Errors Generated by a Vector Autoregressive Process***by*Hendry, D F**273-282 The Determinants of Earnings Changes: A Regional Analysis for the U. K., 1960-68***by*Metcalf, David**283-292 The Estimation of Price Elasticities from Cross-Section Data under Additive Preferences***by*Betancourt, Roger R**293-305 Aggregation Bias in Linear Economic Models***by*Gupta, Kanhaya L**306-311 On a Problem of Aggregation***by*Ando, Albert**312-316 Three-Stage Least-Squares and Generalized Double k-Class Estimators: A Mathematical Relationship***by*Srivastava, V K**317-324 A Note on Gamma Distributed Lags***by*Tsurumi, Hiroki**325-328 Substitution, Fixed Proportions, and Growth: Comment***by*Gapinski, James H**329-343 On the Strong Consistency of Estimators for Certain Distributed Lag Models with Autocorrelated Errors***by*Dhrymes, Phoebus J**344-345 Letter to the Editor***by*Malinvaud, E

### February 1971, Volume 12, Issue 1

**1-13 The Estimation of the Variances in a Variance-Components Model***by*Amemiya, Takeshi**14-26 Specification and Estimation of Financial Stock Adjustment Models, with Special Reference to Life Insurance Company Mortgage Investment***by*Smith, Lawrence B & Sparks, Gordon R**27-38 Production with Uncertain Technology: Some Economic and Econometric Implications***by*Feldstein, Martin S**39-53 A Model of Consumer Behavior under Conditions of Uncertainty in Supply***by*Turnovsky, Stephen J**54-70 On Optimum Subsidy to a Learning Industry: An Aspect of the Theory of Infant-Industry Protection***by*Bardhan, Pranab K**71-86 Stochastic Stability of a General Equilibrium System under Adaptive Expectations***by*Turnovsky, Stephen J & Weintraub, E Roy**87-98 On an Intrinsic Joint Production***by*Hirota, M & Kuga, K**99-105 The Degree of Joint Production***by*Burmeister, Edwin & Turnovsky, Stephen J**106-122 A Noncooperative View of Oligopoly***by*Friedman, James W**123-137 General Equilibrium in a Pluralistic Economy***by*Contini, Bruno**138-143 A Note on Weighted Aggregation in Input-Output Analysis***by*Morimoto, Yoshinori**144-146 On the Construction of Cost of Living and Productivity Indices***by*Chetty, V K**147-151 A Note on the Demand for Cash Balances and the Stock-Adjustment Hypothesis***by*Breen, William**152-156 A Note on the Estimation of the Quantiles of Pareto's Distribution***by*Hussain, Ashiq**157-160 Optimal Growth and Wealth Effects: Comment***by*Bose, Sanjit

### October 1970, Volume 11, Issue 3

**369-377 Markets with Countably Many Commodities***by*Peleg, Bezalel & Yaari, Menahem E