# Massachusetts Institute of Technology (MIT), Department of Economics

# Working papers

Postal: MASSACHUSETTS INSTITUTE OF TECHNOLOGY (MIT), DEPARTMENT OF ECONOMICS, 50 MEMORIAL DRIVE CAMBRIDGE MASSACHUSETTS 02142 USA

Phone: (617) 253-3361

Fax: (617) 253-1330

Web page: http://econ-www.mit.edu/

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Phone: (617) 253-3361

Fax: (617) 253-1330

Web page: http://econ-www.mit.edu/

More information through EDIRC

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Postal: MASSACHUSETTS INSTITUTE OF TECHNOLOGY (MIT), DEPARTMENT OF ECONOMICS, 50 MEMORIAL DRIVE CAMBRIDGE MASSACHUSETTS 02142 USA

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### 1976

**177 Wage- Indexation and Macro-Economic Stability***by*S. Fischer**176 Optimal Tax Theory: A Synthesis***by*J. A. Mirrlees**175 On Donor Sovereignty and United Charities***by*F. M. Fisher**174 Vertical Integration in Competitive Markets Under Uncertainty***by*D. W. Carlton**173 A Conditional Profit Model for Qualitative Choice: Discrete Decisions Recognizing Interdependence and Heterogeneous Preferences***by*J. A. Hausman & D. A. Wise**172 Optimal Policy Intervention in the Presence of Brain Drain: Educational Subsidy and Tax on Emigrants Income***by*J. Bhagwati & K. Hamada**171 Regulatory Activities by Government Agencies***by*P. Joskow

### 1975

**170 Lessons For the Present from the Great Depression***by*P. Temin**169 Quantity Constraints, Spillovers and the Hahn Process***by*F. M. Fisher**168 Continuously Dated Commodities, Individual Price Adjustment, and Non-Tatonnement With Production and Consumption***by*F. M. Fisher**167 Exchange Rate Dynamics***by*R. Dornbusch**166 Long-Term Contracts, Rational Expectations and the Optimal Money Supply Rule***by*S. Fischer**165 The Theory of Flexible Exchange Rate Regimes and Macroeconomic Policy***by*R. Dornbusch**164 Optimal Trade Policy and Compensation Under Endogenous Uncertainty: The Phenomenom of Market Disruption***by*J. N. Bhagwati & T. N. Srinivasan**163 Two Problems in the Theory of Fairness***by*H. R. Varian**162 Estimation of the Price Elasticity of Demand Facing Metropolitan Producers***by*R. F. Engle**161 Domestic Distortions, Imperfect Information and the Brain Drain***by*K. Hamada & J. N. Bhagwati**160 Simultaneous Estimation of the Supply and Demand for Household Location in a Multizoned Metropolitan Area***by*K. Bradbury & R. Engle et al.**159 Education in a 'Job Ladder' Model and the Fairness-in-Hiring Rule***by*J. N. Bhagwati & T. N. Srinivasan**158 Welfare-Theoretical Analysis of the Brain Drain***by*J. N. Bhagwati & C. Rodriguez**157 Devaluation in a Small Economy With Flexible and Rigid, Real and Nominal, Prices***by*J. N. Bhagwati**156 The Effect of a Proportional Subsidy or a Tax on the Quality and Quantity of Output***by*E. D. Domar**155 The Future of the U. S. Nuclear Energy Industry***by*P. L. Joskow & M. L. Baughman**154 Commercial Expansion and the Industrial Revolution***by*C. P. Kindleberger**153 The Stability of General Equilibrium: Results and Problems***by*F. M. Fisher**152 On the Assignment of Liability: The Uniform Case***by*P. A. Diamond & J. A. Mirrlees**151 Private Constant Returns and Public Shadow Prices***by*P. A. Diamond & J. A. Mirrlees**150 Selected Readings in Urban Policy Analysis, Urban Housing Markets and Housing Policy***by*J. Rothenberg**149 An Approach to the Modelling of Urban Housing Markets***by*J. Rothenberg**148 On Non-Walrasian Equilibria***by*H. R. Varian**147 The Optimal Development of Resource Pools***by*M. L. Weitzman**146 A Many-Person Ramsey Tax Rule***by*P. A. Diamond**145 Errors in Variables in Simultaneous Equation Models***by*J. A. Hausman

### 1974

**144 Testing Price Equations for Stability Across Frequencies***by*R. F. Engle**143 Electric Utility Fuel Choice Behavior in the United States***by*P. L. Joskow & F. S. Mishkin**142 The Structure and Performance of Mexican Banks and Financieras***by*R. S. Eckaus**141 The New Soviet Incentive Model***by*M. L. Weitzman**140 Is the Price System or Rationing More Effective in Getting a Commodity to Those Who Need It Most?***by*M. L. Weitzman**139 The Use of Libraries by Economists***by*C. P. Kindleberger**138 Stability and Exchange Rate Systems in a Model of Balance of Payments***by*S. Fischer**137 Income and Urban Residence: An Analysis of Consumer Demand***by*W. C. Wheaton**136 Aggregate Production Functions: Some CES xperiments***by*F. M. Fisher & R. M. Solow & J. R. Kearl**135 A Bid Rent Approach to Housing Demand***by*W. C. Wheaton**134 Capitalist Masters, Bourgeois Slaves***by*P. A. David & P. Temin**133 The Rise of Free Trade in Western Europe, 1820-1875***by*C. P. Kindleberger**132 The Demand for Index Bonds***by*S. Fischer**131 The Probability of Dependence on Public Assistance***by*R. E. Hall**129 Notes on the Specification of an Aggregative Model of Metropolitan Housing Markets***by*G. C. Galster & J. Rothenberg**128 Inflation and Environmental Concern: Structural Change in the Process of Public Utility Price Regulation***by*P. Joskow**127 An Instrumental Variable Approach to Full-Information Estimators for Linear and Non-Linear Econometric Models***by*J. A. Hausman**126 Causal Factors in American Growth in the Nineteenth Century***by*P. Temin**125 On the Welfare Significance of National Product in Dynamic Economy***by*M. L. Weitzman**124 Poor Old Capitalism***by*E. D. Domar**123 A Model of the Distribution of Wealth***by*A. B. Atkinson

### 1973

**122 Some Finite Sample Properties of Spectral Estimators of a Linear Regression***by*R. F. Engle & R. Gardner**121 A Disequilibrium Model of Regional Investment***by*R. F. Engle**120 Issues in the Specification of an Econometric Model of Metropolitan Growth***by*R. F. Engle**119 De Facto Discrimination in Residential Assessments: Boston***by*R. F. Engle**118 A Marxian Type Model of Enclosure***by*J. S. Cohen & M. L. Weitzman**117 On the Statistical Theory of Unobserved Components***by*R. E. Hall**116 Recent Studies of the Incidence of the Corporate Income Tax***by*E. C. Brown**115 Equity, Envy and Efficiency***by*H. R. Varian**114 The Formation of Financial Centers: A Study in a Comparative Economic Theory***by*C. P. Kindleberger**113 Single Activity Accidents***by*P. A. Diamond**112-A The Role of Immigration in Industrial Growth: A Case Study of the Origins and Character of Puerto Rican Migration to Boston***by*M. J. Piore**112-B Differential Incidence in a Static General Equilibrium Framework***by*A. Friedlander & A. Vandendorpe**111 Cartels, Competition and Regulation in the Property and Liability Insurance Industry***by*P. L. Joslow**110 On the Technological Foundations of Economic Dualism***by*M. J. Piore**109 Alternative Policy Rankings in a Large, Open Economy with Sector-Specific, Minimum Wages***by*J. Bhagwati & T. N. Srinivasan**108 Asset Management with Trading Uncertainty***by*D. K. Foley & M. F. Hellwig**107 Did Monetary Forces Cause the Depression?***by*P. Temin**106 Prices vs. Quantities***by*M. L. Weitzman**105 Origins of United States Direct Investment in France***by*C. P. Kindleberger**104 Scientific Education and the French Entrepreneur***by*C. P. Kindleberger**103 Intergenerational Equity and Exhaustable Resources***by*R. M. Solow**102 The Brain Drain, International Integration of K. Markets for Professionals and Unemployment: A Theoretical Analysis***by*J. Bhagwati & Hamada**101 On the Theory of Non-Economic Objectives in Open Economics***by*A. Vandendorpe**100 The Ranking of Policy Interventions Under Factor Market Imperfections: The Case of Sector-Specific Sticky Wages and Unemployment***by*J. Bhagwati & T. N. Srinivasan**99 On Reanalyzing the Harris-Todaro Model: Policy Rankings in the case of Sector-Specific Sticky Wages***by*J. Bhagwati & T. N. Srinivasan**98 Inflation and the Comprehensive Tax Base***by*Peter A.Diamond**97 Increase and in Risk Aversion***by*Peter A. Diamond & J. E. Stiglitz

### 1972

**96 Band Spectrum Regressions***by*R. F. Engle**95 Notes for a Theory of Labor Market Stratification***by*M. J. Piore**94 On the Optional Compensation of a Socialist Manager***by*E. D. Domar**93 Smuggling and Trade Policy***by*J. Bhagwati & T. N. Srinivasan**92 The Brain Drain and Income Taxation: A Proposal***by*J. Bhagwati & W. Dellalfar**91 The General Equilibrium Theory of Effective Protection and Resource Allocation***by*J. Bhagwati & T. N. Srinivasan**90 Upward Mobility, Job Monotony, and Labor Market Structure***by*M. Piore**89 A Supply Function Model of Aggregate Investment***by*R. Engle & D. Foley**88 Keynes' Disequilibrium Analysis***by*H. Schuster**87 The Determinants of Juvenile Arrests***by*R. Grieson**86 Stock Exchange Commissions: The Pricing and Marketing of Securities***by*R. Grieson**85 The Taxations of Earnings Under Public Assistance***by*N. A. Barr & R. E. Hall**84 The Anglo American Business Cycle, 1820-1860***by*P. Temin**83 The Incidence of Profits Taxes in a Neo-Classical Growth Model***by*R. Grieson**72 The Economics of Property Taxes and Land Values***by*R. E. Grieson

### 1971

**82 Should Growth Rates Be Evaluated at International Prices?***by*J. Bhagwati & B. Hansen**81 Problems in the Modeling of Urban Development: A Review Article on Urban Dynamics, by Jay W. Forrester***by*J. Rothenberg**80 Unemployment and Price Dynamics in a Monetary-Fiscal Policy Model***by*D. K. Foley**79 Uncertainty, Resource Allocation and Factor Shares in a Two-Sector Model***by*P. K. Bardhan**78 Trade and Production Patterns Under Uncertainty***by*M. C. Kemp & N. Liviatan**77 Uncertainty and Trade Theory: Some Comparative-Static Results***by*P. K. Bardhan**76 The Specification of the Disturbance for Efficient Estimation***by*R. F. Engle**75 A Theoretical Analysis of Smuggling***by*J. Bhagwati & B. Bansen**74 Returns-to-Scale in Research and Development: What Does the Schupeterian Hypothesis Imply?***by*F. M. Fisher & P. Temin**73 On Stability in the Saddle-Point Sense***by*D. Levhari & N. Liviatan**71 Tariff-Induced Capital Inflow and Immiseration***by*J. N. Bhagwati**70 An Econometric Model of the World Copper Industry***by*F. M. Fisher & P. H. Cootner**69 Entrepreneurship and Economic Development***by*J. R. Harris**68 The Theory of Effective Protection and Resource Allocation Further Examined***by*J. N. Bhagwati & J. N. Srinivasan**67 The Theory of Effective Protection and Resource Allocation***by*J. N. Bhagwati & T. N. Srinivasan**45 The Impact of Local Government on Intra-Metropolitan Location***by*J. Rothenberg

### 1970

**66 Latin America in the Light of Reports on Development***by*P. N. Rosenstein-Rodan**65 Trade, Growth and Capital***by*M. Bruno**64 On Replacing Capitalism***by*D. K. Foley**63 The Inconsistency of Distributed Lag Estimators Due to Misspecification by Time Aggregation***by*R. E. Engle**62 Wages, Income and Hours of Work in the U. S. Labor Force***by*R. E. Hall**61 Aggregate Production Functions and the Explanation of Wages: A Simulation Experiment***by*F. M. Fisher**60 Fiscal Disparities in a Metropolitan Area: The Public Policy Perspective***by*J. Rothenberg**59 The Pure Theory of the National-Output Deflator***by*F. M. Fisher & K. Shell**58 Optimum Consumption and Portfolio Rules in a Continuous-time Model***by*R. C. Merton**57 Human Capital and the Indian Pattern of Foreign Trade***by*J. N. Bhagwati & R. Bharadwaj**56 Trade-Diverting Customs Unions and Welfare Improvement: A Clarification***by*J. N. Bhagwati**55 Simultaneous Equations Estimation: The State of the Art***by*F. M. Fisher**54 On the Trail of Conventional Beliefs About the Transfer Problem***by*P. A. Samuelson**53 Urban and Industrial Deconcentration in Developing Economies: An Analytical Framework***by*J. R. Harris**52 Economic Equilibrium with Marketing Costs***by*D. K. Foley**51 The Theory of Wage Differentials: Production Response and Factor Price Equalization***by*J. N. Bhagwati & T. N. Srinivasan**50 Economic Effects of Network Program Ownership***by*R. W. Crandall**49 The Economics of Congestion and Pollution: An Integrated View***by*J. Rothenberg**48 On Silent Springs and Multiple Roots--Cost-Benefit Methods and Environmental Damage***by*M. D. Edel**47 Oligopoly Theory, Entry-Prevention and Growth***by*J. N. Bhagwati

### 1969

**46 Cost-Benefit Analysis: A Methodological Exposition***by*J. Rothenberg**44 Federal Training Programs for Dispersed Employment Occupations***by*M. J. Piore & D. D. Taylor**43 An Essay on Aggregation Theory and Practice***by*E. Kuh**42 The Causes of Slavery: A Hypothesis***by*E. D. Domar**41 Market, Planning, or Warfare? Recent Land-Use Conflicts in the United States***by*M. D. Edel**40 Linear Decision and Control***by*D. McRae**39 The Generalized Theory of Distortions and Welfare***by*J. N. Bhagwati**38 An Exposition of Optimal Growth, Based on a Dynamic Fisherine Diagram***by*N. Liviatan**37 Alternative Estimates of the Real Cost of Aid***by*J. N. Bhagwati**36 Optimal Growth and Allocation of Foreign Exchange***by*P. K. Bardhan

### 1968

**35 Local Decentralization and the Theory of Optimal Government***by*J. Rothenberg**34 Optimal Policies and Immiserizing Growth***by*J. N. Bhagwati**33 A Two Sector Model of Migration with Urban Unemployment in Developing Economics***by*J. R. Harris & M. P. Todaro**32 Economic Criteria for Foreign Aid***by*R. S. Eckaus**31 Ranking of Tariffs Under Monopoly Power in Trade***by*J. N. Bhagwati & M. C. Kemp**30 An Analysis of Boston Voting Patterns 1963-67***by*E. P. Fisher & F. M. Fisher**29 Domestic Distortions, Tariffs and the Theory of Optimum Subsidy: Some Further Results***by*J. N. Bhagwati & V. K. Ramaswami & T. N. Srinivasan**28 A Classification and Retrieval System for Economic Data***by*R. Schmalensee**27 On the Duality Between Allocation and Valuation***by*D. McRae**26 The Rationale for Foreign Aid***by*R. S. Eckaus**25 The Existence of Aggregate Production Functions***by*F. M. Fisher**24 Portfolio Choice, Investment, and Growth***by*D. K. Foley & M. Sidrauski**23 Public and Private Responsibilities in On-the Job Training of Disadvantaged Workers***by*M. J. Piore**22 Optimal Taxation and Public Production***by*Peter A. Diamond & J. A. Mirrlees**21 Optimal Fiscal Monetary Policy and Economic K. Growth***by*D. Foley & K. Shell & M. Sidrauski**20 A Dual Maximum Principle for Discrete-Time Linear Systems with Economic Application***by*D. McRae**19 Models of Growth with Imported Inputs***by*P. K. Bardhan & S. Lewis**18 Production and Investment in an Equilibrium Economy***by*D. MacRae**17 Equilibrium Growth in a Model with Economic Obsolescence of Machines***by*P. K. Bardhan**16 Applications of Pontryagin's Maximum Principle of Economics***by*K. Shell**15 The Investment Decisions of Colombian Community Boards***by*M. D. Edel**14 Economic Analysis in an Anthropological Setting Some Methodological Considerations***by*M. D. Edel**13 Chinese and Indian Agriculture: A Broad Comparison of Recent Policy and Performance***by*P. K. Bardhan

### 1967

**12 Capital Gains, Income, and Saving***by*K. Shell & M. Sidrauski & J. E. Stiglitz**11 The Educational Opportunity Bank: An Economic Analysis of a Contingent repayment System Loan Program for Higher Education***by*K. Shell & F. M. Fisher & D. K. Goley & A. F. Friedlander**10 On Optimum Subsidy to a Learning Industry: An Aspect of the Theory of Infant Industry Protection***by*P. K. Bardhan**9 A Correspondence Principle for Simultaneous Equation Models***by*F. M. Fisher**8 Iterative methods for the Solution of Economic Models***by*T. McGettigan**7 Polynomial Distributed Lags***by*R. E. Hall**6 Security of Eastern Hemisphere Fuel Supply***by*M. A. Adelman**5 Incidence of an Interest Income Tax***by*Peter A. Diamond**4 Opportunity Costs and Public Investment: Comment***by*Peter A. Diamond**3 Lindahl's Solution and the Core of an Economy with Public Goods***by*D. K. Foley**2 The Calculation of Ordinary Least Squares***by*R. E. Hall**1 Matrix Operations in Econometrics***by*R. E. Hall