# Queen's University, Department of Economics

# Working Papers

Postal: Kingston, Ontario, K7L 3N6

Phone: (613) 533-2250

Fax: (613) 533-6668

Web page: http://qed.econ.queensu.ca/

Email:

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Phone: (613) 533-2250

Fax: (613) 533-6668

Web page: http://qed.econ.queensu.ca/

Email:

More information through EDIRC

**For corrections or technical questions regarding this series, please contact (Mark Babcock)**

**Series handle:**repec:qed:wpaper

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### 1983

**538 Oligopoly and the Ranking of Optimal and Maximum Revenue Tariffs***by*Hong Hwang**537 Some Heteroskedasticity Consistent Covariance Matrix Estimators with Improved Finite Sample Properties***by*James G. MacKinnon & Halbert White**536 Fiscal Discipline and Rules for Controlling the Deficit: Some Unpleasant Keynesian Arithmetic***by*Neil Bruce & Douglas D. Purvis**535 Production and Predation: The Welfare Economics of Theft***by*Dan Usher**534 Production and Predation: The Sources of Inefficiency***by*Dan Usher**533 Distribution Technology in Applied Welfare Analysis***by*Richard Harris & David Wildasin**532 Rate of Return Regulation in a Duopoly Model***by*Denis Gauthier**531 A Note on the Analytics of the New Equalization Formula***by*Thomas J. Courchene & David E. Wildasin**530 Anticipated Collusion and Excess Capacity***by*James A. Brander & Richard Harris**529 Arrow's Axiom and Condorcet Voting Cycles: Exposition and Critique***by*John Hartwick**528 Intra-Industry Trade and Oligopoly: A Conjectural Variations Approach***by*Hong Hwang**527 Short-Run Macroeconomics with Exhaustible Resources***by*Jon Harkness**526 Rational Expectations, Structural Unemployment and the Optimal Exchange Rate***by*Jon Harkness**525 Optimal Oil Pricing in a Small Open Economy***by*Jon Harkness**524 Applied General Equilibrium Analysis of Small Open Economies with Scale Economies and Imperfect Competition***by*Richard Harris**523 Trade Liberalization and Industrial Organization: Some Estimates for Canada***by*David Cox & Richard Harris**522 The Timing of Railway Construction on the Canadian Prairies***by*Frank D. Lewis & David R. Robinson**521 Stagflation and Productivity Decline in Canada, 1974-1982 W.A. Mackintosh Lecture 1983***by*John Helliwell

### 1982

**520 The Compensation Principle and Cost Benefit Analysis: Consistency, Application and Decision Rule Error***by*Neil Bruce & Richard Harris**519 Product Line Rivalry***by*James Brander & Jonathan Eaton**518 International R&D Rivalry and Industrial Strategy***by*Barbara J. Spencer & James A. Brander**517 Tariff Protection and Imperfect Competition***by*Barbara J. Spencer & James A. Brander**516 Strategic Commitment with R&D: The Symmetric Case***by*Barbara J. Spencer & James A. Brander**515 The Canada-U.S. Exchange Rate: Evidence for a Vector Autoregression***by*David Backus**514 Convenient Specification Tests for Logit and Probit Models***by*Russell Davidson & James G. MacKinnon**513 A 'Reciprocal Dumping' Model of International Trade***by*James Brander & Paul Krugman**512 Second Best Pricing of Publically Produced Inputs: The Case of Downstream Imperfect Competition***by*Barbara J. Spencer & James A. Brander**511 The Benefits and Cost of Firm-Specific Investment Grants: A Study of Five Federal Programs***by*Dan Usher**510 The Evolution of Equalization Payments***by*Thomas J. Courchene**509 Long Run Dynamics in a Disequilibrium Macro Model***by*Demetrius Yannelis**508 Perspectives on Macroeconomic Performance in the 1970s: A Report on the Workshop on Macroeconomic Policy Effectiveness***by*Douglas D. Purvis**507 Efficiency of the Forward Foreign Exchange Market: A Stability Analysis Using Canadian/U.S. Weekly and Monthly Data***by*Allan W. Gregory & Thomas H. McCurdy**506 Taxation, Inflation and the User Cost of Capital in Canada***by*Robin Boadway & Neil Bruce & Jack Mintz**505 Recent Canadian Monetary Policy: 1975-81, Reflections of a Monetary Gradualist***by*Thomas J. Courchene**504 Inflation, Indexation, and Capital Income: What's Left of the White Paper***by*Thomas J. Courchene & David C. Smith**503 Tests for Two Separate Regressions***by*Gordon R. Fisher**502 Three Notes on Money and Transaction Costs***by*Serge Coulombe & Russell Davidson**501 Notes on Dynamical Systems in Economics***by*David Backus**500 Moral Hazard and Optimal Commodity Taxation***by*Richard Arnott & Joseph Stiglitz**499 The Specification and Influence of Goods and Factor Markets in Open Economy Macroeconomic Models***by*Neil Bruce & Douglas D. Purvis**498 Unanticipated Shocks and the Maintenance And Replacement of Durable Goods***by*Richard Arnott & Russell Davidson & David Pines**497 Peer Group Effects and Educational Attainment***by*Richard Arnott & John Rowse**496 Labour Turnover, Wage Structures and Moral Hazard***by*Richard Arnott & Joseph Stiglitz**495 Address Models of Value Theory***by*G.C. Archibald & B.C. Eaton & Richard Lipsey**494 Competition and Mergers with Lumpy Investment***by*Richard Gilbert & Richard Harris**493 Inflation and the Savings Rate***by*Russell Davidson & James G. MacKinnon**492 The Social Costs of Monopoly in an Open Economy***by*Klaus Stegemann**491 Some Further Results on Tests for Model Specification in the Presence of Alternative Hypotheses***by*James G. MacKinnon & Halbert White & Russell Davidson**490 Expected Inflation in Canada 1965-1979: How Rational are Business Forecasts?***by*Murray Frank**489 Optimal Exchange Intervention for a Small Open Economy***by*Jon Harkness**488 The Role of Taxation in Real and Financial Decisions Under Uncertainty***by*C. Carrera**487 Endogenous Expectations and Economic Policy***by*Peter S. Sephton**486 Consistency in Economic Policy: Some Thoughts***by*M. Daub**485 Joint Confidence Bands for Lorenz Curves***by*Charles M. Beach & James Richmond**484 Non-Steady-State Dynamic Growth Theory***by*Thomas H. McCurdy**483 Equilibrium in Competitive Insurance Markets: The Welfare Economics of Moral Hazard***by*Richard Arnott & Joseph Stiglitz**482 Measuring the Duration of Unemployment***by*Charles M. Beach & Stephan F. Kaliski**481 The Private Cost of Public Funds: Variations on Themes by Browning, Atkinson and Stern***by*Dan Usher**480 Exhaustible Resources and the Dynamics of Comparative Advantage***by*Slobodan Djajic**479 Partial Adjustment of Prices Under Ration Expectation, A Study of the Canadian Textile Industry***by*Farid Novin**478 Social Security and Aggregate Capital Accumulation Revisited***by*Charles M. Beach & Robin Boadway & Jack O. Gibbons**477 Exchange Rates: Real and Monetary Factors***by*Douglas D. Purvis**476 A Paraphrase Version of Keynes' General Theory***by*Scott Gordon**475 Investment Decisions under Majority Rule***by*C. Carrera & J. Richmond**474 Taxation and Investment Risk-Taking***by*Roger Latham**473 The Demand for Inputs under Risk Aversion***by*Roger Latham**472 The Small Oil Producer in The World Economy***by*Jon Harkness**471 Capitalism from a Schumpeterian Perspective as a Basic Stochastic Process***by*P. Buckholtz & John Hartwick & B. Madill & M.T. Wasan**470 Frequency Domain Identification of Time Series Models***by*Michael J. Sampson**469 Uncertainty, Unanimity and the q-Theory of Investment***by*C. Carrera**468 Rent-Extracting Tariffs and the Management of Exhaustible Resources***by*James Brander & Slobodan Djajic**467 Price Controls: For Full Employment Without Inflation***by*Tim Hazledine**466 Unemployment Insurance and Redistributive Taxation***by*Robin Boadway & Andrew Oswald**465 Equilibrium in Competitive Insurance Markets, The Welfare Economics of Moral Hazard: Basic Analytics***by*Richard Arnott & Joseph Stiglitz**464 Unrestricted Statistical Inference with Lorenz Curves and Income Shares***by*Charles M. Beach & Russell Davidson**463 Empirical Models of the Exchange Rate: Separating the Wheat from the Chaff***by*David Backus**462 The Macroeconomic Implications of a Bad Poker Face***by*Michael Sampson**461 A General Proposition on the Design of a Neutral Business Tax***by*Robin Boadway & Neil Bruce**460 The Feedlot Operator's Problem***by*Harry Paarsch**459 Special Import Measures Legislation: Raising the Deterrence Level***by*Klaus Stegemann**458 Balance of Payments Dynamics Under Fixed Floating***by*Slobodan Djajic

### 1981

**587 The General Theory of the Second-Best After Twenty-Five Years***by*Richard Harris**457 James Tobin's Contributions to Economic Science***by*Douglas D. Purvis**456 Learning About and Exploiting Exhaustible Resource Deposits of Uncertain Size***by*John Hartwick**455 Approximate and Exact Consumer's Surplus***by*Neil Bruce**454 On the Neutrality of Flow-of-Funds Corporate Taxation***by*Robin Boadway & Neil Bruce & Jack Mintz**453 The Net National Burden of Canadian Antidumping Policy: Turbines and Generators***by*Klaus Stegemann**452 Firm-Specific Human Capital and Promotion Ladders***by*Lorne Carmichael**451 Agricultural Output and Efficiency in Lower Canada, 1851***by*Frank D. Lewis & Marvin McInnis**450 OPEC as a Hotelling Monopolist: The Macroeconomic Implications for a Large Open Economy***by*Jon Harkness**449 The Incidence of the Corporation Income Tax under Variable Returns to Scale***by*Vassillis Rapanos**448 Aspects of Public-Private Sector Competition in Imperfectly Competitive Industries***by*Richard Harris**447 W.A. Mackintosh Lecture 1980: A New Look at the Monetary Mechanism***by*Franco Modigliani**446 Simultaneity and the Earnings-Generation Process for Canadian Men***by*Charles M. Beach & Ross Finnie**445 Macroeconomic Analysis for Small Open Economies***by*Martin Prachowny**444 Towards Estimation of Payroll Tax Incidence***by*Charles M. Beach**443 The Role of Equalization Payments in a Federal System of Government, A Synthesis and Extension of Recent Results***by*Robin Boadway & Frank Flatters**442 Corporate Taxation and the Cost of Holding Inventories***by*Robin Boadway & Neil Bruce & Jack Mintz**441 Testing Separate Regression Models Subject to Specification Error***by*Michael McAleer & Gordon Fisher**440 Total and Indirect Family Background Effects on Occupational Status and Earnings of Canadian Men***by*Charles M. Beach & Ross Finnie**439 Small Sample Properties of Alternative Forms of the Lagrange Multiplier Test***by*Russell Davidson & James G. MacKinnon**438 Ranking Income Distributions***by*Anthony F. Shorrocks**437 Cost-Benefit Criteria and the Compensation Principle in Evaluating Small Projects***by*Neil Bruce & Richard Harris**436 A Recursive Earnings-Generation Model for Canadian Males***by*Charles M. Beach & Ross Finnie**435 Monetary Anticipations and the Demand for Money***by*James G. MacKinnon & Ross D. Milbourne**434 Cash Management with Fixed and Variable Transfer Costs***by*Ross Milbourne**433 Modelling Currency Circulation***by*Ross Milbourne**432 Functional Form and the Demand for Money***by*Ross Milbourne & Peter Buckholtz & M.T. Wasan**431 Exact Tests of a Model Against Non-Nested Alternatives***by*Michael McAleer**430 Tests for Model Specification in the Presence of Alternative Hypotheses: Some Further Results***by*Russell Davidson & James G. MacKinnon**429 Intertemporal Choice, the Public Sector and Canada's Balance of Payments***by*Gordon R. Sparks**428 Currency Management and Economic Stability***by*Slobodan Djajic**427 Wasteful Imports Due to Domestic Monopoly in a Spatially Differentiated Market***by*Klaus Stegemann**426 Model Specification Tests Based on Artificial Linear Regressions***by*Russell Davidson & James G. MacKinnon**425 Incomplete Information and Equilibrium Determination of the Forward Exchange Rate***by*Richard Harris & Douglas D. Purvis**424 Separate Misspecified Regressions***by*Michael McAleer & Gordon Fisher**423 Initiating and Terminating Public Pension Plans by Popular Vote***by*Peter Townley**422 The Compensation Principle: Reversal and Bias in Cost Benefit Tests***by*Neil Bruce & Richard Harris**421 Capacity Constraints and Destructive Competition in the Extraction of Non-Renewable Natural Resources***by*Nancy Olewiler**420 Alternative Procedures and Associated Tests of Significance for Non-Nested Hypotheses***by*Gordon Fisher & Michael McAleer**419 International Differences in Response to Common External Shocks: The Role of Purchasing Power Parity***by*Ronald W. Jones & Douglas D. Purvis**418 Intermediate Imports, Expectations and Stochastic Equilibrium under Flexible Exchange Rates***by*Jon Harkness**417 The Impact of Income Components on the Distribution of Family Incomes***by*Anthony Shorrocks

### 1980

**416 Two Papers on Model Testing and Discrimination***by*Gordon Fisher & Michael McAleer**415 Intertemporal Common Property Equilibria: The Fishery***by*John Hartwick**414 Tariffs and the Extraction of Foreign Monopoly Rents under Potential Entry***by*James A. Brander & Barbara J. Spencer**413 Inequality Decompositions By Factor Components***by*Anthony Shorrocks**412 Set-up Costs and Theory of Exhaustible Resources***by*John Hartwick & Murray Kemp & Ngo van Long**411 Two Papers on Linear Models***by*Gordon Fisher & Allan W. Gregory & Michael McAleer**410 Propositions, Principles and Methods: The Linear Hypothesis and Structural Change***by*Gordon Fisher**409 Some Non-Nested Hypothesis Tests and the Relations Among Them***by*Russell Davidson & James G. MacKinnon**408 Economic Benefits of Co-operative Power Supply Expansion***by*John Rowse**407 A Note on User Solution Strategy for Mixed Integer Linear Programming Models***by*John Rowse**406 OPEC Versus a Large Open Economy: A Stochastic Equilibrium Model***by*Jon Harkness**405 A "Reciprocal Dumping" Model of International Trade***by*James Brander & Paul Krugman**404 A Note on Multiproduct Economies of Scale and Scope***by*Jack M. Mintz**403 Mixed Enterprises and State Equity Financing of Industry***by*Jack M. Mintz**402 Ontario: Between Alberta and the Deep Blue Sea?***by*Frank Flatters & Douglas D. Purvis**401 Exogeneity and Money Demand in a Small Open Economy: The Canadian Case***by*Allan W. Gregory & Michael McAleer**400 Principles and Methods in the Testing of Alternative Models***by*Gordon Fisher & Michael McAleer**399 Interest Rates and Durability in the Linear Expenditure Family***by*Gordon Fisher & Michael McAleer & Diana Whistler**398 An Intertemporal Model of Canadian Gold and Base Metals Production***by*Lawrence W. Copithorne & John Rowse**397 Capital, Commitment, and Entry Equilibrium***by*B. Curtis Eaton & Richard G. Lipsey**396 Housing Quality and Maintenance***by*Richard Arnott & Russell Davidson & David Pines**395 The Structure of Multi-Period Employment Contracts with Incomplete Insurance Markets***by*Richard Arnott**394 Intermediate Inputs and International Trade: An Analysis of the Real and Monetary Aspects of an Oil Price Shock***by*Slobodan Djajic**393 The Impact of Fertility Decline on Savings Rates in the Unites States, 1830-1900***by*Frank D. Lewis**392 A Simulation Model of Agricultural Settlement Applied to the Canadian Prairies, 1898-1911***by*Frank D. Lewis**391 Optimal Tools with High-Peak Travel Demand***by*Richard Arnott & Ronald Grieson**390 Model Specification Tests Based on Artificial Linear Regressions***by*Russell Davidson & James G. MacKinnon**389 Optimal Excise Taxes in Exhaustible Resource Exploitation***by*John Hartwick**388 An Application of the Box-Cox Transformation to Money Demand in Canada***by*Allan W. Gregory**387 The Efficiency Rationale of Antidumping Policy and Other Measures of Contingency Protection***by*Klaus Stegemann**386 Nonrenewable Resource Exploitation by a Dominant Seller and a Fringe Group with Rising Costs***by*John Hartwick**385 An Investigation of the Accuracy of Canada's Capital Investment Intentions Survey***by*Mervin Daub**384 Payment Flows and the Velocity of Circulation***by*Ross Milbourne**383 Monetary and Commercial Policy in a Two-Country Flexible Exchange Rate Model with Perfect Foresight and Capital Mobility***by*Slobodan Djajic**382 Supply Effects on the Term Structure of Interest Rates***by*P.T. Owen**381 A Non-Neoclassical General Equilibrium Trade Model Implemented for Quebec***by*Tim Hazledine**380 Intra-Industry Trade in Identical Commodities***by*James Brander**379 Domestic Monopoly as a Domestic Distortion under Free Trade Conditions***by*Klaus Stegemann**378 Several Tests for Model Specification in the Presence of Alternative Hypotheses***by*Russell Davidson & James G. MacKinnon**377 Propositions, Principles and Methods: The Case of the Linear Hypothesis***by*Gordon Fisher**376 Optimal Prices and Optimal Products: A Continuum of Goods Approach***by*Roger Ware**375 Intertemporal Pricing and Investment for Electric Power Supply***by*John Rowse**374 An Interregional Model of Canadian Forest-Product Industries***by*Lawrence Copithorne & John Rowse**373 Some Comment on Sims' Test for Exogeneity of Money***by*Saifullah Syed**372 Optimal Money Holding under Uncertainty and Money Demand***by*Ross Milbourne**371 The Interpretation of the Cox Test in Econometrics***by*Gordon Fisher & Michael McAleer**370 Spanning and Financial Intermediation with Incomplete Markets***by*Jack M. Mintz**369 Relations Among Some Non-Nested Hypothesis Tests***by*Russell Davidson & James G. MacKinnon**368 Wage Indexation: Social Benefit and Private Incentives***by*Martin Prachowny

### 1979

**367 Theory and Econometric Evaluation of a Systems Approach to Money Demand, The Canadian Case***by*Gordon Fisher & Michael McAleer**366 Testing Two Models of Pricing and Protection with Canada/United States Data***by*Tim Hazledine**365 The Division of Labour and Increasing Returns to Scale***by*James A. Brander**364 Sectoral Conflict over Stabilization Policies in Small Open Economies***by*Martin Prachowny**363 Generalising from Case Studies: The Sixty Reports of the UK Price Commission***by*Tim Hazledine**362 Employment Functions and the Demand for Labour in the Short-Run***by*Tim Hazledine**361 Outside Information and the Degree of Monopoly Power of a Public Bureau***by*Barbara Spencer**360 Model-Free Statistical Inference with Lorenz Curves, Income Shares and Gini Coefficients***by*Charles M. Beach**359 Stock Adjustment in the Jevons-Wicksell-Cass Capital/Forestry Model***by*John Hartwick**358 The Factor-Proportions Model with Many Nations, Goods and Factors: Theory and Evidence***by*Jon Harkness**357 State Trading and Domestic Distortions in a Mixed World Economy***by*Klaus Stegemann**356 Risk Taking and Full Loss Offset Corporate Taxation with Interest Deductibility***by*Jack M. Mintz**355 Problems of Estimating the Linear Expenditure System and its Related Forms***by*Michael McAleer & Gordon Fisher & Diana Whistler**354 Equilibrium Theories of the Forward Exchange Rate***by*Richard Harris & Douglas D. Purvis**353 Investment in Capacity and a Normative Theory of the Dominant Public Firm***by*Richard Harris & Elmer Wiens**352 Power Grid Economics in a Peak Load Pricing Framework***by*John Rowse**351 Inflation and the Saving Rate***by*Russell Davidson & James G. MacKinnon**350 Some Aspects of the Nature and Duration of Unemployment in Canada***by*Stephan F. Kaliski**349 Estimation of the Consumption Function: A Systems Approach to Employment Effects on the Purchases of Durables***by*Michael McAleer & Alan A. Powell & Peter Dixon & Tony Lawson**348 Optimal Profit Taxation as a Means of Financial Intermediation Undertaken by the Government***by*Jack M. Mintz**347 Solving the Generalized Transportation Problem***by*John Rowse**346 A Critique of Sociobiology***by*Scott Gordon**345 An Econometric Analysis of Unemployment in Great Britain, 1952-75***by*P. N. Junankar**344 A Model of Energy Supply from Western Canada***by*John Rowse**343 Exact Maximum Likelihood Estimation of Regression Equations with a General Stationary Autoregressive Disturbance***by*Charles M. Beach & Stephen Yeo**342 The Henry George Rule, Scale Economies, and Optimal Land Use***by*John Hartwick**341 The Efficiency Basis for Regional Employment Policy***by*Robin Boadway & Frank Flatters**340 Residential Location and Urban Transportation: An Integrated Approach***by*David W. Gillen & Richard B. Westin