# 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/

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Phone: (613) 533-2250

Fax: (613) 533-6668

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

Email:

More information through EDIRC

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

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### 1979

**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**339 British Trade Union Growth and Industrial Disputes***by*David C. Smith**338 Two Types of Residuals and the Classical Identifiability Test Statistic***by*Gordon Fisher**337 Transitory Disturbances and the Neutrality of Money***by*Richard Harris & Douglas D. Purvis**335 Alternative Approaches to Macroeconomic Theory: A Partial View, W.A. Mackintosh Lecture 1979***by*Robert M. Solow**334 Economists, Policy Makers and Economic Policy***by*Richard G. Lipsey**333 Durable Goods in the Extended Linear Expenditure System: An Empirical Appraisal***by*Michael McAleer & Ian E. Gorman**332 Free Access and the Dynamics of the Fishery***by*John Hartwick**331 Domestic Savings and International Capital Flows, W.A. Mackintosh Lecture 1979***by*Martin Feldstein & Charles Horioka**330 Issues in Measurement of Poverty***by*Nanak Kakwani**329 The Choice of Monetary Policy Instruments in Canada***by*Gordon R. Sparks**328 How Should the Redistributive Power of the State be Divided Between Federal and Provincial Governments?***by*Dan Usher**327 Microeconomic Foundations of Central Place Theory***by*B. Curtis Eaton & Richard G. Lipsey**326 Non-Convexities in a Continuous-Time Capital Theory Problem***by*Russell Davidson & Richard Harris**325 Public-Private Mixed Enterprises: The Canadian Example***by*Jack M. Mintz**324 Corporate Taxation and Investment: A Synthesis of the NeoClassical Theory***by*Robin Boadway**323 The Stability of Money Demand in Canada, 1952-1977***by*Stephen S. Poloz**322 The Use of the Compensation Principle in Evaluating the Efficiency Costs of Tax Distortions***by*Neil Bruce

### 1978

**321 The Rationale of Antidumping Protection for the Steel Industry***by*Klaus Stegemann**320 Monetarism: A Review***by*Douglas D. Purvis**319 Price Regulation with Ex Post Compensatory Supply***by*Richard Harris**318 Causality Testing and Data Quality: Effects of Error-Induced Misspecification***by*Jack Selody & Alan Gelb**317 Rate of Return Taxation of Minerals***by*Nancy Olewiler**316 Application of Transitional Phase Polynomials to a Model of Trade Union Growth in Canada***by*Alan Gregory & Michael McAleer**315 Disequilibrium Estimation of the Demand for Copper***by*James G. MacKinnon & Nancy D. Olewiler**314 The Effect of Corporate Tax on Investment Historic and Replacement Cost Depreciation***by*Robin Boadway & Neil Bruce**313 Profit Maximization: Translog Functions applied to Indian Agriculture***by*P. N. Junankar**312 The Pathology of Keynes's General Theory***by*I. F. Pearce**311 Valuing Market Benefits and Costs in Related Output and Input Markets***by*Dennis W. Carlton**310 Division of Labor and the Pin Factory***by*John M. Hartwick**309 Diverse Information and Market Efficiency in a Monetary Model of the Exchange Rate***by*Richard G. Harris & Douglas D. Purvis**308 Market Power and Land Development Timing***by*David E. Mills**307 A Reinterpretation of the Traditional Income-Leisure Model, with Application to In Kind Subsidy Programs***by*Michael P. Murray**306 Does Federalism Matter? Political Choice in a Federal Republic***by*Susan Rose-Ackerman**305 A Model of Residential Change and Neighborhood Tipping***by*Alex Anas**304 On the Role of Jacobian Terms in Maximum Likelihood Estimation***by*James G. MacKinnon**303 A Probabilistic Model of Location Choice with Neighborhood Effects***by*Takahiro Miyao**302 Risk Allocation and Information: Some Recent Theoretical Developments***by*Kenneth J. Arrow**301 Patterns in Racial Discrimination in Mortgage Lending***by*Glenn C. Loury**300 A Theory of Development Controls in a "Small" City***by*Mark Frankena & David Scheffman**299 Externality, Migration and a Cumulative Process in a City***by*Yoshitsugo Kanemoto**298 Entry Regulation, Fixed Costs and Dominant Public Firms***by*Richard Harris**297 Clubs, Local Public Goods and Transportation Models***by*Eitan Berglas & David Pines**296 Pricing in and Urban Spatial Monopoly: Some Welfare Implications for Policies Which Alter Transport Rates***by*Dennis R. Heffley**294 Investing Returns from Depleting Renewable Resource Stocks and Intergenerational Equity***by*John M. Hartwick**293 Harry Johnson's Contribution to the Pure Theory of International Trade***by*Richard G. Lipsey**292 The Control of Labor Turnover with Incomplete Insurance Markets: The One-Group Case***by*Richard Arnott**291 Optimal Fiscal Policy for State and Local Government***by*Richard J. Arnott & Ronald E. Grieson**290 The Study of Aggregate Bi-Modal Urban Travel Supply, Demand and Network Behavior using Simultaneous Equations with Autoregressive Residuals***by*Marc Gaudry**289 Trade and Depletable Resources: the Small Open Economy***by*Richard Harris**288 The Rhythm of Growth in the Atlantic Economy of the Eighteenth Century***by*Brinley Thomas**287 Modelling a Market Which is Sometimes in Disequilibrium***by*James G. MacKinnon**286 The Employment Contract, Corporate Financial Structure and the Regulation of Private Pension Plan Funding***by*Richard J. Arnott & Mark Gersovitz**285 The Supply of Urban Housing: Comment***by*Richard J. Arnott & Ronald E. Grieson**284 A Simple Urban Growth Model with Durable Housing***by*Richard J. Arnott**283 Capital Accumulation and the Investment in the Regulated Firm***by*Elie Appelbaum

### 1977

**282 Exploitation of Many Resource Deposits with Set-up Costs***by*John Hartwick**281 Intergenerational Equity and the Investment of Rents from Exhaustible Resources in a Two Sector Model***by*John Hartwick**280 Population Growth, Technical Progress, Intergenerational Equity and the Investment of Resource Rents***by*John Hartwick**279 Technology and the Least-Developed: A Case of "Economic Backwardness in Future Perspective"?***by*Oli Hawrylyshyn**278 Increasing Returns and the Inefficiency of Cost Minimization***by*Richard Arnott & Richard Harris**277 On a Class of Additively Decomposable Inequality Measures***by*Anthony Shorrocks**276 Maximum Likelihood Estimation of Singular Equation Systems with Autoregressive Disturbances***by*Charles M. Beach & James G. MacKinnon**275 The Exemption of Specialization Agreements - As Proposed for Stage II Amendments to the Combines Investigation Act***by*Klaus Stegemann**274 Shared Inputs and Peak Loading in a Neoclassical Framework***by*John Hartwick**273 Efficient Land Use in an Equilibrium Residential Annulus***by*John Hartwick**272 Estimates of the Value of Household Work Canada, 1961 and 1971***by*Hans Adler & Oli Hawrylyshyn**271 A Monetary Theory of Value***by*Lloyd T. Paquin**270 A Simple Technique for Computing Optimal Tax Equilibria***by*Richard Harris & James G. MacKinnon**269 A Comment on Location and Industrial Efficiency with Free Entry***by*B. Curtis Eaton & Richard G. Lipsey**268 Optimal Taxation in a Spatial Economy with Transportation Costs***by*Richard Arnott**267 The Transition of Land to Urban Use***by*Richard Arnott & Frank D. Lewis**266 Dynamic Oligopoly, Investment in Capacity and Government Firms***by*Richard Harris & Elmer Wiens**265 Spatial Monopoly, Natural Monopoly, Pure Profits, and Land Rents***by*B. Curtis Eaton & Richard G. Lipsey**264 Growth and Optimal Growth with Renewable and Nonrenewable Natural Resources***by*Pham Chi Thanh**263 Some Skepticism Concerning the Price Level Insulation Properties of a Flexible Exchange Rate***by*Douglas D. Purvis**262 Professor Sontheimer's "Proof" of the Determinacy of Money Prices, A Comment***by*Lloyd Paquin**261 Distribution of World Income in the Ricardo-Mill Model of International Trade***by*John Hartwick**260 Optimal Growth with Increasing Returns to Scale in Expanding Capacity***by*John Hartwick**259 Full Maximum Likelihood Estimation of Second-Order Autoregressive Error Models***by*Charles M. Beach & James G. MacKinnon**258 The Coase Theorem: Equilibrium Outcomes with Externalities***by*Nancy Olewiler**257 Seasonality in Regression: An Application of Smoothness Priors***by*Mark Gersovitz & James G. MacKinnon

### 1976

**256 Increasing Returns, Competitive Equilibrium and the Enigma that was Alfred Marshall***by*A.L. Levine**255 A Monetary Theory of Value Based on Transaction Costs***by*Lloyd Paquin**254 Unpriced Transportation Congestion***by*Richard Arnott**253 Cost Reduction, Incentives and Market Structure***by*Elie Appelbaum & Richard Harris**252 The Impact of Investment in Education on Wage Rates in the United States: 1870 and 1900***by*Frank D. Lewis**251 The Welfare Economics of Ex Post Optimality***by*Richard Harris & Nancy Olewiler**250 Market and Shadow Land Rents with Congestion***by*Richard Arnott & James G. MacKinnon**249 Exports and the Keynesian Model of the Open Economy***by*Douglas D. Purvis & Robert P. Ford**248 Inflation and Unemployment in a Disequilibrium of a Small Open Economy***by*Martin Prachowny**247 Optimal Taxation and the Direct versus Indirect Tax Controversy***by*Anthony B. Atkinson**246 Mixed and Pure Public Goods, User Charges and Welfare***by*Timothy Muzondo**245 The Corporation Income Tax, Depreciation Policy and Optimal Behaviour of a Competitive Firm***by*Timothy Muzondo**244 Price and Quantity Decisions of a Firm Facing Uncertainty in the Input and Output Markets***by*Chin Lim**243 Efficient Commodity Taxation***by*Richard Harris**242 Measuring the Costs of Height Restrictions with a General Equilibrium Model***by*Richard Arnott & James G. MacKinnon**241 A Comment on Externalities and the "Coase Theorem": The Importance of Property Rights***by*Nancy Olewiler**240 An Examination of the Statistical Nature of the Demand for International Reserves***by*Mervin Daub**239 The Introduction of Space into the Neo-classical Model of Value Theory***by*B. Curtis Eaton & Richard G. Lipsey**238 The Balancing Off of Time Preference and Increasing Returns to Scale in Expanding Capacity***by*John Hartwick**237 Optimal Price Discrimination***by*John Hartwick**236 The Effects of Urban Transportation Changes: A General Equilibrium Simulation***by*Richard Arnott & James G. MacKinnon**235 The Provision of Price Guidelines - An Exercise in Classical Price Theory?***by*A. L. Levine**234 Unanticipated Money Growth and Unemployment in the United States***by*Robert J. Barro**233 Non-Economic Biases Towards Capital-Intensive Techniques in LDC's***by*Oli Hawrylyshyn**232 The Exchange Rate Regime and the Conduct of Anti-Inflation Policy***by*David Laidler**231 Depreciation and the Neutrality of the Corporation Income Tax***by*Robin Boadway & Neil Bruce**230 An Alternative Approach to the Specification of Structural Transition Functions***by*Charles M. Beach**229 Toward Optimal Capacity Expansion for an Electric Utility***by*John Rowse**228 Inflation, Employment and the Phillips Curve: A Comment on the Phelps-Friedman Twist***by*Douglas D. Purvis**227 The Choice of Large Projects***by*Richard Harris**226 Comparison Shopping and Clusters of Homogeneous Firms***by*B. Curtis Eaton & Richard G. Lipsey**225 Increasing Returns and Decentralization Rules for the Public Sector***by*Richard Arnott & Richard Harris**224 Ex Post Efficiency and Resource Allocation Under Uncertainty***by*Richard Harris**223 Optimal Scale in a Large Homogeneous Area***by*John Hartwick**222 A Spatial, General Equilibrium Analysis of Optimal City Size***by*Richard Arnott**221 Dynamic Public Investment Rules in a Neo-classical Growth Model***by*Robin Boadway**220 Intergenerational Equity and the Investing of Rents from Exhaustible Resources***by*John Hartwick**219 The Economics of Tax Incentives to Encourage Investment, with Special Reference to Malaysia***by*Dan Usher**218 The Welfare Economics of the Socialization of Commodities***by*Dan Usher**217 The Existence and Computation of Equilibria with Increasing Returns and Externalities***by*James G. MacKinnon**216 The Comparative Dynamics of Tax Changes: A Non-steady State Analysis***by*Robin Boadway**215 The Place of the Phillips Curve in Macroeconomic Models***by*Richard G. Lipsey**214 Towards a Definition of Non-Market Activities***by*Oli Hawrylyshyn**213 Corporate Bankruptcies, Investment and Equilibrium Capital Structures***by*Richard Harris**212 Portfolio and Consumption Decisions: Towards a Model of the Transmission Process***by*Douglas D. Purvis**211 Alternative Maximum Likelihood Procedures for Regression with Autocorrelated Disturbances***by*Charles M. Beach & James G. MacKinnon**210 More on Pitfalls in Financial Model Building***by*Douglas D. Purvis**209 Capital and Investment: A Macroeconomic Approach***by*Douglas D. Purvis**208 The Theory of Spatial Pre-emption: Location as a Barrier To Entry***by*B. Curtis Eaton & Richard G. Lipsey**207 Freedom of Entry and the Rate of Profit***by*B. Curtis Eaton & Richard G. Lipsey**206 The Capitalization of Fiscal Residuals, A General Equilibrium Analysis***by*Richard Arnott**205 The Effects of the Property Tax: A General Equilibrium Simulation***by*Richard Arnott & James G. MacKinnon**204 A Simple Exposition of Inequality in the Optimum Town***by*Richard Arnott**203 Unemployment and Unemployment Insurance -- Testing Some Corollaries***by*Stephan F. Kaliski**202 Investment, Underinvestment and Imperfect Capital Markets***by*Elie Appelbaum & Richard Harris**201 A General Equilibrium Analysis of the Capital Asset Pricing Model***by*Richard Harris**200 General Equilibrium with Taxes***by*James G. MacKinnon

### 1975

**199 A Technique for the Solution of Spatial Equilibrium Models***by*James G. MacKinnon**198 The Reduced Form Price Elasticity of Housing***by*Richard Arnott**197 A Note on Convex-Concave Demand Systems with an Application to the Theory of Optimal Taxation***by*Richard Harris**196 An Alternative Interpretation of Two-Stage Least Squares***by*Charles M. Beach & David M. Prescott**195 A Characterization of Piecemeal Second Best Policy***by*Robin Boadway & Richard Harris**194 The Consequences of Costly Default***by*Richard Harris**193 Capitalization into Land Values: A General Equilibrium Analysis***by*Richard Arnott**192 Aggregate Land Rents, Aggregate Transportation Costs and Expenditure on Public Goods***by*Richard Arnott & Joseph Stiglitz**191 Factor and Commodity Flows in the International Economy of 1870-1914, A Multi-Country View***by*Alan G. Green & Malcolm C. Urquhart**190 Weighted Mean Square Error Ridge Regression: Some Analytical Results***by*David M. Prescott**189 Inappropriate Technology or Inappropriate Demand? The Employment Problem of Developing Countries in a Many-Good Framework***by*Oil Hawrylyshyn**188 The Anatomy of Managed Exchange Rates***by*S.F. Kaliski & M.F.J. Prachowny**187 Biases Towards Capital-Intense Techniques and the Employment Problem in LDCs***by*Oil Hawrylyshyn**186 The IS-LM Model, Portfolio Theory and the Monetarist Controversy***by*Neil Bruce**185 The Effectiveness of Fiscal and Monetary Policies under Fixed and Flexible Exchange Rates: Empirical Evidence for Canada, 1950-1970***by*Martin Prachowny**184 An Algorithm for the Generalized Transportation Problem***by*James G. MacKinnon**183 Many Exhaustible Resources in a Dynamic Aggregate Model***by*John Hartwick**182 Exploitation of Many Deposits of an Exhaustible Resource***by*John Hartwick**181 The Problem of Equity***by*Dan Usher**180 The Vulnerability of the Canadian Economy, 1946-1966: Caves Revisited***by*Michael Percy & Francois Vaillancourt**179 The Evolution of the Actual and the Anticipated Rates of Inflation in an Uncertain Phelps-Friedman World***by*Malcolm R. Gray & Richard G. Lipsey**178 The Neoclassical Theory of the Firm: A Note on the Production and Investment Decisions***by*Douglas D. Purvis**177 Human Capital and the Financial Portfolio***by*Douglas D. Purvis**176 Computing the Effects of Tariffs in a Multi-Sector General Equilibrium Model with Interindustry Flows: An Application to Canada***by*Robin Boadway & John Treddenick**175 The Causes of Underemployment in Developing Economies: Some Micro-analytic Clarifications***by*Oli Hawrylyshyn**174 The Causes of Underemployment in Developing Economies: Towards Some Analytic Clarifications***by*Oli Hawrylyshyn**173 The Causes of Underemployment in Developing Economies: Towards an Analytic Clarification***by*Oli Hawrylyshyn**172 Papers Presented at the Mackintosh Symposium on the Occasion of the Opening of Mackintosh-Corry Hall***by*Malcolm Urquhart & John Deutsch & R.B. Bryce & Louis Rasminsky**171 The Effects of the U.S. Corporate Tax on Resource Allocation and Welfare***by*Robin Boadway & John Treddenick**170 The Market Adaptation of the Firm***by*Cliff Lloyd & David Rapport & James E. Turner

### 1974

**169 Intermediate Goods and the Spatial Integration of Land Uses***by*John Hartwick**168 Trade in a Central Place System***by*John Hartwick**167 Geometrical Demonstration of Some Principal Propositions in Location Theory***by*John Hartwick**166 Trade Policies and Domestic Distortions under Uncertainty***by*Gideon Fishelson & Frank Flatters**165 The Social Opportunity Cost of Capital in a Neo-Classical Economy with Inter-Industry Flows***by*Robin Boadway & J.M. Treddenick**163 Integrating Equity and Efficiency in Applied Welfare Economics***by*Robin Boadway**162 Cyclical Sensitivity of Aggregate Income Inequality***by*Charles M. Beach**161 A Model of the Size of Income Distribution***by*Charles M. Beach**160 An Incomes Plan to Reduce Inflation Under A System of Flexible Exchange Rates***by*Alex MacMillan**159 Leon Walras and Money***by*A. Morishima**158 Marx from a Von Neumann Viewpoint***by*A. Morishima**157 Parables of Economic Growth***by*Michio Morishima