Macroeconomic analysis: Essays in macroeconomics and econometrics PDF
Preview Macroeconomic analysis: Essays in macroeconomics and econometrics
ROUTLEDGE LIBRARY EDITIONS: MACROECONOMICS Volume 5 MACROECONOMIC ANALYSIS This page intentionally left blank MACROECONOMIC ANALYSIS Essays in Macroeconomics and Econometrics Edited by D. CURRIE, R. NOBAY AND D. PEEL Firstpublishedin1981byCroomHelm Thiseditionfirstpublishedin2016 byRoutledge 2ParkSquare,MiltonPark,Abingdon,OxonOX144RN andbyRoutledge 711ThirdAvenue,NewYork,NY10017 RoutledgeisanimprintoftheTaylor&FrancisGroup,aninformabusiness ©1981TheAssociationofUniversityTeachersofEconomics Allrightsreserved.Nopartofthisbookmaybereprintedorreproducedorutilised inanyformorbyanyelectronic,mechanical,orothermeans,nowknownor hereafterinvented,includingphotocopyingandrecording,orinanyinformation storageorretrievalsystem,withoutpermissioninwritingfromthepublishers. Trademarknotice:Productorcorporatenamesmaybetrademarksorregistered trademarks,andareusedonlyforidentificationandexplanationwithoutintentto infringe. BritishLibraryCataloguinginPublicationData AcataloguerecordforthisbookisavailablefromtheBritishLibrary ISBN:978-1-138-93746-8(Set) ISBN:978-1-315-67362-2(Set)(ebk) ISBN:978-1-138-94096-3(Volume5)(hbk) ISBN:978-1-315-67394-3(Volume5)(ebk) Publisher’sNote Thepublisherhasgonetogreatlengthstoensurethequalityofthisreprintbut pointsoutthatsomeimperfectionsintheoriginalcopiesmaybeapparent. Disclaimer Thepublisherhasmadeeveryefforttotracecopyrightholdersandwouldwelcome correspondencefromthosetheyhavebeenunabletotrace. MACROECONOMIC ANALYSIS: ESSAYS IN MACROECONOMICS AND ECONOMETRICS Edited by D. Currie, R. Nobay and D. Peel V CROOM HELM LONDON ©1981 The Association of University Teachers of Economics Croom Helm Ltd, 2^-10 St John’s Road, London SW11 British Library Cataloguing in Publication Data Macroeconomic analysis. 10 Macroeconomics I. Currie, D. II. Nobay, R. III. Peel, D0 339 HB171 ISBN 0-7099-0311-1 Printed and bound in Great Britain Contents List of Contributors Executive Committee of the Association of University Teachers of Economics EditorsT * Introduction THE FRANK PAISH AND ASSOCIATION LECTURES 1. The Effect of Social Security on Saving 1 Martin S. Feldstein 2. Philosophy and Objectives of Econometrics All Arnold Zellner 3. Aggregate Consumer Behaviour and Individual Welfare 35 Dale W. Jorgenson, Lawrence J. Lau and Thomas Stoker 4. A Review of Recent Work on Testing for Auto correlation in Dynamic Simultaneous Models 63 T.S. Breusch and L. Godfrey Discussion: Denise R. Osborn 5. Estimating Continuous Consumer Equivalence Scales in an Expenditure Model with Labour Supply ill R.W. Blundell Discussion: A. Ingham 6. Consistent Estimation of a Large Generalised Strongly Separable Demand System 139 P. Simmons Discussion: J.E. Spencer 7. On the Structure of the Theory of Monetary Policy 178 Victoria Chick 8. Problems and Resolutions of Problems Concerning the Short Run Demand for Money 209 George A. Akerlof 9. The Role of Economic Policy After the New Classical Macroeconomics 233 Willem rf. Buiter Discussion: Sean Holly 10. Investment Grants 2 % Michael T. Sumner 11. The Roots of the British Sickness 32 1 Samuel Brittan 12. Public Sector Behaviour : The Status of the Political Business Cycle 353 James E. Alt and K. Alec Chrystal Discussion: Kerry Schott 13. Portfolio Selection in Practice 3$3 W.B. Reddaway 14. VerdoornTs Law - the Externalities Hypothesis ^05 and Economic Growth in the U.K. M. Chatterji and M. Wickens Discussion: N. Kaldor 15. The Wage Equation and Rational Expectations AlAl ll Patrick Minford and Michael Brech 16. A Multivariate Approach to Data Analysis 460 John Matatko and David G. Mayes LIST QF CONTRIBUTORS G. Akerlof University of California, Berkley J.E. Alt University of Washington R.W. Blundell University of Manchester M. Brech N.E.D.O. T.S. Breusch University of Southampton S. Brittan Financial Times W.H. Buiter University of Bristol M. Chatterji University of Essex V . Chick University College, London K.A. Chrystal University of Essex M.S. Feldstein Harvard University L. Godfrey University of York S. Holly London Business School A. Ingham University of Southampton D.W. Jorgenson Harvard University N.Kaldor Kings College Cambridge L . 3 . Lau Stanford University 3 . Matatko University of Exeter D.G. Mayes N.I.E.S.R. P.Minford University of Liverpool D.R. Osborn University of Manchester W.B. Reddaway University of Cambridge K. Schott University College, London P. Simmons University of York J.E. Spencer New University of Ulster T. Stoker Stanford University M.T. Sumner University of Salford M. Wickens University of Southampton A. Zellner University of Chicago
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