Table Of Content

CONTENTS FOR VOLUME LXXV AUTHORS AN, CHONG-BuM, ROBERT HAVEMAN, AND BARBARA WOLFE. Teen Out-of-Wedlock Births and Welfare Receipt: The Role of Childhood Events and Economic Circumstances ARRAU, PATRICIO, AND JosE DE GreGcorio. Financial Innovation and Money Demand: Appli- cation to Chile and Mexico ARSLAN, ISMAIL, AND SWEDER VAN WIJNBERGEN. Export Incentives, Exchange Rate Policy and Export Growth in Turkey BALapI, S. MostaFA. (See HERRIGES, JOSEPH A.) BALKE, NATHAN S., AND Daniet J. SLotrse. Poverty and Change in the Macroeconomy: A Dynamic Macroeconometric Model BaniA, NEIL, RANDALL W. EBERTS, AND MICHAEL S. FoGarty. Universities and the Startup of BEESON, PATRICIA E., AND E>DwARD B. MONTGOMERY. The Effects of Colleges and Universities on Local Labor Markets BEGHIN, JOHN C., AND C. A. KNox Love.t. Trade and Efficiency Effects of Domestic Content Protection: The Australian Tobacco and Cigarette Industries BeLADI, Hamip, Munir A. S. CHOUDHARY, AND AMAR K. Paral. Rational and Adaptive Expectations in the Present Value Model of Hyperinflation BETANCOURT, ROGER R., AND Davip A. Gautscui. The Outputs of Retail Activities: Concepts, Measurement and Evidence from U.S. Census Data BHARGAVA, ALOK, AND MARTIN RAVALLION. Does Household Consumption Behave as a Martingale? A Test for Rural South India BoDENHORN, Howarp. The Business Cycle and Entry into Early American Banking Bootn, ALISON L. Private Sector Training and Graduate Earnings BorDLEY, RosertT F. Estimating Automotive Elasticities from Segment Elasticities and First Choice/Second Choice Data/ Bounb, JOHN, AND Harry J. Howzer. Industrial Shifts, Skills Levels and Labor Market for White and Black Males BresLaAw, Jon. (See McINTosH, JAMES) BRESTER, GARY W., AND MICHAEL K. WOHLGENANT. Correcting for Measurement Error in Food Demand Estimation Brewer, Dominic J. (See EHRENBERG, RONALD G.) BuccoLa, STEVEN T., AND CHRISPEN SUKUME. Social Welfare of Alternative Controlled-Price Policies BuGuin, J. Union—Firm Efficient Bargaining and Test of Oligopolistic Conduct Campa, José MANUEL. Entry by Foreign Firms in the United States under Exchange Rate Uncertainty CASTANIAS, RICK, AND HERB JOHNSON. Gas Wars: Retail Gasoline Price Fluctuations ........ CaAuDILL, STEVEN B. Estimating the Costs of Partial-coverage Rent Controls: A Stochastic Frontier Approach Caves, Doucias W. (See Hennices, JosernA.), .. ccc ccc ccc cc cece ccee 446 CEBENOYAN, A. SINAN, ELIZABETH S. COOPERMAN, AND CHARLES A. REGISTER. Firm Efficiency and the Regulatory Closure of S & Ls: An Empirical Investigation CHOUDHARY, Munir A. S. (See BELADI, HAMID) Cuow, Grecory C. A Two-Step Procedure for Estimating Linear Simultaneous Equations with Unit Roots 794 THE REVIEW OF ECONOMICS AND STATISTICS CHOWDHURY, ABDUR R. Does Exchange Rate Volatility Depress Trade Flows? Evidence from Error-Correction Models CoLwe._, Peter F., AND C. F. SirMANs. A Comment on Zoning, Returns to Scale and the Value of Undeveloped Land CooPERMAN, ELIZABETH S. (See CEBENOYAN, A. SINAN) Cover, JAMES PEERY, AND DoNALD L. Hooks. Money Demand and Income Distribution: Evidence from Annual Data Crain, W. MARK, HAROLD MESSENHEIMER, AND RoBeRT D. TOL.tison. The Probability of Being President CropreR, MAUREEN L., LELAND Deck, NALIN KisHoR, AND KENNETH E. MCCONNELL. Valuing Product Attributes Using Single Market Data: A Comparison of Hedonic and Discrete Choice Approaches CUAIRAN, ROGELIO. (See SANSO, MARCOS) Davis, MICHAEL L., AND KatHy Hayes. The Demand for Good Government De Grecorio, José. (See ARRAU, PATRICIO) Deck, LELAND. (See CROPPER, MAUREEN L.) DEJONG, Davip N., AND STEVEN Hustep. Towards a Reconciliation of the Empirical Evidence on the Monetary Approach to Exchange Rate Determination DomowitTz, IAN, R. GLENN HUBBARD, AND Bruce C. PETERSEN. Market Structure and Cyclical Fluctuations in U.S. Manufacturing: Reply DonIHUE, MICHAEL R. (See NELSON, RANDY A.) DuMENIL, GERARD, MARK GLICK, AND Dominique Lévy. The Rise of the Rate of Profit During World War II Dunn, L. F.. Category versus Continuous Survey Responses in Economic Modelling: Monte Carlo and Empirical Evidence EBERTS, RANDALL W. (See BANiA, NEIL) EpMISTER, RoBERT O., AND Ditip B. Mapan. Informational Content in Interest Rate Term Structures EHRENBERG, RONALD G., DANIEL I. REES, AND Dominic J. BREwer. Institutional Responses to Increased External Support for Graduate Students Ericsson, Neit R., AND JAIME MARzUEz. Encompassing the Forecasts of U.S. Trade Balance Models Ermini, Luici. Effects of Transitory Consumption and Temporal Aggregation on the Perma- nent Income Hypothesis Evans, WILLIAM N., AND IOANNis N. Kessipes. Localized Market Power in the U.S. Airline Industry Fair, Ray C.. Inflationary Expectations and Price Setting Behavior FARE, ROLF, SHAWNA Grosskopr, C. A. KNox LOVELL, AND SUTHATHIP YAISAWARNG. Deriva- tion of Shadow Prices for Undesirable Outputs: A Distance Function Approach FLAIG, GEBHARD, AND VIKTOR STEINER. Searching for the “Productivity Slowdown”: Some Surprising Findings from West German Manufacturing FLATH, Davin. Shareholding in the Keiretsu, Japan’s Financial Groups FoGarty, MICHAEL S. (See BANIA, NEIL) FRIEDLANDER, DANIEL. Subgroup Impacts of Large-Scale Welfare Employment Programs Fuiainiti, LILYAN, AND RICHARD PERRIN. The Theory and Measurement of Producer Re- sponse under Quotas FULGINITI, LILYAN E., AND RICHARD K. PERRIN. Prices and Productivity in Agriculture Ga i, Jorpi. Variability of Durable and Nondurable Consumption: Evidence for Six O.E.C.D. Countries GamMBLE, JAMeEs A., AND JAMES P. LESAGE. A Monte Carlo Comparison of Time Varying Parameter and Multiprocess Mixture Models in the Presence of Structural Shifts and Outliers CONTENTS FOR VOLUME LXXV GARNER, THESIA I. Consumer Expenditures and Inequality: An Analysis Based on Decomposi- tion of the Gini Coefficient GLAUBER, JOSEPH W. (See MIRANDA, Mario J.) Guick, Mark. (See DUMENIL, GERARD) Go.sBE, Devra L., AND LAWRENCE J. Wuite. Catch a Wave: The Time Series Behavior of Mergers GOLDBERG, LinDA S. Exchange Rates and Investment in United States Industry GREENWOOD, MICHAEL J. (See TREYZ, GEORGE I.) GrosskopF, SHAWNA. (See FARE, ROLF) GuLLASON, Epwarp T., BHARAT R. KOLLURI, AND MICHAEL J. PANiK. Social Security and Household Wealth Accumulation: Refined Microeconomic Evidence Haupricnu, JosEPpH G. Consumption and Fractional Differencing: Old and New Anomalies Haurin, DONALD R., Patric H. HENDERSHOTT, AND DONGWOOK Kim. The Impact of Real Rents and Wages on Household Formation HAveMAN, Rosert. (See AN, CHONG-BuM) Hayes, Katuy. (See Davis, MICHAEL L.) HEeERRIGES, JOSEPH A., S. MostaFA BALADI, DouGLas W. CAvEs, AND BERNARD F. NEENAN. The Response of Industrial Customers to Electric Rates Based upon Dynamic Marginal Hess, Grecory D. A Test of the Theory of Optimal Taxation for the United States, 1869-1989. Hiemstra, Craic. (See Lampin, DouG as J.) HirscuH, BARRY T., AND TERRY G. SEAksS. Functional Form in Regression Models of Tobin g. . . HoFLer, RICHARD A., AND JAMes E. Payne. Efficiency in Social versus Private Agricultural Production: The Case of Yugoslavia Houzer, Harry J. (See Bounb, JOHN) Houizer, Harry J., AND Epwarp B. MontGomery. Asymmetries and Rigidities in Wage Adjustments by Firms Hooks, DONALD L. (See Cover, JAMES PEERY) Horowitz, JoHn B. Lifetime and Annual Marginal Costs of Redistribution in England, Sweden, and the United States HuBBARD, R. GLENN. (See DomowiTz, IAN) Hunt, Gary L. (See TREYz, GeorGE I.) HustTeb, STEVEN. (See DEJONG, Davin N.) JARAMILLO, FIDEL, FABIO SCHIANTARELLI, AND ALESSANDRO SEMBENELLI. Are Adjustment Costs for Labor Asymmetric? An Econometric Test on Panel Data for Italy JOHNSON, HERB. (See CasTANnias, Rick) KAHN, LAwRENCE M. Free Agency, Long-term Contracts and Compensation in Major League Baseball: Estimates from Panel Data Kakwanl, NANAK. Statistical Inference in the Measurement of Poverty KAMERSCHEN, Davip R., AND JAE-HEE PARK. Market Structure and Cyclical Fluctuations in U.S. Manufacturing: Comment KEITH, KRISTEN. Reputation, Voluntary Mobility and Wages Ker, ALAN. (See LARUE, BRUNO) KessiDEs, IOANNIS N. (See Evans, WILLIAM N.) KHANNA, Jyoti. Cooperative versus Noncooperative Behavior: The Case of Agricultural Research Kim, Doncwook. (See HAURIN, DONALD R.) Kim, CHANG-Jin. Sources of Monetary Growth Uncertainty and Economic Activity: The Time- Varying-Parameter Model with Heteroskedastic Disturbances 7196 THE REVIEW OF ECONOMICS AND STATISTICS Kinc, Maxwe.t L., AND THomas S. SHiIveLy. Locally Optimal Testing When a Nuisance Parameter Is Present Only Under the Alternative KIRCHGASSNER, GEBHARD, AND JURGEN Wo TERS. Does the DM Dominate the Euro Market? An Empirical Investigation Ranson, Mase. (Ser Cuceenn; Beaune 1) on 5a oe hn bbe ee eee eee esi ben Restos: Demat Ri. (for Cheni aso, Gomi Te) nok os 6 see bh ee le ke eee ks Ko.tstap, CHARLES D., AND JoNG-KuNn Lee. The Specification of Dynamics in Cost Function and Factor Demand Estimation KriDEL, DONALD J., AND Lester D. TaYLor. The Demand for Commodity Packages: The Case ee Te Ce Ce PI aia ib ei ee Roe os 362 KUEHLWEIN, MICHAEL. Life-Cycle and Altruistic Theories of Saving with Lifetime Uncertainty . . KUGLER, PETER, AND CARLOS LENz. Multivariate Cointegration Analysis and the Long-run Validity of PPP KUMBHAKAR, SUBAL C. Short-run Returns to Scale, Farm-Size, and Economic Efficiency Kunst, RoGert M. Seasonal Cointegration in Macroeconomic Systems: Case Studies for Small and Large European Countries Kwoka, JOHN E., Jr. The Sales and Competitive Effects of Styling and Advertising Practices in the U.S. Auto Industry LAMDIN, DouGtas J., AND CRAIG HieMstRA. Ex-Dividend Day Share Price Behavior: Effects of the Tax Reform Act of 1986 LARUE, BRUNO, AND ALAN Ker. World Price Variability versus Protectionism in Agriculture: A Causality Analysis Lesow, Davin E. Import Competition and Wages: The Role of the Nontradable Goods Sector . Lee, JonG-Kun. (See Koistap, CHARLEs D.) LeNz, CARLos. (See KUGLER, PETER) LesaGE, JAMES P. (See GAMBLE, JAMEs A.) Lévy, Dominique. (See DUMENIL, GERARD) LoveLL, C. A. KNox. (See FARE, ROLF) LoveLL, C. A. KNox. (See BEGHIN, JOHN C.) Low, WILLIAM. (See McintTosH, JAMES) MacDona_Lpb, RONALD. Long-run Purchasing Power Parity: Is It for Real? Mapan, Diuip B. (See EpMisTER, ROBERT O.) Maki, Artsusui. Liquidity Constraints: A Cross-Section Analysis of the Housing Purchase Behavior of Japanese Households MARIGER, RANDALL P., AND KATHRYN SHAW. Unanticipated Aggregate Disturbances and Tests of the Life-Cycle Consumption Model Using Panel Data MARQUEZ, JAIME. (See Ericsson, NEIL R.) Maroulis, MiLton H. (See TOLEDO, WILFREDO) Maskus, KEITH E. (See RAMAZANI, REZA M.) McconNNELL, KENNETH E.. (See CRopPpER, MAUREEN L.) McIntosn, JAMES, FABIO SCHIANTARELLI, JON BRESLAW, AND WILLIAM Low. Price and Output Adjustment in a Model with Inventories: Econometric Evidence from Categorical Survey MIRANDA, Mario J., AND JosEPH W. GLAUBER. Estimation of Dynamic Nonlinear Rational Expectations Models of Primary Commodity Markets with Private and Government Stockholding MONTGOMERY, EDWARD B. (See Hoizer, Harry J.) MONTGOMERY, EDWARD B. (See BEESON, PATRICIA E.) Moon, CHOON-GEOL, AND JANET G. Storsky. Efficient Estimation of the Costs of Rent Controls: A Comment CONTENTS FOR VOLUME LXXV NEAL, DEREK. Supervision and Wages across Industries NEENAN, BERNARD F. (See HERRIGES, JOSEPH A.) NELSON, RANDY A., TOM TIETENBERG, AND MICHAEL R. DoniHueE. Differential Environmental Regulation: Effects on Electric Utility Capital Turnover and Emissions No.anp, Marcus. The Impact of Industrial Policy on Japan’s Trade Specialization Pack, HOWARD, AND JANET ROTHENBERG PACK. Foreign Aid and the Question of Fungibility . . Pack, JANET ROTHENBERG. (See Pack, Howarb) PANIK, MICHAEL J. (See GULLASON, Epwarp T.) PaRAI, AMAR K. (See BELADI, HAMID) Park, Hun Y. Trading Mechanisms and Price Volatility: Spot versus Futures Park, JAE-HEE. (See KAMERSCHEN, DAvip R.) ParsSLEY, Davip C., AND SHANG-JIN Wel. Insignificant and Inconsequential Hysteresis: The Case of U.S. Bilateral Trade PERRIN, RICHARD. (See FuLGiniti, LILYAN) PERRIN, RICHARD K. (See FutGiniti, LILYAN E.) PETERSEN, BRucE C. (See DomowirTz, IAN) PHYLAKTIS, KATE, AND MARK P. TayLor. Money Demand, the Cagan Model and the Inflation Tax: Some Latin American Evidence PRACHOWNY, MartTIN F. J. Okun’s Law: Theoretical Foundations and Revised Estimates RAMACHANDRAN, VIJAYA. Technology Transfer, Firm Ownership, and Investment in Human Capital RAMAZANI, REZA M., AND KEITH E. Maskus. A Test of the Factor Endowments Model of Trade in a Rapidly Industrializing Country: The Case of Korea RAVALLION, MARTIN. (See BHARGAVA, ALOK) RAYNER, RosBerT K. Testing for Serial Correlation in Regression Models with Lagged Depen- dent Variables Rees, DANIEL I. (See EHRENBERG, RONALD G.) REGISTER, CHARLES A. (See CEBENOYAN, A. SINAN) RICKMAN, Dan S. (See TREYz, GEorGE I.) Rocers, JOHN H., AND PING Wana. Sources of Fluctuations in Relative Prices: Evidence from High Inflation Countries SANSO, Marcos, ROGELIO CUAIRAN, AND FERNANDO SANz. Bilateral Trade Flows, the Gravity Equation, and Functional Form SANZ, FERNANDO. (See SANSO, MARCOS) SCHALLER, HUNTLEY. (See VAN NORDEN, SIMON) SCHIANTARELLI, FABio. (See JARAMILLO, FIDEL) SCHIANTARELLI, Fasio. (See McINTosH, JAMES) SEAKS, TERRY G. (See Hirscu, BARRY T.) SEGERSON, KATHLEEN, AND DALE Squires. Capacity Utilization under Regulatory Constraints. . SEMBENELLI, ALESSANDRO. (See JARAMILLO, FIDEL) ae as SIF. Cr ie PS og oon nick cake ec acdvensseccecneeseeuseen Soveiy, Tesonans 5. Clee Tees; Minors 1), on ccc cc ck ccc cic ccc ccc ccc ccccccces SILBER, Jacques. Inequality Decomposition by Income Source: A Note SiRMANS, C. F. (See CoLWELL, PETER F.) SLoTTJE, DANIEL J. (See BALKE, NATHAN S.) Sourres, DALE. (See SEGERSON, KATHLEEN) STAHLECKER, PETER, AND GOTz TRENKLER. Some Further Results on the Use of Proxy Variables in Prediction 798 THE REVIEW OF ECONOMICS AND STATISTICS Stotsky, JANET G. (See Moon, CHOON-GEOL) Sunuien, Commran. (Ser Garcon, Breve Tg nck hk Ss ows hee oho Saye TANIZAKI, HisAsHI. Kalman Filter Model with Qualitative Dependent Variables Tay.or, MarK P. (See PHYLAKTIS, KATE) TaAyYLor, MarK P. Modeling the Demand for U.K. Broad Money, 1871-1913 Tavton, Lecwe DD: (Sor Ram, Cai Bd oo oc de sk he ee heeds FESR en kw es TENORIO, RAFAEL. Revenue Equivalence and Bidding Behavior in a Multi-unit Auction Mar- ket: An Empirical Analysis TERRELL, KATHERINE. Technical Change and Factor Bias in Polish Industry (1962-1983) TIETENBERG, Tom. (See NELSON, RANDY A.) TOLEDO, WILFREDO, AND MILTON H. Marouts. Capital Allocative Disturbances and Economic Fluctuations TreEYz, GEorRGE I., DAN S. RICKMAN, GARY L. HuNT, AND MICHAEL J. GREENWOOD. The Dynamics of U.S. Internal Migration VAN NorRDEN, SIMON, AND HUNTLEY SCHALLER. The Predictability of Stock Market Regime: Evidence from the Toronto Stock Exchange VAN OpHem, Hans. A Modified Switching Regression Model for Earnings Differentials between the Public and Private Sectors in the Netherlands VAN WIJNBERGEN, SWEDER. (See ARSLAN, ISMAIL) Voripis, HERCULES. Ceilings on Interest Rates and Investment: The Example of Greece WALLACE, My _es S., AND JOHN T. WARNER. The Fisher Effect and the Term Structure of Interest Rates: Test of Cointegration WANG, Pina. (See RoGErs, JOHN H.) WARNER, JOHN T. (See WALLACE, MyYLEs S.) WOHLGENANT, MICHAEL K. (See BRESTER, GARY W.) WoLFE, BARBARA. (See AN, CHONG-BuM) WoL_tTERS, JURGEN. (See KIRCHGASSNER, GEBHARD) WozniAk, GREGORY D. Joint Information Acquisition and New Technology Adoption: Late versus Early Adoption YAISAWARNG, SUTHATHIP. (See FARE, ROLF) YING, JOHN S., AND RICHARD T. SHIN. Costly Gains to Breaking Up: LECs and the Baby Bells. . TITLES Are Adjustment Costs for Labor Asymmetric? An Econometric Test on Panel Data for Italy. By Fidel Jaramillo, Fabio Schiantarelli, and Alessandro Sembenelli Asymmetries and Rigidities in Wage Adjustments by Firms. By Harry J. Holzer and Edward B. Montgomery Bilateral Trade Flows, the Gravity Equation, and Functional Form. By Marcos Sanso, Rogelio Cuairan, and Fernando Sanz The Business Cycle and Entry into Early American Banking. By Howard Bodenhorn Capacity Utilization under Regulatory Constraints. By Kathleen Segerson and Dale Squires. . . . Capital Allocative Disturbances and Economic Fluctuations. By Wilfredo Toledo and Milton H. Marquis CONTENTS FOR VOLUME LXXV Catch a Wave: The Time Series Behavior of Mergers. By Devra L. Golbe and Lawrence J. Category versus Continuous Survey Responses in Economic Modelling: Monte Carlo and Empirical Evidence. By L. F. Dunn Ceilings on Interest Rates and Investment: The Example of Greece. By Hercules Voridis A Comment on Zoning, Returns to Scale and the Value of Undeveloped Land. By Peter F. Colwell and C. F. Sirmans Consumer Expenditures and Inequality: An Analysis Based on Decomposition of the Gini Coefficient. By Thesia I. Garner Consumption and Fractional Differencing: Old and New Anomalies. By Joseph G. Haubrich , , . Cooperative versus Noncooperative Behavior: The Case of Agricultural Research. By Jyoti Correcting for Measurement Error in Food Demand Estimation. By Gary W. Brester and Michael K. Wohlgenant Costly Gains to Breaking Up: LECs and the Baby Bells. By John S. Ying and Richard T. Shin . . The Demand for Commodity Packages: The Case of Telephone Custom Calling Features. By Donald J. Kridel and Lester D. Taylor The Demand for Good Government. By Michael L. Davis and Kathy Hayes Derivation of Shadow Prices for Undesirable Outputs: A Distance Function Approach. By Rolf Fare, Shawna Grosskopf, C. A. Knox Lovell, and Suthathip Yaisawarng Differential Environmental Regulation: Effects on Electric Utility Capital Turnover and Emis- sions. By Randy A. Nelson, Tom Tietenberg, and Michael R. Donihue Does Exchange Rate Volatility Depress Trade Flows? Evidence from Error-Correction Models. By Abdur R. Chowdhury Does Household Consumption Behave as a Martingale? A Test for Rural South India. By Alok Bhargava and Martin Ravallion Does the DM Dominate the Euro Market? An Empirical Investigation. By Gebhard Kirchgassner and Jiirgen Wolters The Dynamics of U.S. Internal Migration. By George I. Treyz, Dan S. Rickman, Gary L. Hunt, and Michael J. Greenwood The Effects of Colleges and Universities on Local Labor Markets. By Patricia Beeson and Edward B. Montgomery Effects of Transitory Consumption and Temporal Aggregation on the Permanent Income Hypothesis. By Luigi Ermini Efficiency in Social versus Private Agricultural Production: The Case of Yugoslavia. By Richard A. Hofler and James E. Payne Efficient Estimation of the Costs of Rent Controls: A Comment. By Choon-Geol Moon and Janet Stotsky Encompassing the Forecasts of U.S. Trade Balance Models. By Neil R. Ericsson and Jaime Marquez Entry by Foreign Firms in the United States under Exchange Rate Uncertainty. By José Manuel Estimating Automotive Elasticities from Segment Elasticities and First Choice /Second Choice Data. By Robert F. Bordley Estimating the Costs of Partial-Coverage Rent Controls: A Stochastic Frontier Approach. By Steven B. Caudill Estimation of Dynamic Nonlinear Rational Expectations Models of Primary Commodity Mar- kets with Private and Government Stockholding. By Mario J. Miranda and Joseph W. Glauber Ex-Dividend Day Share Price Behavior: Effects of the Tax Reform Act of 1986. By Douglas J. Lamdin and Craig Hiemstra mm THE REVIEW OF ECONOMICS AND STATISTICS Exchange Rates and Investment in United States Industry. By Linda S. Goldberg ........... Export Incentives, Exchange Rate Policy and Export Growth in Turkey. By Ismail Arslan and ne NINE. os. o-4 sc | atest Saveg Se ey Nan nario Rwy oe Financial Deregulation and Consumption in the United Kingdom. By Tamin Bayoumi........ Financial Innovation and Money Demand: Application to Chile and Mexico. By Patricio Arrau Re INN <i6 . Sx a.wieo &4'6 4aok esoat oe ras oo ee Firm Efficiency and the Regulatory Closure of S & Ls: An Empirical Investigation. By A. Sinan Cebenoyan, Elizabeth S. Cooperman, and Charles A. Register ...................005 The Fisher Effect and the Term Structure of Interest Rates: Tests of Cointegration. By Myles S. bce bi cr ecsctnsmreah ei citarpoec na n EERE OPP ee PO eee Foreign Aid and the Question of Fungibility. By Howard Pack and Janet Rothenberg Pack. ... . Free Agency, Long-term Contracts and Compensation in Major League Baseball: Estimates ae Te ny RE OE oa. ics ee eho es eae ees es Functional Form in Regression Models of Tobin g. By Barry T. Hirsch and Terry G. Seaks . . Gas Wars: Retail Gasoline Price Fluctuations. By Rick Castanias and Herb Johnson The Impact of Industrial Policy on Japan’s Trade Specialization. By Marcus Noland ......... The Impact of Real Rents and Wages on Household Formation. By Donald R. Haurin, Patric Si, Biemdocsbott, and Dongwook Mim... oo ic ons ds wo cen wes enbcsueevasseuedse s Import Competition and Wages: The Role of the Nontradable Goods Sector. By David E. oe BS 66 4.08 8S 0.80 0.) © 86 Ee 286. 08 OO oR SOS RIES EOS Le Ole 6 ee Bee we CRS ee ee ee ae Oe Industrial Shifts, Skills Levels and the Labor Market for White and Black Males. By John NIN, 5 5 54 race eg ae een ee eae Inequality Decomposition by Income Source: A Note. By Jacques Silber Inflationary Expectations and Price Setting Behavior. By Ray C. Fair .................... Informational Content in Interest Rate Term Structures. By Robert O. Edmister and Dilip B. coe canst EE CE CCT E CORTE OE ON a ee en Re Insignificant and Inconsequential Hysteresis: The Case of U.S. Bilateral Trade. By David C. sors jhasesntieoscs.s spurussituatea EERE LOTT TOT TE PET ET Oe ee Institutional Responses to Increased External Support for Graduate Students. By Ronald G. Ehrenberg; Daniel I. Rees; and Dominic J. Brewer: ... 2. co... so oc Oho hes ha eek ees Joint Information Acquisition and New Technology Adoption: Late versus Early Adoption. By RINNE Soi oxi oes Seawatem eBO AIrEEE hols oe Kalman Filter Model with Qualitative Dependent Variables. By Hisashi Tanizaki ........... | Life-Cycle and Altruistic Theories of Saving with Lifetime Uncertainty. By Michael Kuehlwein, . | Lifetime and Annual Marginal Costs of Redistribution in England, Sweden, and the United | ey CU IININ, xn s ike 4 ie 9 Ww Re eee a Beda ee eee ele, | Liquidity Constraints: A Cross-Section Analysis of the Housing Purchase Behavior of Japanese nes cacpnninptacibicos simames seisstiussst TTR TTT ee ee en eee Localized Market Power in the U.S. Airline Industry. By William N. Evans and Ioannis N. IE, 6 6 ie oe ng & bk KK Soo Dw Ra, Eb OR aie ee er ee 2 Locally Optimal Testing When a Nuisance Parameter Is Present Only Under the Alternative. By Mamewel T. Ting and Thomas S: TRY. woos ik clk cee ek canc ese vaavuas Long-run Purchasing Power Parity: Is It for Real? Ronald MacDonald ................... Market Structure and Cyclical Fluctuations in U.S. Manufacturing: Comment. By David R. eo snapst a gear sino ares caeaee TEEre Py ee re Market Structure and Cyclical Fluctuations in U.S. Manufacturing: Reply. By lan Domowitz, i, Speen Seen, an oe CPM. ow sk ce Nc eek owl de dha hens bed A Modified Switching Regression Model for Earnings Differentials between the Public and Private Sectors in the Netherlands. By Hans van Ophem ..................00c0ecee Modeling the Demand for U.K. Broad Money, 1871-1913. By Mark P. Taylor.............. Money Demand, the Cagan Model and the Inflation Tax: Some Latin American Evidence. By Kate Phylaktis and Mark P. Taylor CONTENTS FOR VOLUME LXXV Money Demand and Income Distribution: Evidence from Annual Data. By James Peery Cover and Donald L. Hooks ee ee ee ee ee ae ee ee a ae a a ee a a oe a en A Monte Carlo Comparison of Time Varying Parameter and Multiprocess Mixture Models in the Presence of Structural Shifts and Outliers. By James A. Gamble and James P. LeSage . . Multivariate Cointegration Analysis and the Long-run Validity of PPP. By Peter Kugler and I i Sete Ce ea ings Uinta ag a ek ae ree I aly San oe de aii's Bers Okun’s Law: Theoretical Foundations and Revised Estimates. By Martin F. J. Prachowny ..... The Outputs of Retail Activities: Concepts, Measurement and Evidence from U.S. Census Data. By Roger R. Betancourt and David A. Gautschi20.,2.... 2..0.0.0. .cc .ece. e.ee .ee s The Predictability of Stock Market Regime: Evidence from the Toronto Stock Exchange. By Simon van Norden and Huntley Schaller... 0.0... ccc ccc ccc cece eceeee The Probability of Being President. By W. Mark Crain, Harold Messenheimer, and Robert D. 5 ees casa TEE EEE er, ey Te ee ee Cnn hea as tee Poverty and Change in the Macroeconomy: A Dynamic Macroeconometric Model. By Nathan S. ee re II sg Sos a ae tire ath ate yeh wags baw k Geeks. dé Price and Output Adjustment in a Model with Inventories: Econometric Evidence from Categorical Survey Data. By James McIntosh, Fabio Schiantarelli, Jon Breslaw, and William Prices and Productivity in Agriculture. By Lilyan E. Fulginiti and Richard K. Perrin Private Sector Training and Graduate Earnings. By Alison L. Booth,.................... Rational and Adaptive Expectations in the Present Value Model of Hyperinflation. By Hamid Beladi, Munir A. S. Choudhury, and Amar K. Parai,.......0..0 c.c .ee.ee.ec.ee.us Reputation, Voluntary Mobility and Wages. By Kristen Keith.....................00005 The Response of Industrial Customers to Electric Rates Based Upon Dynamic Marginal Costs. By Joseph A. Herriges, S. Mostafa Baladi, Douglas W. 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