1985

8508

Money: Mengers's Evolutionary Theory
Gerald P. O'Driscoll, Jr.

8507

The Market Value of Government of Canada Debt; Monthly, 1937–84
W. Michael Cox and Joseph Haslag
Published as: Cox, W. Michael and Joseph Haslag (1986), "The Market Value of Government of Canada Debt; Monthly, 1937–84," The Canadian Journal of Economics 19 (3): 469-497.
Abstract: Monthly market value statistics Canada debt are reported for the 1937-1984. In addition, two series on privately-he1d government of Canada debt are report, as well as security-price indices for two Federal debt aggregates. Finally, a historical comparison is made of public debt in Canada and the United States over the 1942-1984 period.

8506

Fluctuations in U.S. Voting Behavior: Evidence from Presidential Elections
Richard C. K. Burdekin
Published as: Burdekin, Richard C.K. (1988), "Economic Performance and the Determination of Presidential Elections in the U.S.," The American Economist 32 (2): 71-75.
Abstract: The relationship between economic conditions and voting behavior is evaluated in the context of U.S. presidential elections, 1916-1984. The approach represents a reapplication of the model employed by Gerald Kramer (1971) in an earlier study of congressional elections. A critique of the Kramer model by George Stigler (1973) is reconsidered in this different context, with application of a Chow test and analysis of the predictive errors in fact providing strong support for Kramer's basic model. The systematic explanatory power that is evidenced opposes Stigler's claim that the framework lacks robustness.

8505

The Fairness of Discounting: A Majority Rule Approach
S. P. A. Brown
Published as: Brown, S.P.A. (1987), "The Fairness of Discounting: A Majority Rule Approach," Public Choice 55 (3): 215-226.
Abstract: A model of majority rule is developed in which each of a finite number of generations votes on a redistribution of income between itself and the other generations. In voting, each generation expresses tastes for its own income and for the distribution of income across generations. The model is then used to derive the conditions under which discounting is justified — namely those conditions for which the majority rule exhibits a positive marginal rate of time preference. It is demonstrated that when each generation is wealthier than those preceding it, the parameters representing the taste for income equality must be relatively high for the majority rule to exhibit a positive marginal rate of time preference.

8504

Specific Training. Unions, and the Relationship Between Employer Size and Wages
James E. Pearce
Abstract: In this paper I demonstrate that the explanatory power of employer size variables in nonunion wage regressions is diminished by allowing the coefficient of tenure (years on current job) to vary with employer size. Among nonunion workers, average tenure and the coefficient of tenure increase with both firm size and plant size. This pattern is consistent with the hypothesis that investment in specific human capital accounts for much of the previously unexplained relationship between employer size and nonunion wages . The relationships between compensation tenure, and employer size are different for union workers. Employer size is less important generally, and the importance of plant size is especially low. Also, the data are more consistent with the specific human capital model when union compensation is measured by annual income rather than the hourly wage.

8503

Prices vs. Quantities in Cartel Theory with Special Reference to OPEC
John K. Hill and Ronald H. Schmidt

8502

Immigrant Decisions Concerning Length of Stay and Frequency of Visit
John K. Hill
Published as: Hill, John K. (1987), "Immigrant Decisions Concerning Length of Stay and Frequency of Visit," Journal of Development Economics 25 (1): 221-234.
Abstract: The temporary and repetitive character of contemporary labor migration is explained by assuming that immigrants have a preference for location. A life-cycle model of immigrant behavior is developed to determine net lifetime income, total time allocated to home-country and foreign-country residence, and the number of migratory trips. Because of income effects, home wages and foreign wages are not symmetric in their effect on the location of work effort. It is also shown that changes in travelling costs have predictable consequences for the number of border crossings, but not for the total time spent in the foreign labor market.

8501

The Behavior of Treasury Securities Monthly, 1942–1984
W. Michael Cox
Published as: Cox, W. Michael (1985), "The Behavior of Treasury Securities Monthly, 1942–1984," Journal of Monetary Economics 16 (2): 227-250.
Abstract: The monthly market value statistics on outstanding United States Treasury debt are reported for the 1981–1984 period. In addition, a monthly series on privately held gross Federal debt is reported for the extended 1942–1984 period, together with monthly security-price indices for various Federal debt aggregates. Examination of the stochastic structure of T-bill prices indicates that the riskiness of T-bills has increased dramatically in recent years.