Macroeconomics, Prices, and Quantities: Essays in Memory of Arthur M. Okun

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Brookings Institution Press, 1983 - Business & Economics - 305 pages
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Contents

Joseph A Pechman and Julie A Carr
1
Tables Martin Neil Baily
2
Robert J Gordon
6
Competition in Imperfect Markets
8
Macroeconomic Theories 75
15
Martin Neil Baily
21
Hourly Earnings and Weekly Hours 192045
23
Average Annual Growth of Nominal and Real Wages 192041
24
Dynamic Responses of Liability and Asset Ratios
172
Money Credit Income and Prices
174
Estimation Results for Systems Including Either Money or Credit
177
Estimation Results for System Including Both Money and Credit
178
The Market for Money and the Market for Credit
180
Estimation Results for System Including Money and an Interest Rate
183
Correlations between Credit and Interest Rate Innovations
185
Implications for Monetary Policy 756
186

Labor Turnover in Manufacturing 192045
29
Indexes of Output and Productivity 192045
33
The Fall in Aggregate Demand
34
Total Unemployed and Recipients of Income Support Selected Years 192940
40
Contract Theory and the Early 1930s
43
Wages and the Persistence of Unemployment
49
Total Expenditures on Income Support and Average Annual Earnings Selected Years 192940
51
Average Annual Earnings of FullTime Employees by Sector 193340
52
The Economic Climate in the Middle 1930s
56
John B Taylor
63
Testing for Forwardlooking Wage Setting
73
Comment by George L Perry
79
A Century of Evidence on Wage and Price Stickiness
85
Equations Explaining Annual Changes in Prices Wage Rates and the Real Wage in the United States 18921980
94
Equations Explaining Annual Changes in Prices Wage Rates and the Real Wage in the United Kingdom 18751938
100
Equations Explaining Annual Changes in Prices Wage Rates and the Real Wage in Japan 18921940 and 196180
103
Wages Contracts and the Mystery of the Missing Escalator
106
Conclusion
117
Comment by Steven C Salop
124
Guillermo A Calvo and Edmund S Phelps
135
General Equilibrium
143
The Suggestiveness of the Findings
149
Comment by Sidney G Winter
155
Friedman
161
Comparative Stability Tests for Liability and Asset Aggregates
168
Comment by Robert J Shiller
193
Lawrence H Summers
201
LongTerm Interest Rates and Inflation
211
Trends in Inflation and Interest Rates by Decade 18601979
212
Cyclical Averages of Inflation and Interest Rates 18671975
213
Commercial Paper Yield and Inflation Selected Periods 18601939
218
LongTerm Bond Yields and Inflation Selected Periods 18601939
219
Inflation and Treasury Bill Yields Selected Periods 194880
223
Inflation and the Yield on LongTerm Government Bonds Selected Periods 194879
224
Inflation and Other Determinants of the Interest Rate
225
Inflation and Other Determinants of Interest Rates Selected Periods 192679
226
Inflation and Equity Yields Selected Periods 18711979
229
Real Interest and Equity Returns 195578
230
Conclusions
233
TenYear Estimates of dredgebefore World War II
237
Comment by Franco Modigliani
241
Nordhaus
247
Alternative Paradigms
255
Figures
259
Comment by Stanley Fischer
267
Comment by Larry A Sjaastad
276
Robert A Mundell
285
Comment by Pentti J K Kouri
293
Index
301
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