Collected Papers

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Harvard University Press, 1973 - Business & Economics - 598 pages
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A pioneer in bringing mathematical methads into everyday use in economics, Lloyd A. Metzler is well known for his adroit use of formal tools and exceptionally readable prose style which have provided a generation of economists with clear solutions to difficult analytical problems. The papers collected in this volume, including four previously unpublished, retain a freshness and clarity that is readily recognized by today's students of economics.

Over the years Mr. Metzler's contributions to economic theory have ranged widely over the fields of international economics, macroeconomic theory, business fluctuations, and the mathematical theory of general equilibrium. Most notably, he carries Lord Keynes's theories further, working out the essential properties of the foreign-trade multiplier. His discussions of tariff repercussions, capital transfers, and stability conditions in the foreign-exchange market are of vital importance to today's dramatic efforts to achieve economic stability throughout the world.

Collected Papers, enhanced by many tables and figures and clearly indicative of the author's far-reaching economic mind, is organized into four sections: The Theory of International Trade; Money, Interest, and Prices; Business Cycles and Economic Fluctuations; and Mathematical Economics and Statistics. Two of the articles in this volume were part of the author's doctoral thesis which was awarded the David A. Wells Prize at Harvard University.

 

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Contents

The Theory of International Trade
1
The Transfer Problem Reconsidered
50
Imported Raw Materials the Transfer Problem and the Concepts of Income
70
Flexible Exchange Rates the Transfer Problem and the BalancedBudget Theorem
95
Exchange Rates and the International Monetary Fund
112
Tariffs the Terms of Trade and the Distribution of National Income
159
Tariffs International Demand and Domestic Prices
198
A Keynesian View
209
The Rate of Interest and the Marginal Product of Capital
363
Business Cycles and Economic Fluctuations
391
The Nature and Stability of Inventory Cycles
393
Partial Adjustment and the Stability of Inventory Cycles
428
Factors Governing the Length of Inventory Cycles
440
Three Lags in the Circular Flow of Income
465
Business Cycles and the Theory of Employment
482
Mathematical Economics and Statistics
497

Grahams Theory of International Values
234
Underemployment Equilibrium in International Trade
258
Flexible Exchange Rates and the Theory of Employment
275
Money Interest and Prices
309
Wealth Saving and the Rate of Interest
311
The Structure of Taxes OpenMarket Operations and the Rate of Interest
345
The Hicks Conditions
499
A MultipleRegion Theory of Income and Trade
516
A MultipleCountry Theory of Income Transfers
545
Taxes and Subsidies in Leontiefs InputOutput Model
568
The Assumptions Implied in LeastSquares Demand Techniques
575
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About the author (1973)

Lloyd A. Metzler served as consultant to many branches of the U.S. government, including the Federal Reserve System and the Treasury Department. He was Professor of Economics at the University of Chicago.

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