Showing papers in "PSL Quarterly Review in 1979"
TL;DR: This paper reviewed recent changes in trade in manufactured goods between developed and developing countries and examined the employment effects of this trade for the former group of countries and showed that the developing countries have assumed increased importance as markets for developed country exporters and that these trends are expected to continue in the future.
Abstract: The paper reviews recent changes in trade in manufactured goods between developed and developing countries and examines the employment effects of this trade for the former group of countries. It is shown that the developing countries have assumed increased importance as markets for developed country exporters and that these trends are expected to continue in the future. At the same time, the net employment effects of the projected expansion of trade for the developed countries would be practically nil and employment changes in their import-competing industries would be small as compared to total employment in those industries. Simultaneously, the developed countries would derive benefits through a shift from low-skill to high-skill occupations, the exchange of physical and human capital for unskilled labor, and technological change.
46 citations
TL;DR: In this article, the authors analyse developments in labour productivity over the past century, and examine the factors which explain variations in its pace of growth, in four main phases, 1970-1913, 1913-1950, 1950-1970 and the 1970s.
Abstract: The paper analyses developments in labour productivity over the past century, and examines the factors which explain variations in its pace of growth. Four main phases are distinguished, 1970-1913, 1913-1950, 1950-1970 and the 1970s. The major concern is to explain why the postwar record has been so brilliant by historical standards, and why performance has slackened in the 1970s.
34 citations
TL;DR: The first in a series of recollections by distinguished economists commissioned by the Banca Nazionale del Lavoro Quarterly Review as mentioned in this paper is the first in the series of interviews with John Hicks.
Abstract: This is the first in a series of recollections by distinguished economists commissioned by the Banca Nazionale del Lavoro Quarterly Review. In it John Hicks reflects on his life, career and intellectual development.
29 citations
TL;DR: In recent years, a growing number of western European countries have adopted the practice of setting growth targets for the money supply and/or other monetary aggregates as mentioned in this paper, which has implied a shift away from reliance upon interest rate objectives as an intermediate target of policy.
Abstract: In recent years a growing number of western European countries have adopted the practice of setting growth targets for the money supply and/or other monetary aggregates. For these countries, of course, the new approach has implied a shift away from reliance upon interest rate objectives as an intermediate target of policy. What is the story lying behind the spreading use of this technique? Have central banks suddenly become converted to the precepts of “monetarism”? Or is it a case of reverse causation — a pragmatic response to the changing economic environment, or what Milton Friedman recently alluded to as the doctrinal influence of “brute experience”?
5 citations
TL;DR: In this article, the authors identify current and future changes in the international banking system, and consider the effect of these changes on regulation and on banking stability, and propose four actions for bank regulators in order to prepare for the coming landscape in which technology and banking sophistication will allow many new entrants into the field of wholesale banking.
Abstract: The work identifies current and future changes in the international banking system, and considers the effect of these changes on regulation and on banking stability. In order to provide the proper context for the discussion, the authors begin with a review of certain salient events and changes of the 1970s, analysing the processes that have been set in motion and lessons to be learned. Several hypotheses about the future of international banking with regards to general trends and new directions are then offered. Four possible events of the 1980s and their ramifications for the banking system are then considered. Finally, the authors propose four actions for bank regulators in order to prepare for the coming landscape in which technology and banking sophistication will allow many new entrants into the field of wholesale banking.
4 citations
TL;DR: In this paper, the authors examined a number of simulations based on various econometric models that link two or more sub-models of individual countries and evaluated the contribution that they have made to understanding the international economy.
Abstract: As part of a previous study, the authors examined a number of simulations based on various econometric models that link two or more sub-models of individual countries. However, the models did not reach consensus in their attempts to quantify economic interdependence and therefore no firm conclusions could be drawn. In the present work, the authors take a further look at some of these simulation results, with the objective of evaluating the contribution that they have made to understanding the international economy. Specifically, the linked simulation results are compared with a set of very simple calculations made of the international transmission effects of fiscal policy.
4 citations
TL;DR: In a previous paper as discussed by the authors, the effects that taxes in general and income taxes in particular might have on an individual's choice between holding money and holding other assets was called to attention, and empirical study was performed how this choice could be expected to be affected when an income tax was introduced or was changed.
Abstract: In a previous paper by the author, the effects that taxes in general and income taxes in particular might have on an individual’s choice between holding money and holding other assets was called to attention. An empirical study was thus performed how this choice could be expected to be affected when an income tax was introduced or was changed. Milton Friedman, while agreeing with the basic hypothesis, later raised serious and justifiable questions about the empirical part of the paper. The present paper, therefore, takes account of Friedman’s objections and subjects the earlier hypothesis to a somewhat more rigorous empirical test.
3 citations
Journal Article•
TL;DR: In this article, the authors examined the situation of the main components of the public sector in Italy, with special reference to the causes which have determined it, including public sector structure, the state budget, social security, healthcare, public enterprises and local finance authorities.
Abstract: Among the causes of the crisis in the Italian economy in recent years, the structural imbalance of public finance bears a heavy responsibility. Indeed, the state of public finances was already a cause for considerable concern at the beginning of the 1970s. The present work examines the situation of the main components of the public sector in Italy, with special reference to the causes which have determined it. Among the topics considered are the public sector structure, the state budget, social security, healthcare, public enterprises and local finance authorities.
2 citations
TL;DR: In this article, the authors proposed a recycling mechanism which would be complementary with regard to those already in existence and those foreseeable for the future, such as SDR and ECU substitution accounts.
Abstract: In the aftermath of the oil crisis the greater part of OPEC surplus funds have been recycled through the American Banking system and the Eurodollar market. The present paper proposes a recycling mechanism which would be complementary with regard to those already in existence and those foreseeable for the future, such as SDR and ECU substitution accounts. According to the authors, such complimentary recycling is consistent with the present portfolio composition of the oil-exporting countries and would also promote faster growth. The recycling mechanisms in force before and after the 1973 crisis are fist compared. An extension of the lifecycle theory of saving is then used to provide a theoretical framework for the proposed recycling mechanism. This is followed by a formalisation of the basic proposal, a discussion of its main implications and conclusions. JEL: F33, F36, F42, Q43
2 citations