Unique value-maximizing programs of irreversible capacity investment and capacity utilization are described and shown to exist under general conditions for monopolist exhibiting capital adjustment costs and serving random consumer demand for a nondurable good over an infinite horizon. Stationary...

Manufacturing employment in the United States has tended to fall since 1979. Geographically, the Northeast and Mideast regions have incurred the brunt of this decline and, except in the Southwest region, urban countries have tended to fare worse than rural countries. Meanwhile, foreign-owned...

This paper explores two issues that have received limited attention in the exchange rate pass-through literature. First, are the pass-through estimates sensitive to the choice of the exchange rate index? Second, are pass-through estimates asymmetric with respect to the sign of exchange rate...

In the 1960s and 1970s international trade was increasingly important for employment and economic growth at the state level; however, scholarly research on the numerous issues concerning international trade and state economic activity is negligible. The present research uses a...