The concept of stable Phillips curves and their economic implications have been the subject of a series of disputes in recent years. Since Phillips introduced his simple disequilibrium model,empirical research in the field of wage determination has indicated a wide spectrum of explanatory...

The area of corporate taxation has stimulated a great deal of debate in both academic and political circles. On the political side, there have been those who argue that a corporation is only a legalistic creation and should not be regarded as a 'flesh-and-blood' person. This paper shall be...

The problems of seasonal adjustment and other forms of prior adjustment have seldom been integrated into a general framework of estimation. A well-known result, due to Frisch and Waugh, has been used to demonstrate how linear seasonal influences might be treated in the context of the general...

In this paper, an approximation is suggested whereby the alternative C.E.S. form can be fitted as a number of additional corrections to the final expression associated with the Cobb-Douglas form. Some numerical results are tabulated, and these indicate that, for the British Economy at least, the...

As demonstrated in a recent paper, quarterly models of wage determination are highly sensitive, both with respect to parametric estimates and statistical inferences, to the specification of institutional features in the labour market. In the context of these sensitivities, this paper attempts to...

In his A.E.A. Presidential Address, Tobin points out that due to the continuing controversy over the concept of a stable Phillips curve, the institutional features of the labour market have been largely ignored. Hence, the purpose of this paper is twofold: (1) to present an analytical framework...

Economists are frequently compelled to use data which take inappropriate forms. One particular deficiency is discussed in the paper below; namely, the prior adjustment of economic time-series by moving average transformations. This discussion is restricted to regression analyses and data which...

Empirical studies of wage-determination, within the general framework of the Phillips curve and its variants, demonstrate remarkable consistency with respect to two particular specifications. They usually involve explanatory variables in the form of simple fourth-order moving averages and a...

Few econometric analyses dealing with aspects of the British post-war economy were available. In 1968, a study sponsored by the Brookings Institution was compelled to acknowledge the absence of any econometric investigation of the British system of investment incentives. In the following...