Summary Scope and purpose of study, 1.— I. Reserve policies of London Clearing House banks: primary expansion, 2.— Customary reserve ratios, 2.— Coefficients of expansion: commercial banking system, 8.— Individual commercial banks, 10.— II. Reserve policies of the Bank of England: systemic expansion, 16. — Deposit expansion, 17. — Currency and deposit expansion, 27.— III. Coefficients of expansion as guides for banking policy and reform, 35. This content is only available as a PDF. Copyright, 1938–39, by the President and Fellows of Harvard College

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Incidence of Federal Social Security Pay Roll Taxes

Hall, James E.

1938 The Quarterly Journal of Economics

doi: 10.2307/1884106pmid: N/A

Summary I. Introduction, 38.— II. Three conflicting views concerning the incidence of employer excise and employee income taxes, 40.— III. The view that the incidence of pay roll taxes is on profits, 43.— IV. The view that the incidence of pay roll taxes is on the consumers of goods and services of the taxed industries, 53.— V. The view that the incidence of pay roll taxes is on wage rates, 57.— VI. Conclusions: pay roll taxes fall principally on wages in the long run, but a minor part will fall on profits. Interest will not be significantly affected, 61. This content is only available as a PDF. Copyright, 1938–39, by the President and Fellows of Harvard College

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Theory and Practice in Dividend Distribution

Buchanan, Norman S.

1938 The Quarterly Journal of Economics

doi: 10.2307/1884107pmid: N/A

Summary I. Application of marginal principle to dividend distribution, 64.— Case of the small expanding corporation, 68.— The cash position, 69.— II. Statistical investigation of the problem presents many difficulties, 70.— Individual corporations over long period, 71.— Income tax data, 72.— Fraction of net incomes customarily ploughed back, 73.— III. Principles of dividend distribution which appear to have guided corporate directorates: the cash position, 78; fear of illegality, 78; accumulation of surplus against possible future losses, 78; stabilization of dividend rates, 79; special interests of management groups, 81; custom, 83.— IV. Conclusions, 84. 1 I am indebted to Prof. W, L. Crum for helpful criticism of an earlier and somewhat different draft of this paper. This content is only available as a PDF. Copyright, 1938–39, by the President and Fellows of Harvard College

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Protection and the Historical Situation: Australia

Anderson, Karl L.

1938 The Quarterly Journal of Economics

doi: 10.2307/1884108pmid: N/A

Summary I. Alleged special features of Australia's economic position, 87.— II. The argument based on the terms of trade, 89.— The question of elasticity of demand, 92.— III. The influence of diminishing returns in the primary industries, 97.— Average vs. marginal conditions, 99.— The infant industry argument, 100.—IV. Effect of protection on the distribution of the national income, 102.— Conclusions, 104. This content is only available as a PDF. Copyright, 1938–39, by the President and Fellows of Harvard College

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Determination of Reproduction Cost with Index Numbers

Troxel, C. Emery

1938 The Quarterly Journal of Economics

doi: 10.2307/1884109pmid: N/A

Summary I. Use of index numbers by Commissions, 105.— II. Advantages of the method, 107.— III. Suggested method of constructing such indexes, 108.— Legal requirements which must be met, 111.— Practical difficulties, 112.— Indexes must be supplemented, 114.— IV. Prospect of acceptance by the Courts, 115. This content is only available as a PDF. Copyright, 1938–39, by the President and Fellows of Harvard College

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The Propensity to Consume

Gilboy, Elizabeth W.

1938 The Quarterly Journal of Economics

doi: 10.2307/1884110pmid: N/A

Summary I. The Distribution of Income, 121.— II. Statistical Evidence on the Relation between Income and Expenditure: the Brookings study, 123; Lough's study, 124; Zimmerman's findings, 125; the Consumer Purchase data for Chicago, Denver and Providence, 125; for villages in New England and the Middle West, 129; for small cities, 129; for farm operators, 134.— Data for occupational groups, 134.— Kaplan's analysis, 134.— Definition of savings, 135.— Inferences concerning Mr. Keynes' psychological law, 135.— III. The Psychological Basis, 138.— Conclusion, 140. 1 I am indebted to the Harvard University Committee on Research in the Social Science for assistance which has made this paper, one aspect of a general study of income and expenditure, possible. I am also grateful to Prof. W. L. Crum, Prof. W. W. Leontief, and Mr. Grenville Holden for stimulating criticisms and suggestions. This content is only available as a PDF. Copyright, 1938–39, by the President and Fellows of Harvard College

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A Note on Economic Aspects of the Theory of Errors in Time Series

Tintner, Gerhard

1938 The Quarterly Journal of Economics

doi: 10.2307/1884111pmid: N/A

1 Based on a paper read at the meeting of the Econometric Society, Atlantic City, December 1937. The author is much indebted to Professors T. W. Schultz (Iowa State College), G. Stigler (University of Minnesota), H. Hotelling (Columbia University), and C. F. Roos (New York) for their kind help and valuable suggestions. Article PDF first page preview Close This content is only available as a PDF. Copyright, 1938–39, by the President and Fellows of Harvard College

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The Movement of Capital to and from the United States in 1935 and 1936

Jolliffe, M. F.

1938 The Quarterly Journal of Economics

doi: 10.2307/1884112pmid: N/A