-·,;· .

THE AUSTRALIAN NATIONAL UNIVERSITY • r

RESEARCH SCHOOL OP SOCIAL SCIENCES

DEPARTMENT OF ECONOMICS

STAFF

Professor T.N. Swan

Professor F.H. Gruen

Dr. J. {11. Freebairn

Dr. R.G. Gregory

Dr. A. R. Hall

Dr. P.J. Hammond

Mr. B.D. Haig

Dr. t-J. Kasper

Dr. A.r.{ .K. Siddique

Dr. G.A. Hithers

yisiting Fellows

Professor C.L. Barber (until June)

Professor E. Burmeister (until Hay)

Professor G.S.L. Tucker

ANNUAL RI:PORT 1975

Professor of Economics and Head of Department

Professor of Economics

Research Fellow

Senior Fellow

Professorial Fellow

Research .Fellow (until Se~tember)

Senipr .Fellow

Senior Research Fellow

Research Fellow (until August)

Research Fellow

DepartMent of Economics, University of nanitoba Pinnipeg, Canada.

Department of Economics University of Pennsylvania Philadelphia, Penn. USA.

Department of Economic History School of General Studies Australian National University.

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49/1976

B.Ec. Syd •.

B.A. Melb., B.Com. r~elb.,

11.S. Triisconsin M.A. Chicago.

M.Ag.Ec. UNE, Ph.D. Davis, USA.

B.Com. Melb., Ph.D. London.

B.Ec. Syd., Ph.D. Lohdon.

M.A. ,Ph.D. Cantab.

M. Com. Helb ••

Dipl.:Volksw., Saarbrucken, Ph.D. Kiel, West Germany.

B.A. ,M.A. Dacca, M.A. (Dev .Ee.) "lilliams, M.Phil.,Ph.D. Yale.

B.Ec. Monash, A.M. ,Ph.D. Harvard.

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The formal descri~tion.: Si the O'epa-rbnenf'.s ~ ~ro·rk~ :1),;:;_ given in

the University Calendar, is _ .a .~ _follo~s:

Research is in several areas of political economy, including structures of pri'ces, costs,and activities; innovative and adaptive economic processes ; international trade and finance ; industrial 'organization and technology;

economic policies, institutions and instruments. Statistical and other empirical work refers for the most

p~rt to the Australian e~?n?my.

This description, however, does not adequately reflect the extent to

which most members of the Department have been involved in recent years,

particular],~/ .in 1975, in operation's concerned with the urgeht problems

of the. Aust.ralian economy and its management. . :

Professor Gruen continued his part ·time advisory work in the

Depa~tment of the Prime Minister and Cabinet, and Dr. Gregory until

September continued (on leave) to occupy the post of First Assistant

Commissioner, Industries Assistance CoT!IInission. Several other members

of the Department took a less formal but active part in research and

advic~ in areas of economic policy and in offici~l enquiries. Included

in these categories were contributions to fiscal and monetary policy and

to the Royal Commission on Australian Government Administration. • • • # • •

'

This type of work, althouc;rh it hel:->s greatly in the reconciliation

of academic pursuits with realism and relevance, is inevitably less than

fully represented in any list of publications.

An important development was the organization by Dr. Kasper of a

conference of nineteen experts from Australian universities, banks and

government departments to discuss international experiences with exchange

rate policy, and to evaluate consequences for Australian policy-making.

The Depart..~ent thanks the Reserve Bank of ~ustralia for generous help in

financing the cost. In this case the proceedin0s will be published early

in 1976 in a volume entitled International 11.oney - Experi.nents and

Experiences. . t:

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Duri~g the year Dr. Siddique left the Department to join the research

staff . of the International 11onetary Fund. Dr. Earrouond returned to the

University of Essex to become Joint !1anaging Editor of the Review of

Ec6nomic Studies. Hr. Haig was engaged for several months on field work

iri London and 'Washinc;ton D.C. in connection \•1ith models of the i=>rocess of

inflation in the Australian and United Kingdom economies.

Professor Swan was .:inpointed to the Board of the Reserve I3ank of

Australia. In this position he succeeds a former Vice Chancellor of

this University, Sir Leslie !'ielville; his ap9ointment maintains a long

tradition of association of academic economists with the central bank,

beginning with Professor L.F. Giblin in 1935.

The Department was fortunate to have with it in the course of the

year three distinguished visitors - Professor Darber of the University of

Manitoba, Professor Burmeister of the University of Pennsylvania and

Professor Tucker of the School of General Stucies , Australian National

University.

Professor Eurmeister' s visit \'1as a joint venture with the Department

of Economics, Schoul of General Studies , Australian National University.

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PUBLICATIONS

Burmeister, E. and S.J. Turnovsky .Expectations in Continuous Paper No.25, Department of 42pp.

49/1976

"The Specification of Adaptive Time Dynamic .Models", Workihc;J Economics, RSSS, ANU. Feb. 1975.

Burmeister E. and Ngo Van Long "On Some Unresolved Questions in Capital Theory: An Application of Samuelson's Correspondence Principle", r,Jorking Paper No. 26, Department of Economics, RSSS, ANU. April 197 5. 52pp.

Brock, r·J.A. t and E. Burmeister "Regular Economies and Conditions for Uniqueness of Steady States in Optii".".al Mlilti ·Sector Economic Models", Horkinq Paper i'.~o. 27, Department of Economics, RSSS, ANU. April 1975. 23pp.

Burmeister, E., J. Jackson·[· and S.A. Rosst "The Evaluation o~ Simple and Optimal Decision Rules with Misspecified Welfare Functions", Forking Paper No.28, Department of Economics . RSSS, ANU. April 1975. 26pp.

Burmeister, E. "Saddlepoint Stability and a Regular Economy : An Example", tvorking Paper No.29, Department of Economics, RSSS, ANU. Kay 1975. 25pp.

Burmeister, E. "The Factor-Price Frontier and Duality with Many Primary Factors", trorking Paper No.30, Department of Economics, RSSS, ANU.

June 1975. .9pp.

Burmeister, E. "Critical Observations on the Labour Theory of Value", ~·Jerking Paper l· o. 31, Department of Bconomics, RSSS, ANU. June 1975. 20pp.

Freebairn, J.N. and G.R. Raussert "Stochastic Control Theory and Economic Policy ~ An Application" , Australian Economic Paper~ Vol.14, December 1975. pp.216-230.

Gregory R.G. and P.J. Sheehan-l- "Hidden and Other Measures of Unemployment in Australia 1964-1972''. In : J. R. Niland and J.E. Isaac (eds.) Australian Labour Economics Reading~ (Sun Books, Melbourne 1975), pp.549 -584.

Gregory R.G. and D.t·J. Jamest 'Do i~ew Factories Embody Best Practice Technology? A Reply", Economic Journal , June 1975. pp.383-387.

Gruen, F.H. "The 25% Tariff Cut: {·!as it a Mistake?" ; The Australian 0uarterly, June 1975. np.7 20.

Haig, B.D. "An Analysis of Changes in the Distribution of Employment Between the Manufacturing and Service Industries 1960-1970·', '.l'he Review of Economics and Statistics_, Vol.LVII, No.l, Feb. 1975, pp. 35·· 42.

Haig, B.D. "Do New Factories Erobody Eest Practice Technology? - A Comment·• , Economic Journa} , ,June 1975. pp.378 - 382.

Haig, D.D. "Manufacturincr Output and Productivity 1910 to 1948/49 '. , Australian Economic History Revie~ - ' Vol. XV:2, Sept. 1975.

49/1976 -4-

Haig, B~D. and M. P. Woodt "A Dynamic Model for Analysing Price Changes", Proceedings of the 6th Interr:iational Conference on Input-Output Techniques (Balinger Publishing Co., Cambridge, Mass., USA). December 1975.

Hall, A. R. ; .' '· The Role of the Commission in ~'7ages Determination '· , In: J.R. Niland and J . E. Isaac (eds.) Australian Labour ~conomics :

Readings_ :(Sun Books, Melbourne 1975) . pp. 378 ·388.

Hall, A.R. "Wage Indexation Revisted'" , Australian Pinancial Review, 15 August 1975. pp.2-3

Hall, · A.R. "The Case for a Cut in Interest Rates ·' , Australian Financial ~eview, 9 December 1975. pp.2 ·3.

Hall, A.R. · Of Baby Booms and Marriage Slumps '', Economic Record , · : ·rnec. 1975.

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Hammond P .J. "The Core and Equilibrium Through the Looking-·Glass", Discussion Paper No.70, Department of Economics, University of Essex, October 1975 , pp.13.

Hawkins, R.G. "The Demand for Electricity: A Cross ·Section Study of New South i·Jales and the Australian Capital Territory" , The Economic

· ~ecord, Vol.51, March 1975. pp . l · 18.

Kasper, t·J. "The Exc~1ange Rate - A 'New' Instrument of Economic Policy" , Australian Economic Review, No.4 , 1975. pp.17-28.

·Kasper, H. "Formation and Coordination of Economic Policy - Possible Models for Australia" . Australian Government Publishing Service, Canberra 1975.

Kasper, W. "A ~Gw :=t:rategy for Malaysia's Economic Development in the 1970s?". In : D.Lim (ed.) Readings in Malaysian Economics (Oxford University Press, London Kuala Lumpur 1975).

Kasper , ~·1. "An Exchange Rate Policy to Protect Price Level Stability". In: D.Lim (ed.) Readings in Malaysian Economics (Oxford University Press, London Kuala·Lumpur 1975).

Tucker, · G . S . L. !fistory,

"The Old Poor Law Revisited ' , Explorations in Economic Vol.12, 1975. pp.233 - 252 .

t to.;: t a member of this University.

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