Template-Type: ReDIF-Paper 1.0 Author-Name: Jose Encarnacion, Jr. Author-Name-First: Jose, Jr. Author-Name-Last: Encarnacion Author-Workplace-Name: School of Economics, University of the Philippines Diliman Title: Macromodels and Walras' Law Abstract: Using a short-period macromodel with familiar components, this paper reformulates the aggregate demand (AD) function so that in conjunction with an aggregate supply (AS) function, one has an AS/AD framework with the following features: unlike the textbook treatment based on IS-LM where the I = S equilibrium condition is satisfied at every point of the AD curve, I = S only where AS = AD; involuntary unemployment is the typical case; and the money wage is not exogenously given. Walras' Law does not hold in the model. It may hold in other short-period models but only because of special assumptions about AD or AS. Creation-Date: 1994-03 Publication-Status: Published as UPSE Discussion Paper No.1994-01, March 1994 Number: 199401 Handle: RePEc:phs:dpaper:199401 Template-Type: ReDIF-Paper 1.0 Author-Name: Florian A. Alburo Author-Name-First: Florian Author-Name-Last: Alburo Author-Workplace-Name: School of Economics, University of the Philippines Diliman Title: Intra-Industry : The Philippines in AFTA Abstract: The early emphases of ASEAN economic cooperation on country specialization, upstream industries based on resource endowments, and industrial complimentation were misplaced. Much of global trade expansion has been intra-industry trade fueled by multilateral trade liberalization and common market formation, as in Europe. The traditional doctrines of Hecksher-Ohilin-Samuelson has less to do with trade in industrial products. And since ASEAN economic cooperation, and now AFTA, has always concentrated on manufactures, including processed agriculture, then an intra-industry trade framework seems more suited to its analysis and understanding. The paper shows substantial intra-industry trade of the Philippine with ASEAN among the 15 product groups indentified for accelerated liberalization, even in 1991, two years before the start of AFTA. This augurs well for larger prospects. The paper argues for specific ways and broad policy directions to capture more gains from AFTA. Creation-Date: 1994-04 Publication-Status: Published as UPSE Discussion Paper No.1994-02, April 1994 Number: 199402 Handle: RePEc:phs:dpaper:199402 Template-Type: ReDIF-Paper 1.0 Author-Name: Nimai M. Mehta Author-Name-First: Nimai Author-Name-Last: Mehta Title: Effort Standards and the Velocity of Production : A Theory of Labor Time, and Wage Funds Abstract: A model of dual measures is proposed to explain the economic relevance of time for labor services. The paper investigates two significant temporal decisions of the firm with respect to wages and employment: the investment in labor-time and the use of a circulating wage fund to finance this investment. The use-efficiency of a firm's investment in labor-time and the cost of wage funds employed are shown to be detemined by variables, both internal and external to the firm besides effort supplied by its work force. Creation-Date: 1994-05 Publication-Status: Published as UPSE Discussion Paper No.1994-03, May 1994 Number: 199403 Handle: RePEc:phs:dpaper:199403 Template-Type: ReDIF-Paper 1.0 Author-Name: Rolando A. Danao Author-Name-First: Rolando Author-Name-Last: Danao Author-Workplace-Name: School of Economics, University of the Philippines Diliman Title: A Note on Isotone Solutions of the Parametric Linear Complementarity Problem Abstract: This paper shows that the parametric linear complementarity problem w = Mz + q + αp, w ≥ 0, z ≥ 0, wTz = 0, α ≥ 0 has isotone complementary solutions for q = 0 and every p iff M is a P-matrix. Thus, isotonicity for every q ≥ 0 and every p reduces to monotonicity where M is a P-matrix. By excluding q = 0, it is shown that isotonicity is possible for every 0 ¡Ù q ≥ 0 and every p where M is not P-matrix. Creation-Date: 1994-06 Publication-Status: Published as UPSE Discussion Paper No.1994-04, June 1994 Number: 199404 Handle: RePEc:phs:dpaper:199404 Template-Type: ReDIF-Paper 1.0 Author-Name: Jose Encarnacion, Jr. Author-Name-First: Jose, Jr. Author-Name-Last: Encarnacion Author-Workplace-Name: School of Economics, University of the Philippines Diliman Title: On Non-equilibrium in Some Steady States Abstract: Non-equilibrium is shown for a steady state in Grandmont and Younes (1973) and a steady state in McCallum (1984). The reason for non-equilibrium, which is the same in both cases, can be stated as a general proposition. Creation-Date: 1994-07 Publication-Status: Published as UPSE Discussion Paper No.1994-05, July 1994 Number: 199405 Handle: RePEc:phs:dpaper:199405