THE COMPARATIVE STATIC RESPONSE OF RENTAL HOUSING TO A PRICE CHANGE: INFLATION AND GOVERNMENT POLICY*

ABSTRACT. A two period consumer choice model is presented in which housing is treated as a quality differentiated good. The short-run comparative static response of rental housing to a price change is examined via an example, an exogenous increase in the inflation rate. Two stylized facts are alternately used; interest income is taxed, and interest rate ceilings are imposed on small savings deposits. The partial equilibrium distributional impact of inflation, in the context of rental housing markets, is also discussed.     

POLICY ISSUES IN AMERICAN SECURITY POLICY AND POLICY-MAKING USING AND CONTROLLING NEW WEAPONS

NATO may be confronting a crisis over the cruise missiles. Some allies may seek longer-range, nuclear-armed missile which could enable them to strike at Soviet MR/IRBMs and at other targets inside the USSR; others (along with many Americans) aim at restricting both the range and the missions of cruise missiles. The first option could jeopardize detente, inhibit further progress in SALT and conceivably weaken American control over the uses of nuclear weapons in time of war. The second could cause strains between the United States and its European allies. The best policy would seem to be to (1) delay any decision on cruise missile development and deployment in Europe; (2) seek a two-year freeze on all deployment of new nuclear delivery vehicles in Central Europe and of additional Soviet SS-20 IRBMs; (3) use this “breathing space” to seek agreement on the limitation of cruise missiles, MR/IRBMs and other “gray area” weapons in the region “from the Atlantic to the Urals.”     

RURAL AND REGIONAL RESTRUCTURING OF APARTHEID: IDEOLOGY, DEVELOPMENT POLICY AND THE COMPETITION FOR SPACE

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