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Orthogonal Frequency Division Multiple Access (OFDMA) is an emerging multiple access technology. In this paper, we consider OFDMA in the context of fixed wireless networks. This paper addresses the problem of assigning subcarriers and bits to point-to-point wireless links in the presence of cochannel interference and Rayleigh fading. The objective is to minimize the total transmitted power over the entire network while satisfying the data rate requirement of each link. We formulate this problem as a constrained optimization problem and present centralized algorithms. The simulation results show that our approach results in an efficient assignment of subcarriers and transmitter power levels in terms of the energy required for transmitting each bit of information. However, centralized algorithms require knowledge of the entire network topology and channel characteristics of every link. In a practical scenario, that would not be the situation and there is a need for distributed rate allocation algorithms. To address this need, we also present a distributed algorithm for allocating subcarriers and bits in order to satisfy the rate requirements of the links.