NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

International Finance and Macroeconomics Archive


2012
w18653 Jiandong Ju
Kang Shi
Shang-Jin Wei

Trade Reforms and Current Account Imbalances: When Does the General Equilibrium Effect Overturn a Partial Equilibrium Intuition?

w18650 Laura Alfaro
Anusha Chari

Deregulation, Misallocation, and Size: Evidence from India

w18647 Roger E.A. Farmer
Carine Nourry
Alain Venditti

The Inefficient Markets Hypothesis: Why Financial Markets Do Not Work Well in the Real World

w18646 A. Craig Burnside
Jeremy J. Graveline

Exchange Rate Determination, Risk Sharing and the Asset Market View

w18637 Kalina Manova
Zhiwei Zhang

Multi-Product Firms and Product Quality

w18632 Rudolfs Bems
Robert C. Johnson
Kei-Mu Yi

The Great Trade Collapse

w18628 Javier Bianchi
Juan Carlos Hatchondo
Leonardo Martinez

International Reserves and Rollover Risk

w18627 Karen K. Lewis
Sandy Lai

Are the Gains from Foreign Diversification Diminishing? Assessing the Impact with Cross-listed Stocks

w18615 Mary Amiti
Oleg Itskhoki
Jozef Konings

Importers, Exporters, and Exchange Rate Disconnect

w18606 Alan M. Taylor
External Imbalances and Financial Crises

w18600 Jennie Bai
Shang-Jin Wei

When Is There a Strong Transfer Risk from the Sovereigns to the Corporates? Property Rights Gaps and CDS Spreads

w18587 Javier Bianchi
Efficient Bailouts?

w18570 Luis Felipe Céspedes
Roberto Chang
Andrés Velasco

Is Inflation Targeting Still On Target?

w18569 Luis Felipe Céspedes
Andrés Velasco

Macroeconomic Performance During Commodity Price Booms and Busts

w18563 Alberto Cavallo
Brent Neiman
Roberto Rigobon

Currency Unions, Product Introductions, and the Real Exchange Rate

w18557 Sebastian Edwards
The Federal Reserve, Emerging Markets, and Capital Controls: A High Frequency Empirical Investigation

w18541 Takatoshi Ito
Kenta Yamada
Misako Takayasu
Hideki Takayasu

Free Lunch! Arbitrage Opportunities in the Foreign Exchange Markets

w18536 Luis Catão
Roberto Chang

Monetary Rules for Commodity Traders

w18531 Eugenio Cerutti
Stijn Claessens
Patrick McGuire

Systemic Risks in Global Banking: What Available Data can tell us and What More Data are Needed?

w18527 Joshua Aizenman
Ilan Noy

Macroeconomic Adjustment and the History of Crises in Open Economies

w18526 Michael W. Klein
Capital Controls: Gates versus Walls

w18498 Rudolfs Bems
Robert C. Johnson

Value-Added Exchange Rates

w18497 Daniel Riera-Crichton
Carlos A. Vegh
Guillermo Vuletin

Tax Multipliers: Pitfalls in Measurement and Identification

w18482 Menzie D. Chinn
Saad Quayyum

Long Horizon Uncovered Interest Parity Re-Assessed

w18480 Guillermo A. Calvo
Fabrizio Coricelli
Pablo Ottonello

Labor Market, Financial Crises and Inflation: Jobless and Wageless Recoveries

w18465 Kristin Forbes
The "Big C": Identifying Contagion

w18454 Alberto Martin
Jaume Ventura

Financial Reforms and Capital Flows: Insights from General Equilibrium

w18441 Daron Acemoglu
James A. Robinson
Thierry Verdier

Can't We All Be More Like Scandinavians? Asymmetric Growth and Institutions in an Interdependent World

w18431 Luis Felipe Céspedes
Roberto Chang
Andrés Velasco

Financial Intermediation, Exchange Rates, and Unconventional Policy in an Open Economy

w18428 Joon-Ho Hahm
Hyun Song Shin
Kwanho Shin

Non-Core Bank Liabilities and Financial Vulnerability

w18404 Olivier Jeanne
Capital Account Policies and the Real Exchange Rate

w18391 Francis X. Diebold
Comparing Predictive Accuracy, Twenty Years Later: A Personal Perspective on the Use and Abuse of Diebold-Mariano Tests

w18382 Charles Engel
Nelson C. Mark
Kenneth D. West

Factor Model Forecasts of Exchange Rates

w18381 Emmanuel Farhi
Iván Werning

Fiscal Multipliers: Liquidity Traps and Currency Unions

w18380 C. Bora Durdu
Enrique G. Mendoza
Marco E. Terrones

On the Solvency of Nations: Cross-Country Evidence on the Dynamics of External Adjustment

w18379 Enrique G. Mendoza
Marco E. Terrones

An Anatomy of Credit Booms and their Demise

w18372 Julien Bengui
Enrique G. Mendoza
Vincenzo Quadrini

Capital Mobility and International Sharing of Cyclical Risk

w18366 Loukas Karabarbounis
Home Production, Labor Wedges, and International Real Business Cycles

w18363 Gerardo della Paolera
Alan M. Taylor

Sovereign Debt in Latin America, 1820–1913

w18362 Hideaki Hirata
M. Ayhan Kose
Christopher Otrok
Marco E. Terrones

Global House Price Fluctuations: Synchronization and Determinants

w18357 Ravi Bansal
Ivan Shaliastovich

A Long-Run Risks Explanation of Predictability Puzzles in Bond and Currency Markets

w18352 Assaf Razin
Steven Rosefielde

A Tale of Politically-Failing Single-Currency Area

w18331 Paul R. Bergin
Reuven Glick
Jyh-Lin Wu

Mussa Redux and Conditional PPP

w18336 Alberto Alesina
Carlo Favero
Francesco Giavazzi

The Output Effect of Fiscal Consolidations

w18330 Tanya Molodtsova
David Papell

Taylor Rule Exchange Rate Forecasting During the Financial Crisis

w18329 Kristin J. Forbes
Francis E. Warnock

Debt- and Equity-Led Capital Flow Episodes

w18303 Luca Guerrieri
Matteo Iacoviello
Raoul Minetti

Banks, Sovereign Debt and the International Transmission of Business Cycles

w18290 Alan M. Taylor
The Great Leveraging

w18289 Janvier D. Nkurunziza
Léonce Ndikumana
Prime Nyamoya

The Financial Sector in Burundi

w18287 Takeo Hoshi
Takatoshi Ito

Defying Gravity: How Long Will Japanese Government Bond Prices Remain High?

w18285 Guillermo A. Calvo
The Price Theory of Money, Prospero's Liquidity Trap, and Sudden Stop: Back to Basics and Back

w18280 Ivan Werning
Emmanuel Farhi

Fiscal Unions

w18275 Stelios Michalopoulos
Elias Papaioannou

National Institutions and Subnational Development in Africa

w18274 Nicolas Berman
José De Sousa
Philippe Martin
Thierry Mayer

Time to Ship During Financial Crises

w18256 Richard M. Levich
FX Counterparty Risk and Trading Activity in Currency Forward and Futures Markets

w18247 Kenneth D. West
Econometric Analysis of Present Value Models When the Discount Factor Is near One

w18240 Robert C. Johnson
Trade in Intermediate Inputs and Business Cycle Comovement

w18223 Stephanie Schmitt-Grohé
Martín Uribe

Pegs, Downward Wage Rigidity, and Unemployment: The Role of Financial Structure

w18219 Guillermo A. Calvo
Alejandro Izquierdo
Rudy Loo-Kung

Optimal Holdings of International Reserves: Self-Insurance against Sudden Stop

w18209 Sebnem Kalemli-Ozcan
Elias Papaioannou
Fabrizio Perri

Global Banks and Crisis Transmission

w18207 Laura Alfaro
Maggie X. Chen

Selection, Reallocation, and Spillover: Identifying the Sources of Gains from Multinational Production

w18199 Emmanuel Farhi
Ivan Werning

Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates

w18191 George Alessandria
Joseph Kaboski
Virgiliu Midrigan

Trade Wedges, Inventories, and International Business Cycles

w18176 Joshua Aizenman
Yothin Jinjarak

Income inequality, tax base and sovereign spreads

w18175 Carlos A. Vegh
Guillermo Vuletin

Overcoming the Fear of Free Falling: Monetary Policy Graduation in Emerging Markets

w18170 Olivier Coibion
Yuriy Gorodnichenko
Lorenz Kueng
John Silvia

Innocent Bystanders? Monetary Policy and Inequality in the U.S.

w18154 Loukas Karabarbounis
Brent Neiman

Declining Labor Shares and the Global Rise of Corporate Saving

w18143 Olivier Jeanne
The Dollar and its Discontents

w18142 Miles S. Kimball
"Getting the Biggest Bang for the Buck in Fiscal Policy"

w18138 Joshua Aizenman
The Euro and the global crises: finding the balance between short term stabilization and forward looking reforms

w18128 Emi Nakamura
Dmitriy Sergeyev
Jón Steinsson

Growth-Rate and Uncertainty Shocks in Consumption: Cross-Country Evidence

w18122 Fernando Borraz
Alberto Cavallo
Roberto Rigobon
Leandro Zipitría

Distance and Political Boundaries: Estimating Border Effects under Inequality Constraints.

w18102 Markus K. Brunnermeier
Thomas M. Eisenbach
Yuliy Sannikov

Macroeconomics with Financial Frictions: A Survey

w18097 Livia Chitu
Barry Eichengreen
Arnaud J. Mehl

When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets

w18092 Stephanie Schmitt-Grohé
Martín Uribe

Managing Currency Pegs

w18090 Chunding Li
John Whalley

China and the TPP: A Numerical Simulation Assessment of the Effects Involved

w18084 Torben G. Andersen
Tim Bollerslev
Peter F. Christoffersen
Francis X. Diebold

Financial Risk Measurement for Financial Risk Management

w18062 Andrew K. Rose
Protectionism Isn’t Counter‐Cyclic (anymore)

w18061 Andrei A. Levchenko
Jing Zhang

Comparative Advantage and the Welfare Impact of European Integration

w18057 Tarek Alexander Hassan
Country Size, Currency Unions, and International Asset Returns

w18054 David H. Autor
David Dorn
Gordon H. Hanson

The China Syndrome: Local Labor Market Effects of Import Competition in the United States

w18052 Kristin Forbes
Marcel Fratzscher
Thomas Kostka
Roland Straub

Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls

w18036 Javier Bianchi
Emine Boz
Enrique G. Mendoza

Macro-Prudential Policy in a Fisherian model of Financial Innovation

w18035 Fatih Guvenen
Serdar Ozkan
Jae Song

The Nature of Countercyclical Income Risk

w18034 Eric W. Bond
Mario J. Crucini
Tristan Potter
Joel Rodrigue

Misallocation and Productivity Effects of the Smoot-Hawley Tariff

w18032 Bruce A. Blonigen
Jeremy Piger
Nicholas Sly

Comovement in GDP Trends and Cycles Among Trading Partners

w18031 Stephanie Schmitt-Grohe
Martin Uribe

Prudential Policy for Peggers

w18030 Sebnem Kalemli-Ozcan
Bent E. Sorensen

Misallocation, Property Rights, and Access to Finance: Evidence from Within and Across Africa

w18028 Joshua Aizenman
Yothin Jinjarak
Minsoo Lee
Donghyun Park

Developing countries’ financial vulnerability to the euro crisis: An event study of equity and bond markets

w18015 Carmen M. Reinhart
Vincent R. Reinhart
Kenneth S. Rogoff

Debt Overhangs: Past and Present

w18013 Franklin Allen
Elena Carletti
Robert Cull
Jun Qian
Lemma Senbet
Patricio Valenzuela

Resolving the African Financial Development Gap: Cross-Country Comparisons and a Within-Country Study of Kenya

w18004 Asli Demirguc-Kunt
Erik Feyen
Ross Levine

The Evolving Importance of Banks and Securities Markets

w18000 Shang-Jin Wei
Xiaobo Zhang
Yin Liu

Status Competition and Housing Prices

w17998 Domenico Ferraro
Kenneth S. Rogoff
Barbara Rossi

Can Oil Prices Forecast Exchange Rates?

w17978 Mario J. Crucini
Christopher I. Telmer

Microeconomic Sources of Real Exchange Rate Variability

w17944 Pierpaolo Benigno
Federica Romei

Debt Deleveraging and The Exchange Rate

w17919 Chunding Li
John Whalley

Indirect Tax Initiatives and Global Rebalancing

w17913 Ruud de Mooij
Michael Keen

'Fiscal Devaluation' and Fiscal Consolidation: The VAT in Troubled Times

w17907 Paul R. Bergin
Ju Hyun Pyun

Multilateral Resistance to International Portfolio Diversification

w17906 Jon Faust
Abhishek Gupta

Posterior Predictive Analysis for Evaluating DSGE Models

w17894 Joshua Aizenman
Kenta Inoue

Central Banks and Gold Puzzles

w17884 Charles Wyplosz
Fiscal Rules: Theoretical Issues and Historical Experiences

w17877 Maurice Obstfeld
Does the Current Account Still Matter?

w17875 Yin-Wong Cheung
Menzie D. Chinn
XingWang Qian

Are Chinese Trade Flows Different?

w17873 Nicola Cetorelli
Linda S. Goldberg

Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession

w17872 Karen K. Lewis
Edith X. Liu

International Consumption Risk Is Shared After All: An Asset Return View

w17871 Alan de Bromhead
Barry Eichengreen
Kevin H. O'Rourke

Right-Wing Political Extremism in the Great Depression

w17839 John Ammer
Sara B. Holland
David C. Smith
Francis E. Warnock

U.S. International Equity Investment

w17837 Francesco Giavazzi
Michael McMahon

The Households Effects of Government Consumption

w17815 Mario J. Crucini
Mototsugu Shintani
Takayuki Tsuruga

Noisy Information, Distance and Law of One Price Dynamics Across US Cities

w17812 Mario J. Crucini
Anthony Landry

Accounting for Real Exchange Rates Using Micro-data

w17806 Joshua Aizenman
Hiro Ito

Trilemma Policy Convergence Patterns and Output Volatility

w17796 Michael B. Devereux
Ozge Senay
Alan Sutherland

Nominal Stability and Financial Globalization

w17790 Kyle Handley
Nuno Limão

Trade and Investment under Policy Uncertainty: Theory and Firm Evidence

w17788 Yin-Wong Cheung
Michael P. Dooley
Vladyslav Sushko

Investment and Growth in Rich and Poor Countries

w17756 Yun Jung Kim
Linda Tesar
Jing Zhang

The Impact of Foreign Liabilities on Small Firms: Firm-Level Evidence from the Korean Crisis

w17764 Sebastian Edwards
Is Tanzania a Success Story? A Long Term Analysis

w17763 Juan Carlos Gozzi
Ross Levine
Maria Soledad Martinez Peria
Sergio L. Schmukler

How Firms Use Domestic and International Corporate Bond Markets

w17754 Wolfgang Keller
Ben Li
Carol H. Shiue

Shanghai’s Trade, China’s Growth: Continuity, Recovery, and Change since the Opium War

w17753 Carlos A. Vegh
Guillermo Vuletin

How is Tax Policy Conducted over the Business Cycle?


2011
w17712 Matthieu Bussière
Giovanni Callegari
Fabio Ghironi
Giulia Sestieri
Norihiko Yamano

Estimating Trade Elasticities: Demand Composition and the Trade Collapse of 2008-09

w17708 Giancarlo Corsetti
Gernot J. Müller

Multilateral Economic Cooperation and the International Transmission of Fiscal Policy

w17692 Joshua Aizenman
Sebastian Edwards
Daniel Riera-Crichton

Adjustment patterns to commodity terms of trade shocks: the role of exchange rate and international reserves policies

w17691 Nicolas Coeurdacier
Hélène Rey

Home Bias in Open Economy Financial Macroeconomics

w17686 Eric van Wincoop
International Contagion Through Leveraged Financial Institutions

w17680 Arnaud Costinot
Guido Lorenzoni
Iván Werning

A Theory of Capital Controls as Dynamic Terms-of-Trade Manipulation

w17675 Andrei A. Levchenko
International Trade and Institutional Change

w17670 Nicolas E. Magud
Carmen M. Reinhart
Esteban R. Vesperoni

Capital Inflows, Exchange Rate Flexibility, and Credit Booms

w17665 Barry Eichengreen
International Policy Coordination: The Long View

w17662 Emmanuel Farhi
Gita Gopinath
Oleg Itskhoki

Fiscal Devaluations

w17645 John Whalley
Manmohan Agarwal
Jing Wang
Sean Walsh
Chen Yan

Linking External Sector Imbalances and Changing Financial Instability before the 2008 Financial Crisis

w17641 Maurice Obstfeld
The International Monetary System: Living with Asymmetry

w17621 Òscar Jordà
Moritz HP. Schularick
Alan M. Taylor

When Credit Bites Back: Leverage, Business Cycles, and Crises

w17620 Stelios Michalopoulos
Elias Papaioannou

The Long-Run Effects of the Scramble for Africa

w17619 Jeffrey A. Frankel
Carlos A. Végh
Guillermo Vuletin

On Graduation from Fiscal Procyclicality

w17617 Martin S. Feldstein
The Euro and European Economic Conditions

w17612 Faruk Balli
Sebnem Kalemli-Ozcan
Bent Sorensen

Risk Sharing through Capital Gains

w17597 Douglas A. Irwin
Anticipating the Great Depression? Gustav Cassel’s Analysis of the Interwar Gold Standard

w17593 Barry Eichengreen
Hui Tong

The External Impact of China's Exchange Rate Policy: Evidence from Firm Level Data

w17594 Gita Gopinath
Oleg Itskhoki
Brent Neiman

Trade Prices and the Global Trade Collapse of 2008-2009

w17586 Giorgia Palladini
Richard Portes

Sovereign CDS and Bond Pricing Dynamics in the Euro-area

w17581 Charles Yuji Horioka
Akiko Terada-Hagiwara

The Determinants and Long-term Projections of Saving Rates in Developing Asia

w17571 Roberto Perotti
The "Austerity Myth": Gain Without Pain?

w17564 Ian Martin
The Forward Premium Puzzle in a Two-Country World

w17563 Ian Martin
The Lucas Orchard

w17560 Nicolas Coeurdacier
Pierre-Olivier Gourinchas

When Bonds Matter: Home Bias in Goods and Assets

w17552 Guido Sandleris
Mark L.J. Wright

The Costs of Financial Crises: Resource Misallocation, Productivity and Welfare in the 2001 Argentine Crisis

w17551 Daniel A. Dias
Christine J. Richmond
Mark L.J. Wright

The Stock of External Sovereign Debt: Can We Take the Data At ‘Face Value’?

w17549 Jiandong Ju
Kang Shi
Shang-Jin Wei

On the Connections between Intertemporal and Intra-temporal Trades

w17542 Viral V. Acharya
Raghuram G. Rajan

Sovereign Debt, Government Myopia, and the Financial Sector

w17530 Joshua Aizenman
Brian Pinto
Vladyslav Sushko

Financial Sector Ups and Downs and the Real Sector: Up by the stairs, down by the parachute

w17518 Todd A. Gormley
Simon Johnson
Changyong Rhee

Ending "Too Big To Fail": Government Promises vs. Investor Perceptions

w17515 Assaf Razin
Jackline Wahba

Welfare Magnet Hypothesis, Fiscal Burden and Immigration Skill Selectivity

w17513 Menzie D. Chinn
Barry Eichengreen
Hiro Ito

A Forensic Analysis of Global Imbalances

w17506 Alp Simsek
Speculation and Risk Sharing with New Financial Assets

w17501 Giancarlo Corsetti
Luca Dedola
Francesca Viani

Traded and Nontraded Goods Prices, and International Risk Sharing: an Empirical Investigation.

w17497 Eswar S. Prasad
Role Reversal in Global Finance

w17490 Francis X. Diebold
Kamil Yilmaz

On the Network Topology of Variance Decompositions: Measuring the Connectedness of Financial Firms

w17318 Barry Eichengreen
Raul Razo-Garcia

How Reliable are De Facto Exchange Rate Regime Classifications?

w17468 Efraim Benmelech
Eyal Dvir

Does Short-Term Debt Increase Vulnerability to Crisis? Evidence from the East Asian Financial Crisis

w17457 Mark A. Aguiar
Manuel Amador

Fiscal Policy in Debt Constrained Economies

w17427 Joshua Aizenman
Yothin Jinjarak

The Fiscal Stimulus of 2009-10: Trade Openness, Fiscal Space and Exchange Rate Adjustment

w17424 Yuriy Gorodnichenko
Anna Mikusheva
Serena Ng

Estimators for Persistent and Possibly Non-Stationary Data with Classical Properties

w17421 S. Boragan Aruoba
Francis X. Diebold
Jeremy Nalewaik
Frank Schorfheide
Dongho Song

Improving GDP Measurement: A Forecast Combination Perspective

w17415 Christoph Moser
Andrew K. Rose

Who Benefits from Regional Trade Agreements? The View from the Stock Market

w17407 Joshua Aizenman
Michael M. Hutchison
Yothin Jinjarak

What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk

w17401 Barry Eichengreen
Nergiz Dincer

Who Should Supervise? The Structure of Bank Supervision and the Performance of the Financial System

w17396 Laura Alfaro
Sebnem Kalemli-Ozcan
Vadym Volosovych

Sovereigns, Upstream Capital Flows, and Global Imbalances

w17391 Emi Nakamura
Jón Steinsson

Fiscal Stimulus in a Monetary Union: Evidence from U.S. Regions

w17379 Maurice Obstfeld
International Liquidity: The Fiscal Dimension

w17363 Mahvash S. Qureshi
Jonathan D. Ostry
Atish R. Ghosh
Marcos Chamon

Managing Capital Inflows: The Role of Capital Controls and Prudential Policies

w17362 Kathryn M.E. Dominguez
Yuko Hashimoto
Takatoshi Ito

International Reserves and the Global Financial Crisis

w17361 Bergljot Barkbu
Barry Eichengreen
Ashoka Mody

International Financial Crises and the Multilateral Response: What the Historical Record Shows

w17360 Stijn Claessens
Hui Tong
Shang-Jin Wei

From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels

w17359 Andrew K. Rose
Mark M. Spiegel

Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis

w17358 Claudio Raddatz
Sergio L. Schmukler

On the International Transmission of Shocks: Micro-Evidence from Mutual Fund Portfolios

w17357 Marcel Fratzscher
Capital Flows, Push versus Pull Factors and the Global Financial Crisis

w17356 Galina Hale
Bank Relationships, Business Cycles, and Financial Crises

w17355 Nicola Cetorelli
Linda S. Goldberg

Liquidity management of U.S. global banks: Internal capital markets in the great recession

w17354 Sebnem Kalemli-Ozcan
Bent Sorensen
Sevcan Yesiltas

Leverage Across Firms, Banks, and Countries

w17353 Pierre-Olivier Gourinchas
Hélène Rey
Kai Truempler

The Financial Crisis and The Geography of Wealth Transfers

w17352 Philip R. Lane
Gian Maria Milesi Ferretti

External Adjustment and the Global Crisis

w17351 Kristin J. Forbes
Francis E. Warnock

Capital Flow Waves: Surges, Stops, Flight, and Retrenchment

w17350 Carol Bertaut
Laurie Pounder DeMarco
Steven B. Kamin
Ralph W. Tryon

ABS Inflows to the United States and the Global Financial Crisis

w17335 Julian di Giovanni
Andrei A. Levchenko

Country Size, International Trade, and Aggregate Fluctuations in Granular Economies

w17331 Athanasios Geromichalos
Ina Simonovska

Asset Liquidity and International Portfolio Choice

w17301 Andreas Fuster
Benjamin Hebert
David Laibson

Natural Expectations, Macroeconomic Dynamics, and Asset Pricing

w17289 Michael B. Devereux
Viktoria Hnatkovska

The Extensive Margin, Sectoral Shares and International Business Cycles

w17288 Michael B. Devereux
Viktoria Hnatkovska

Consumption Risk-Sharing and the Real Exchange Rate: Why does the Nominal Exchange Rate Make Such a Difference?

w17278 Craig Burnside
Carry Trades and Risk

w17277 François Gourio
Michael Siemer
Adrien Verdelhan

International Risk Cycles

w17274 Laurence M. Ball
Nicolás De Roux
Marc Hofstetter

Unemployment in Latin America and the Caribbean

w17272 Carlo Favero
Francesco Giavazzi
Jacopo Perego

Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy

w17271 Enrico Spolaore
Romain Wacziarg

Long-Term Barriers to the International Diffusion of Innovations

w17261 Karen K. Lewis
Global Asset Pricing

w17260 Martin S. Feldstein
What's Next for the Dollar?

w17252 Pierre-Olivier Gourinchas
Maurice Obstfeld

Stories of the Twentieth Century for the Twenty-First

w17239 Jeffrey A. Frankel
Over-optimism in Forecasts by Official Budget Agencies and Its Implications

w17224 Klaus Adam
Pei Kuang
Albert Marcet

House Price Booms and the Current Account

w17201 Fabrizio Perri
Vincenzo Quadrini

International Recessions

w17184 Stelios Michalopoulos
Elias Papaioannou

Divide and Rule or the Rule of the Divided? Evidence from Africa

w17151 Enrique G. Mendoza
Vivian Z. Yue

A General Equilibrium Model of Sovereign Default and Business Cycles

w17150 Òscar Jordà
Alan M. Taylor

Performance Evaluation of Zero Net-Investment Strategies

w17141 Laura Alfaro
Maggie Chen

Surviving the Global Financial Crisis: Foreign Ownership and Establishment Performance

w17136 Viral V. Acharya
Itamar Drechsler
Philipp Schnabl

A Pyrrhic Victory? - Bank Bailouts and Sovereign Credit Risk

w17133 Gianluca Benigno
Pierpaolo Benigno
Salvatore Nisticò

Risk, Monetary Policy and the Exchange Rate

w17131 David Cook
Michael B. Devereux

Sharing the Burden: Monetary and Fiscal Responses to a World Liquidity Trap

w17126 Martin Berka
Michael B. Devereux
Thomas Rudolph

Price Setting in a Leading Swiss Online Supermarket

w17121 Geert Bekaert
Michael Ehrmann
Marcel Fratzscher
Arnaud J. Mehl

Global Crises and Equity Market Contagion

w17116 Charles Engel
The Real Exchange Rate, Real Interest Rates, and the Risk Premium

w17090 Lieven Baele
Geert Bekaert
Seonghoon Cho
Koen Inghelbrecht
Antonio Moreno

Macroeconomic Regimes

w17074 Sebastian Edwards
Exchange Rates in Emerging Countries: Eleven Empirical Regularities from Latin America and East Asia

w17073 Andrew K. Rose
Tomasz Wieladek

Financial Protectionism: the First Tests

w17024 Michael D. Bordo
Peter L. Rousseau

Historical Evidence on the Finance-Trade-Growth Nexus

w16998 Gianni De Nicolò
Marcella Lucchetta

Systemic Risks and the Macroeconomy

w16994 Douglas W. Diamond
Raghuram Rajan

Illiquid Banks, Financial Stability, and Interest Rate Policy

w16975 Daniel Paravisini
Veronica Rappoport
Philipp Schnabl
Daniel Wolfenzon

Dissecting the Effect of Credit Supply on Trade: Evidence from Matched Credit-Export Data

w16967 Manju Puri
Jörg Rocholl
Sascha Steffen

Global retail lending in the aftermath of the US financial crisis: Distinguishing between supply and demand effects

w16962 Shin-ichi Fukuda
Market-specific and Currency-specific Risk During the Global Financial Crisis: Evidence from the Interbank Markets in Tokyo and London

w16960 Ariel Burstein
Marc J. Melitz

Trade Liberalization and Firm Dynamics

w16958 Gita Gopinath
Brent Neiman

Trade Adjustment and Productivity in Large Crises

w16945 Jeffrey A. Frankel
A Solution to Fiscal Procyclicality: The Structural Budget Institutions Pioneered by Chile

w16941 Isil Erel
Brandon Julio
Woojin Kim
Michael S. Weisbach

Macroeconomic Conditions and Capital Raising

w16925 Gabriel P. Mathy
Christopher M. Meissner

Trade, Exchange Rate Regimes and Output Co-Movement: Evidence from the Great Depression

w16919 Barry Eichengreen
Donghyun Park
Kwanho Shin

When Fast Growing Economies Slow Down: International Evidence and Implications for China

w16916 Craig Doidge
G. Andrew Karolyi
René M. Stulz

The U.S. Left Behind: The Rise of IPO Activity Around the World

w16905 Kalina Manova
Shang-Jin Wei
Zhiwei Zhang

Firm Exports and Multinational Activity Under Credit Constraints

w16904 Ariel Burstein
Jonathan Vogel

Factor Prices and International Trade: A Unifying Perspective

w16899 Patrick Bolton
Olivier Jeanne

Sovereign Default Risk and Bank Fragility in Financially Integrated Economies

w16893 Carmen M. Reinhart
M. Belen Sbrancia

The Liquidation of Government Debt

w16847 Stephanie Schmitt-Grohé
Martin Uríbe

Pegs and Pain

w16831 Assaf Razin
Jackline Wahba

Free vs. Controlled Migration: Bilateral Country Study

w16828 Chadwick C. Curtis
Steven Lugauer
Nelson C. Mark

Demographic Patterns and Household Saving in China

w16827 Carmen M. Reinhart
Kenneth S. Rogoff

A Decade of Debt

w16815 Carmen M. Reinhart
Vincent Reinhart

Pride Goes Before a Fall: Federal Reserve Policy and Asset Markets

w16806 Andrei A. Levchenko
Jing Zhang

The Evolution of Comparative Advantage: Measurement and Welfare Implications

w16805 Nicolas E. Magud
Carmen M. Reinhart
Kenneth S. Rogoff

Capital Controls: Myth and Reality - A Portfolio Balance Approach

w16800 Shang-Jin Wei
Xiaobo Zhang

Sex Ratios, Entrepreneurship, and Economic Growth in the People’s Republic of China

w16789 Marianne Baxter
International Risk Sharing in the Short Run and in the Long Run

w16788 Qingyuan Du
Shang-Jin Wei

A Darwinian Perspective on "Exchange Rate Undervaluation"

w16787 Santiago Carbo-Valverde
Edward J. Kane
Francisco Rodriguez-Fernandez

Safety-Net Benefits Conferred on Difficult-to-Fail-and-Unwind Banks in the US and EU Before and During the Great Recession

w16782 Atish R. Ghosh
Jun I. Kim
Enrique G. Mendoza
Jonathan D. Ostry
Mahvash S. Qureshi

Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies

w16779 Joshua Aizenman
Gurnain Kaur Pasricha

Net Fiscal Stimulus During the Great Recession

w16778 Chang-Tai Hsieh
Ralph Ossa

A Global View of Productivity Growth in China

w16761 George-Marios Angeletos
Vasia Panousi

Financial Integration, Entrepreneurial Risk and Global Imbalances

w16760 Alberto Cavallo
Roberto Rigobon

The Distribution of the Size of Price Changes

w16757 Barry Eichengreen
Poonam Gupta

The Service Sector as India's Road to Economic Growth

w16754 Assaf Razin
Steven Rosefielde

Currency and Financial Crises of the 1990s and 2000s

w16726 Bernard Dumas
Karen K. Lewis
Emilio Osambela

Differences of Opinion and International Equity Markets

w16712 Harrison Hong
Motohiro Yogo

What Does Futures Market Interest Tell Us about the Macroeconomy and Asset Prices?

w16707 Olivier Coibion
Yuriy Gorodnichenko

Why Are Target Interest Rate Changes So Persistent?

w16677 Stephanie E. Curcuru
Charles P. Thomas
Francis E. Warnock
Jon Wongswan

U.S. International Equity Investment and Past and Prospective Returns

w16674 Martin S. Feldstein
The Role of Currency Realignments in Eliminating the US and China Current Account Imbalances

w16670 Assaf Razin
Efraim Sadka

Tax Competition and Migration: The Race-to-the-Bottom Hypothesis Revisited

w16667 Allan Drazen
Ethan Ilzetzki

Kosher Pork

w16666 Jonathan Eaton
Samuel Kortum
Brent Neiman
John Romalis

Trade and the Global Recession


2010
w16651 Assaf Razin
Anuk Serechetapongse

Equity Prices and Equity Flows: Testing Theory of the Information-Efficiency Tradeoff

w16654 Lars E.O. Svensson
Inflation Targeting

w16632 Rohan Pitchford
Mark L. J. Wright

Holdouts in Sovereign Debt Restructuring: A Theory of Negotiation in a Weak Contractual Environment

w16630 Anna Pavlova
Roberto Rigobon

International Macro-Finance

w16629 Tatiana Didier
Roberto Rigobon
Sergio L. Schmukler

Unexploited Gains from International Diversification: Patterns of Portfolio Holdings Around the World

w16613 Fabio Ghironi
Viktors Stebunovs

The Domestic and International Effects of Interstate U.S. Banking

w16605 Joshua Aizenman
Gurnain Kaur Pasricha

Determinants of Financial Stress and Recovery during the Great Recession

w16583 Geert Bekaert
Campbell R. Harvey
Christian T. Lundblad
Stephan Siegel

The European Union, the Euro, and Equity Market Integration

w16580 Timothy J. Kehoe
Kim J. Ruhl

Why Have Economic Reforms in Mexico Not Generated Growth?

w16577 Jonathan A. Parker
Annette Vissing-Jorgensen

The Increase in Income Cyclicality of High-Income Households and its Relation to the Rise in Top Income Shares

w16569 Jeffrey A. Frankel
Mauritius: African Success Story

w16567 Òscar Jordà
Moritz Schularick
Alan M. Taylor

Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons

w16565 Marcos Chamon
Kai Liu
Eswar S. Prasad

Income Uncertainty and Household Savings in China

w16563 Luis Catão
Roberto Chang

World Food Prices and Monetary Policy

w16559 Charles W. Calomiris
Inessa Love
Maria Soledad Martinez Peria

Crisis “Shock Factors” and the Cross-Section of Global Equity Returns

w16552 Jorge Braga de Macedo
Luís Brites Pereira

Cape Verde and Mozambique as Development Successes in West and Southern Africa

w16537 Olivier Coibion
Yuriy Gorodnichenko

Information Rigidity and the Expectations Formation Process: A Simple Framework and New Facts

w16528 Sebnem Kalemli-Ozcan
Herman Kamil
Carolina Villegas-Sanchez

What Hinders Investment in the Aftermath of Financial Crises: Insolvent Firms or Illiquid Banks?

w16505 John F. Cogan
John B. Taylor

What the Government Purchases Multiplier Actually Multiplied in the 2009 Stimulus Package

w16492 Koralai Kirabaeva
Assaf Razin

Composition of Capital Flows: A Survey

w16491 Travis J. Berge
Òscar Jordà
Alan M. Taylor

Currency Carry Trades

w16484 Viral V. Acharya
Ramin P. Baghai
Krishnamurthy V. Subramanian

Labor Laws and Innovation

w16479 Ethan Ilzetzki
Enrique G. Mendoza
Carlos A. Végh

How Big (Small?) are Fiscal Multipliers?

w16478 Joshua Aizenman
Gurnain Kaur Pasricha

Fiscal fragility: what the past may say about the future

w16469 Francis X. Diebold
Georg Strasser

On the Correlation Structure of Microstructure Noise: A Financial Economic Approach

w16447 Joshua Aizenman
Jaewoo Lee
Vladyslav Sushko

From the Great Moderation to the global crisis: Exchange market pressure in the 2000s

w16432 Tamim Bayoumi
Hui Tong
Shang-Jin Wei

The Chinese Corporate Savings Puzzle: A Firm-level Cross-country Perspective

w16429 Ricardo J. Caballero
Macroeconomics after the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome

w16428 Eswar S. Prasad
Financial Sector Regulation and Reforms in Emerging Markets: An Overview

w16427 Hanno Lustig
Nikolai Roussanov
Adrien Verdelhan

Countercyclical Currency Risk Premia

w16398 Menzie D. Chinn
Kavan J. Kucko

The Predictive Power of the Yield Curve across Countries and Time

w16393 Pedro Teles
Harald Uhlig

Is Quantity Theory Still Alive?

w16392 Joshua Aizenman
Reuven Glick

Asset Class Diversification and Delegation of Responsibilities between Central Banks and Sovereign Wealth Funds

w16390 Zhi Wang
Shang-Jin Wei
Anna Wong

Does a Leapfrogging Growth Strategy Raise Growth Rate? Some International Evidence

w16377 Olivier Jeanne
Anton Korinek

Managing Credit Booms and Busts: A Pigouvian Taxation Approach

w16362 Jeffrey A. Frankel
A Comparison of Monetary Anchor Options, Including Product Price Targeting, for Commodity-Exporters in Latin America

w16350 Douglas A. Irwin
Did France Cause the Great Depression?

w16346 Agustín S. Bénétrix
Philip R. Lane

International Differences in Fiscal Policy During the Global Crisis

w16334 Carmen M. Reinhart
Vincent R. Reinhart

After the Fall

w16260 Joshua Aizenman
Michael M. Hutchison

Exchange Market Pressure and Absorption by International Reserves: Emerging Markets and Fear of Reserve Loss During the 2008-09 Crisis

w16313 Julian di Giovanni
Andrei A. Levchenko

Firm Entry, Trade, and Welfare in Zipf's World

w16309 Murillo Campello
Erasmo Giambona
John R. Graham
Campbell R. Harvey

Liquidity Management and Corporate Investment During a Financial Crisis

w16301 James E. Anderson
Yoto V. Yotov

Specialization: Pro- and Anti-globalizing, 1990-2002

w16290 Rahul Anand
Eswar S. Prasad

Optimal Price Indices for Targeting Inflation Under Incomplete Markets

w16283 Brent Neiman
A State-Dependent Model of Intermediate Goods Pricing

w16264 S. Boragan Aruoba
Francis X. Diebold
M. Ayhan Kose
Marco E. Terrones

Globalization, the Business Cycle, and Macroeconomic Monitoring

w16259 Paul Bergin
Ching-Yi Lin

The Dynamic Effects of Currency Union on Trade

w16254 Robert C. Feenstra
Robert E. Lipsey
Lee G. Branstetter
C. Fritz Foley
James Harrigan
J. Bradford Jensen
Lori Kletzer
Catherine Mann
Peter K. Schott
Greg C. Wright

Report on the State of Available Data for the Study of International Trade and Foreign Direct Investment

w16249 John D. Burger
Francis E. Warnock
Veronica Cacdac Warnock

Emerging Local Currency Bond Markets

w16243 Andrew K. Rose
Mark M. Spiegel

Cross-Country Causes and Consequences of the Crisis: An Update

w16231 Takatoshi Ito
Satoshi Koibuchi
Kiyotaka Sato
Junko Shimizu

Why has the yen failed to become a dominant invoicing currency in Asia? A firm-level analysis of Japanese Exporters' invoicing behavior

w16226 Michael B. Devereux
James Yetman

Leverage Constraints and the International Transmission of Shocks

w16224 Assaf Razin
Efraim Sadka

Fiscal and Migration Competition

w16218 David K. Backus
Federico Gavazzoni
Christopher Telmer
Stanley E. Zin

Monetary Policy and the Uncovered Interest Parity Puzzle

w16202 Barry Eichengreen
Peter Temin

Fetters of Gold and Paper

w16182 Kimie Harada
Takatoshi Ito
Shuhei Takahashi

Is the Distance to Default a Good Measure in Predicting Bank Failures? Case Studies

w16174 Davin Chor
Kalina Manova

Off the Cliff and Back? Credit Conditions and International Trade during the Global Financial Crisis

w16168 Rong Qian
Carmen M. Reinhart
Kenneth S. Rogoff

On Graduation from Default, Inflation and Banking Crisis: Elusive or Illusion?

w16159 Philippe Bacchetta
Cédric Tille
Eric van Wincoop

Self-Fulfilling Risk Panics

w16154 Chadwick C. Curtis
Nelson Mark

Business Cycles, Consumption and Risk-Sharing: How Different Is China?

w16126 Roberto Chang
Constantino Hevia
Norman Loayza

Privatization and Nationalization Cycles

w16125 Jeffrey A. Frankel
Monetary Policy in Emerging Markets: A Survey

w16115 Sebnem Kalemli-Ozcan
Belgi Turan

HIV and Fertility Revisited

w16093 Olivier Coibion
Yuriy Gorodnichenko
Johannes F. Wieland

The Optimal Inflation Rate in New Keynesian Models

w16091 Javier Bianchi
Enrique G. Mendoza

Overborrowing, Financial Crises and 'Macro-prudential' Taxes

w16081 Mario J. Crucini
Mototsugu Shintani
Takayuki Tsuruga

Do Sticky Prices Increase Real Exchange Rate Volatility at the Sector Level?

w16079 Viral V. Acharya
Philipp Schnabl

Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007-09

w16075 Mario J. Crucini
Mototsugu Shintani

Measuring Business Cycles by Saving for a Rainy Day

w16065 Gita Gopinath
Oleg Itskhoki

In Search of Real Rigidities

w16059 George Alessandria
Joseph P. Kaboski
Virgiliu Midrigan

The Great Trade Collapse of 2008-09: An Inventory Adjustment?

w16058 Geert Bekaert
Robert J. Hodrick
Xiaoyan Zhang

Aggregate Idiosyncratic Volatility

w16052 John D. Burger
Alessandro Rebucci
Francis E. Warnock
Veronica Cacdac Warnock

External Capital Structures and Oil Price Volatility

w16047 Jeffrey A. Frankel
George Saravelos

Are Leading Indicators of Financial Crises Useful for Assessing Country Vulnerability? Evidence from the 2008-09 Global Crisis

w16044 Kathryn M.E. Dominguez
Rasmus Fatum
Pavel Vacek

Does Foreign Exchange Reserve Decumulation Lead to Currency Appreciation?

w16043 John Fernald
Brent Neiman

Growth Accounting with Misallocation: Or, Doing Less with More in Singapore

w16034 Sebnem Kalemli-Ozcan
Alex Nikolsko-Rzhevskyy

Does Trade Cause Capital to Flow? Evidence from Historical Rainfalls

w16020 Emine Boz
Enrique G. Mendoza

Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis

w16006 Andrei A. Levchenko
Logan T. Lewis
Linda L. Tesar

The Collapse of International Trade During the 2008-2009 Crisis: In Search of the Smoking Gun

w16005 Julian di Giovanni
Andrei A. Levchenko

The Risk Content of Exports: A Portfolio View of International Trade

w16000 Qingyuan Du
Shang-Jin Wei

A Sexually Unbalanced Model of Current Account Imbalances

w15985 Michael W. Klein
Christoph Moser
Dieter M. Urban

The Contribution of Trade to Wage Inequality: The Role of Skill, Gender, and Nationality

w15974 Nicola Cetorelli
Linda S. Goldberg

Global Banks and International Shock Transmission: Evidence from the Crisis

w15960 Jenny C. Aker
Michael W. Klein
Stephen A. O'Connell
Muzhe Yang

Borders, Ethnicity and Trade

w15956 Ross Levine
An Autopsy of the U.S. Financial System

w15938 Roberto Chang
Andrés Fernández

On the Sources of Aggregate Fluctuations in Emerging Economies

w15936 Robert E. Lipsey
Fredrik Sjöholm
Jing Sun

Foreign Ownership and Employment Growth in Indonesian Manufacturing

w15934 Willem H. Buiter
Urjit R. Patel

Fiscal Rules in India: Are They Effective?

w15927 Olivier Jeanne
Anton Korinek

Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach

w15907 Anton Korinek
Agustín Roitman
Carlos A. Végh

Decoupling and Recoupling

w15900 Sebnem Kalemli-Ozcan
Bent Sørensen
Vadym Volosovych

Deep Financial Integration and Volatility

w15896 Atif R. Mian
Amir Sufi

Household Leverage and the Recession of 2007 to 2009

w15888 Etsuro Shioji
Taisuke Uchino

Pass-Through of Oil Prices to Japanese Domestic Prices

w15876 Joshua Aizenman
Menzie D. Chinn
Hiro Ito

Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma

w15868 Yanping Chong
Òscar Jordà
Alan M. Taylor

The Harrod-Balassa-Samuelson Hypothesis: Real Exchange Rates and their Long-Run Equilibrium

w15866 Craig Burnside
Bing Han
David Hirshleifer
Tracy Yue Wang

Investor Overconfidence and the Forward Premium Puzzle

w15836 Jeffrey A. Frankel
The Natural Resource Curse: A Survey

w15842 Pierpaolo Benigno
Ester Faia

Globalization, Pass-Through and Inflation Dynamic

w15830 Menzie D. Chinn
Olivier Coibion

The Predictive Content of Commodity Futures

w15815 Carmen M. Reinhart
This Time is Different Chartbook: Country Histories on Debt, Default, and Financial Crises

w15809 Yacine Aït-Sahalia
Jochen Andritzky
Andreas Jobst
Sylwia Nowak
Natalia Tamirisa

Market Response to Policy Initiatives during the Global Financial Crisis

w15804 Joshua Aizenman
Yothin Jinjarak
Donghyun Park

International reserves and swap lines: substitutes or complements?

w15795 Carmen M. Reinhart
Kenneth S. Rogoff

From Financial Crash to Debt Crisis

w15791 Ichiro Fukunaga
Naohisa Hirakata
Nao Sudo

The Effects of Oil Price Changes on the Industry-Level Production and Prices in the U.S. and Japan

w15780 Graciela L. Kaminsky
Terms of Trade Shocks and Fiscal Cycles

w15743 Jan J. J. Groen
Paolo A. Pesenti

Commodity prices, commodity currencies, and global economic developments

w15763 Linda S. Goldberg
Craig Kennedy
Jason Miu

Central Bank Dollar Swap Lines and Overseas Dollar Funding Costs

w15759 David Laibson
Johanna Mollerstrom

Capital Flows, Consumption Booms and Asset Bubbles: A Behavioural Alternative to the Savings Glut Hypothesis

w15753 Martin Berka
Michael B. Devereux

What Determines European Real Exchange Rates?

w15727 Itay Goldstein
Assaf Razin
Hui Tong

Liquidity, Institutional Quality and the Composition of International Equity Flows

w15726 Takatoshi Ito
Great Inflation and Central Bank Independence in Japan

w15721 Robert W. Fogel
Further Comments on The Impact of the Asian Miracle on the Theory of Economic Growth

w15718 Joseph E. Stiglitz
Risk and Global Economic Architecture: Why Full Financial Integration May Be Undesirable

w15698 Momtchil Pojarliev
Richard M. Levich

Detecting Crowded Trades in Currency Funds

w15694 Daron Acemoglu
Pierre Yared

Political Limits to Globalization

w15693 Daron Acemoglu
Institutions, Factor Prices and Taxation: Virtues of Strong States?

w15657 S. Boragan Aruoba
Francis X. Diebold

Real-Time Macroeconomic Monitoring: Real Activity, Inflation, and Interactions

w15642 Jean Boivin
Robert Clark
Nicolas Vincent

Virtual Borders: Online Nominal Rigidities and International Market Segmentation

w15639 Carmen M. Reinhart
Kenneth S. Rogoff

Growth in a Time of Debt

w15636 Ricardo J. Caballero
The "Other" Imbalance and the Financial Crisis


2009
w15628 Costas Arkolakis
Arnaud Costinot
Andrés Rodríguez-Clare

New Trade Models, Same Old Gains?

w15624 Paul R. Bergin
Reuven Glick
Jyh-Lin Wu

The Micro-Macro Disconnect of Purchasing Power Parity

w15620 Jeffrey A. Frankel
Daniel Xie

Estimation of De Facto Flexibility Parameter and Basket Weights in Evolving Exchange Rate Regimes

w15604 Natalia Ramondo
Andrés Rodríguez-Clare

Trade, Multinational Production, and the Gains from Openness

w15599 Koralai Kirabaeva
Assaf Razin

Composition of International Capital Flows: A Survey

w15597 Assaf Razin
Efraim Sadka
Benjarong Suwankiri

Migration and the Welfare State: A Dynamic Political-Economy Theory

w15580 Martin Berka
Mario J. Crucini

The Consumption Terms of Trade and Commodity Prices

w15578 Daron Acemoglu
James A. Robinson
Rafael Santos

The Monopoly of Violence: Evidence from Colombia

w15556 Mary Amiti
David E. Weinstein

Exports and Financial Shocks

w15552 Murillo Campello
John Graham
Campbell R. Harvey

The Real Effects of Financial Constraints: Evidence from a Financial Crisis

w15534 Michael D. Bordo
Christopher M. Meissner
David Stuckler

Foreign Currency Debt, Financial Crises and Economic Growth: A Long Run View

w15525 David Backus
Espen Henriksen
Frederic Lambert
Christopher Telmer

Current Account Fact and Fiction

w15524 Miguel Almunia
Agustín S. Bénétrix
Barry Eichengreen
Kevin H. O'Rourke
Gisela Rua

From Great Depression to Great Credit Crisis: Similarities, Differences and Lessons

w15523 Richard Clarida
Josh Davis
Niels Pedersen

Currency Carry Trade Regimes: Beyond the Fama Regression

w15518 Òscar Jordà
Alan M. Taylor

The Carry Trade and Fundamentals: Nothing to Fear But FEER Itself

w15516 Valentina Bosetti
Jeffrey A. Frankel

Global Climate Policy Architecture and Political Feasibility: Specific Formulas and Emission Targets to Attain 460 ppm CO2 Concentrations

w15512 Moritz Schularick
Alan M. Taylor

Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870–2008

w15494 Stephanie Schmitt-Grohé
Martín Uribe

Foreign Demand for Domestic Currency and the Optimal Rate of Inflation

w15479 Ricardo J. Caballero
Alp Simsek

Fire Sales in a Model of Complexity

w15478 Graciela Kaminsky
Amine Mati
Nada Choueiri

Thirty Years of Currency Crises in Argentina: External Shocks or Domestic Fragility?

w15470 Linda S. Goldberg
Cédric Tille

Micro, Macro, and Strategic Forces in International Trade Invoicing

w15467 Olivier J. Blanchard
Marianna Riggi

Why are the 2000s so different from the 1970s? A structural interpretation of changes in the macroeconomic effects of oil prices

w15455 Simon Johnson
William Larson
Chris Papageorgiou
Arvind Subramanian

Is Newer Better? Penn World Table Revisions and Their Impact on Growth Estimates

w15452 Eduardo Borensztein
Olivier Jeanne
Damiano Sandri

Macro-Hedging for Commodity Exporters

w15448 Laura Alfaro
Anusha Chari

India Transformed? Insights from the Firm Level 1988-2005

w15432 Enrique G. Mendoza
Vincenzo Quadrini

Financial Globalization, Financial Crises and Contagion

w15428 Diego A. Comin
Norman Loayza
Farooq Pasha
Luis Serven

Medium Term Business Cycles in Developing Countries

w15425 Guillermo A. Calvo
FINANCIAL CRISES AND LIQUIDITY SHOCKS: A Bank-Run Perspective

w15419 Jeffrey A. Frankel
Are Bilateral Remittances Countercyclical?

w15418 Jean Imbs
Haroon Mumtaz
Morten O. Ravn
Hélène Rey

One TV, One Price?

w15417 Francesco Giavazzi
Fabio Schiantarelli
Michel Serafinelli

Culture, Policies and Labor Market Outcomes

w15401 Kris James Mitchener
Marc D. Weidenmier

Are Hard Pegs Ever Credible in Emerging Markets? Evidence from the Classical Gold Standard

w15308 Joshua Aizenman
Yi Sun

The financial crisis and sizable international reserves depletion: From 'fear of floating' to the 'fear of losing international reserves'?

w15389 Michael D. Bordo
Joseph G. Haubrich

Credit Crises, Money and Contractions: an historical view

w15359 Emi Nakamura
Jón Steinsson

Lost in Transit: Product Replacement Bias and Pricing to Market

w15358 Andrew K. Rose
Mark M. Spiegel

Cross-Country Causes and Consequences of the 2008 Crisis: International Linkages and American Exposure

w15357 Andrew K. Rose
Mark M. Spiegel

Cross-Country Causes and Consequences of the 2008 Crisis: Early Warning

w15356 Stelios Michalopoulos
Luc Laeven
Ross Levine

Financial Innovation and Endogenous Growth

w15353 Sergio Mayordomo
Juan Ignacio Peña
Eduardo S. Schwartz

Towards a Common European Monetary Union Risk Free Rate

w15332 Rik G.P. Frehen
William N. Goetzmann
K. Geert Rouwenhorst

New Evidence on the First Financial Bubble

w15303 Carlo Favero
Francesco Giavazzi

How large are the effects of tax changes?

w15283 Atif R. Mian
Amir Sufi

House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis

w15275 Asli Demirguc-Kunt
Ross Levine

Finance and Inequality: Theory and Evidence

w15268 Francisco J. Buera
Yongseok Shin

Productivity Growth and Capital Flows: The Dynamics of Reforms

w15255 Emi Nakamura
Dawit Zerom

Accounting for Incomplete Pass-Through

w15244 Horag Choi
Nelson C. Mark

Trending Current Accounts

w15228 Christopher D. Carroll
Olivier Jeanne

A Tractable Model of Precautionary Reserves, Net Foreign Assets, or Sovereign Wealth Funds

w15225 Craig Burnside
Alexandra Tabova

Risk, Volatility, and the Global Cross-Section of Growth Rates

w15207 Hui Tong
Shang-Jin Wei

The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis

w15204 Anusha Chari
Peter Blair Henry
Diego Sasson

Capital Market Integration and Wages

w15195 Kris James Mitchener
Masato Shizume
Marc D. Weidenmier

Why did Countries Adopt the Gold Standard? Lessons from Japan

w15194 Mark Aguiar
Manuel Amador

Growth in the Shadow of Expropriation

w15193 Cristina Arellano
Yan Bai
Jing Zhang

Firm Dynamics and Financial Development

w15190 Sebastian Edwards
FORTY YEARS OF LATIN AMERICA'S ECONOMIC DEVELOPMENT: From the Alliance for Progress to the Washington Consensus

w15187 Yuriy Gorodnichenko
Serena Ng

Estimation of DSGE Models When the Data are Persistent

w15180 Andrea Beltratti
René M. Stulz

Why Did Some Banks Perform Better During the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation

w15173 Laurence M. Ball
Policy Responses to Exchange-Rate Movements

w15171 Sebastian Edwards
Latin America's Decline: A Long Historical View

w15169 Eswar S. Prasad
Rebalancing Growth in Asia

w15158 Nuno Cassola
Ali Hortacsu
Jakub Kastl

The 2007 Subprime Market Crisis Through the Lens of European Central Bank Auctions for Short-Term Funds

w15155 Daron Acemoglu
Melissa Dell

Productivity Differences Between and Within Countries

w15154 David L. Hummels
Georg Schaur

Hedging Price Volatility Using Fast Transport

w15142 Barry Eichengreen
Douglas A. Irwin

The Slide to Protectionism in the Great Depression: Who Succumbed and Why?

w15141 Galina Hale
Assaf Razin
Hui Tong

The Impact of Credit Protection on Stock Prices in the Presence of Credit Crunches

w15131 Esther Duflo
Michael Kremer
Jonathan Robinson

Nudging Farmers to Use Fertilizer: Theory and Experimental Evidence from Kenya

w15128 Marc Flandreau
Juan H. Flores
Norbert Gaillard
Sebastián Nieto-Parra

The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007

w15120 Michael P. Dooley
Michael M. Hutchison

Transmission of the U.S. Subprime Crisis to Emerging Markets: Evidence on the Decoupling-Recoupling Hypothesis

w15118 Willem H. Buiter
Negative Nominal Interest Rates: Three ways to overcome the zero lower bound

w15113 James Feyrer
Jay C. Shambaugh

Global Savings and Global Investment: The Transmission of Identified Fiscal Shocks

w15093 Shang-Jin Wei
Xiaobo Zhang

The Competitive Saving Motive: Evidence from Rising Sex Ratios and Savings Rates in China

w15077 Stephanie E. Curcuru
Tomas Dvorak
Francis E. Warnock

Decomposing the U.S. External Returns Differential

w15062 Emmanuel Farhi
Samuel Paul Fraiberger
Xavier Gabaix
Romain Ranciere
Adrien Verdelhan

Crash Risk in Currency Markets

w15034 Sebnem Kalemli-Ozcan
Elias Papaioannou
José-Luis Peydró

What Lies Beneath the Euro's Effect on Financial Integration: Currency Risk, Legal Harmonization, or Trade?

w15023 Dhammika Dharmapala
C. Fritz Foley
Kristin J. Forbes

Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act

w15020 Yuko Hashimoto
Takatoshi Ito

Effects of Japanese Macroeconomic Announcements on the Dollar/Yen Exchange Rate: High-Resolution Picture

w15018 Joshua Aizenman
Financial Crisis and the Paradox of Under- and Over-Regulation

w15014 John Y. Campbell
Robert J. Shiller
Luis M. Viceira

Understanding Inflation-Indexed Bond Markets

w15013 Assaf Razin
Edith Sand

Migration-Regime Liberalization and Social Security: Political-Economy Effect

w15008 Philippe Bacchetta
Eric van Wincoop

On the Unstable Relationship between Exchange Rates and Macroeconomic Fundamentals

w14997 Ricardo J. Caballero
Alp Simsek

Complexity and Financial Panics

w14968 Barry Eichengreen
Poonam Gupta

The Two Waves of Service Sector Growth

w14967 Robert W. Fogel
The Impact of the Asian Miracle on the Theory of Economic Growth

w14961 Juan Carlos Gozzi
Ross Levine
Sergio L. Schmukler

Patterns of International Capital Raisings

w14938 Gita Gopinath
Pierre-Olivier Gourinchas
Chang-Tai Hsieh
Nicholas Li

Estimating the Border Effect: Some New Evidence

w14927 Eyal Dvir
Kenneth S. Rogoff

Three Epochs of Oil

w14925 Douglas W. Diamond
Raghuram G. Rajan

Fear of Fire Sales and the Credit Freeze

w14916 M. Ayhan Kose
Eswar S. Prasad
Ashley D. Taylor

Thresholds in the Process of International Financial Integration

w14909 Philip R. Lane
Jay C. Shambaugh

The Long or Short of it: Determinants of Foreign Currency Exposure in External Balance Sheets

w14904 Barry Eichengreen
Ashoka Mody
Milan Nedeljkovic
Lucio Sarno

How the Subprime Crisis Went Global: Evidence from Bank Credit Default Swap Spreads

w14902 Stefan Laséen
Lars E.O. Svensson

Anticipated Alternative Instrument-Rate Paths in Policy Simulations

w14887 Sebnem Kalemli-Ozcan
Elias Papaioannou
José Luis Peydró

Financial Regulation, Financial Globalization and the Synchronization of Economic Activity

w14874 Yuriy Gorodnichenko
Enrique G. Mendoza
Linda L. Tesar

The Finnish Great Depression: From Russia with Love

w14854 Andrew K. Rose
Mark M. Spiegel

The Olympic Effect

w14843 Geert Bekaert
Campbell R. Harvey
Christian Lundblad

Financial Openness and Productivity

w14835 Mario J. Crucini
Mototsugu Shintani
Takayuki Tsuruga

The Law of One Price Without the Border: The Role of Distance Versus Sticky Prices

w14834 Mario J. Crucini
Hakan Yilmazkuday

A Model of International Cities: Implications for Real Exchange Rates

w14829 Charles Engel
Currency Misalignments and Optimal Monetary Policy: A Reexamination

w14826 Maurice Obstfeld
Jay C. Shambaugh
Alan M. Taylor

Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008

w14824 Pierpaolo Benigno
New-Keynesian Economics: An AS-AD View

w14821 Joshua Aizenman
Gurnain Kaur Pasricha

Selective Swap Arrangements and the Global Financial Crisis: Analysis and Interpretation

w14816 Maurice Obstfeld
Time of Troubles: The Yen and Japan's Economy, 1985-2008

w14802 Geert Bekaert
Campbell R. Harvey
Christian Lundblad
Stephan Siegel

What Segments Equity Markets?

w14795 Michael B. Devereux
Gregor W. Smith
James Yetman

Consumption and Real Exchange Rates in Professional Forecasts

w14794 Michael B. Devereux
Alan Sutherland

Valuation Effects and the Dynamics of Net External Assets

w14791 Nergiz Dincer
Barry Eichengreen

Central Bank Transparency: Causes, Consequences and Updates

w14786 Anusha Chari
Wenjie Chen
Kathryn M.E. Dominguez

Foreign Ownership and Firm Performance: Emerging-Market Acquisitions in the United States

w14784 Assaf Razin
Efraim Sadka
Benjarong Suwankiri

Migration and the welfare state: Dynamic Political-Economy Theory

w14779 Joshua Aizenman
On the Paradox of Prudential Regulations in the Globalized Economy: International Reserves and the Crisis a Reassessment

w14760 Robert J. Barro
José F. Ursúa

Stock-Market Crashes and Depressions

w14739 Douglas W. Diamond
Raghuram Rajan

The Credit Crisis: Conjectures about Causes and Remedies

w14738 Alon Cohen
Assaf Razin
Efraim Sadka

The Skill Composition of Migration and the Generosity of the Welfare State

w14734 Pierpaolo Benigno
Salvatore Nisticò

International Portfolio Allocation under Model Uncertainty

w14731 Michael P. Dooley
David Folkerts-Landau
Peter M. Garber

Bretton Woods II Still Defines the International Monetary System

w14720 John F. Helliwell
Christopher P. Barrington-Leigh
Anthony Harris
Haifang Huang

International Evidence on the Social Context of Well-Being

w14701 John Y. Campbell
Adi Sunderam
Luis M. Viceira

Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds

w14700 Jeffrey A. Frankel
New Estimation of China's Exchange Rate Regime

w14691 Maurice Obstfeld
International Finance and Growth in Developing Countries: What Have We Learned?

w14696 Martin S. Feldstein
Reflections on Americans' Views of the Euro Ex Ante

w14688 Ricardo J. Caballero
Arvind Krishnamurthy

Global Imbalances and Financial Fragility

w14673 Yin-Wong Cheung
Menzie D. Chinn
Eiji Fujii

China's Current Account and Exchange Rate

w14658 Eswar S. Prasad
Some New Perspectives on India's Approach to Capital Account Liberalization

w14656 Carmen M. Reinhart
Kenneth S. Rogoff

The Aftermath of Financial Crises

w14636 Indrit Hoxha
Sebnem Kalemli-Ozcan
Dietrich Vollrath

How Big are the Gains from International Financial Integration?

w14631 John B. Taylor
The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong


2008
w14629 Bernard Dumas
Andrew Lyasoff

Incomplete-Market Equilibria Solved Recursively on an Event Tree

w14612 Markus K. Brunnermeier
Deciphering the Liquidity and Credit Crunch 2007-08

w14606 Eli Berman
Jacob N. Shapiro
Joseph H. Felter

Can Hearts and Minds Be Bought? The Economics of Counterinsurgency in Iraq

w14604 Peter Blair Henry
Conrad Miller

Institutions vs. Policies: A Tale of Two Islands

w14597 Richard M. Levich
Valerio Poti

Predictability and 'Good Deals' in Currency Markets

w14596 Andreas Beyer
Vitor Gaspar
Christina Gerberding
Otmar Issing

Opting Out of the Great Inflation: German Monetary Policy After the Break Down of Bretton Woods

w14587 Carmen M. Reinhart
Kenneth S. Rogoff

Banking Crises: An Equal Opportunity Menace

w14585 Timothy J. Besley
Torsten Persson

The Incidence of Civil War: Theory and Evidence

w14582 Man-Keung Tang
Shang-Jin Wei

The Value of Making Commitments Externally: Evidence from WTO Accessions

w14562 Joshua Aizenman
Reuven Glick

Sovereign Wealth Funds: Stylized Facts about their Determinants and Governance

w14561 Joshua Aizenman
Michael Hutchison
Ilan Noy

Inflation Targeting and Real Exchange Rates in Emerging Markets

w14558 M. Ayhan Kose
Eswar S. Prasad
Marco E. Terrones

Does Openness to International Financial Flows Raise Productivity Growth?

w14551 Andrew Mountford
Harald Uhlig

What are the Effects of Fiscal Policy Shocks?

w14546 Marcos Chamon
Eswar Prasad

Why are Saving Rates of Urban Households in China Rising?

w14542 Jeffrey A. Frankel
The Estimated Effects of the Euro on Trade: Why Are They Below Historical Effects of Monetary Unions Among Smaller Countries?

w14533 Joshua Aizenman
Menzie D. Chinn
Hiro Ito

Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time

w14529 Domenico Giannone
Michele Lenza
Lucrezia Reichlin

Business Cycles in the Euro Area

w14528 Stephen Gilmore
Fumio Hayashi

Emerging Market Currency Excess Returns

w14521 Ricardo J. Caballero
Emmanuel Farhi
Pierre-Olivier Gourinchas

Financial Crash, Commodity Prices and Global Imbalances

w14519 Ulf Söderström
Re-Evaluating Swedish Membership in EMU: Evidence from an Estimated Model

w14518 Kimie Harada
Takatoshi Ito

Did Mergers Help Japanese Mega-Banks Avoid Failure? Analysis of the Distance to Default of Banks

w14510 Malin Adolfson
Stefan Laséen
Jesper Lindé
Lars E.O. Svensson

Monetary Policy Trade-Offs in an Estimated Open-Economy DSGE Model

w14507 John F. Helliwell
Life Satisfaction and Quality of Development

w14476 Alberto Giovannini
Why the European Securities Market is Not Fully Integrated

w14473 Markus K. Brunnermeier
Stefan Nagel
Lasse H. Pedersen

Carry Trades and Currency Crashes

w14463 Jens H.E. Christensen
Francis X. Diebold
Glenn D. Rudebusch

An Arbitrage-Free Generalized Nelson-Siegel Term Structure Model

w14459 Alon Cohen
Assaf Razin

The Skill Composition of Immigrants and the Generosity of the Welfare State: Free vs. Policy-Controlled Migration

w14453 Joshua Aizenman
Yothin Jinjarak

The US as the "Demander of Last Resort" and its Implications on China's Current Account

w14444 Enrique G. Mendoza
Sudden Stops, Financial Crises and Leverage: A Fisherian Deflation of Tobin's Q

w14438 Barry Eichengreen
Katharina Steiner

Is Poland at Risk of a Boom-and-Bust Cycle in the Run-Up to Euro Adoption?

w14426 David von Below
Torsten Persson

Uncertainty, Climate Change and the Global Economy

w14420 Menzie D. Chinn
Shang-Jin Wei

A Faith-based Initiative: Does a Flexible Exchange Rate Regime Really Facilitate Current Account Adjustment?

w14390 Cédric Tille
Eric van Wincoop

International Capital Flows under Dispersed Information: Theory and Evidence

w14384 Sebastian Edwards
Sequencing of Reforms, Financial Globalization, and Macroeconomic Vulnerability

w14381 Mario J. Crucini
Mototsugu Shintani
Takayuki Tsuruga

Accounting for Persistence and Volatility of Good-Level Real Exchange Rates: The Role of Sticky Information

w14380 Mario J. Crucini
M. Ayhan Kose
Christopher Otrok

What Are the Driving Forces of International Business Cycles?

w14379 Alon Binyamini
Assaf Razin

Inflation-Output Tradeoff as Equilibrium Outcome of Globalization

w14372 Michael B. Devereux
Alan Sutherland

Country Portfolios in Open Economy Macro Models

w14292 M. Ayhan Kose
Christopher Otrok
Eswar S. Prasad

Global Business Cycles: Convergence or Decoupling?

w14359 Lawrence H. Summers
Richard J. Zeckhauser

Policymaking for Posterity

w14355 Momtchil Pojarliev
Richard M. Levich

Trades of the Living Dead: Style Differences, Style Persistence and Performance of Currency Fund Managers

w14336 Andrew K. Rose
Mark M. Spiegel

International Financial Remoteness and Macroeconomic Volatility

w14321 Carmen M. Reinhart
Vincent R. Reinhart

Capital Flow Bonanzas: An Encompassing View of the Past and Present

w14295 Stephanie E. Curcuru
Charles P. Thomas
Francis E. Warnock

Current Account Sustainability and Relative Reliability

w14269 Francis X. Diebold
Kamil Yilmaz

Macroeconomic Volatility and Stock Market Volatility, Worldwide

w14264 Antoni Estevadeordal
Alan M. Taylor

Is the Washington Consensus Dead? Growth, Openness, and the Great Liberalization, 1970s-2000s

w14249 Graciela L. Kaminsky
Crises and Sudden Stops: Evidence from International Bond and Syndicated-Loan Markets

w14245 Craig Doidge
G. Andrew Karolyi
René M. Stulz

Why Do Foreign Firms Leave U.S. Equity Markets?

w14244 Matthew Canzoneri
Robert E. Cumby
Behzad Diba
David Lopez-Salido

Monetary Aggregates and Liquidity in a Neo-Wicksellian Framework

w14242 Matthew Canzoneri
Robert E. Cumby
Behzad Diba
David Lopez-Salido

The Macroeconomic Implications of a Key Currency

w14217 Maurice Obstfeld
Jay C. Shambaugh
Alan M. Taylor

Financial Stability, the Trilemma, and International Reserves

w14205 Hui Tong
Shang-Jin Wei

Real Effects of the Subprime Mortgage Crisis: Is it a Demand or a Finance Shock?

w14204 Willem H. Buiter
Housing Wealth Isn't Wealth

w14200 Gita Gopinath
Oleg Itskhoki

Frequency of Price Adjustment and Pass-through

w14191 Ethan Ilzetzki
Carlos A. Vegh

Procyclical Fiscal Policy in Developing Countries: Truth or Fiction?

w14175 Menzie D. Chinn
Michael J. Moore

Private Information and a Macro Model of Exchange Rates: Evidence from a Novel Data Set

w14172 Harald Hau
Helene Rey

Home Bias at the Fund Level

w14168 Yin-Wong Cheung
Menzie D. Chinn
Eiji Fujii

Pitfalls in Measuring Exchange Rate Misalignment: The Yuan and Other Currencies

w14165 Harald Hau
Hélène Rey

Global Portfolio Rebalancing Under the Microscope

w14160 Yuko Hashimoto
Takatoshi Ito
Takaaki Ohnishi
Misako Takayasu
Hideki Takayasu
Tsutomu Watanabe

Random Walk or A Run: Market Microstructure Analysis of the Foreign Exchange Rate Movements based on Conditional Probability

w14154 Barry Eichengreen
Marc Flandreau

The Rise and Fall of the Dollar, or When Did the Dollar Replace Sterling as the Leading International Currency?

w14126 Paul R. Bergin
Ching-Yi Lin

Exchange Rate Regimes and the Extensive Margin of Trade

w14121 Robert E. Lipsey
Measuring the Location of Production in a World of Intangible Productive Assets, FDI, and Intrafirm Trade

w14071 Kenneth S. Rogoff
Vania Stavrakeva

The Continuing Puzzle of Short Horizon Exchange Rate Forecasting

w14113 Luc Laeven
Ross Levine

Bank Governance, Regulation, and Risk Taking

w14101 Nicola Cetorelli
Linda S. Goldberg

Banking Globalization, Monetary Transmission, and the Lending Channel

w14100 Barry Eichengreen
Exchange Rate Regimes and Capital Mobility: How Much of the Swoboda Thesis Survives?

w14092 Malin Adolfson
Stefan Laséen
Jesper Lindé
Lars E.O. Svensson

Optimal Monetary Policy in an Operational Medium-Sized DSGE Model

w14088 Pierre-Richard Agenor
Joshua Aizenman

Capital Market Imperfections and the Theory of Optimum Currency Areas

w14082 Hanno Lustig
Nikolai Roussanov
Adrien Verdelhan

Common Risk Factors in Currency Markets

w14077 Gregory Clark
Kevin H. O'Rourke
Alan M. Taylor

Made in America? The New World, the Old, and the Industrial Revolution

w14054 A. Craig Burnside
Martin S. Eichenbaum
Isaac Kleshchelski
Sergio Rebelo

Do Peso Problems Explain the Returns to the Carry Trade?

w14051 Eswar S. Prasad
Raghuram Rajan

A Pragmatic Approach to Capital Account Liberalization

w14049 Enrique G. Mendoza
Marco E. Terrones

An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data

w14034 Sebastian Edwards
Globalization, Growth and Crises: The View from Latin America

w14026 Guillermo A. Calvo
Alejandro Izquierdo
Luis-Fernando Mejía

Systemic Sudden Stops: The Relevance Of Balance-Sheet Effects And Financial Integration

w14017 Christian Broda
David E. Weinstein

Understanding International Price Differences Using Barcode Data

w14016 Jeffrey A. Frankel
Shang-Jin Wei

Estimation of De Facto Exchange Rate Regimes: Synthesis of the Techniques for Inferring Flexibility and Basket Weights

w13988 Andrew K. Rose
Mark M. Spiegel

Non-Economic Engagement and International Exchange: The Case of Environmental Treaties

w13986 Pierpaolo Benigno
Luca Antonio Ricci

The Inflation-Unemployment Trade-Off at Low Inflation

w13984 Jiandong Ju
Shang-Jin Wei

When Is Quality of Financial System a Source of Comparative Advantage?

w13983 Ellen R. McGrattan
Edward C. Prescott

Technology Capital and the U.S. Current Account

w13978 Michael P. Dooley
David Folkerts-Landau
Peter M. Garber

Will Subprime be a Twin Crisis for the United States?

w13889 Frederic S. Mishkin
Exchange Rate Pass-Through And Monetary Policy

w13965 Emi Nakamura
Pass-Through in Retail and Wholesale

w13952 Martin S. Feldstein
Resolving the Global Imbalance: The Dollar and the U.S. Saving Rate

w13948 Frederic S. Mishkin
Globalization, Macroeconomic Performance, and Monetary Policy

w13946 Carmen M. Reinhart
Kenneth S. Rogoff

The Forgotten History of Domestic Debt

w13943 John B. Taylor
John C. Williams

A Black Swan in the Money Market

w13925 Viktoria Hnatkovska
Amartya Lahiri
Carlos A. Vegh

Interest Rates and the Exchange Rate: A Non-Monotonic Tale

w13921 Joshua Aizenman
Yothin Jinjarak

Current Account Patterns and National Real Estate Markets

w13918 Niall Ferguson
Moritz Schularick

The "Thin Film Of Gold": Monetary Rules and Policy Credibility In Developing Countries

w13913 Wolfgang Keller
Carol H. Shiue

Institutions, Technology, and Trade

w13911 Francesco Giavazzi
Michael McMahon

Policy Uncertainty and Precautionary Savings

w13910 Jón Steinsson
The Dynamic Behavior of the Real Exchange Rate in Sticky Price Models

w13909 Menzie D. Chinn
Jeffrey A. Frankel

The Euro May Over the Next 15 Years Surpass the Dollar as Leading International Currency

w13908 Kristin J. Forbes
Why do Foreigners Invest in the United States?

w13906 Andrea Ferrero
Mark Gertler
Lars E.O. Svensson

Current Account Dynamics and Monetary Policy

w13904 Stijn Van Nieuwerburgh
Laura Veldkamp

Information Acquisition and Under-Diversification

w13902 Joshua Aizenman
Reuven Glick

Sterilization, Monetary Policy, and Global Financial Integration

w13901 Yu-Chin Chen
Kenneth Rogoff
Barbara Rossi

Can Exchange Rates Forecast Commodity Prices?

w13896 Hanno Lustig
Stijn Van Nieuwerburgh
Adrien Verdelhan

The Wealth-Consumption Ratio

w13882 Carmen M. Reinhart
Kenneth S. Rogoff

This Time is Different: A Panoramic View of Eight Centuries of Financial Crises

w13880 Peter Blair Henry
Diego Sasson

Capital Account Liberalization, Real Wages, and Productivity

w13876 Christopher D. Carroll
Jiri Slacalek
Martin Sommer

International Evidence on Sticky Consumption Growth

w13861 Enrique G. Mendoza
Vivian Z. Yue

A Solution to the Disconnect between Country Risk and Business Cycle Theories

w13846 Robert Dekle
Jonathan Eaton
Samuel Kortum

Global Rebalancing with Gravity: Measuring the Burden of Adjustment

w13842 Carmen M. Reinhart
Vincent R. Reinhart

Capital Inflows and Reserve Accumulation: The Recent Evidence

w13831 Barry Eichengreen
Douglas A. Irwin

International Economic Policy: Was There a Bush Doctrine?

w13820 Linda S. Goldberg
Cédric Tille

Macroeconomic Interdependence and the International Role of the Dollar

w13815 Michael D. Bordo
Harold James

A Long Term Perspective on the Euro

w13814 Charles Engel
Jian Wang

International Trade in Durable Goods: Understanding Volatility, Cyclicality, and Elasticities

w13812 Hanno Lustig
Adrien Verdelhan

The Cross-Section of Foreign Currency Risk Premia and Consumption Growth Risk: A Reply

w13811 Francis X. Diebold
Kamil Yilmaz

Measuring Financial Asset Return and Volatility Spillovers, With Application to Global Equity Markets

w13805 Emmanuel Farhi
Xavier Gabaix

Rare Disasters and Exchange Rates

w13795 Giancarlo Corsetti
Philippe Martin
Paolo Pesenti

Varieties and the Transfer Problem: The Extensive Margin of Current Account Adjustment

w13794 Cristina Arellano
Narayana R. Kocherlakota

Internal Debt Crises and Sovereign Defaults

w13792 Selim Elekdag
Rene Lalonde
Douglas Laxton
Dirk Muir
Paolo Pesenti

Oil Price Movements and the Global Economy: A Model-Based Assessment

w13790 George Alessandria
Joseph Kaboski
Virgiliu Midrigan

Inventories, Lumpy Trade, and Large Devaluations

w13782 Santiago Carbo-Valverde
Edward J. Kane
Francisco Rodriguez-Fernandez

Evidence of Differences in the Effectiveness of Safety-Net Management in European Union Countries

w13779 Ricardo J. Caballero
Pierre Yared

Inflating the Beast: Political Incentives Under Uncertainty

w13768 Stephanie E. Curcuru
Tomas Dvorak
Francis E. Warnock

Cross-Border Returns Differentials

w13723 Itay Goldstein
Assaf Razin
Hui Tong

Liquidity, Institutional Quality and the Composition of International Equity Outflows

w13761 Carmen M. Reinhart
Kenneth S. Rogoff

Is the 2007 U.S. Sub-Prime Financial Crisis So Different? An International Historical Comparison

w13740 Barry Eichengreen
Sui Generis EMU

w13736 Jean Boivin
Marc Giannoni

Global Forces and Monetary Policy Effectiveness

w13734 Joshua Aizenman
Yi Sun

Globalization and the Sustainability of Large Current Account Imbalances: Size Matters

w13731 Ariel Burstein
Christopher Kurz
Linda Tesar

Trade, Production Sharing, and the International Transmission of Business Cycles

w13721 Woochan Kim
Taeyoon Sung
Shang-Jin Wei

How Does Corporate Governance Risk at Home Affect Investment Choices Abroad?


2007
w13714 Momtchil Pojarliev
Richard M. Levich

Do Professional Currency Managers Beat the Benchmark?

w13677 Ramon Marimon
Javier Díaz-Giménez
Giorgia Giovannetti
Pedro Teles

Nominal Debt as a Burden on Monetary Policy

w13658 Francis A. Longstaff
Jun Pan
Lasse H. Pedersen
Kenneth J. Singleton

How Sovereign is Sovereign Credit Risk?

w13624 David Backus
Espen Henriksen
Kjetil Storesletten

Taxes and the Global Allocation of Capital

w13620 Paul R. Bergin
Robert C. Feenstra

Pass-through of Exchange Rates and Competition Between Floaters and Fixers

w13619 Eswar S. Prasad
Raghuram G. Rajan
Arvind Subramanian

Foreign Capital and Economic Growth

w13613 Christopher J. Erceg
Christopher Gust
David López-Salido

The Transmission of Domestic Shocks in the Open Economy

w13612 Fabrice Collard
Harris Dellas
Behzad Diba
Alan Stockman

Goods Trade and International Equity Portfolios

w13611 Jens H. E. Christensen
Francis X. Diebold
Glenn D. Rudebusch

The Affine Arbitrage-Free Class of: Nelson-Siegel Term Structure Models

w13607 Dale F. Gray
Robert C. Merton
Zvi Bodie

New Framework for Measuring and Managing Macrofinancial Risk and Financial Stability

w13659 Katheryn Niles Russ
Exchange Rate Volatility and First-Time Entry by Multinational Firms

w13605 Michael D. Bordo
Ali Dib
Lawrence Schembri

Canada's Pioneering Experience with a Flexible Exchange Rate in the 1950s:(Hard) Lessons Learned for Monetary Policy in a Small Open Economy

w13602 Pierre-Olivier Gourinchas
Olivier Jeanne

Capital Flows to Developing Countries: The Allocation Puzzle

w13598 Edith Sand
Assaf Razin

The Political-Economy Positive Role of the Social Security System in Sustaining Immigration (But Not Vice Versa)

w13588 Francis X. Diebold
Canlin Li
Vivian Z. Yue

Global Yield Curve Dynamics and Interactions: A Dynamic Nelson-Siegel Approach

w13586 Li Wang
John Whalley

The Impacts of Renminbi Appreciation on Trades Flows and Reserve Accumulation in a Monetary Trade Model

w13577 Michael D. Bordo
Christopher M. Meissner

Foreign Capital and Economic Growth in the First Era of Globalization

w13571 Horag Choi
Nelson C. Mark
Donggyu Sul

Endogenous Discounting, the World Saving Glut and the U.S. Current Account

w13566 Frederic S. Mishkin
Will Monetary Policy Become More of a Science?

w13559 Fernando A. Broner
Alberto Martin
Jaume Ventura

Enforcement Problems and Secondary Markets

w13544 Giancarlo Corsetti
Luca Dedola
Sylvain Leduc

Optimal Monetary Policy and the Sources of Local-Currency Price Stability

w13517 Benjamin Malin
Dirk Krueger
Felix Kubler

Computing Stochastic Dynamic Economic Models with a Large Number of State Variables: A Description and Application of a Smolyak-Collocation Method

w13515 Ellen McGrattan
Edward C. Prescott

Openness, Technology Capital, and Development

w13489 Michael D. Bordo
Alberto F. Cavallo
Christopher M. Meissner

Sudden Stops: Determinants and Output Effects in the First Era of Globalization, 1880-1913

w13483 Jonathan Heathcote
Fabrizio Perri

The International Diversification Puzzle Is Not As Bad As You Think

w13468 Anna Pavlova
Roberto Rigobon

An Asset-Pricing View of External Adjustment

w13467 Julian di Giovanni
Jay C. Shambaugh

The Impact of Foreign Interest Rates on the Economy: The Role of the Exchange Rate Regime

w13444 Nir Jaimovich
Sergio Rebelo

News and Business Cycles in Open Economies

w13440 Mehmet Fatih Ekinci
Sebnem Kalemli-Ozcan
Bent Sorensen

Financial Integration within EU Countries: The Role of Institutions, Confidence and Trust

w13433 Philip Lane
Jay C. Shambaugh

Financial Exchange Rates and International Currency Exposures

w13432 Gita Gopinath
Oleg Itskhoki
Roberto Rigobon

Currency Choice and Exchange Rate Pass-through

w13424 Nicolas Coeurdacier
Robert Kollmann
Philippe Martin

International Portfolios with Supply, Demand and Redistributive Shocks

w13412 Enrique G. Mendoza
Vincenzo Quadrini
José-Victor Ríos-Rull

On the Welfare Implications of Financial Globalization without Financial Development

w13403 Kris James Mitchener
Marc D. Weidenmier

The Baring Crisis and the Great Latin American Meltdown of the 1890s

w13398 Andrew Atkeson
V. V. Chari
Patrick J. Kehoe

On the Optimal Choice of a Monetary Policy Instrument

w13397 Jon Faust
Jonathan H. Wright

Comparing Greenbook and Reduced Form Forecasts using a Large Realtime Dataset

w13393 Barry Eichengreen
The Breakup of the Euro Area

w13388 Jiandong Ju
Shang-Jin Wei

Current Account Adjustment: Some New Theory and Evidence

w13385 Nicholas Bloom
The Impact of Uncertainty Shocks

w13366 Stijn Van Nieuwerburgh
Laura Veldkamp

Information Immobility and the Home Bias Puzzle

w13364 Hiro Ito
Menzie Chinn

East Asia and Global Imbalances: Saving, Investment, and Financial Development

w13361 Ralph S.J Koijen
Otto Van Hemert
Stijn Van Nieuwerburgh

Mortgage Timing

w13357 A. Craig Burnside
Empirical Asset Pricing and Statistical Power in the Presence of Weak Risk Factors

w13353 Mark Aguiar
Manuel Amador
Gita Gopinath

Investment Cycles and Sovereign Debt Overhang

w13329 Michael Woodford
Globalization and Monetary Control

w13328 Morten O. Ravn
Stephanie Schmitt-Grohé
Martín Uribe

Explaining the Effects of Government Spending Shocks on Consumption and the Real Exchange Rate

w13318 Charles Engel
Nelson C. Mark
Kenneth D. West

Exchange Rate Models Are Not as Bad as You Think

w13315 Simon Gilchrist
Jae W. Sim

Investment during the Korean Financial Crisis: A Structural Econometric Analysis

w13313 Barry Bosworth
Susan M. Collins
Gabriel Chodorow-Reich

Returns on FDI: Does the U.S. Really Do Better?

w13281 Mihir A. Desai
Dhammika Dharmapala

Taxes and Portfolio Choice: Evidence from JGTRRA's Treatment of International Dividends

w13280 Assaf Razin
Alon Binyamini

Flattened Inflation-Output Tradeoff and Enhanced Anti-Inflation Policy: Outcome of Globalization?

w13278 Craig Burnside
Martin S. Eichenbaum
Sergio Rebelo

Understanding the Forward Premium Puzzle: A Microstructure Approach

w13263 Andrew K. Rose
Saktiandi Supaat

Fertility and the Real Exchange Rate

w13251 Rui Albuquerque
Neng Wang

Agency Conflicts, Investment, and Asset Pricing

w13244 Domenico Delli Gatti
Mauro Gallegati
Bruce C. Greenwald
Joseph E. Stiglitz

Net Worth, Exchange Rates, and Monetary Policy: The Effects of a Devaluation in a Financially Fragile Environment

w13241 Pol Antràs
Ricardo J. Caballero

Trade and Capital Flows: A Financial Frictions Perspective

w13239 Robert E. Lipsey
Birgitta Swedenborg

Explaining Product Price Differences Across Countries

w13216 Laura Alfaro
Fabio Kanczuk

Optimal Reserve Management and Sovereign Debt

w13209 Kiminori Matsuyama
Aggregate Implications of Credit Market Imperfections

w13205 Philippe Bacchetta
Eric van Wincoop

Random Walk Expectations and the Forward Discount Puzzle

w13197 Michael P. Dooley
Peter M. Garber
David Folkerts-Landau

The Two Crises of International Economics

w13196 Ravi Bansal
Long-Run Risks and Financial Markets

w13194 Ana Fostel
Graciela Laura Kaminsky

Latin America's Access to International Capital Markets: Good Behavior or Global Liquidity?

w13185 Alexander Ludwig
Dirk Krueger
Axel H. Boersch-Supan

Demographic Change, Relative Factor Prices, International Capital Flows, and Their Differential Effects on the Welfare of Generations

w13183 Pinelopi K. Goldberg
Rebecca Hellerstein

A Structural Approach to Identifying the Sources of Local-Currency Price Stability

w13177 Guillermo A. Calvo
Interest Rate Rules, Inflation Stabilization, and Imperfect Credibility: The Small Open Economy Case

w13173 Pierpaolo Benigno
Portfolio Choices with Near Rational Agents: A Solution of Some International-Finance Puzzles

w13157 Francois Gourio
Anil K Kashyap

Investment Spikes: New Facts and a General Equilibrium Exploration

w13154 Amartya Lahiri
Rajesh Singh
Carlos A. Vegh

Segmented Asset Markets and Optimal Exchange Rate Regimes

w13151 Martin D. D. Evans
Richard K. Lyons

Exchange Rate Fundamentals and Order Flow

w13150 Torsten Persson
Guido Tabellini

The Growth Effect of Democracy: Is It Heterogenous and How Can It Be Estimated?

w13148 Jiandong Ju
Shang-Jin Wei

Domestic Institutions and the Bypass Effect of Financial Globalization

w13143 Roberto Perotti
In Search of the Transmission Mechanism of Fiscal Policy

w13132 Mihir A. Desai
Dhammika Dharmapala

Taxes, Institutions and Foreign Diversification Opportunities

w13131 Laura Alfaro
Fabio Kanczuk

Nominal versus Indexed Debt: A Quantitative Horse Race

w13129 Craig Burnside
The Forward Premium is Still a Puzzle

w13123 Ceyhun Bora Durdu
Enrique G. Mendoza
Marco E. Terrones

Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism

w13120 Simon Johnson
Jonathan D. Ostry
Arvind Subramanian

The Prospects for Sustained Growth in Africa: Benchmarking the Constraints

w13119 Laura Alfaro
Fabio Kanczuk

Debt Maturity: Is Long-Term Debt Optimal?

w13118 Laura Alfaro
Andrew Charlton

International Financial Integration and Entrepreneurial Firm Activity

w13114 Martin Feldstein
Why is the Dollar So High?

w13103 David Dollar
Shang-Jin Wei

Das (Wasted) Kapital: Firm Ownership and Investment Efficiency in China

w13100 Jeffrey A. Frankel
Shang-Jin Wei

Assessing China's Exchange Rate Regime

w13094 Assaf Razin
Efraim Sadka

Productivity and Taxes as Drivers of FDI

w13089 Galina Hale
Assaf Razin
Hui Tong

Credit Constraints and Stock Price Volatility

w13088 John Y. Campbell
Karine Serfaty-de Medeiros
Luis M. Viceira

Global Currency Hedging

w13084 Joshua Aizenman
Mark Spiegel

Takeoffs

w13081 Veronica Cacdac Warnock
Francis E. Warnock

Markets and Housing Finance

w13077 Ricardo J. Caballero
Guido Lorenzoni

Persistent Appreciations and Overshooting: A Normative Analysis

w13076 Fernando A. Broner
Guido Lorenzoni
Sergio L. Schmukler

Why Do Emerging Economies Borrow Short Term?

w13074 Stephanie E. Curcuru
Tomas Dvorak
Francis E. Warnock

The Stability of Large External Imbalances: The Role of Returns Differentials

w13073 Ariel Burstein
Alexander Monge-Naranjo

Foreign Know-How, Firm Control, and the Income of Developing Countries

w13057 Kevin H. O'Rourke
Ahmed S. Rahman
Alan M. Taylor

Trade, Knowledge, and the Industrial Revolution

w13055 Joan R. Rosés
Kevin H. O'Rourke
Jeffrey G. Williamson

Globalization, Growth and Distribution in Spain 1500-1913

w13050 Jeffrey Frankel
On the Rand: Determinants of the South African Exchange Rate

w13035 Robert Dekle
Jonathan Eaton
Samuel Kortum

Unbalanced Trade

w13028 Timothy Besley
Torsten Persson

The Origins of State Capacity: Property Rights, Taxation, and Politics

w13020 Shang-Jin Wei
Zhiwei Zhang

Collateral Damage: Exchange Controls and International Trade

w13019 Sebastian Edwards
Crises and Growth: A Latin American Perspective

w13010 Richard Clarida
Daniel Waldman

Is Bad News About Inflation Good News for the Exchange Rate?

w13004 Shin-ichi Fukuda
Yoshifumi Kon

Liquidity Risk Aversion, Debt Maturity, and Current Account Surpluses: A Theory and Evidence from East Asia

w13003 N. Nergiz Dincer
Barry Eichengreen

Central Bank Transparency: Where, Why, and with What Effects?

w12993 Michael D. Bordo
Growing Up to Financial Stability

w12990 Kristian R. Miltersen
Eduardo S. Schwartz

Real Options With Uncertain Maturity and Competition

w12983 Gary Richardson
Patrick Van Horn

Fetters of Debt, Deposit, or Gold during the Great Depression? The International Propagation of the Banking Crisis of 1931

w12961 Morten Ravn
Stephanie Schmitt-Grohe
Martin Uribe

Incomplete Cost Pass-Through Under Deep Habits

w12953 Kathryn M.E. Dominguez
Freyan Panthaki

The Influence of Actual and Unrequited Interventions

w12947 Enrique G. Mendoza
Jonathan D. Ostry

International Evidence on Fiscal Solvency: Is Fiscal Policy "Responsible"?

w12945 Ricardo J. Caballero
Eduardo M.R.A. Engel

Price Stickiness in Ss Models: New Interpretations of Old Results

w12943 Barry Bosworth
Susan M. Collins

Accounting for Growth: Comparing China and India

w12937 Fabio Ghironi
Jaewoo Lee
Alessandro Rebucci

The Valuation Channel of External Adjustment

w12925 Olivier Blanchard
Current Account Deficits in Rich Countries

w12919 Willem H. Buiter
Seigniorage

w12916 Craig Burnside
Martin Eichenbaum
Sergio Rebelo

The Returns to Currency Speculation in Emerging Markets

w12909 Enrique G. Mendoza
Vincenzo Quadrini
Jose-Victor Rios-Rull

Financial Integration, Financial Deepness and Global Imbalances

w12904 Sebastian Edwards
On Current Account Surpluses and the Correction of Global Imbalances

w12901 Barry Bosworth
Susan M. Collins
Arvind Virmani

Sources of Growth in the Indian Economy

w12896 Ricardo J. Caballero
Arvind Krishnamurthy

Collective Risk Management in a Flight to Quality Episode

w12861 Andrew Atkeson
Ariel Burstein

Pricing-to-Market in a Ricardian Model of International Trade

w12856 Eric Van Wincoop
Cedric Tille

International Capital Flows

w12855 Pol Antràs
Mihir A. Desai
C. Fritz Foley

Multinational Firms, FDI Flows and Imperfect Capital Markets

w12852 Sebastian Edwards
Capital Controls, Capital Flow Contractions, and Macroeconomic Vulnerability

w12850 Yin-Wong Cheung
Menzie D. Chinn
Eiji Fujii

The Overvaluation of Renminbi Undervaluation

w12839 Willem H. Buiter
Is Numerairology the Future of Monetary Economics? Unbundling numeraire and medium of exchange through a virtual currency and a shadow exchange rate

w12822 Carlo Favero
Francesco Giavazzi

Debt and the Effects of Fiscal Policy


2006
w12806 Romain Ranciere
Aaron Tornell
Frank Westermann

Decomposing the Effects of Financial Liberalization: Crises vs. Growth

w12802 Dhammika Dharmapala
James R. Hines Jr.

Which Countries Become Tax Havens?

w12800 Edith Sand
Assaf Razin

Immigration and the Survival of Social Security: A Political Economy Model

w12794 Dean Yang
Coping with Disaster: The Impact of Hurricanes on International Financial Flows, 1970-2002

w12793 Sergio Rebelo
Carlos A. Vegh

When Is It Optimal to Abandon a Fixed Exchange Rate?

w12788 Guillermo A. Calvo
Monetary Policy Challenges in Emerging Markets: Sudden Stop, Liability Dollarization, and Lender of Last Resort

w12783 Fernando Broner
Alberto Martin
Jaume Ventura

Sovereign Risk and Secondary Markets

w12755 Chong-En Bai
Chang-Tai Hsieh
Yingyi Qian

The Return to Capital in China

w12753 Ricardo J. Caballero
On the Macroeconomics of Asset Shortages

w12734 Joshua Aizenman
International Reserves Management and the Current Account

w12731 Morten Ravn
Stephanie Schmitt-Grohe
Martin Uribe

Pricing to Habits and the Law of One Price

w12729 Michael W. Klein
Jay C. Shambaugh

The Nature of Exchange Rate Regimes

w12728 Eric van Wincoop
Francis E. Warnock

Is Home Bias in Assets Related to Home Bias in Goods?

w12726 Alexander D. Rothenberg
Francis E. Warnock

Sudden Flight and True Sudden Stops

w12718 Joshua Aizenman
Jaewoo Lee

Financial Versus Monetary Mercantilism-Long-run View of Large International Reserves Hoarding

w12711 Andrew K. Rose
A Stable International Monetary System Emerges: Inflation Targeting is Bretton Woods, Reversed

w12708 Alessandra Fogli
Fabrizio Perri

The "Great Moderation" and the US External Imbalance

w12704 Hamid Faruqee
Douglas Laxton
Dirk Muir
Paolo Pesenti

Would Protectionism Defuse Global Imbalances and Spur Economic Activity? A Scenario Analysis

w12703 Douglas Laxton
Papa N'Diaye
Paolo Pesenti

Deflationary Shocks and Monetary Rules: an Open-Economy Scenario Analysis

w12699 Maurice Obstfeld
Pricing-to-Market, the Interest-Rate Rule, and the Exchange Rate

w12698 Peter Blair Henry
Capital Account Liberalization: Theory, Evidence, and Speculation

w12697 Karen K. Lewis
Is the International Diversification Potential Diminishing? Foreign Equity Inside and Outside the US

w12684 Amartya Lahiri
Rajesh Singh
Carlos A. Vegh

Optimal exchange rate regimes: Turning Mundell-Fleming's dictum on its head

w12682 Takatoshi Ito
Yuko Hashimoto

Price Impacts of Deals and Predictability of the Exchange Rate Movements

w12675 Luc Laeven
Ross Levine

Complex Ownership Structures and Corporate Valuations

w12673 Richard E. Baldwin
Virginia Di Nino

Euros and Zeros: The Common Currency Effect on Trade in New Goods

w12668 Jiandong Ju
Shang-Jin Wei

A Solution to Two Paradoxes of International Capital Flows

w12667 Shang-Jin Wei
Zhiwei Zhang

Do External Interventions Work? The Case of Trade Reform Conditions in IMF Supported Programs

w12662 Michael D. Bordo
Owen Humpage
Anna J. Schwartz

The Historical Origins of U.S. Exchange Market Intervention Policy

w12654 Chryssi Giannitsarou
Andrew Scott

Inflation Implications of Rising Government Debt

w12644 Charles Calomiris
Devaluation with Contract Redenomination in Argentina

w12637 Dale F. Gray
Robert C. Merton
Zvi Bodie

A New Framework for Analyzing and Managing Macrofinancial Risks of an Economy

w12629 Javier García-Cicco
Roberto Pancrazi
Martín Uribe

Real Business Cycles in Emerging Countries?

w12620 Sebastian Edwards
External Imbalances in an Advanced, Commodity-Exporting Country: The Case of New Zealand

w12616 Allan Drazen
Stefan Hubrich

A Simple Test of the Effect of Interest Rate Defense

w12614 Christian Hellwig
Guido Lorenzoni

Bubbles and Self-Enforcing Debt

w12612 Atif Mian
Asim Ijaz Khwaja

Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market

w12589 Hali J. Edison
Francis E. Warnock

Cross-border Listings, Capital Controls, and Equity Flows To Emerging Markets

w12587 Marco Cipriani
Graciela L. Kaminsky

Volatility in International Financial Market Issuance: The Role of the Financial Center

w12586 Enrique G. Mendoza
P. Marcelo Oviedo

Fiscal Policy and Macroeconomic Uncertainty in Developing Countries: The Tale of the Tormented Insurer

w12580 Christopher M. Meissner
Alan M. Taylor

Losing our Marbles in the New Century? The Great Rebalancing in Historical Perspective

w12575 Patrick J. Kehoe
How to Advance Theory with Structural VARs: Use the Sims-Cogley-Nason Approach

w12564 Enrique G. Mendoza
Endogenous Sudden Stops in a Business Cycle Model with Collateral Constraints:A Fisherian Deflation of Tobin's Q

w12560 Francis E. Warnock
Veronica Cacdac Warnock

International Capital Flows and U.S. Interest Rates

w12552 John D. Burger
Francis E. Warnock

Local Currency Bond Markets

w12551 Jianhuai Shi
Are Currency Appreciations Contractionary in China?

w12548 John D. Burger
Francis E. Warnock

Foreign Participation in Local Currency Bond Markets

w12547 Jose Manuel Campa
Linda S. Goldberg

Pass Through of Exchange Rates to Consumption Prices: What has Changed and Why?

w12545 Richard Baldwin
Multilateralising Regionalism: Spaghetti Bowls as Building Blocs on the Path to Global Free Trade

w12543 Alan M. Taylor
Janine L. F. Wilson

International Trade and Finance under the Two Hegemons: Complementaries in the United Kingdom 1870-1913 and the United States 1920-30

w12522 Laura Alfaro
Areendam Chanda
Sebnem Kalemli-Ozcan
Selin Sayek

How Does Foreign Direct Investment Promote Economic Growth? Exploring the Effects of Financial Markets on Linkages

w12505 Flavio Cunha
James J. Heckman

A New Framework for the Analysis of Inequality

w12516 Richard Baldwin
Daria Taglioni

Gravity for Dummies and Dummies for Gravity Equations

w12500 John Ammer
Sara B. Holland
David C. Smith
Francis E. Warnock

Look at Me Now: What Attracts U.S. Shareholders?

w12496 Jeffrey Frankel
Jumana Poonawala

The Forward Market in Emerging Currencies: Less Biased Than in Major Currencies

w12495 Linda S. Goldberg
Cédric Tille

The International Role of the Dollar and Trade Balance Adjustment

w12491 Michael Bordo
Thomas Helbling
Harold James

Swiss Exchange Rate Policy in the 1930s. Was the Delay in Devaluation Too High a Price to Pay for Conservatism?

w12489 Craig Burnside
Martin Eichenbaum
Isaac Kleshchelski
Sergio Rebelo

The Returns to Currency Speculation

w12484 M. Ayhan Kose
Eswar Prasad
Kenneth S. Rogoff
Shang-Jin Wei

Financial Globalization: A Reappraisal

w12483 Giancarlo Corsetti
Luca Dedola
Sylvain Leduc

Productivity, External Balance and Exchange Rates: Evidence on the Transmission Mechanism Among G7 Countries

w12482 Jaume Ventura
Fernando A. Broner

Globalization and Risk Sharing

w12481 Menzie D. Chinn
Ron Alquist

Conventional and Unconventional Approaches to Exchange Rate Modeling and Assessment

w12473 Amir Amadi
Paul Bergin

Understanding International Portfolio Diversification and Turnover Rates

w12451 Barry Eichengreen
Insurance Underwriter or Financial Development Fund: What Role for Reserve Pooling in Latin America?

w12450 Barry Eichengreen
Democracy and Globalization

w12448 Roberto Chang
Electoral Uncertainty and the Volatility of International Capital Flows

w12434 Rajnish Mehra
The Equity Premium in India

w12433 Rajnish Mehra
Recursive Competitive Equilibrium

w12432 Shin-ichi Fukuda
Masanori Ono

On the Determinants of Exporters' Currency Pricing: History vs. Expectations

w12426 Stanley Fischer
Reflections on One Year at the Bank of Israel

w12420 Roberto Rigobon
Brian Sack

Noisy Macroeconomic Announcements, Monetary Policy, and Asset Prices

w12414 Timothy J. Hatton
Jeffrey G. Williamson

What Determines Immigration's Impact? Comparing Two Global Centuries

w12413 Takatoshi Ito
Yuko Hashimoto

Intra-Day Seasonality in Activities of the Foreign Exchange Markets: Evidence From the Electronic Broking System

w12408 Barry Eichengreen
Pipat Luengnaruemitchai

Bond Markets as Conduits for Capital Flows: How Does Asia Compare?

w12407 Joshua Aizenman
Jorge Fernández-Ruiz

Signaling Credibility --- Choosing Optimal Debt and International Reserves

w12395 Takatoshi Ito
Kiyotaka Sato

Exchange Rate Changes and Inflation in Post-Crisis Asian Economies: VAR Analysis of the Exchange Rate Pass-Through

w12393 Michael D. Bordo
Sudden Stops, Financial Crises, and Original Sin in Emerging Countries: Déjà vu?

w12382 Menzie D. Chinn
Robert W. Fairlie

ICT Use in the Developing World: An Analysis of Differences in Computer and Internet Penetration

w12376 Alessandro Beber
Michael W. Brandt
Kenneth A. Kavajecz

Flight-to-Quality or Flight-to-Liquidity? Evidence From the Euro-Area Bond Market

w12363 Joshua Aizenman
Daniel Riera-Crichton

Real Exchange Rate and International Reserves in the Era of Growing Financial and Trade Integration

w12357 Takero Doi
Toshihiro Ihori
Kiyoshi Mitsui

Sustainability, Debt Management, and Public Debt Policy in Japan

w12346 Charles P. Thomas
Francis E. Warnock
Jon Wongswan

The Performance of International Equity Portfolios

w12340 Marco Arena
Carmen Reinhart
Francisco Vázquez

The Lending Channel in Emerging Economics: Are Foreign Banks Different?

w12333 Elias Papaioannou
Richard Portes
Gregorios Siourounis

Optimal Currency Shares in International Reserves: The Impact of the Euro and the Prospects for the Dollar

w12325 Dean Yang
International Migration, Remittances, and Household Investment: Evidence from Philippine Migrants' Exchange Rate Shocks

w12299 Michael D. Bordo
Christopher M. Meissner
Marc D. Weidenmier

Currency Mismatches, Default Risk, and Exchange Rate Depreciation: Evidence from the End of Bimetallism

w12283 Bernardo S. de M. Carvalho
Márcio G.P. Garcia

Ineffective Controls on Capital Inflows Under Sophisticated Financial Markets: Brazil in the Nineties

w12260 Martín Uribe
Individual Versus Aggregate Collateral Constraints and the Overborrowing Syndrome

w12235 Barry Eichengreen
Poonam Gupta
Ashoka Mody

Sudden Stops and IMF-Supported Programs

w12229 Sebastian Edwards
Monetary Unions, External Shocks and Economic Performance: A Latin American Perspective

w12222 Christian Leuz
Karl V. Lins
Francis E. Warnock

Do Foreigners Invest Less in Poorly Governed Firms?

w12220 Fang Cai
Francis E. Warnock

International Diversification at Home and Abroad

w12219 Pierpaolo Benigno
Are Valuation Effects Desirable from a Global Perspective?

w12215 Michael B. Devereux
Charles Engel

Expenditure Switching vs. Real Exchange Rate Stabilization: Competing Objectives for Exchange Rate Policy

w12214 Charles Engel
Akito Matsumoto

Portfolio Choice in a Monetary Open-Economy DSGE Model

w12213 Michael B. Devereux
Charles Engel

Expectations and Exchange Rate Policy

w12194 Richard H. Clarida
G7 Current Account Imbalances: Sustainability and Adjustment

w12193 Richard H. Clarida
Manuela Goretti
Mark P. Taylor

Are There Thresholds of Current Account Adjustment in the G7?

w12187 Serkan Arslanalp
Peter Blair Henry

Debt Relief

w12186 Anusha Chari
Peter Blair Henry

Firm-Specific Information and the Efficiency of Investment

w12117 Philippe Aghion
Philippe Bacchetta
Romain Ranciere
Kenneth Rogoff

Exchange Rate Volatility and Productivity Growth: The Role of Financial Development

w12175 Torsten Persson
Guido Tabellini

Democratic Capital: The Nexus of Political and Economic Change

w12168 Martin Feldstein
The 2006 Economic Report of the President: Comment on Chapter One (The Year in Review) and Chapter Six (The Capital Account Surplus)

w12153 Enrico Spolaore
Romain Wacziarg

The Diffusion of Development

w12136 Ricardo J. Caballero
Arvind Krishnamurthy

Flight to Quality and Collective Risk Management

w12163 Sebastian Edwards
The Relationship Between Exchange Rates and Inflation Targeting Revisited

w12158 Pierpaolo Benigno
Michael Woodford

Optimal Inflation Targeting under Alternative Fiscal Regimes

w12154 Sebastian Edwards
The U.S. Current Account Deficit: Gradual Correction or Abrupt Adjustment?

w12127 Galina Hale
Assaf Razin
Hui Tong

Institutional Weakness and Stock Price Volatility

w12121 Linda S. Goldberg
José Manuel Campa

Distribution Margins, Imported Inputs, and the Sensitivity of the CPI to Exchange Rates

w12101 Guillermo A. Calvo
Alejandro Izquierdo
Ernesto Talvi

Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises

w12095 Gita Gopinath
Roberto Rigobon

Sticky Borders

w12044 Andrew K. Rose
Mark Spiegel

Offshore Financial Centers: Parasites or Symbionts?

w12023 Kalpana Kochhar
Utsav Kumar
Raghuram Rajan
Arvind Subramanian

India's Patterns of Development: What Happened, What Follows

w11996 Ricardo J. Caballero
Emmanuel Farhi
Pierre-Olivier Gourinchas

An Equilibrium Model of "Global Imbalances" and Low Interest Rates

w11991 Assaf Razin
Efraim Sadka

Vying for Foreign Direct Investment: A EU-type Model of Tax Competition

w11973 Nicolas Magud
Carmen M. Reinhart

Capital Controls: An Evaluation

w11966 Enrique G. Mendoza
Lessons From the Debt-Deflation Theory of Sudden Stops

w11952 Dani Rodrik
The Social Cost of Foreign Exchange Reserves

w11946 Stephen G. Cecchetti
Alfonso Flores-Lagunes
Stefan Krause

Assessing the Sources of Changes in the Volatility of Real Growth

w11921 Charles Engel
John H. Rogers

The U.S. Current Account Deficit and the Expected Share of World Output

w11920 John Beshears
James J. Choi
David Laibson
Brigitte Madrian

Early Decisions: A Regulatory Framework

w11913 Martin Uribe
On Overborrowing


2005
w11906 Geert Bekaert
Robert J. Hodrick
Xiaoyan Zhang

International Stock Return Comovements

w11901 Laura Alfaro
Sebnem Kalemli-Ozcan
Vadym Volosovych

Why Doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation

w11897 Michael D. Bordo
Christopher M. Meissner

The Role of Foreign Currency Debt in Financial Crises: 1880-1913 vs. 1972-1997

w11894 Ross Levine
Sergio Schmukler

Internationalization and Stock Market Liquidity

w11891 Frederic Mishkin
Is Financial Globalization Beneficial?

w11856 Martin Feldstein
Monetary Policy in a Changing International Environment: The Role of Global Capital Flows

w11853 Menzie D. Chinn
Jaewoo Lee

Three Current Account Balances: A "Semi-Structuralist" Interpretation

w11850 Axel Boersch-Supan
Alexander Ludwig
Joachim Winter

Aging, Pension Reform, and Capital Flows: A Multi-Country Simulation Model

w11840 Jacob Boudoukh
Matthew Richardson
Robert Whitelaw

The Information in Long-Maturity Forward Rates: Implications for Exchange Rates and the Forward Premium Anomaly

w11834 Ricardo Caballero
Arvind Krishnamurthy

Financial System Risk and Flight to Quality

w11823 Caroline Freund
Frank Warnock

Current Account Deficits in Industrial Countries: The Bigger They are, the Harder They Fall?

w11815 Jordi Gali
Tommaso Monacelli

Optimal Monetary and Fiscal Policy in a Currency Union

w11795 Natalia Chernyshoff
David S. Jacks
Alan M. Taylor

Stuck on Gold: Real Exchange Rate Volatility and the Rise and Fall of the Gold Standard

w11792 Linda S. Goldberg
Michael W. Klein

Establishing Credibility: Evolving Perceptions of the European Central Bank

w11791 Amartya Lahiri
Carlos A. Vegh

Output Costs, Currency Crises, and Interest Rate Defense of a Peg

w11787 Roberto Chang
Linda Kaltani
Norman Loayza

Openness Can be Good for Growth: The Role of Policy Complementarities

w11785 Assaf Razin
Yona Rubinstein

Evaluation of Currency Regimes: The Unique Role of Sudden Stops

w11779 Roberto Chang
Financial Crises and Political Crises

w11771 Michael P. Dooley
David Folkerts-Landau
Peter M. Garber

Interest Rates, Exchange Rates and International Adjustment

w11769 Kathryn Dominguez
Freyan Panthaki

What Defines "News" in Foreign Exchange Markets?

w11762 Andrew K. Rose
Cities and Countries

w11761 Menzie D. Chinn
Hiro Ito

Current Account Balances, Financial Development and Institutions: Assaying the World "Savings Glut"

w11757 Itay Goldstein
Assaf Razin

An Information-Based Trade Off between Foreign Direct Investment and Foreign Portfolio Investment

w11748 Martin D. D. Evans
Richard K. Lyons

Understanding Order Flow

w11733 Lars Svensson
Noah Williams

Monetary Policy with Model Uncertainty: Distribution Forecast Targeting

w11728 Raghuram G. Rajan
Has Financial Development Made the World Riskier?

w11719 Menzie D. Chinn
Supply Capacity, Vertical Specialization and Tariff Rates: The Implications for Aggregate U.S. Trade Flow Equations

w11717 Mihir A. Desai
C. Fritz Foley
James R. Hines Jr.

Foreign Direct Investment and Domestic Economic Activity

w11713 William H. Branson
Conor N. Healy

Monetary and Exchange Rate Policy Coordination in ASEAN 1

w11706 Yuriy Gorodnichenko
Linda Tesar

A Re-Examination of the Border Effect

w11701 Martin D. D. Evans
Viktoria Hnatkovska

International Capital Flows, Returns and World Financial Integration

w11699 Ariel Burstein
Martin Eichenbaum
Sergio Rebelo

The Importance of Nontradable Goods' Prices in Cyclical Real Exchange Rate Fluctuations

w11696 Laura Alfaro
Sebnem Kalemli-Ozcan
Vadym Volosovych

Capital Flows in a Globalized World: The Role of Policies and Institutions

w11691 Enrique G. Mendoza
Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies

w11669 Sebastian Edwards
The End of Large Current Account Deficits, 1970-2002: Are There Lessons for the United States?

w11668 Hans Fehr
Sabine Jokisch
Laurence J. Kotlikoff

Will China Eat Our Lunch or Take Us Out to Dinner? Simulating the Transition Paths of the U.S., EU, Japan, and China

w11657 Raghuram G. Rajan
Arvind Subramanian

What Undermines Aid's Impact on Growth?

w11653 Linda Goldberg
Trade Invoicing in the Accession Countries: Are They Suited to the Euro?

w11652 Joshua Aizenman
Reuven Glick

Pegged Exchange Rate Regimes -- A Trap?

w11641 Assaf Razin
Prakash Loungani

Globalization and Inflation-Output Tradeoffs

w11640 Ilan Goldfajn
André Minella

Capital Flows and Controls in Brazil: What Have We Learned?

w11639 Assaf Razin
Efraim Sadka
Hui Tong

Bilateral FDI Flows: Threshold Barriers and Productivity Shocks

w11638 Ariel Burstein
Martin Eichenbaum
Sergio Rebelo

Modeling Exchange-Rate Passthrough After Large Devaluations

w11637 Paul R. Bergin
Reuven Glick

Tradability, Productivity, and Understanding International Economic Integration

w11634 Barry Eichengreen
Muge Adalet

Current Account Reversals: Always a Problem?

w11633 Philippe Bacchetta
Eric van Wincoop

Rational Inattention: A Solution to the Forward Discount Puzzle

w11632 José Manuel Campa
Linda S. Goldberg
José M. González-Mínguez

Exchange-Rate Pass-Through to Import Prices in the Euro Area

w11625 Barry Eichengreen
Mariko Hatase

Can a Rapidly-Growing Export-Oriented Economy Smoothly Exit an Exchange Rate Peg? Lessons for China from Japan's High-Growth Era

w11620 Peter Lorentzen
John McMillan
Romain Wacziarg

Death and Development

w11618 Ricardo J. Caballero
Arvind Krishnamurthy

Bubbles and Capital Flow Volatility: Causes and Risk Management

w11607 Jean Imbs
Haroon Mumtaz
Morten O. Ravn
Hélène Rey

"Aggregation Bias" DOES Explain the PPP Puzzle

w11589 Philip R. Lane
Gian Maria Milesi-Ferretti

A Global Perspective on External Positions

w11583 Hamid Faruqee
Douglas Laxton
Dirk Muir
Paolo Pesenti

Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing

w11580 Zsolt Darvas
Andrew K. Rose
György Szapáry

Fiscal Divergence and Business Cycle Synchronization: Irresponsibility is Idiosyncratic

w11563 Pierre-Olivier Gourinchas
Hélène Rey

From World Banker to World Venture Capitalist: US External Adjustment and the Exorbitant Privilege

w11550 Philippe Martin
Hélène Rey

Globalization and Emerging Markets: With or Without Crash?

w11543 Aart Kraay
Jaume Ventura

The Dot-Com Bubble the Bush Deficits, and the U.S. Current Account

w11541 Sebastian Edwards
Is the U.S. Current Account Deficit Sustainable? And If Not, How Costly is Adjustment Likely To Be?

w11508 Jeffrey A. Frankel
Contractionary Currency Crashes in Developing Countries

w11521 Menzie D. Chinn
A Primer on Real Effective Exchange Rates: Determinants, Overvaluation, Trade Flows and Competitive Devaluation

w11520 Michael P. Dooley
David Folkerts-Landau
Peter M. Garber

Savings Gluts and Interest Rates: The Missing Link to Europe

w11517 Elena Tchernykh
William H. Branson

Regime-Switching Behavior of the Term Structure of Forward Markets

w11513 Raghuram G. Rajan
Arvind Subramanian

Aid and Growth: What Does the Cross-Country Evidence Really Show?

w11510 Menzie Chinn
Jeffrey Frankel

Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?

w11502 Ross Levine
Law, Endowments, and Property Rights

w11500 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Bank Concentration and Fragility: Impact and Mechanics

w11499 Luc Laeven
Ross Levine

Is There a Diversification Discount in Financial Conglomerates?

w11498 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Bank Supervision and Corruption in Lending

w11492 Guillermo A. Calvo
Alejandro Izquierdo
Rudy Loo-Kung

Relative Price Volatility Under Sudden Stops: The Relevance of Balance Sheet Effects

w11490 Mark Aguiar
Manuel Amador
Gita Gopinath

Efficient Fiscal Policy and Amplification

w11473 Filippo Altissimo
Pierpaolo Benigno
Diego Rodriguez Palenzuela

Long-Run Determinants of Inflation Differentials in a Monetary Union

w11472 Kris James Mitchener
Marc D. Weidenmier

Supersanctions and Sovereign Debt Repayment

w11440 Anna Pavlova
Roberto Rigobon

Wealth Transfers, Contagion, and Portfolio Constraints

w11434 Sebastian Edwards
Roberto Rigobon

Capital Controls, Exchange Rate Volatility and External Vulnerability

w11429 Sebastian Edwards
Establishing Credibility: The Role of Foreign Advisors

w11396 Gene M. Grossman
Elhanan Helpman

Party Discipline and Pork Barrel Politics

w11392 Lars O. Svensson
Robert J. Tetlow

Optimal Policy Projections

w11387 Ajay Shah
Ila Patnaik

India's Experience with Capital Flows: The Elusive Quest for a Sustainable Current Account Deficit

w11382 Kevin Cowan
Jose De Gregorio

International Borrowing, Capital Controls and the Exchange Rate: Lessons from Chile

w11381 Marcus Noland
South Korea's Experience with International Capital Flows

w11372 Kristin J. Forbes
The Microeconomic Evidence on Capital Controls: No Free Lunch

w11370 Menzie D. Chinn
Hiro Ito

What Matters for Financial Development? Capital Controls, Institutions, and Interactions

w11369 Basant K. Kapur
Capital Flows and Exchange Rate Volatility: Singapore's Experience

w11366 Joshua Aizenman
Jaewoo Lee

International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence

w11365 Linda S. Goldberg
The International Exposure of U.S. Banks

w11353 Kathryn M.E. Dominguez
Linda L. Tesar

International Borrowing and Macroeconomic Performance in Argentina

w11352 Michael W. Klein
Studying Texts: A Gemara of the Israeli Economy

w11341 Giancarlo Corsetti
Paolo Pesenti

The Simple Geometry of Transmission and Stabilization in Closed and Open Economies

w11336 Barry Eichengreen
Sterling's Past, Dollar's Future: Historical Perspectives on Reserve Currency Competition

w11306 Eswar Prasad
Shang-Jin Wei

The Chinese Approach to Capital Inflows: Patterns and Possible Explanations

w11305 Guillermo A. Calvo
Crises in Emerging Market Economies: A Global Perspective

w11301 Sebnem Kalemli-Ozcan
Ariell Reshef
Bent Sorensen
Oved Yosha

Why Does Capital Flow to Rich States?

w11293 Ricardo Caballero
Stavros Panageas

A Quantitative Model of Sudden Stops and External Liquidity Management

w11274 Jeffrey Frankel
On the Renminbi: The Choice between Adjustment under a Fixed Exchange Rate and Adjustment under a Flexible Rate

w11273 Lee J. Alston
Bernardo Mueller

Pork for Policy: Executive and Legislative Exchange in Brazil

w11272 Justin M. Dubas
Byung-Joo Lee
Nelson C. Mark

Effective Exchange Rate Classifications and Growth

w11266 William N. Goetzmann
Andrey Ukhov

British Investment Overseas 1870-1913: A Modern Portfolio Theory Approach

w11249 Martin Feldstein
The Euro and the Stability Pact

w11244 Ya-Hwei Yang
Jia-Dong Shea

Deflation and Monetary Policy in Taiwan

w11220 Richard K. Lyons
Michael J. Moore

An Information Approach to International Currencies

w11214 Genevieve Boyreau-Debray
Shang-Jin Wei

Pitfalls of a State-Dominated Financial System: The Case of China

w11209 Charles Engel
Equivalence Results for Optimal Pass-Through, Optimal Indexing to Exchange Rates, and Optimal Choice of Currency for Export Pricing

w11198 Barry Eichengreen
Kenneth Kletzer
Ashoka Mody

The IMF in a World of Private Capital Markets

w11196 Assaf Razin
Yona Rubinstein
Efraim Sadka

Corporate Taxation and Bilateral FDI with Threshold Barriers

w11191 Christian Hellwig
Arijit Mukherji
Aleh Tsyvinski

Self-Fulfilling Currency Crises: The Role of Interest Rates

w11178 Ceyhun Bora Durdu
Enrique G. Mendoza

Are Asset Price Guarantees Useful for Preventing Sudden Stops?: A Quantitative Investigation of the Globalization Hazard-Moral Hazard Tradeoff

w11173 Michael Bordo
Christopher Meissner

Financial Crises, 1880-1913: The Role of Foreign Currency Debt

w11171 Torsten Persson
Forms of Democracy, Policy and Economic Development

w11170 Sebastian Edwards
Capital Controls, Sudden Stops and Current Account Reversals

w11166 Michael Ehrmann
Marcel Fratzscher
Roberto Rigobon

Stocks, Bonds, Money Markets and Exchange Rates: Measuring International Financial Transmission

w11165 Giancarlo Corsetti
Philippe Martin
Paolo A. Pesenti

Productivity Spillovers, Terms of Trade and the "Home Market Effect"

w11155 Pierre-Olivier Gourinchas
Helene Rey

International Financial Adjustment

w11153 Guillermo A. Calvo
Ernesto Talvi

Sudden Stop, Financial Factors and Economic Collpase in Latin America: Learning from Argentina and Chile

w11137 Olivier Blanchard
Francesco Giavazzi
Filipa Sa

The U.S. Current Account and the Dollar

w11133 V.V. Chari
Patrick Kehoe
Ellen R. McGrattan

Sudden Stops and Output Drops

w11131 Assaf Razin
Yona Rubinstein

Evaluation of Exchange-Rate, Capital Market, and Dollarization Regimes in the Presence of Sudden Stops

w11127 Linda S. Goldberg
Cedric Tille

Vehicle Currency Use in International Trade

w11112 Michael W. Klein
Capital Account Liberalization, Institutional Quality and Economic Growth: Theory and Evidence

w11104 Hanno Lustig
Adrien Verdelhan

The Cross-Section of Currency Risk Premia and US Consumption Growth Risk

w11102 Seok-Kyun Hur
Money Growth and Interest Rates

w11092 Ozge Senay
Alan Sutherland

Can Endogenous Changes in Price Flexibility Alter the Relative Welfare Performance of Exchange Rate Regimes?

w11088 Mats Persson
Torsten Persson
Lars E.O. Svensson

Time Consistency of Fiscal and Monetary Policy: A Solution

t0305 Todd E. Clark
Kenneth D. West

Using Out-of-Sample Mean Squared Prediction Errors to Test the Martingale Difference

w11077 Menzie D. Chinn
Guy Meredith

Testing Uncovered Interest Parity at Short and Long Horizons during the Post-Bretton Woods Era

w11076 Romain Ranciere
Aaron Tornell
Frank Westermann

Systemic Crises and Growth

w11075 Mihir C. Desai
C. Fritz Foley
James R. Hines Jr.

Foreign Direct Investment and the Domestic Capital Stock

w11071 Patrick Bolton
Olivier Jeanne

Structuring and Restructuring Sovereign Debt: The Role of Seniority

w11061 Nelson C. Mark
Changing Monetary Policy Rules, Learning, and Real Exchange Rate Dynamics

w11055 Matthew B. Canzoneri
Robert E. Cumby
Behzad T. Diba

How Do Monetary and Fiscal Policy Interact in the European Monetary Union?

w11047 Itay Goldstein
Assaf Razin

Foreign Direct Investment vs. Foreiegn Portfolio Investment

w11042 Martin D.D. Evans
Richard K. Lyons

Meese-Rogoff Redux: Micro-Based Exchange Rate Forecasting

w11041 Martin D.D. Evans
Richard K. Lyons

Do Currency Markets Absorb News Quickly?

w11033 Menzie D. Chinn
Michael LeBlanc
Olivier Coibion

The Predictive Content of Energy Futures: An Update on Petroleum, Natural Gas, Heating Oil and Gasoline

w11023 Ross Levine
Sergio L. Schmukler

Internationalization and the Evolution of Corporate Valuation


2004
w10995 Charles Engel
Kenneth D. West

Taylor Rules and the Deutschmark-Dollar Real Exchange Rate

w10986 Ariel Burstein
Martin Eichenbaum
Sergio Rebelo

Large Devaluations and the Real Exchange Rate

w10983 Thorsten Beck
Asli Demirguc-Kunt
Luc Laeven
Ross Levine

Finance, Firm Size, and Growth

w10961 Ted Juhl
William Miles
Marc D. Weidenmier

Covered Interest Arbitrage: Then vs. Now

w10957 Jeffrey A. Frankel
Eduardo A. Cavallo

Does Openness to Trade Make Countries More Vulnerable to Sudden Stops, Or Less? Using Gravity to Establish Causality

w10954 Assaf Razin
Globalization and Disinflation: A Note

w10945 John F. Helliwell
Demographic Changes and International Factor Mobility

w10942 Eswar S. Prasad
Kenneth S. Rogoff
Shang-Jin Wei
M. Ayhan Kose

Financial Globalization, Growth and Volatility in Developing Countries

w10941 Fernando A. Broner
R. Gaston Gelos
Carmen Reinhart

When in Peril, Retrench: Testing the Portfolio Channel of Contagion

w10940 Enrique G. Mendoza
Katherine A. Smith

Quantitative Implication of A Debt-Deflation Theory of Sudden Stops and Asset Prices

w10936 James R. Hines Jr.
Do Tax Havens Flourish?

w10907 Jeffrey A. Frankel
Shang-Jin Wei

Managing Macroeconomic Crises

w10903 Craig Burnside
Domenico Fanizza

Hiccups for HIPCs?

w10878 Takatoshi Ito
Frederic S. Mishkin

Two Decades of Japanese Monetary Policy and the Deflation Problem

w10872 Anusha Chari
Paige P. Ouimet
Linda L. Tesar

Acquiring Control in Emerging Markets: Evidence from the Stock Market

w10869 Maurice Obstfeld
Kenneth Rogoff

The Unsustainable US Current Account Position Revisited

w10864 Assaf Razin
Yona Rubinstein
Efraim Sadka

Fixed Costs and FDI: The Conflicting Effects of Productivity Shocks

w10856 Takatoshi Ito
Yuko Hashimoto

Microstructure of the Yen/Dollar Foreign Exchange Market: Patterns of Intra-day Activity Revealed in the Electronic Broking System

w10849 Maurice Obstfeld
Globalization, Macroeconomic Performance, and the Exchange Rates of Emerging Economies

w10848 Willem H. Buiter
The Elusive Welfare Economics of Price Stability as a Monetary Policy Objective: Should New Keynesian Central Bankers Pursue Price Stability?

w10846 Antonio Fatas
Ilian Mihov
Andrew K. Rose

Quantitative Goals for Monetary Policy

w10845 Raghuram G. Rajan
Dollar Shortages and Crises

w10843 Maurice Obstfeld
External Adjustment

w10834 Michael D. Bordo
Ashoka Mody
Nienke Oomes

Keeping Capital Flowing: The Role of the IMF

w10827 Andres Velasco
Roberto Chang

Monetary Policy and the Currency Denomination of Debt: A Tale of Two Equilibria

w10806 Mihir A. Desai
C. Fritz Foley
James R. Hines

Economic Effects of Regional Tax Havens

w10805 Robert P. Flood
Andrew K. Rose

Estimating the Expected Marginal Rate of Substitution: Exploiting Idiosyncratic Risk

w10790 Enrique G. Mendoza
Ceyhun Bora Durdu

Putting the Brakes on Sudden Stops: The Financial Frictions-Moral Hazard Tradeoff of Asset Price Guarantees

w10786 Ricardo J. Caballero
Stavros Panageas

Contingent Reserves Management: An Applied Framework

w10780 Graciela L. Kaminsky
Carmen M. Reinhart
Carlos A. Vegh

When it Rains, it Pours: Procyclical Capital Flows and Macroeconomic Policies

w10778 Carol H. Shiue
Wolfgang Keller

Markets in China and Europe on the Eve of the Industrial Revolution

w10766 Ross Levine
Finance and Growth: Theory and Evidence

w10751 Ricardo Hausmann
Ugo Panizza
Roberto Rigobon

The Long-Run Volatility Puzzle of the Real Exchange Rate

w10750 Roberto Rigobon
Dani Rodrik

Rule of Law, Democracy, Openness, and Income: Estimating the Interrelationships

w10749 Ha Yan Lee
Luca Antonio Ricci
Roberto Rigobon

Once Again, is Openness Good for Growth?

w10734 Mark Aguiar
Gita Gopinath

Emerging Market Business Cycles: The Cycle is the Trend

w10731 Mark Aguiar
Gita Gopinath

Defaultable Debt, Interest Rates and the Current Account

w10727 Michael P. Dooley
David Folkerts-Landau
Peter M. Garber

The US Current Account Deficit and Economic Development: Collateral for a Total Return Swap

w10725 Marianne Baxter
Michael A. Kouparitsas

Determinants of Business Cycle Comovement: A Robust Analysis

w10723 Charles Engel
Kenneth D. West

Exchange Rates and Fundamentals

w10702 Peter L. Rousseau
A Common Currency: Early U.S. Monetary Policy and the Transition to the Dollar

w10696 Michael W. Klein
Jay C. Shambaugh

Fixed Exchange Rates and Trade

w10687 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Law and Firms' Access to Finance

w10686 Menzie D. Chinn
Robert Fairlie

The Determinants of the Global Digital Divide: A Cross-Country Analysis of Computer and Internet Penetration

w10673 Aasim M. Husain
Ashoka Mody
Kenneth S. Rogoff

Exchange Rate Regime Durability and Performance in Developing Countries Versus Advanced Economies

w10657 Francesco Giavazzi
Guido Tabellini

Economic and Political Liberalizations

w10646 Frederic S. Mishkin
Can Inflation Targeting Work in Emerging Market Countries?

w10642 Willem H. Buiter
Anne C. Sibert

Deflationary Bubbles

w10630 Assaf Razin
Efraim Sadka

Capital Income Taxation in the Globalized World

w10626 Michael P. Dooley
David Folkerts-Landau
Peter Garber

Direct Investment, Rising Real Wages and the Absorption of Excess Labor in the Periphery

w10614 Chi-Young Choi
Nelson Mark
Donggyu Sul

Unbiased Estimation of the Half-Life to PPP Convergence in Panel Data

w10607 Alan M. Taylor
Mark P. Taylor

The Purchasing Power Parity Debate

w10602 Joshua Aizenman
Brian Pinto

Managing Volatility and Crises: A Practitioner's Guide Overview

w10583 Eugene Canjels
Gauri Prakash-Canjels
Alan M. Taylor

Measuring Market Integration: Foreign Exchange Arbitrage and the Gold Standard, 1879-1913

w10577 Dennis W. Carlton
Why Barriers to Entry are Barriers to Understanding

w10576 Barry Eichengreen
Pipat Luengnaruemitchai

Why Doesn't Asia Have Bigger Bond Markets?

w10559 Malcolm Baker
C. Fritz Foley
Jeffrey Wurgler

The Stock Market and Investment: Evidence from FDI Flows

w10555 Assaf Razin
Yona Rubinstein

Growth Effects of the Exchange-Rate Regime and the Capital-Account Openness in A Crisis-Prone World Market: A Nuanced View

w10545 Mihir A. Desai
C. Fritz Foley
Kristin J. Forbes

Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Crises

w10540 Fabio Ghironi
Marc J. Melitz

International Trade and Macroeconomic Dynamics with Heterogeneous Firms

w10539 Adi Brender
Allan Drazen

Political Budget Cycles in New versus Established Democracies

w10534 Joshua Aizenman
Yeonho Lee
Yeongseop Rhee

International Reserves Management and Capital Mobility in a Volatile World: Policy Considerations and a Case Study of Korea

w10533 Daniel Cohen
Richard Portes

Dealing with Destabilizing 'Market Discipline'

w10532 Ricardo J. Caballero
Arvind Krishnamurthy

Fiscal Policy and Financial Depth

w10520 Guillermo A. Calvo
Alejandro Izquierdo
Luis-Fernando Mejia

On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects

w10519 Ricardo Caballero
Kevin Cowan
Jonathan Kearns

Fear of Sudden Stops: Lessons from Australia and Chile

w10518 Ricardo Caballero
Emmanuel Farhi
Mohamad L. Hammour

Speculative Growth: Hints from the US Economy

w10517 Ricardo Caballero
Arvind Krishnamurthy

Exchange Rate Volatility and the Credit Channel in Emerging Markets: A Vertical Perspective

w10502 Hyuk Choe
Bong-Chan Kho
Rene M. Stulz

Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea

w10497 Barry Eichengreen
Global Imbalances and the Lessons of Bretton Woods

w10476 Harald Hau
Helene Rey

Can Portfolio Rebalancing Explain the Dynamics of Equity Returns, Equity Flows, and Exchange Rates?

w10456 Takatoshi Ito
Tomoyoshi Yabu

What Prompts Japan to Intervene in the Forex Market? A New Approach to a Reaction Function

w10448 Yuko Hashimoto
Takatoshi Ito

High-Frequency Contagion Between the Exchange Rates and Stock Prices

w10417 Thorsten Beck
Ross Levine

Legal Institutions and Financial Development

w10416 Tamim Bayoumi
Douglas Laxton
Paolo Pesenti

Benefits and Spillovers of Greater Competition in Europe: A Macroeconomic Assesment

w10400 Mervyn King
The Institutions of Monetary Policy

w10396 Maurice Obstfeld
Jay C. Shambaugh
Alan M. Taylor

The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility

w10394 Francesco Giavazzi
Alessandro Missale

Public Debt Management in Brazil

w10393 Maurice Obstfeld
Jay C. Shambaugh
Alan M. Taylor

Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar period

w10390 Carlo A. Favero
Francesco Giavazzi

Inflation Targeting and Debt: Lessons from Brazil

w10389 Olivier Blanchard
Fiscal Dominance and Inflation Targeting: Lessons from Brazil

w10379 Martin D.D. Evans
Richard K. Lyons

A New Micro Model of Exchange Rate Dynamics

w10376 Dani Rodrik
Arvind Subramanian

From "Hindu Growth" to Productivity Surge: The Mystery of the Indian Growth Transition

w10373 Andrew Rose
A Meta-Analysis of the Effect of Common Currencies on International Trade

w10360 Jose De Gregorio
Productivity Growth and Disinflation in Chile

w10356 Paul R. Bergin
How Well Can the New Open Economy Macroeconomics Explain the Exchange Rate and Current Account?

w10344 Jonathan Eaton
Samuel Kortum
Francis Kramarz

Dissecting Trade: Firms, Industries, and Export Destinations

w10337 Mihir A. Desai
C. Fritz Foley
James R. Hines Jr.

Capital Controls, Liberalizations, and Foreign Direct Investement

w10336 Marcio Garcia
Roberto Rigobon

A Risk Management Approach to Emerging Market's Sovereign Debt Sustainability with an Application to Brazilian Data

w10332 Michael P. Dooley
David Folkerts-Landau
Peter Garber

The Revived Bretton Woods System: The Effects of Periphery Intervention and Reserve Management on Interest Rates & Exchange Rates in Center Countries

w10318 Anusha Chari
Peter Blair Henry

Is the Invisible Hand Discerning or Indiscriminate? Investment and Stock Prices in the Aftermath of Capital Account Liberalizations

w10304 Shiu-Sheng Chen
Charles Engel

Does "Aggregation Bias" Explain the PPP Puzzle?

w10296 Carmen M. Reinhart
Kenneth S. Rogoff

Serial Default and the "Paradox" of Rich to Poor Capital Flows

w10294 Assaf Razin
Aggregate Supply and Potential Output

w10293 Aaron Tornell
Frank Westermann
Lorenza Martinez

The Positive Link Between Financial Liberalization, Growth and Crises

w10290 Alan Auerbach
Maurice Obstfeld

Monetary and Fiscal Remedies for Deflation

w10289 Aaron Tornell
Frank Westermann
Lorenza Martinez

NAFTA and Mexico's Less-Than-Stellar Performance

w10284 Kristin J. Forbes
Capital Controls: Mud in the Wheels of Market Discipline

w10280 Kenneth D. West
Monetary Policy and the Volatility of Real Exchange Rates in New Zealand

w10277 Sebastian Edwards
Financial Openness, Sudden Stops and Current Account Reversals

w10276 Sebastian Edwards
Thirty Years of Current Account Imbalances, Current Account Reversals and Sudden Stops

w10267 Charles Engel
Kenneth D. West

Accounting for Exchange Rate Variability in Present-Value Models When the Discount Factor is Near One

w10246 Philippe Aghion
Philippe Bacchetta
Abhijit Banerjee

Financial Development and the Instability of Open Economies

w10245 Philippe Bacchetta
Eric van Wincoop

A Scapegoat Model of Exchange Rate Fluctuations

w10238 Ariel Burstein
Joao C. Neves
Sergio Rebelo

Investment Prices and Exchange Rates: Some Basic Facts

w10232 V.V. Chari
Patrick J. Kehoe

On the Desirability of Fiscal Constraints in a Monetary Union

w10230 Serkan Arslanalp
Peter Blair Henry

Helping the Poor to Help Themselves: Debt Relief or Aid

w10225 Brian J. Henderson
Narasimhan Jegadeesh
Michael S. Weisbach

World Markets for Raising New Capital

w10217 Serkan Arslanalp
Peter Blair Henry

Is Debt Relief Efficient?


2003
w10196 Lars E.O. Svensson
Optimal Policy with Low-Probability Extreme Events

w10195 Lars E.O. Svensson
Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others

w10193 Graciela L. Kaminsky
Varieties of Currency Crises

w10172 Zihui Ma
Leonard Cheng

The Effects of Financial Crises on International Trade

w10158 Gerard Caprio
Luc Laeven
Ross Levine

Governance and Bank Valuation

w10157 Kenneth A. Froot
Paul G. J. O'Connell

The Risk Tolerance of International Investors

w10145 Assaf Razin
Yona Rubinstein
Efraim Sadka

Which Countries Export FDI, and How Much?

w10144 Joshua Aizenman
Ilan Noy

Endogenous Financial Openness: Efficiency and Political Economy Considerations

w10130 Michael D. Bordo
Thomas Helbling

Have National Business Cycles Become More Synchronized?

w10128 Mark Gertler
Simon Gilchrist
Fabio Natalucci

External Constraints on Monetary Policy and the Financial Accelerator

w10125 Giancarlo Corsetti
Bernardo Guimaraes
Nouriel Roubini

International Lending of Last Resort and Moral Hazard: A Model of IMF's Catalytic Finance

w10115 Gordon M. Bodnar
Bernard Dumas
Richard D. Marston

Cross-Border Valuation: The International Cost of Equity Capital

w10110 Willem Buiter
Anne C. Sibert

Cross-Border Tax Externalities: Are Budget Deficits Too Small?

w10096 Hans Fehr
Sabine Jokisch
Laurence Kotlikoff

The Developed World's Demographic Transition - The Roles of Capital Flows, Immigration, and Policy

w10095 Barry Eichengreen
Kenneth Kletzer

Crisis Resolution: Next Steps

w10093 Haizhou Huang
Shang-Jin Wei

Monetary Policies for Developing Countries: The Role of Corruption

w10090 Jeffrey A. Frankel
The Environment and Globalization

w10082 Pol Antràs
Elhanan Helpman

Global Sourcing

w10074 David C. Parsley
Shang-Jin Wei

A Prism into the PPP Puzzles: The Micro-foundations of Big Mac Real Exchange Rates

w10073 Romaine Ranciere
Aaron Tornell
Frank Westermann

Crises and Growth: A Re-Evaluation

w10071 Douglas W. Diamond
Raghuram G. Rajan

Liquidity Shortages and Banking Crises

w10064 Peter Blair Henry
Peter Lombard Lorentzen

Domestic Capital Market Reform and Access to Global Finance: Making Markets Work

w10061 Graciela L. Kaminsky
Carmen Reinhart
Carlos A. Vegh

The Unholy Trinity of Financial Contagion

w10051 Enrique G. Mendoza
Linda L. Tesar

Winners and Losers of Tax Competition in the European Union

w10050 Dani Rodrik
Growth Strategies

w10047 Yin-Wong Cheung
Menzie D. Chinn
Eiji Fujii

The Chinese Economies in Global Context: The Integration Process and Its Determinants

w10036 Barry Eichengreen
Ricardo Hausmann
Ugo Panizza

Currency Mismatches, Debt Intolerance and Original Sin: Why They Are Not the Same and Why it Matters

w10032 Jeffrey A. Frankel
Experience of and Lessons from Exchange Rate Regime in Emerging Economies

w10024 Arvind Subramanian
Shang-Jin Wei

The WTO Promotes Trade, Strongly But Unevenly

w10019 Arminio Fraga
Ilan Goldfajn
Andre Minella

Inflation Targeting in Emerging Market Economies

w10018 Martin Uribe
Vivian Z. Yue

Country Spreads and Emerging Countries: Who Drives Whom?

w10015 Carmen M. Reinhart
Kenneth S. Rogoff
Miguel A. Savastano

Addicted to Dollars

w9971 Michael P. Dooley
David Folkerts-Landau
Peter Garber

An Essay on the Revived Bretton Woods System

w9948 Nelson Mark
Young-Kyu Moh

Official Interventions and Occasional Violations of Uncovered Interest Party in the Dollar-DM Market

w9933 Dora L. Costa
Joanna Lahey

Becoming Oldest-Old: Evidence from Historical U.S. Data

w9932 Andres Velasco
Alejandro Neut

Tough Policies, Incredible Policies?

w9921 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Bank Concentration and Crises

w9908 Carmen M. Reinhart
Kenneth S. Rogoff
Miguel A. Savastano

Debt Intolerance

w9906 Joshua Aizenman
On the Hidden Links Between Financial and Trade Opening

w9900 Paul R. Bergin
Ivan Tchakarov

Does Exchange Rate Risk Matter for Welfare?

w9890 Asli Demirguc-Kunt
Luc Laeven
Ross Levine

Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation

w9880 Robert P. Flood
Andrew K. Rose

Financial Integration: A New Methodology and an Illustration

w9875 Kathryn M.E. Dominguez
When Do Central Bank Interventions Influence Intra-Daily and Longer-Term Exchange Rate Movements?

w9867 Sebastian Edwards
Eduardo Levy Yeyati

Flexible Exchange Rates as Shock Absorbers

w9864 Guillermo A. Calvo
Explaining Sudden Stops, Growth Collapse and BOP Crises: The Case of Distortionary Output Taxes

w9860 Michael D. Bordo
Pierre-Cyrille Hautcoeur

Why didn't France follow the British Stabilization after World War One?

w9846 William Easterly
Ross Levine
David Roodman

New Data, New doubts: A Comment on Burnside and Dollar's "Aid, Policies, and Growth" (2000)

w9841 Michael D. Bordo
Christopher Meissner
Angela Redish

How "Original Sin" was Overcome: The Evolution of External Debt Denominated in Domestic Currencies in the United States and the British Dominions

w9835 Claudio Raddatz
Roberto Rigobon

Monetary Policy and Sectoral Shocks: Did the FED react properly to the High-Tech Crisis?

w9834 Anna Pavlova
Roberto Rigobon

Asset Prices and Exchange Rates

w9828 Guillermo A. Calvo
Alejandro Izquierdo
Ernesto Talvi

Sudden Stops, the Real Exchange Rate, and Fiscal Sustainability: Argentina's Lessons

w9820 Sebastian Edwards
I. Igal Magendzo

Strict Dollarization and Economic Performance: An Empirical Investigation

w9817 Sebastian Edwards
Javier Gomez Biscarri
Fernando Perez de Gracia

Stock Market Cycles, Financial Liberalization and Volatility

w9809 Alberto Alesina
Alexander Wagner

Choosing (and reneging on) exchange rate regimes

w9808 Guillermo Calvo
Frederic S. Mishkin

The Mirage of Exchange Rate Regimes for Emerging Market Countries

w9806 Mario Draghi
Francesco Giavazzi
Robert C. Merton

Transparency, Risk Management and International Financial Fragility

w9787 Graciela Kaminsky
Sergio Schmukler

Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization

w9786 Craig Burnside
Martin Eichenbaum
Sergio Rebelo

Government Finance in the Wake of Currency Crises

w9778 Ricardo J. Caballero
Stavros Panageas

Hedging Sudden Stops and Precautionary Contractions

w9777 Kristin J. Forbes
One Cost of the Chilean Capital Controls: Increased Financial Constraints for Smalles Traded Firms

w9767 George-Marios Angeletos
Christian Hellwig
Alessandro Pavan

Coordination and Policy Traps

w9753 Willem H. Buiter
James Tobin: An Appreciation of his Contribution to Economics

w9746 Enrique G. Mendoza
Linda L. Tesar

A Quantitative Analysis of Tax Competition v. Tax Coordination under Perfect Capital Mobility

w9739 Paul R. Bergin
Reuven Glick

Endogenous Tradability and Macroeconomic Implications

w9737 Aaron Tornell
Frank Westermann

Credit Market Imperfections in Middle Income Countries

w9710 Donald Morgan
Philip Strahan

Foreign Bank Entry and Business Volatility: Evidence from U.S. States and Other Countries

w9684 Pierre-Olivier Gourinchas
Olivier Jeanne

The Elusive Gains from International Financial Integration

w9670 Carmen M. Reinhart
Vincent R. Reinhart

Twin Fallacies About Exchange Rate Policy in Emerging Markets

w9666 Barry Eichengreen
Alan M. Taylor

The Monetary Consequences of a Free Trade Area of the Americas

w9662 Ashoka Mody
Assaf Razin
Efraim Sadka

The Role of Information in Driving FDI Flows: Host-Country Tranparency and Source Country Specialization

w9660 Jon Faust
John H. Rogers
Eric Swanson
Jonathan H. Wright

Identifying the Effects of Monetary Policy Shocks on Exchange Rates Using High Frequency Data

w9658 V. V. Chari
Patrick J. Kehoe

Financial Crises as Herds: Overturning the Critiques

w9654 Michael D. Bordo
Exchange Rate Regime Choice in Historical Perspective

w9648 Rasmus Fatum
Michael Hutchison

Effectiveness of Official Daily Foreign Exchange Market Intervention Operations in Japan

w9642 Yasushi Hamao
Jianping Mei
Yexiao Xu

Idiosyncratic Risk and the Creative Destruction in Japan

w9623 Willem H. Buiter
Deflation: Prevention and Cure

w9614 Ross Levine
Sergio L. Schmukler

Migration, Spillovers,and Trade Diversion: The Impact of Internationalization on Stock Market Liquidity

w9609 Roberto Rigobon
Brian Sack

The Effects of War Risk on U.S. Financial Markets

w9606 Assaf Razin
Efraim Sadka

A Brazilian-Type Debt Crisis: Simple Analytics

w9599 Ricardo J. Caballero
Arvind Krishnamurthy

Inflation Targeting and Sudden Stops

w9589 Takatoshi Ito
Kimie Harada

Market Evaluations of Banking Fragility in Japan: Japan Premium, Stock Prices, and Credit Derivatives

w9580 Alan M. Taylor
Foreign Capital in Latin America in the Nineteenth and Twentieth Centuries

w9575 Youngjae Lim
Sources of Corporate Financing and Economic Crisis in Korea: A Micro-evidence

w9570 Ricardo J. Caballero
On the International Financial Architecture: Insuring Emerging Markets

w9568 Douglas Laxton
Paolo Pesenti

Monetary Rules for Small, Open, Emerging Economies

w9557 Guillermo Calvo
Oya Celasun
Michael Kumhof

Inflation Inertia and Credible Disinflation - The Open Economy Case

w9555 Kristin J. Forbes
Menzie D. Chinn

A Decomposition of Global Linkages in Financial Markets Over Time

w9543 Michael B. Devereux
Charles Engel
Peter E. Storgaard

Endogenous Exchange Rate Pass-through when Nominal Prices are Set in Advance

w9541 Julan Du
Shang-Jin Wei

Does Insider Trading Raise Market Volatility?

w9521 Menzie D. Chinn
Doomed to Deficits? Aggregate U.S. Trade Flows Re-Examined

w9514 Sebastian Edwards
Igal Magendzo

A Currency of One's Own? An Empirical Investigation on Dollarization and Independent Currency Unions

w9510 Geert Bekaert
Campbell R. Harvey

Market Integration and Contagion

w9500 Michael W. Klein
Capital Account Openness and the Varieties of Growth Experience

w9498 Eric van Wincoop
Philippe Bacchetta

Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?

w9493 Andrei Shleifer
Will the Sovereign Debt Market Survive?

w9490 Jeffrey D. Sachs
Institutions Don't Rule: Direct Effects of Geography on Per Capita Income

w9488 Peter Blair Henry
Capital Account Liberalization, The Cost of Capital, and Economic Growth

w9486 Lars E. O. Svensson
Monetary Policy and Real Stabilization

w9481 Rodolfo Martell
Rene M. Stulz

Equity market liberalizations as country IPOs

w9479 Graciela L. Kaminsky
Carmen Reinhart

The Center and the Periphery: The Globalization of Financial Turmoil

w9457 Gerardo della Paolera
Alan M. Taylor

Gaucho Banking Redux

w9435 Silvana Tenreyro
Robert J. Barro

Economic Effects of Currency Unions

w9433 Martin D. D. Evans
Richard K. Lyons

How is Macro News Transmitted to Exchange Rates?

w9427 Barry Eichengreen
David Leblang

Capital Account Liberalization and Growth: Was Mr. Mahathir Right?

w9426 Itay Goldstein
Assaf Razin

An Information-Based Trade Off Between Foreign Direct Investment and Foreign Portfolio Investment: Volatility, Transparency, and Welfare

w9424 Ricardo Hausmann
Roberto Rigobon

An Alternative Interpretation of the 'Resource Curse': Theory and Policy Implications


2002
w9398 Harald Hau
Helene Rey

Exchange Rate, Equity Prices and Capital Flows

w9393 Yin-Wong Cheung
Menzie D. Chinn
Antonio Garcia Pascual

Empirical Exchange Rate Models of the Nineties: Are Any Fit to Survive?

w9391 Pierre-Olivier Gourinchas
Aaron Tornell

Exchange Rate Dynamics, Learning and Misperception

w9379 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Law and Finance: why Does Legal Origin Matter?

w9376 Takatoshi Ito
Yuko Hashimoto

High Frequency Contagion of Currency Crises in Asia

w9372 Jean Imbs
Haroon Mumtaz
Morton O. Ravn
Helene Rey

PPP Strikes Back: Aggregation and the Real Exchange Rate

w9370 V. V. Chari
Patrick J. Kehoe

Time Consistency and Free-Riding in a Monetary Union

w9369 Serkan Arslanalp
Peter Blair Henry

Debt Relief: What Do the Markets Think?

w9355 Aaron Tornell
Frank Westermann

The Credit Channel in Middle Income Countries

w9352 Philippe Bacchetta
Eric van Wincoop

Why Do Consumer Prices React less than Import Prices to Exchange Rates?

w9345 Maurice Obstfeld
Alan M. Taylor

Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31

w9344 Stefano Cavaglia
Robert J. Hodrick
Moroz Vadim
Xiaoyan Zhang

Pricing the Global Industry Portfolios

w9343 Sebastian Auguste
Kathryn M.E. Dominguez
Herman Kamil
Linda L. Tesar

Cross-Border Trading as a Mechanism for Capital Flight: ADRs and the Argentine Crisis

w9337 Luis Felipe Cespedes
Roberto Chang
Andres Velasco

IS-LM-BP in the Pampas

w9332 Assaf Razin
Efraim Sadka
Tarek Coury

Trade Openness, Investment Instability and Terms-of-Trade Volatility

w9323 James R. Barth
Gerard Caprio
Jr.
Ross Levine

Bank Regulation and Supervision: What Works Best?

w9304 Jaume Ventura
Bubbles and Capital Flows

w9297 Stanley Fischer
Financial Crises and Reform of the International Financial System

w9294 Martin Uribe
Real Exchange Rate Targeting and Macroeconomic Instability

w9292 Jonathan Heathcote
Fabrizio Perri

Financial Globalization and Real Regionalization

w9288 Philippe Martin
Helene Rey

Financial Globalization and Emerging Markets: With or Without Crash?

w9286 Enrique G. Mendoza
Katherine A. Smith

Margin Calls, Trading Costs, and Asset Prices in Emerging Markets: The Finanical Mechanics of the 'Sudden Stop' Phenomenon

w9285 Andrew K. Rose
Mark M. Spiegel

A Gravity Model of Sovereign Lending: Trade, Default and Credit

w9276 Barry Eichengreen
Still Fettered After All These Years

w9266 Joshua Aizenman
Nancy Marion

The High Demand for International Reserves in the Far East: What's Going On?

w9261 George J. Hall
Exchange Rates and Casualties During the First World War

w9260 R. Gaston Gelos
Shang-Jin Wei

Transparency and International Investor Behavior

w9257 Sebastian Edwards
The Great Exchange Rate Debate After Argentina

w9255 Assaf Razin
Ashoka Mody
Efraim Sadka

The Role of Information in Driving FDI: Theory and Evidence

w9241 Jessica Tjornhom Donohue
Kenneth A. Froot

The Persistence of Emerging Market Equity Flows

w9233 Christopher M. Meissner
A New World Order: Explaining the Emergence of the Classical Gold Standard

w9223 Enrico Spolaore
Romain Wacziarg

Borders and Growth

w9221 Martin Uribe
A Fiscal Theory of Sovereign Risk

w9219 Aaron Tornell
Frank Westermann

Boom-Bust Cycles in Middle Income Countries: Facts and Explanation

w9211 Assaf Razin
Efraim Sadka

A Brazilian Debt-Crisis Model

w9190 Joshua Aizenman
Kenneth M. Kletzer
Brian Pinto

Sargent-Wallace Meets Krugman-Flood-Garber, or: Why Sovereign Debt Swaps Don't Avert Macroeconomic Crises

w9189 Alessandra Casella
Storable Votes

w9164 Hali J. Edison
Ross Levine
Luca Ricci
Torsten Slok

International Financial Integration and Economic Growth

w9163 Jaume Ventura
Towards a Theory of Current Accounts

w9160 Assaf Razin
Efraim Sadka

A Brazilian Debt-Crisis

w9154 Joshua Aizenman
Nancy P. Marion

International Reserve Holdings with Sovereign Risk and Costly Tax Collection

w9147 Larry Neal
Marc Weidenmier

Crises in the Global Economy from Tulips to Today: Contagion and Consequences

w9138 Ross Levine
Bank-Based or Market-Based Financial Systems: Which is Better?

w9134 Sharun Mukand
Dani Rodrik

In Search of the Holy Grail: Policy Convergence, Experimentation, and Economic Performance

w9129 Dani Rodrik
Feasible Globalizations

w9118 Maurice Obstfeld
Exchange Rates and Adjustment: Perspectives from the New Open Economy Macroeconomics

w9106 William Easterly
Ross Levine

Tropics, Germs, and Crops: How Endowments Influence Economic Development

w9101 Kenneth A. Froot
Tarun Ramadorai

Currency Returns, Institutional Investor Flows, and Exchange Rate Fundamentals

w9100 Hali J. Edison
Michael W. Klein
Luca Ricci
Torsten Sloek

Capital Account Liberalization and Economic Performance: Survey and Synthesis

w9095 Kristin J. Forbes
How Do Large Depreciations Affect Firm Performance?

w9089 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Law, Endowment, and Finance

w9087 Peter G. Dunne
Michael J. Moore
Richard Portes

Defining Benchmark Status: An Application using Euro-Area Bonds

w9082 Thorsten Beck
Ross Levine

Stock Markets, Banks, and Growth: Panel Evidence

w9080 Kenneth A. Froot
Tarun Ramadorai

Currency Returns, Institutional Investor Flows, and Exchange Rate Fundamentals

w9079 Kenneth A. Froot
Jessica D. Tjornhom

Decomposing the Persistence of International Equity Flows

w9075 John Y. Campbell
Luis M. Viceira
Joshua S. White

Foreign Currency for Long-Term Investors

w9072 Alberto Alesina
Robert J. Barro
Silvana Tenreyro

Optimal Currency Areas

w9062 Jonathan Kearns
Roberto Rigobon

Identifying the Efficacy of Central Bank Interventions: The Australian Case

w9053 Kristin J. Forbes
Cheap Labor Meets Costly Capital: The Impact of Devaluations on Commodity Firms

w9047 Sergio L. Schmukler
Luis Serven

Pricing Currency Risk: Facts and Puzzles from Currency Boards

w9039 Philippe Bacchetta
Eric van Wincoop

A Theory of the Currency Denomination of International Trade

w9030 Aart Kraay
Jaume Ventura

Current Accounts in the Long and Short Run

w9019 Michael D. Bordo
Antu Panini Murshid

Globalization and Changing Patterns in the International Transmission of Shocks in Financial Markets

w9016 Charles Engel
Expenditure Switching and Exchange Rate Policy

w9008 Assaf Razin
Efraim Sadka

Gains from FDI Inflows with Incomplete Information

w8988 Anusha Chari
Peter Blair Henry

Risk Sharing and Asset Prices: Evidence From a Natural Experiment

w8967 Menzie D. Chinn
Hiro Ito

Capital Account Liberalization, Institutions and Financial Development: Cross Country Evidence

w8963 Carmen M. Reinhart
Kenneth S. Rogoff

The Modern History of Exchange Rate Arrangements: A Reinterpretation

w8959 Torben G. Andersen
Tim Bollerslev
Francis X. Diebold
Clara Vega

Micro Effects of Macro Announcements: Real-Time Price Discovery in Foreign Exchange

w8953 Michael Kremer
Seema Jayachandran

Odious Debt

w8951 Robert J. Barro
Jong-Wha Lee

IMF Programs: Who is Chosen and What Are the Effects?

w8950 Enrique G. Mendoza
Why Should Emerging Economies Give up National Currencies: A Case for 'Institutions Substitution'

w8939 Sebastian Edwards
Debt Relief and Fiscal Sustainability

w8937 Douglas W. Diamond
Raghuram G. Rajan

Liquidity Shortages and Banking Crises

w8934 Jose Manuel Campa
Linda S. Goldberg

Exchange Rate Pass-Through into Import Prices: A Macro or Micro Phenomenon?

w8930 Stanley Fischer
Ratna Sahay
Carlos A. Vegh

Modern Hyper- and High Inflations

w8927 Alan M. Taylor
A Century of Current Account Dynamics

w8925 Lars E.O. Svensson
Inflation Targeting: Should It Be Modeled as an Instrument Rule or a Targeting Rule?

w8914 Takatoshi Ito
Is Foreign Exchange Intervention Effective?: The Japanese Experiences in the 1990s

w8908 Anusha Chari
Peter Blair Henry

Capital Account Liberalization: Allocative Efficiency or Animal Spirits?

w8905 Jordi Gali
Tommaso Monacelli

Monetary Policy and Exchange Rate Volatility in a Small Open Economy

w8904 Xavier Sala-i-Martin
The Disturbing "Rise" of Global Income Inequality

w8900 Joshua Aizenman
Financial Opening: Evidence and Policy Options

w8897 Sylvie Demurger
Jeffrey D. Sachs
Wing Thye Woo
Shuming Bao
Gene Chang
Andrew Mellinger

Geography, Economic Policy, and Regional Development in China

w8892 Raphael Bergoeing
Patrick J. Kehoe
Timothy J. Kehoe
Raimundo Soto

Policy-Driven Productivity in Chile and Mexico in the 1980s and 1990s

w8880 Cristina Arellano
Enrique G. Mendoza

Credit Frictions and 'Sudden Stops' in Small Open Economies: An Equilibrium Business Cycle Framework for Emerging Markets Crises

w8879 Michael W. Klein
Dollarization and Trade

w8864 Alejandro Reynoso
Can Subsidiaries of Foreign Banks Contribute to the Stability of the Forex Market in Emerging Economies? A Look at Some Evidence from the Mexican...

w8858 Michael B. Devereux
Charles Engel

Exchange Rate Pass-Through, Exchange Rate Volatility, and Exchange Rate Disconnect

w8853 Andrew K. Rose
One Reason Countries Pay their Debts: Renegotiation and International Trade

w8848 Rafael La Porta
Florencio Lopez-de-Silane
Guillermo Zamarripa

Related Lending

w8846 Maurice Obstfeld
Alan M. Taylor

Globalization and Capital Markets

w8842 Antoni Estevadeordal
Alan M. Taylor

Testing Trade Theory in Ohlin's Time

w8838 Roberto Chang
Andres Velasco

Dollarization: Analytical Issues

w8837 Martin Feldstein
Economic and Financial Crises in Emerging Market Economies: Overview of Prevention and Management

w8828 Jeffrey A. Frankel
Sergio L. Schmukler
Luis Serven

Global Transmission of Interest Rates: Monetary Independence and Currency Regime

w8824 Ron Alquist
Menzie D. Chinn

Productivity and the Euro-Dollar Exchange Rate Puzzle

w8804 Aart Kraay
Jaume Ventura

Trade Integration and Risk Sharing

w8794 Roberto Rigobon
Brian P. Sack

The Impact of Monetary Policy on Asset Prices

w8783 Giancarlo Corsetti
Paolo Pesenti

Self-Validating Optimum Currency Areas

w8765 Matthew B. Canzoneri
Robert E. Cumby
Behzad T. Diba

The Need for International Policy Coordination: What's Old, What's New, What's Yet to Come?

w8758 Ricardo J. Caballero
Arvind Krishnamurthy

A Dual Liquidity Model for Emerging Markets

w8748 Ariel Burstein
Martin Eichenbaum
Sergio Rebelo

Why Are Rates of Inflation So Low After Large Devaluations?

w8738 Carmen M. Reinhart
Default, Currency Crises and Sovereign Credit Ratings

w8725 Charles Engel
The Responsiveness of Consumer Prices to Exchange Rates And the Implications for Exchange-Rate Policy: A Survey Of a Few Recent New Open-Economy...

w8721 Eric Parrado
Andres Velasco

Optimal Interest Rate Policy in a Small Open Economy

w8716 Barry Eichengreen
Michael D. Bordo

Crises Now and Then: What Lessons from the Last Era of Financial Globalization

w8706 Roberto Rigobon
Disinflation and Fiscal Reform: A Neoclassical Perspective


2001
w8684 Carlos A. Vegh
Monetary Policy, Interest Rate Rules, and Inflation Targeting: Some Basic Equivalences

w8681 Andrew Atkeson
Patrick J. Kehoe

The Advantage of Transparent Instruments of Monetary Policy

w8680 Lee Pinkowitz
Rene M. Stulz
Rohan Williamson

Corporate Governance and the Home Bias

w8679 Bernhard Paasche
Stanley E. Zin

Competition and Intervention in Sovereign Debt Markets

w8671 Sebastian Edwards
I. Igal Magendzo

Dollarization, Inflation and Growth

w8659 Assaf Razin
Efraim Sadka
Chi-Wa Yuen

Why International Equity Inflows to Emerging Markets are Inefficient and Small Relative to International Debt Flows

w8636 Roberto Rigobon
The Curse of Non-Investment Grade Countries

w8634 Jeffrey A. Frankel
Nouriel Roubini

The Role of Industrial Country Policies in Emerging Market Crises

w8604 Richard Clarida
Jordi Gali
Mark Gertler

Optimal Monetary Policy in Closed versus Open Economies: An Integrated Approach

w8603 Richard Clarida
The Empirics of Monetary Policy Rules in Open Economies

w8601 Richard Clarida
Lucio Sarno
Mark Taylor
Giorgio Valente

The Out-of-Sample Success of Term Structure Models as Exchange Rate Predictors: A Step Beyond

w8600 Tilak Abeysinghe
Kristin J. Forbes

Trade Linkages and Output-Multiplier Effects: A Structural VAR Approach with a Focus on Asia

w8587 David E. Bloom
David Canning
Jaypee Sevilla

The Effect of Health on Economic Growth: Theory and Evidence

w8584 Michael D. Bordo
Marc Flandreau

Core, Periphery, Exchange Rate Regimes, and Globalization

w8569 Graciela L. Kaminsky
Carmen M. Reinhart

Financial Markets in Times of Stress

w8564 Jed Friedman
James Levinsohn

The Distributional Impacts of Indonesia's Financial Crisis on Household Welfare: A "Rapid Response" Methodology

w8559 Michael B. Devereux
Charles Engel

Endogenous Currency of Price Setting in a Dynamic Open Economy Model

w8558 Jeffrey R. Campbell
Beverly Lapham

Real Exchange Rate Fluctuations and the Dynamics of Retail Trade Industries on the U.S.-Canada Border

w8553 Axel Boersch-Supan
Alexander Ludwig
Joachim Winter

Aging and International Capital Flows

w8550 Charles Engel
James C. Morley

The Adjustment of Prices and the Adjustment of the Exchange Rate

w8545 Michael D. Bordo
Harold James

The Adam Klug Memorial Lecture: Haberler versus Nurkse: The Case for Floating Exchange Rates as an Alternative to Bretton Woods?

w8535 Carmen M. Reinhart
Vincent R. Reinhart

What Hurts Most? G-3 Exchange Rate or Interest Rate Volatility

w8529 Sebastian Edwards
Exchange Rate Regimes, Capital Flows and Crisis Prevention

w8521 Simon Johnson
Todd Mitton

Cronyism and Capital Controls: Evidence from Malaysia

w8520 Raphael Bergoeing
Patrick J. Kehoe
Timothy J. Kehoe
Raimundo Soto

A Decade Lost and Found: Mexico and Chile in the 1980s

w8506 Sebastian Edwards
Raul Susmel

Volatility Dependence and Contagion in Emerging Equity Markets

w8491 William P. Killeen
Richard K. Lyons
Michael J. Moore

Fixed versus Flexible: Lessons from EMS Order Flow

w8476 Philippe Martin
Helene Rey

Financial Super-Markets: Size Matters for Asset Trade

w8472 Kenneth A. Froot
Tarun Ramadorai

The Information Content of International Portfolio Flows

w8468 David C. Parsley
Shang-Jin Wei

Limiting Currency Volatility to Stimulate Goods Market Integration: A Price Based Approach

w8465 Beata K. Smarzynska
Shang-Jin Wei

Pollution Havens and Foreign Direct Investment: Dirty Secret or Popular Myth?

w8461 Anna Maria Mayda
Dani Rodrik

Why Are Some People (and Countries) More Protectionist Than Others?

w8453 Kathryn M.E. Dominguez
Linda L. Tesar

Exchange Rate Exposure

w8414 Carlos Arteta
Barry Eichengreen
Charles Wyplosz

When Does Capital Account Liberalization Help More than It Hurts?

w8443 J. Bradford DeLong
Barry Eichengreen

Between Meltdown and Moral Hazard: The International Monetary and Financial Policies of the Clinton Administration

w8428 Ricardo Caballero
Arvind Krishnamurthy

A "Vertical" Analysis of Crises and Intervention: Fear of Floating and Ex-ante Problems

w8427 Ricardo Caballero
Arvind Krishnamurthy

Smoothing Sudden Stops

w8422 Carmen M. Reinhart
R. Todd Smith

Temporary Controls on Capital Inflows

w8408 Ian W. McLean
Alan M. Taylor

Australian Growth: A California Perspective

w8404 Michael W. Brandt
John H. Cochrane
Pedro Santa-Clara

International Risk Sharing is Better Than You Think (or Exchange Rates are Much Too Smooth)

w8396 Reuven Glick
Andrew K. Rose

Does a Currency Union Affect Trade? The Time Series Evidence

w8392 Marianne Baxter
Dorsey Farr

Variable Factor Utilization and International Business Cycles

w8391 Amartya Lahiri
Carlos A. Vegh

Living with the Fear of Floating: An Optimal Policy Perspective

w8390 Osmel Manzano
Roberto Rigobon

Resource Curse or Debt Overhang?

w8386 Stijn Claessens
Daniela Klingebiel
Luc Laeven

Financial Restructuring in Banking and Corporate Sector Crises: What Policies to Pursue?

w8381 Olivier Jeanne
Charles Wyplosz

The International Lender of Last Resort: How Large is Large Enough?

w8373 Yung Chul Park
Jong-Wha Lee

Recovery and Sustainability in East Asia

w8369 Maurice Obstfeld
International Macroeconomics: Beyond the Mundell-Fleming Model

w8366 Philip R. Lane
Gian Milesi-Ferretti

Long-Term Capital Movements

w8362 Margarida Duarte
Alan C. Stockman

Rational Speculation and Exchange Rates

w8361 Greg Leonard
Alan C. Stockman

Current Accounts and Exchange Rates: A New Look at the Evidence

w8360 Fernando Alvarez
Urban J. Jermann

The Size of the Permanent Component of Asset Pricing Kernels

w8356 Martin D. D. Evans
Richard K. Lyons

Portfolio Balance, Price Impact, and Secret Intervention

w8352 Hans-Werner Sinn
Frank Westermann

Why Has the Euro Been Falling? An Investigation into the Determinants of the Exchange Rate

w8350 Roberto Rigobon
Brian Sack

Measuring the Reaction of Monetary Policy to the Stock Market

w8338 Enrique G. Mendoza
Credit, Prices, and Crashes: Business Cycles with a Sudden Stop

w8326 Rudi Dornbusch
A Primer on Emerging Market Crises

w8325 Rudi Dornbusch
Malaysia: Was it Different?

w8324 Rudi Dornbusch
Fewer Monies, Better Monies

w8322 Robert Dekle
Kenneth M. Kletzer

Domestic Bank Regulation and Financial Crises: Theory and Empirical Evidence from East Asia

w8315 Michael P. Dooley
Sujata Verma

Rescue Packages and Output Losses Following Crises

w8313 Assaf Razin
Chi-Wa Yuen

The "New Keynesian" Phillips Curve: Closed Economy vs. Open Economy

w8305 Michael M. Hutchison
A Cure Worse Than the Disease? Currency Crises and the Output Costs of IMF-Supported Stabilization Programs

w8303 Giancarlo Corsetti
Paolo Pesenti
Nouriel Roubini

The Role of Large Players in Currency Crises

w8289 Peter Blair Henry
Is Disinflation Good for the Stock Market?

w8277 Craig Burnside
Martin Eichenbaum
Sergio Rebelo

On the Fiscal Implications of Twin Crises

w8275 Sebastian Edwards
Does the Current Account Matter?

w8274 Sebastian Edwards
Dollarization and Economic Performance: An Empirical Investigation

w8265 Anusha Chari
Peter Blair Henry

Stock Market Liberalizations and the Repricing of Systematic Risk

w8264 Martin Feldstein
Economic Problems of Ireland in Europe

w8249 Pierre-Olivier Gourinchas
Rodrigo Valdes
Oscar Landerretche

Lending Booms: Latin America and the World

w8230 Giancarlo Corsetti
Paolo Pesenti

International Dimensions of Optimal Monetary Policy

w8217 Enrique G. Mendoza
The International Macroeconomics of Taxation and the Case Against European Tax Harmonization

w8209 Linda S. Goldberg
When Is U.S. Bank Lending to Emerging Markets Volatile?

w8195 Wouter J. Den Haan
Steven Sumner

The Comovements between Real Activity and Prices in the G7

w8194 Kristin J. Forbes
Are Trade Linkages Important Determinants of Country Vulnerability to Crises?

w8193 Roger Gordon
Vitor Gaspar

Home Bias in Portfolios and Taxation of Asset Income

w8187 Shang-Jin Wei
Yi Wu

Negative Alchemy? Corruption, Composition of Capital Flows, and Currency Crises

w8171 Assaf Razin
Efraim Sadka

Country Risk and Capital Flow Reversals

w8160 Torben G. Andersen
Tim Bollerslev
Francis X. Diebold
Paul Labys

Modeling and Forecasting Realized Volatility

w8142 Ethan Kaplan
Dani Rodrik

Did the Malaysian Capital Controls Work?

w8141 Ricardo J. Caballero
Arvind Krishnamurthy

International Liquidity Illusion: On the Risks of Sterilization

w8137 Linda Goldberg
Joseph Tracy

Exchange Rates and Wages

w8129 Kathryn M.E. Dominguez
Linda L. Tesar

Trade and Exposure

w8128 Kathryn M.E. Dominguez
Linda L. Tesar

A Re-Examination of Exchange Rate Exposure

w8121 Mihir A. Desai
James R. Hines Jr.

Exchange Rates and Tax-Based Export Promotion

w8118 Roberto Rigobon
Contagion: How to Measure It?

w8116 Martin D. D. Evans
FX Trading and Exchange Rate Dynamics

w8112 Jonathan Haskel
Holger Wolf

The Law of One Price - A Case Study

w8104 Aart Kraay
Jaume Ventura

Comparative Advantage and the Cross-section of Business Cycles

w8100 Michael Bordo
Anna J. Schwartz

From the Exchange Stabilization Fund to the International Monetary Fund

w8087 Frederic S. Mishkin
Financial Policies and the Prevention of Financial Crises in Emerging Market Countries

w8083 Daron Acemoglu
Jaume Ventura

The World Income Distribution

w8076 Sebastian Edwards
Capital Mobility and Economic Performance: Are Emerging Economies Different?

w8073 Hyuk Choe
Bong-Chan Kho
Rene M. Stulz

Do Domestic Investors Have More Valuable Information About Individual Stocks Than Foreign Investors?


2000
w8060 Martin Schneider
Aaron Tornell

Balance SHeet Effects, Bailout Guarantees and Financial Crises

w8044 Jean-Pierre Danthine
Francesco Giavazzi
Ernst-Ludwig von Thadden

European Financial Markets After EMU: A First Assessment

w8043 Robert J. Barro
Silvana Tenreyro

Closed and Open Economy Models of Business Cycles with Marked Up and Sticky Prices

w8035 Barry Eichengreen
The EMS Crisis in Retrospect

w8027 Alessandra Casella
Market Mechanisms for Policy Decisions: Tools for the European Union

w8026 Alessandra Casella
Games for Central Bankers: Markets v/s Politics in Public Policy Decisions

w8012 Alan M. Taylor
A Century of Purchasing-Power Parity

w8008 Lee J. Alston
Andres Gallo

Evolution and Revolution in the Argentine Banking System under Convertibility: The Roles of Crises and Path Dependence

w8006 Guillermo A. Calvo
Carmen M. Reinhart

Fixing for Your Life

w8003 Edward J. Kane
Tara Rice

Bank Runs and Banking Policies: Lessons for African Policymakers

w8002 Eiji Ogawa
Takatoshi Ito

On the Desirability of a Regional Basket Currency Arrangement

w7997 Takatoshi Ito
Kimie Harada

Japan Premium and Stock Prices: Two Mirrors of Japanese Banking Crises

w7993 Guillermo A. Calvo
Carmen M. Reinhart

Fear of Floating

w7992 Michael P. Dooley
Inseok Shin

Private Inflows when Crises are Anticipated: A Case Study of Korea

w7971 Ricardo Caballero
Arvind Krishnamurthy

International and Domestic Collateral Constraints in a Model of Emerging Market Crises

w7969 Beata K. Smarzynska
Shang-Jin Wei

Corruption and Composition of Foreign Direct Investment: Firm-Level Evidence

w7957 Lars E.O. Svensson
The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap

w7951 P.R. Agenor
J. Aizenman
A. Hoffmaister

The Credit Crunch in East Asia: What can Bank Excess Liquid Assets Tell us?

w7927 Alberto Alesina
Robert J. Barro

Currency Unions

w7920 Michael P. Devereux
R. Glenn Hubbard

Taxing Multinationals

w7913 Kee-Hong Bae
G. Andrew Karolyi
Rene M. Stulz

A New Approach to Measuring Financial Contagion

w7902 Menzie D. Chinn
Kenneth M. Kletzer

International Capital Inflows, Domestic Financial Intermediation and Financial Crises under Imperfect Information

w7901 Jeffrey Frankel
Sergio Schmukler
Luis Serven

Verifiability and the Vanishing Intermediate Exchange Rate Regime

w7900 Michael D. Bordo
Antu P. Murshid

Are Financial Crises Becoming Increasingly More Contagious? What is the Historical Evidence on Contagion?

w7899 Martin Feldstein
Aspects of Global Economic Intergration: Outlook for the Future

w7889 Charles Engel
Optimal Exchange Rate Policy: The Influence of Price Setting and Asset Markets

w7885 Kristin Forbes
Roberto Rigobon

Contagion in Latin America: Definitions, Measurement, and Policy Implications

w7880 Eiji Fujii
Menzie D. Chinn

Fin de Siecle Real Interest Parity

w7872 Andrew K. Rose
Charles Engel

Currency Unions and International Integration

w7871 Fernando Alvarez
Andrew Atkeson
Patrick J. Kehoe

Money, Interest Rates, and Exchange Rates with Endogenously Segmented Asset Markets

w7870 Patrick J. Kehoe
Fabrizio Perri

International Business Cycles with Endogenous Incomplete Markets

w7869 V.V. Chari
Patrick J. Kehoe
Ellen R. McGrattan

Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates?

w7044 Frederic S. Mishkin
International Experiences with Different Monetary Policy Regimes

w7864 Maurice Obstfeld
Kenneth Rogoff

Do We Really Need a New International Monetary Compact?

w7862 Ariel T. Burstein
Joao C. Neves
Sergio Rebelo

Distribution Costs and Real Exchange Rate Dynamics During Exchange-Rate-Based-Stabilizations

w7858 Jeffrey A. Frankel
Globalization of the Economy

w7857 Jeffrey A. Frankel
Andrew K. Rose

Estimating the Effect of Currency Unions on Trade and Output

w7855 Graciela Kaminsky
Richard K. Lyons
Sergio Schmukler

Managers, Investors, and Crises: Mutual Fund Strategies in Emerging Markets

w7845 Michael Klein
Joe Peek
Eric Rosengren

Troubled Banks, Impaired Foreign Direct Investment: The Role of Relative Access to Credit

w7840 Luis Felipe Cespedes
Roberto Chang
Andres Velasco

Balance Sheets and Exchange Rate Policy

w7824 Enrique G. Mendoza
On the Benefits of Dollarization when Stabilization Policy is not Credible and Financial Markets are Imperfect

w7618 Frederic S. Mishkin
Inflation Targeting in Emerging Market Countries

w7598 Lars E.O. Svensson
The First Year of the Eurosystem: Inflation Targeting or Not?

w7102 Frederic S. Mishkin
Lessons from the Asian Crisis

w7818 Charles Engel
Comments on Obstfeld and Rogoff's "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?"

w7813 Sebastian Edwards
Raul Susmel

Interest Rate Volatility and Contagion in Emerging Markets: Evidence from the 1990s

w7807 Kristin Forbes
The Asian Flu and Russian Virus: Firm-level Evidence on How Crises are Transmitted Internationally

w7801 Sebastian Edwards
Interest Rates, Contagion and Capital Controls

w7797 Carlo A. Favero
Francesco Giavazzi

Looking for Contagion: Evidence from the ERM

w7796 Steven J. Davis
Jeremy Nalewaik
Paul Willen

On the Gains to International Trade in Risky Financial Assets

w7795 Aart Kraay
Norman Loayza
Luis Serven
Jaume Ventura

Country Portfolios

w7792 Ricardo J. Caballero
Arvind Krishnamurthy

Dollarization of Liabilities: Underinsurance and Domestic Financial Underdevelopment

w7782 Ricardo J. Caballero
Macroeconomic Volatility in Latin America: A View and Three Case Studies

w7777 Maurice Obstfeld
Kenneth Rogoff

The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?

w7768 Enrique G. Mendoza
On the Instability of Variance Decompositions of the Real Exchange Rate across Exchange-Rate-Regimes: Evidence from Mexico and the United States

w7766 Chong-En Bai
Shang-Jin Wei

Quality of Bureaucracy and Open-Economy Macro Policies

w7765 Shang-Jin Wei
Natural Openness and Good Government

w7764 Douglas W. Diamond
Raghuram G. Rajan

Banks, Short Term Debt and Financial Crises: Theory, Policy Implications and Applications

w7763 Geert Bekaert
Campbell R. Harvey
Christian Lundblad

Emerging Equity Markets and Economic Development

w7753 Aaron Tornell
Robust-H-infinity Forecasting and Asset Pricing Anomalies

w7751 Anna J. Schwartz
The Rise and Fall of Foreign Exchange Market Intervention

w7740 Ricardo J. Caballero
Arvind Krishnamurthy

International Liquidity Management: Sterilization Policy in Illiquid Financial Markets

w7738 Joshua Aizenman
Ricardo Hausmann

Exchange Rate Regimes and Financial-Market Imperfections

w7736 Assaf Razin
Efraim Sadka
Chi-Wa Yuen

Do Debt Flows Crowd Out Equity Flows Or the Other Way Round?

w7734 Amartya Lahiri
Carlos A. Vegh

Delaying the Inevitable: Optimal Interest Rate Policy and BOP Crises

w7724 Michael D. Bordo
Harold James

The International Monetary Fund: Its Present Role in Historical Perspective

w6545 Lars E. O. Svensson
Open-Economy Inflation Targeting

w7722 Benjamin M. Friedman
Debt Restructuring

w7715 Charles W. Calomiris
Andrew Powell

Can Emerging Market Bank Regulators Establish Credible Discipline? The Case of Argentina, 1992-1999

w7714 Linda Goldberg
B. Gerard Dages
Daniel Kinney

Foreign and Domestic Bank Participation in Emerging Markets: Lessons from Mexico and Argentina

w7701 Michael D. Bordo
Anna J. Schwartz

Measuring Real Economic Effects of Bailouts: Historical Perspectives on How Countries in Financial Distress Have Fared With and Without Bailouts

w7665 Michael B. Devereux
Charles Engel

Monetary Policy in the Open Economy Revisited: Price Setting and Exchange Rate Flexibility

w7664 Stanley Fischer
Ratna Sahay

The Transition Economies After Ten Years

w7653 Barry Eichengreen
Christof Ruehl

The Bail-In Problem: Systematic Goals, Ad Hoc Means

w7645 Jose De Gregorio
Sebastian Edwards
Rodrigo O. Valdes

Controls on Capital Inflows: Do they Work?

h0124 Hugh Rockoff
How Long Did It Take the United States to Become an Optimal Currency Area?

w7630 Barry Eichengreen
From Benign Neglect to Malignant Preoccupation: U.S. Balance-of-Payments Policy in the 1960s

w7617 Frederic S. Mishkin
Miguel A. Savastano

Monetary Policy Strategies for Latin America

w7607 Russell W. Cooper
Hubert Kempf

Designing Stabilization Policy in a Monetary Union

w7581 Menzie D. Chinn
Eswar S. Prasad

Medium-Term Determinants of Current Accounts in Industrial and Developing Countries: An Empirical Exploration

w7577 Alan M. Taylor
Potential Pitfalls for the Purchasing-Power-Parity Puzzle? Sampling and Specification Biases in Mean-Reversion Tests of the Law of One Price

w7575 Michael Kremer
Paras Mehta

Globalization and International Public Finance

w7554 Craig Burnside
Martin Eichenbaum
Sergio T. Rebelo

On the Fundamentals of Self-Fulfilling Speculative Attacks

w7531 Michael P. Dooley
Can Output Losses Following International Financial Crises be Avoided?

w7529 Rene M. Stulz
U.S. Banks, Crises, and Bailouts: From Mexico to LTCM

w7524 Yin-Wong Cheung
Menzie D. Chinn
Ian W. Marsh

How Do UK-Based Foreign Exchange Dealers Think Their Market Operates?

w7517 Martin Feldstein
The European Central Bank and the Euro: The First Year

w7499 Ernesto Talvi
Carlos A. Vegh

Tax Base Variability and Procyclical Fiscal Policy

w7497 Gordon M. Bodnar
M.H. Franco Wong

Estimating Exchange Rate Exposures: Some "Weighty" Issues

w7493 Roberto Rigobon
Identification through Heteroskedasticity: Measuring "Contagion: betweenArgentinean and Mexican Sovereign Bonds

w7483 Joon-Ho Hahm
Frederic S. Mishkin

Causes of the Korean Financial Crisis: Lessons for Policy

w7466 Michael W. Klein
Scott Schuh
Robert K. Triest

Job Creation, Job Destruction, and the Real Exchange Rate

w7460 Francesco Giavazzi
Tullio Jappelli
Marco Pagano

Searching for Non-Linear Effects of Fiscal Policy: Evidence from Industrial and Developing Countries

w7458 Barry Eichengreen
Ashoka Mody

Would Collective Action Clauses Raise Borrowing Costs?


1999
w7446 Pierre-Richard Agenor
Joshua Aizenman

Financial Sector Inefficiencies and Coordinate Failures: Implications for Crisis Management

w7434 Richard H. Clarida
G3 Exchange Rate Relationships: A Recap of the Record and a Review of Proposals for Change

w7432 Andrew K. Rose
One Money, One Market: Estimating the Effect of Common Currencies on Trade

w7429 Anne O. Krueger
Trade Creation and Trade Diversion Under NAFTA

w7418 Barry Eichengreen
Ricardo Hausmann

Exchange Rates and Financial Fragility

w7417 Yin-Wong Cheung
Menzie D. Chinn

Macroeconomic Implications of the Beliefs and Behavior of Foreign Exchange Traders

w7416 Yin-Wong Cheung
Menzie D. Chinn

Traders, Market Microstructure and Exchange Rate Dynamics

w7413 Sebastian Edwards
How Effective are Capital Controls?

w7408 Yin-Wong Cheung
Menzie D. Chinn
Eiji Fujii

Market Structure and the Persistence of Sectoral Real Exchange Rates

w7400 Assaf Razin
Efraim Sadka
Chi-Wa Yuen

Excessive FDI Flows Under Asymmetric Information

w7394 Alan M. Taylor
Latin America and Foreign Capital in the Twentieth Century: Economics, Politics, and Institutional Change

w7393 Bennett T. McCallum
Theoretical Issues Pertaining to Monetary Unions

w7389 Joshua Aizenman
Nancy P. Marion

Uncertainty and the Disappearance of International Credit

w7386 Gerardo della Paolera
Alan M. Taylor

Internal Versus External Convertibility and Developing-Country FinancialCrises: Lessons from the Argentine Bank Bailout of the 1930's

w7384 Michael W. Klein
Giovanni Olivei

Capital Account Liberalization, Financial Depth and Economic Growth

w7382 Michael B. Devereux
Charles Engel
Cedric Tille

Exchange Rate Pass-Through and the Welfare Effects of the Euro

w7364 Dani Rodrik
Andres Velasco

Short-Term Capital Flows

w7361 Bong-Chan Kho
Rene M. Stulz

Banks, the IMF, and the Asian Crisis

w7354 Roberto Rigobon
On the Measurement of the International Propagation of Shocks

w7350 Tamim Bayoumi
The Morning After: Explaining the Slowdown in Japanese Growth in the 1990s

w7338 Jeffrey A. Frankel
No Single Currency Regime is Right for All Countries or At All Times

w7337 Kathryn M. Dominguez
The Market Microstructure of Central Bank Intervention

w7336 Richard Portes
Helene Rey

The Determinants of Cross-Border Equity Flows

w7317 Martin D.D. Evans
Richard K. Lyons

Order Flow and Exchange Rate Dynamics

w7313 Maurice Obstfeld
Kenneth Rogoff

New Directions for Stochastic Open Economy Models

w7302 Willem H. Buiter
The Fallacy of the Fiscal Theory of the Price Level

w7278 Alessandra Casella
Tradable Deficit Permits: Efficient Implementation of the Stability Pacin the European Monetary Union

w7276 Lars E.O. Svensson
Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability

w6729 Takatoshi Ito
Eiji Ogawa
Yuri Nagataki Sasaki

How Did the Dollar Peg Fail in Asia?

w6682 Maurice Obstfeld
EMU: Ready, or Not?

w7272 Roberto Chang
Andres Velasco

Liquidity Crises in Emerging Markets: Theory and Policy

w7271 Pierre-Olivier Gourinchas
Jonathan A. Parker

Consumption Over the Life Cycle

w7267 Kristin Forbes
Roberto Rigobon

No Contagion, Only Interdependence: Measuring Stock Market Co-movements

w7265 Kenneth Rogoff
International Institutions for Reducing Global Financial Instability

w7263 Qinglai Meng
Andres Velasco

Can Capital Mobility be Destabilizing?

w7247 Takatoshi Ito
Michael Melvin

Japan's Big Bang and the Transformation of Financial Markets

w7245 Willem H. Buiter
Nikolaos Panigirtzoglou

Liquidity Traps: How to Avoid Them and How to Escape Them

w7242 Charles Engel
John H. Rogers

Violating the Law of One Price: Should We Make a Federal Case Out of It?

w7233 Sebastian Edwards
Crisis Prevention: Lessons from Mexico and East Asia

w7231 Carlo A. Favero
Francesco Giavazzi
Luca Flabbi

The Transmission Mechanism of Monetary Policy in Europe: Evidence from Banks' Balance Sheets

w7228 Sebastian Edwards
Miguel A. Savastano

Exchange Rates in Emerging Economies: What Do We Know? What Do We Need to Know?

w7219 Geert Bekaert
Campbell R. Harvey
Robin L. Lumsdaine

The Dynamics of Emerging Market Equity Flows

w7211 Allan Drazen
Political Contagion in Currency Crises

w7206 Aaron Tornell
Privatizing the Privatized

w7202 Joshua Aizenman
Nancy Marion

Reserve Uncertainty and the Supply of International Credit

w7196 Linda S. Goldberg
Michael W. Klein

International Trade and Factor Mobility: An Empirical Investigation

w7195 Michael D. Bordo
Barry Eichengreen
Douglas A. Irwin

Is Globalization Today Really Different than Globalization a Hunderd Years Ago?

w7194 James Levinsohn
Steven Berry
Jed Friedman

Impacts of the Indonesian Economic Crisis: Price Changes and the Poor

w7177 Lars E.O. Svensson
Monetary Policy Issues for the Eurosystem

w7157 Robert J. Hodrick
David Tat-Chee Ng
Paul Sengmueller

An International Dynamic Asset Pricing Model

w7150 Dani Rodrik
Tanguy van Ypersele

Capital Mobility, Distributive Conflict, and International Tax Coordination

w6431 Maurice Obstfeld
Giovanni Peri

Regional Nonadjustment and Fiscal Policy: Lessons for EMU

w6319 Maurice Obstfeld
Open-Economy Macroeconomics, Developments in Theory and Policy

w7143 Craig Burnside
Martin Eichenbaum
Sergio Rebelo

Hedging and Financial Fragility in Fixed Exchange Rate Regimes

w7139 Aaron Tornell
Common Fundamentals in the Tequila and Asian Crises

w7134 Takatoshi Ito
Capital Flows in Asia

w7133 Woochan Kim
Shang-Jin Wei

Offshore Investment Funds: Monsters in Emerging Markets?

w7115 Assaf Razin
Chi-Wa Yuen

Understanding the "Problem of Economic Development": The Role of Factor Mobility and International Taxation

w7113 Barry Eichengreen
Ashoka Mody

Lending Booms, Reserves, and the Sustainability of Short-Term Debt: Inferences from the Pricing of Syndicated Bank Loans

w7104 Olivier Jeanne
Andrew K. Rose

Noise Trading and Exchange Rate Regimes

w7091 Menzie D. Chinn
Michael P. Dooley
Sona Shrestha

Latin America and East Asia in the Context of an Insurance Model of Currency Crises

w7090 Susanto Basu
Alan M. Taylor

Business Cycles in International Historical Perspective

w7077 Richard Clarida
Joe Prendergast

Fiscal Stance and the Real Exchange: Some Empirical Estimates

w7067 Charles Engel
On the Foreign-Exchange Risk Premium in Sticky-Price General Equilibrium Models

w5445 Geert Bekaert
Stephen F. Gray

Target Zones and Exchange Rates: An Empirical Investigation

w7056 Andrew Ang
Geert Bekaert

International Asset Allocation with Time-Varying Correlations

w7045 Enrique G. Mendoza
Martin Uribe

The Business Cycles of Balance-of-Payment Crises: A Revision of Mundellan Framework

w7043 Ann P. Bartel
Ann E. Harrison

Ownership versus Environment: Why are Public Sector Firms Inefficient?

w7042 Anne Krueger
Aaron Tornell

The Role of Bank Restructuring in Recovering from Crises: Mexico 1995-98

w7014 Enrique G. Mendoza
Martin Uribe

Devaluation Risk and the Syndrome of Exchange-Rate-Based Stabilizations

w7013 Assaf Razin
Efraim Sadka

Unskilled Migration: A Burden or a Boon for the Welfare State

w6994 Bernard Dumas
Raman Uppal

Global Diversification, Growth and Welfare with Imperfectly Integrated Markets for Goods

w6992 Michael B. Devereux
Charles Engel

The Optimal Choice of Exchange-Rate Regime: Price-Setting Rules and Internationalized Production

w6233 Maurice Obstfeld
A Strategy for Launching the Euro

w6968 Woochan Kim
Shang-Jin Wei

Foreign Portfolio Investors Before and During a Crisis

w6964 Robert J. Gordon
The Aftermath of the 1992 ERM Breakup: Was There a Macroeconomic Free Lunch?

w6961 Torben Andersen
Tim Bollerslev
Francis X. Diebold
Paul Labys

The Distribution of Exchange Rate Volatility

w6935 Richard Clarida
Joe Prendergast

Recent G2 Current Account Imbalances: How Important are Structural Factors?

w6929 Jose M. Campa
P.H. Kevin Chang
James F. Refalo

An Options-Based Analysis of Emerging Market Exchange Rate Expectations: Brazil's Real Plan, 1994-1997

w6925 Guillermo A. Calvo
Carlos A. Vegh

Inflation Stabilization and BOP Crises in Developing Countries

w6907 Martin Feldstein
Self-Protection for Emerging Market Economies

w6889 Giancarlo Corsetti
Paolo Pesenti
Nouriel Roubini
Cedric Tille

Competitive Devaluations: A Welfare-Based Approach

w6886 Benjamin E. Hermalin
Andrew K. Rose

Risks to Lenders and Borrowers in International Capital Markets

w6874 David S. Bates
Financial Markets' Assessment of EMU


1998
w6867 Michael B. Devereux
Charles Engel

Fixed vs. Floating Exchange Rates: How Price Setting Affects the Optimal Choice of Exchange-Rate Regime

w6864 Pierre-Olivier Gourinchas
Exchange Rates and Jobs: What Do We Learn from Job Flows?

w6850 P.R. Agenor
J. Aizenman
A. Hoffmaister

Contagion, Bank Lending Spreads and Output Fluctuations

w6845 Francis X. Diebold
Jinyong Hahn
Anthony S. Tay

Real-Time Multivariate Density Forecast Evaluation and Calibration: Monitoring the Risk of High-Frequency Returns on Foreign Exchange

w6843 Ricardo J. Caballero
Arvind Krishnamurthy

Emerging Market Crises: An Asset Markets Perspective

w6834 Giancarlo Corsetti
Paolo Pesenti
Nouriel Roubini

What Caused the Asian Currency and Financial Crisis? Part II: The Policy Debate

w6833 Giancarlo Corsetti
Paolo Pesenti
Nouriel Roubini

What Caused the Asian Currency and Financial Crisis? Part I: A Macroeconomic Overview

w6824 Michael D. Bordo
Anna J. Schwartz

Under What Circumstances, Past and Present, Have International Rescues of Countries in Financial Distress Been Successful?

w6821 Barry Eichengreen
Does Mercosur Need a Single Currency

w6802 Andres Velasco
Vincenzo Guzzo

The Case for a Populist Banker

w6800 Sebastian Edwards
Capital Flows, Real Exchange Rates, and Capital Controls: Some Latin American Experiences

w6797 Guy Meredith
Menzie D. Chinn

Long-Horizon Uncovered Interest Rate Parity

w6796 Roberto Chang
Andres Velasco

The Asian Liquidity Crisis

w6783 Giancarlo Corsetti
Paolo Pesenti
Nouriel Roubini

Paper Tigers? A Model of the Asian Crisis

w6760 Laurence Ball
Policy Rules for Open Economies

w6758 Craig Burnside
Martin Eichenbaum
Sergio Rebelo

Prospective Deficits and the Asian Currency Crisis

w6756 Sebastian Edwards
Interest Rate Volatility, Capital Controls, and Contagion

w6749 Jose Manuel Campa
Linda S. Goldberg

Employment versus Wage Adjustment and the US Dollar

w6742 Shang-Jin Wei
Currency Hedging and Goods Trade

w6738 Michael D. Bordo
Barry Eichengreen
Jongwoo Kim

Was There Really an Earlier Period of International Financial Integration Comparable to Today?

w6735 Jeffrey C. Fuhrer
Michael W. Klein

Risky Habits: On Risk Sharing, Habit Formation, and the Interpretation of International Consumption Correlations

w6733 Patrick F. Rowland
Linda L. Tesar

Multinationals and the Gains from International Diversification

w6730 Takatoshi Ito
Yuri Nagatake Sasaki

Impacts of the Basle Capital Standard on Japanese Banks' Behavior

w6705 Gordon M. Bodnar
Gunther Gebhardt

Derivatives Usage in Risk Management by US and German Non-Financial Firms: A Comparative Survey

w6704 Philippe Bacchetta
Eric Van Wincoop

Does Exchange Rate Stability Increase Trade and Capital Flows?

w6703 Joshua Aizenman
Capital Mobility in a Second Best World -- Moral Hazard With Costly Financial Intermediation

w6694 Maurice Obstfeld
Kenneth Rogoff

Risk and Exchange Rates

w6680 Steven Radelet
Jeffrey Sachs

The Onset of the East Asian Financial Crisis

w6671 Menzie D. Chinn
On the Won and Other East Asian Currencies

w6669 Geert Bekaert
Campbell R. Harvey

Capital Flows and the Behavior of Emerging Market Equity Returns

w6624 John F. Helliwell
Ross McKitrick

Comparing Capital Mobility Across Provincial and National Borders

w6623 Peter M. Garber
Derivatives in International Capital Flows

w6619 Peter M. Garber
Notes on the Role of TARGET in a Stage III Crisis

w6612 Alberto Alesina
David Dollar

Who Gives Foreign Aid to Whom and Why?

w6606 Roberto Chang
Andres Velasco

Financial Crises in Emerging Markets

w6563 Barry Eichengreen
Olivier Jeanne

Currency Crisis and Unemployment: Sterling in 1931

w6559 Maurice Obstfeld
The Global Capital Market: Benefactor or Menace?

w6556 Robert P. Inman
Daniel L. Rubinfeld

Subsidiarity and the European Union

w6555 William H. Branson
Jorge Braga de Macedo
Jurgen von Hagen

Macroeconomic Policy and Institutions During the Transition to European Union Membership

w6530 Philippe Bacchetta
Eric van Wincoop

Capital Flows to Emerging Markets: Liberalization, Overshooting, and Volatility

w6516 Sebastian Edwards
Miguel A. Savastano

The Morning After: The Mexican Peso in the Aftermath of the 1994 Currency Crisis

w6512 Glenn D. Rudebusch
Lars E. O. Svensson

Policy Rules for Inflation Targeting

w6502 Philip R. Lane
Aaron Tornell

Why Aren't Savings Rates in Latin America Procyclical?

w6497 Aaron Tornell
Reform from Within

w6495 Jaewoo Lee
Menzie D. Chinn

The Current Account and the Real Exchange Rate: A Structural VAR Analysis of Major Currencies

w6491 Menzie D. Chinn
Before the Fall: Were East Asian Currencies Overvalued?

w6469 Roberto Chang
Andres Velasco

Financial Fragility and the Exchange Rate Regime

w6468 Nouriel Roubini
Paul Wachtel

Current Account Sustainability in Transition Economies

w6457 Cevdet Denizer
Holger C. Wolf

Household Savings in Transition Economies

w6441 Sebastian Edwards
Capital Inflows into Latin America: A Stop-Go Story?

w6436 Michael D. Bordo
Barry Eichengreen

The Rise and Fall of a Barbarous Relic: The Role of Gold in the International Monetary SYstem

w6424 Richard Portes
Helene Rey

The Emergence of the Euro as an International Currency

w6408 Barry Eichengreen
Ashoka Mody

What Explains Changing Spreads on Emerging-Market Debt: Fundamentals or Market Sentiment?

w6396 Willem H. Buiter
The Young Person's Guide to Neutrality, Price Level Indeterminacy, Interest Rate Pegs, and Fiscal Theories of the Price Level

w6150 Martin Feldstein
The Political Economy of the European Economic and Monetary Union: Political Sources of an Economic Liability

w6382 Urban J. Jermann
International Portfolio Diversification and Labor/Leisure Choice

w6380 Robert Flood
Nancy Marion

Perspectives on the Recent Currency Crisis Literature

w6370 Barry Eichengreen
Andrew K. Rose

Staying Afloat When the Wind Shifts: External Factors and Emerging-Market Banking Crises

w6369 Rudiger Dornbusch
Carlo A. Favero
Francesco Giavazzi

The Immediate Challenges for the European Central Bank

w6351 Karen K. Lewis
International Home Bias in International Finance and Business Cycles

w6350 Dani Rodrik
Where Did All The Growth Go? External Shocks, Social Conflict, and Growth Collapses


1997
w6344 Linda S. Goldberg
Michael W. Klein

Foreign Direct Investment, Trade and Real Exchange Rate Linkages in Developing Countries.

w6339 Assaf Razin
Efraim Sadka
Chi-Wa Yuen

Quantitative Implications of the Home Bias: Foreign Underinvestment, Domestic Oversaving, and Corrective Taxation

w6338 Assaf Razin
Efraim Sadka
Chi-Wa Yuen

Channeling Domestic Savings into Productive Investment Under Asymmetric Information: The Essential Role of Foreign Direct Investment

w6334 Sebastian Edwards
The Mexican Peso Crisis? How Much Did We Know? When Did We Know It?

w6327 Anne O. Krueger
Whither the World Bank and the IMF?

w6320 Joshua Aizenman
Andrew Powell

Volatility and Financial Intermediation

w6311 Alessandro Missale
Francesco Giavazzi
Pierpaolo Benigno

Managing the Public Debt in Fiscal Stabilizations: The Evidence

w6310 Gian Maria Milesi-Ferrett
Assaf Razin

Sharp Reductions in Current Account Deficits: An Empirical Analyis

w6307 Giancarlo Corsetti
Paolo Pesenti

Welfare and Macroeconomic Interdependence

w6302 Alan M. Taylor
Argentina and the World Capital Market: Saving, Investment, and International Capital Mobility in the Twentieth Century

w6300 Michael P. Dooley
A Model of Crises in Emerging Markets

w6292 Willem H. Buiter
Anne C. Sibert

Transition Issues for the European Monetary Union

w6256 Shang-Jin Wei
Jungshik Kim

The Big Players in the Foreign Exchange Market: Do They Trade on Information or Noise?

w6254 Richard Clarida
Jordi Gali
Mark Gertler

Monetary Policy Rules in Practice: Some International Evidence

w6247 Michael P. Dooley
Donald J. Mathieson
Liliana Rojas-Suarez

Capital Mobility and Exchange Market Intervention in Developing Countries

w6236 Gerardo della Paolera
Alan M. Taylor

Finance and Development in an Emerging Market: Argentina and the Interwar Period

w6224 Gordon M. Bodnar
Charles Tang
Joseph Weintrop

Both Sides of Corporate Diversification: The Value Impacts of Geographic and Industrial Diversification

w6189 Patrick K. Asea
Stephen J. Turnovsky

Capital Income Taxation and Risk-Taking in a Small Open Economy

w6180 Atish R. Ghosh
Holger C. Wolf

Geographical and Sectoral Shocks in the U.S. Business Cycle

w6179 Jose M. Campa
P.H. Kevin Chang
Robert L. Reider

Implied Exchange Rate Distributions: Evidence from OTC Option Markets

w6174 Ofair Razin
Susan M. Collins

Real Exchange Rate Misalignments and Growth

w6168 Sergio Rebelo
What Happens When Countries Peg Their Exchange Rates? (The Real Side of Monetary Reforms)

w6165 Andrew M. Warner
Mexico's 1994 Exchange Rate Crisis Interpreted in Light of the Non-Traded Model

w6163 Alberto Alesina
Enrico Spolaore
Romain Wacziarg

Economic Integration and Political Disintegration

w6162 Jose M. Campa
Holger C. Wolf

Is Real Exchange Rate Mean Reversion Caused By Arbitrage?

w6115 Michael D. Bordo
Ronald MacDonald

Violations of the `Rules of the Game' and the Credibility of the Classical Gold Standard, 1880-1914

w6108 Menzie David Chinn
The Usual Suspects? Productivity and Demand Shocks and Asia-Pacific Real Exchange Rates

w6103 Matthew T. Jones
Maurice Obstfeld

Saving, Investment, and Gold: A Reassessment of Historical Current Account Data

w6092 Menzie D. Chinn
Michael P. Dooley

Monetary Policy in Japan, Germany and the United States: Does One Size Fit All?

w6089 Paul G. J. O'Connell
Shang-Jin Wei

"The Bigger They Are, The Harder They Fall": How Price Differences Across U.S. Cities Are Arbitraged

w6080 Pierre-Richard Agenor
Joshua Aizenman

Contagion and Volatility with Imperfect Credit Markets

w6069 Charles Engel
Michael K. Hendrickson
John H. Rogers

Intra-National, Intra-Continental, and Intra-Planetary PPP

w6053 Maurice Obstfeld
Alan M. Taylor

Nonlinear Aspects of Goods-Market Arbitrage and Adjustment: Heckscher's Commodity Points Revisited

w6039 Robert E. Lipsey
Birgitta Swedenborg

Wage Dispersion and Country Price Levels

w6030 Shang-Jin Wei
How Taxing is Corruption on International Investors?

t0211 Patrick K. Asea
Paul J. Zak

Time-to-Build and Cycles

w6017 Menzie David Chinn
Sectoral Productivity, Government Spending and Real Exchange Rates: Empirical Evidence for OECD Countries

w6011 Kenneth A. Froot
Paul G. J. O'Connell

On The Pricing of Intermediated Risks: Theory and Application to Catastrophe Reinsurance

w6007 V. V. Chari
Patrick Kehoe

Hot Money

w6005 Andrew Atkeson
Patrick Kehoe

Industry Evolution and Transition: A Neoclassical Benchmark

w5991 Karen K. Lewis
Are Countries with Official International Restrictions "Liquidity Constrained?"

w5984 Robin L. Lumsdaine
Eswar S. Prasad

Identifying the Common Component in International Economic Fluctuations

w5979 Takatoshi Ito
Peter Isard
Steven Symansky

Economic Growth and Real Exchange Rate: An Overview of the Balassa-Samuelson Hypothesis in Asia

w5978 Sebastian Edwards
Openness, Productivity and Growth: What Do We Really Know?

w5977 Sebastian Edwards
Carlos A. Vegh

Banks and Macroeconomics Disturbances under Predetermined Exchange Rates

w5975 Robert C. Feenstra
Andrew K. Rose

Putting Things in Order: Patterns of Trade Dynamics and Growth

w5974 Jose M. Campa
P. H. Kevin Chang

The Forecasting Ability of Correlations Implied in Foreign Exchange Options

w5968 Anne O. Krueger
Nominal Anchor Exchange Rate Policies as a Domestic Distortion

w5965 Joshua Aizenman
International Portfolio Diversification with Generalized Expected Utility Preferences

w5962 Lars E. O. Svensson
Inflation Targeting: Some Extensions

w5960 Maurice Obstfeld
Alan M. Taylor

The Great Depression as a Watershed: International Capital Mobility over the Long Run

w5943 Yin-Wong Cheung
Menzie D. Chinn

Integration, Cointegration and the Forecast Consistency of Structural Exchange Rate Models

w5936 Takatoshi Ito
Richard K. Lyons
Michael T. Melvin

Is There Private Information in the FX Market? The Tokyo Experiment

w5925 Guillermo A. Calvo
Allan Drazen

Uncertain Duration of Reform: Dynamic Implications

w5919 Jose Campa
Linda S. Goldberg

The Evolving External Orientation of Manufacturing Industries: Evidence from Four Countries

w5905 Dani Rodrik
Trade, Social Insurance, and the Limits to Globalization

w5904 Gordon M. Bodnar
Joseph Weintrop

The Valuation of the Foreign Income of U.S. Multinational Firms: A Growth Opportunities Perspective

w5896 Anne O. Krueger
Trade Policy and Economic Development: How We Learn

w5892 Allan Drazen
Policy Signaling in the Open Economy: A Re-Examination

w5890 Allan Drazen
Towards a Political-Economic Theory of Domestic Debt

w5883 Michael D. Bordo
Barry Eichengreen

Implications of the Great Depression for the Development of the International Monetary System

w5882 Willem H. Buiter
Ricardo Lago
Helene Rey

A Portfolio Approach to a Cross-Sectoral and Cross-National Investment Strategy in Transition Economies

w5877 Paul Soderlind
Lars E. O. Svensson

New Techniques to Extract Market Expectations from Financial Instruments

w5876 V. V. Chari
Patrick J. Kehoe
Ellen R. McGrattan

Monetary Shocks and Real Exchange Rates in Sticky Price Models of International Business Cycles

w5874 Atish R. Ghosh
Anne-Marie Gulde
Jonathan D. Ostry
Holger C. Wolf

Does the Nominal Exchange Rate Regime Matter?


1996
w5862 Pinelopi K. Goldberg
Michael M. Knetter

Goods Prices and Exchange Rates: What Have We Learned?

w5861 Simon Burgess
Michael M. Knetter

An International Comparison of Employment Adjustment to Exchange Rate Fluctuations

w5853 Alessandra Casella
Product Standards Coalitions in a Market Without Borders

w5850 Assaf Razin
Efraim Sadka

Tax Burden and Migration: A Political Economy Perspective

w5842 Andres Velasco
When Are Fixed Exchange Rates Really Fixed?

w5839 Hans-Werner Sinn
International Implications of German Unification

w5814 Menzie D. Chinn
William F. Maloney

Financial and Capital Account Liberalization in the Pacific Basin: Korea and Taiwan during the 1980's

t0206 Yin-Wong Cheung
Menzie D. Chinn

Further Investigation of the Uncertain Unit Root in GNP

w5797 Lars E. O. Svensson
Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets

w5794 Sebastian Edwards
A Tale of Two Crises: Chile and Mexico

w5791 Gian Maria Milesi-Ferrett
Assaf Razin

Current Account Sustainability: Selected East Asian and Latin American Experiences

w5789 Robert P. Flood
Nancy P. Marion

Speculative Attacks: Fundamentals and Self-Fulfilling Prophecies

w5784 Paolo Pesenti
Eric van Wincoop

Do Nontraded Goods Explain the Home Bias Puzzle?

w5777 Charles Engel
Chang-Jin Kim

The Long-Run U.S./U.K. Real Exchange Rate

w5772 Mats Persson
Torsten Persson
Lars E. O. Svensson

Debt, Cash Flow and Inflation Incentives: A Swedish Example

w5766 Charles Engel
A Model of Foreign Exchange Rate Indetermination

w5756 Sebastian Edwards
The Determinants of the Choice between Fixed and Flexible Exchange-Rate Regimes

w5743 Alan M. Taylor
International Capital Mobility in History: The Saving-Investment Relationship

w5742 Alan M. Taylor
International Capital Mobility in History: Purchasing-Power Parity in the Long Run

w5732 Jeffrey A. Frankel
David Romer
Teresa Cyrus

Trade and Growth in East Asian Countries: Cause and Effect?

w5727 Leonardo Bartolini
Allan Drazen

When Liberal Policies Reflect External Shocks, What Do We Learn?

w5725 Leonardo Bartolini
Allan Drazen

Capital Account Liberalization as a Signal

w5719 Lars E. O. Svensson
Price Level Targeting vs. Inflation Targeting: A Free Lunch?

w5714 Jeffrey A. Frankel
Sergio L. Schmukler

Country Fund Discounts, Asymmetric Information and the Mexican Crisis of 1994: Did Local Residents Turn Pessimistic Before International Investors?

w5710 Michael D. Bordo
Anna J. Schwartz

Why Clashes Between Internal and External Stability Goals End in Currency Crises, 1797-1994

w5709 Menzie Chinn
Louis Johnston

Real Exchange Rate Levels, Productivity and Demand Shocks: Evidence from a Panel of 14 Countries

w5700 Jeffrey A. Frankel
Andrew K. Rose

The Endogeneity of the Optimum Currency Area Criteria

w5681 Barry Eichengreen
Andrew K. Rose
Charles Wyplosz

Contagious Currency Crises

w5678 Fernando Alvarez
Andrew Atkeson

Money and Exchange Rates in the Grossman-Weiss-Rotemberg Model

w5676 Matthew B. Canzoneri
Robert E. Cumby
Behzad Diba

Relative Labor Productivity and the Real Exchange Rate in the Long Run: Evidence for a Panel of OECD Countries

w5675 Robert E. Cumby
Forecasting Exchange Rates and Relative Prices with the Hamburger Standard: Is What You Want What You Get With McParity?

w5654 David C. Parsley
Shang-Jin Wei

Convergence to the Law of One Price Without Trade Barriers or Currency Fluctuations

w5646 Charles Engel
Long-Run PPP May Not Hold After All

w5623 David Backus
Silverio Foresi
Chris Telmer

Affine Models of Currency Pricing

w5582 Richard E. Baldwin
Elena Seghezza

Trade-Induced Investment-led Growth

w5581 Richard Clarida
Mark Gertler

How the Bundesbank Conducts Monetary Policy

w5576 Jeffrey Sachs
Aaron Tornell
Andres Velasco

Financial Crises in Emerging Markets: The Lessons from 1995

w5573 Rudi Dornbusch
Debt and Monetary Policy: The Policy Issues

w5563 Jeffrey Sachs
Aaron Tornell
Andres Velasco

The Mexican Peso Crisis: Sudden Death or Death Foretold?

w5549 Richard E. Baldwin
Rikard Forslid

Trade Liberalization and Endogenous Growth: A q-Theory Approach

w5537 Dani Rodrik
Why Do More Open Economies Have Bigger Governments?

w5532 Torsten Persson
Guido Tabellini

Monetary Cohabitation in Europe

w5531 Shang-Jin Wei
Intra-National versus International Trade: How Stubborn are Nations in Global Integration?

w5530 Pierre-Olivier Gourinchas
Aaron Tornell

Exchange Rate Dynamics and Learning

w5518 Richard C. Marston
The Effects of Industry Structure on Economic Exposure

w5517 Barry Eichengreen
Jurgen von Hagen

Fiscal Policy and Monetary Union: Is There a Tradeoff between Federalism and Budgetary Restrictions?

w5513 Assaf Razin
Efraim Sadka
Chi-Wa Yuen

Tax Principles and Capital Inflows: Is It Efficient to Tax Nonresident Income?

w5497 Michael D. Bordo
Tamim Bayoumi

Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions

w5486 Harold L. Cole
Patrick J. Kehoe

Reputation Spillover Across Relationships with Enduring and Transient Beliefs: Reviving reputation Models of Debt

w5476 Jeffrey A. Frankel
David Romer

Trade and Growth: An Empirical Investigation

w5472 Antonio Spilimbergo
Ernesto Stein

The Welfare Implications of Trading Blocs among Countries with Different Endowments

w5467 Gian Maria Milesi-Ferrett
Assaf Razin

Sustainability of Persistent Current Account Deficits

w5452 Michael Bruno
William Easterly

Inflation's Children: Tales of Crises that Beget Reforms

w5433 Assaf Razin
Chi-Wa Yuen

Labor Mobility and Fiscal Coordination

w5431 Jeffrey A. Frankel
Ernesto Stein
Shang-Jin Wei

Regional Trading Arrangement: Natural or Super-Natural?

w5422 Jeffrey A. Frankel
How Well do Foreign Exchange Markets Function: Might a Tobin Tax Help?

w5408 Carlo Favero
Francesco Giavazzi
Luigi Spaventa

High Yields: The Spread on German Interest Rates

w5407 Sebastian Edwards
Public Sector Deficits and Macroeconomic Stability in Developing Countries

w5404 Jeffrey D. Sachs
Reforms in Eastern Europe and the Former Soviet Union in Light of the East Asian Experiences


1995
w5398 Jeffrey D. Sachs
Andrew M. Warner

Natural Resource Abundance and Economic Growth

w5395 Charles Engel
John H. Rogers

Regional Patterns in the Law of One Price: The Roles of Geography vs. Currencies

w5394 Charles Engel
Accounting for U.S. Real Exchange Rate Changes

w5377 Alan V. Deardorff
Determinants of Bilateral Trade: Does Gravity Work in a Neoclassical World?

w5376 Graham Elliott
Takatoshi Ito

Heterogeneous Expectations and Tests of Efficiency in the Yen/Dollar Forward Foreign Exchange Rate Market

w5369 Raquel Fernandez
Richard Rogerson

Education Finance Reform and Investment in Human Capital: Lessons from California

w5358 Takatoshi Ito
Tokuo Iwaisako

Explaining Asset Bubbles in Japan

w5352 Michael P. Dooley
A Survey of Academic Literature on Controls over International Capital Transactions

w5347 Michael P. Dooley
Menzie Chinn

Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration

w5332 Francesco Giavazzi
Marco Pagano

Non-Keynesian Effects of Fiscal Policy Changes: International Evidence and the Swedish Experience

w5329 Andrew Atkeson
Jose-Victor Rios-Rull

The Balance of Payments and Borrowing Constraints: An Alternative View of the Mexican Crisis

w5323 Eli Bartov
Gordon M. Bodnar
Aditya Kaul

Exchange Rate Variability and the Riskiness of U.S. Multinational Firms:Evidence from the Breakdown of the Bretton Woods System

w5322 Aaron Tornell
Gerardo Esquivel

The Political Economy of Mexico's Entry to NAFTA

w5318 Robert P. Flood
Peter M. Garber
Charles Kramer

Collapsing Exchange Rate Regimes: Another Linear Example

w5317 Gian Maria Milesi-Ferrett
Nouriel Roubini

Growth Effects of Income and Consumption Taxes: Positive and Normative Analysis

w5313 Nouriel Roubini
Vittorio Grilli

Liquidity Models in Open Economies: Theory and Empirical Evidence

w5312 Charles Engel
The Forward Discount Anomaly and the Risk Premium: A Survey of Recent Evidence

w5309 Elhanan Helpman
Politics and Trade Policy

w5308 Peter Boone
Politics and the Effectiveness of Foreign Aid

w5300 Aaron Tornell
Andres Velasco

Money-Based versus Exchange Rate-Based Stabilization with Endogenous Fiscal Policy

w5289 Karen K. Lewis
Stochastic Regime Switching and Stabilizing Policies within Regimes

w5285 Maurice Obstfeld
Models of Currency Crises with Self-Fulfilling Features

w5280 Menzie Chinn
Michael Dooley

Asia-Pacific Capital Markets: Measurement of Integration and the Implications for Economic Activity

w5251 Lars E.O. Svensson
Optimal Inflation Targets, `Conservative' Central Banks, and Linear Inflation Contracts

w5239 Assaf Razin
Chi-Wa Yuen

Can Capital Controls Alter the Inflation-Unemployment Tradeoff?

w5220 Paul Krugman
Anthony J. Venables

The Seamless World: A Spatial Model of International Specialization

w5219 Andrew K. Rose
After the Deluge: Do Fixed Exchange Rates Allow Inter-Temporal Volatility Tradeoffs?

w5215 John F. Helliwell
Do National Borders Matter for Quebec's Trade?

w5209 Michael Bruno
William Easterly

Inflation Crises and Long-Run Growth

w5207 Jonathan Eaton
Samuel Kortum

Engines of Growth: Domestic and Foreign Sources of Innovation

w5203 Karen K. Lewis
What Can Explain the Apparent Lack of International Consumption Risk Sharing?

w5197 Sergio Rebelo
Carlos A. Vegh

Real Effects of Exchange Rate-Based Stabilization: An Analysis of Competing Theories

w5191 Maurice Obstfeld
Kenneth Rogoff

The Mirage of Fixed Exchange Rates

w5187 Linda Goldberg
Rafael Tenorio

Strategic Trading in a Two-Sided Foreign Exchange Auction

w5186 Daniel Feenberg
Jeffrey A. Miron

Improving the Accessibility of the NBER's Historical Data

w5175 Marianne Baxter
Urban J. Jermann
Robert G. King

Nontraded Goods, Nontraded Factors, and International Non-Diversification

w5160 Dani Rodrik
Why is there Multilateral Lending?

w5156 Jeffrey A. Frankel
Chudozie Okongwu

Liberalized Portfolio Capital Inflows in Emerging Capital Markets: Sterilization, Expectations, and the Incompleteness of Interest Rate Convergence

w5142 Jeffrey Sachs
Aaron Tornell
Andres Velasco

The Collapse of the Mexican Peso: What Have We Learned?

w5140 Willem H. Buiter
Giancarlo Corsetti
Paolo A. Pesenti

A Center-Periphery Model of Monetary Coordination and Exchange Rate Crises

w5139 Jose Campa
Linda S. Goldberg

Investment, Pass-Through and Exchange Rates: A Cross-Country Comparison

w5135 Assaf Razin
Chi-Wa Yuen

Factor Mobility and Income Growth: Two Convergence Hypotheses

w5132 Kenneth A. Froot
Michael Kim
Kenneth Rogoff

The Law of One Price Over 700 Years

w5131 Jonathan Eaton
Raquel Fernandez

Sovereign Debt

w5120 Willem H. Buiter
Kenneth M. Kletzer

Capital Mobility, Fiscal Policy and Growth under Self-Financing of Human Capital Formation

w5115 Tamim Bayoumi
Michael W. Klein

A Provincial View of Capital Mobility

w5108 Aaron Tornell
Andres Velasco

Fixed versus Flexible Exchange Rates: Which Provides More Fiscal Discipline?

w5098 Paul Krugman
Anthony J. Venables

Globalization and the Inequality of Nations

w5097 Sebastian Edwards
Why are Saving Rates so Different Across Countries?: An International Comparative Analysis

w5096 Robert C. Merton
Financial Innovation and the Management and Regulation of Financial Institutions

w5086 Enrique G. Mendoza
Linda L. Tesar

Supply-Side Economics in a Global Economy

w5084 Anne O. Krueger
Free Trade Agreements versus Customs Unions

w5081 Robert J. Gordon
Is There a Tradeoff between Unemployment and Productivity Growth?

t0179 Charles Goodhart
Takatoshi Ito
Richard Payne

One Day in June, 1994: A Study of the Working of Reuters 2000-2 Electronic Foreign Exchange Trading System

w5039 Jeffrey D. Sachs
Andrew M. Warner

Economic Convergence and Economic Policies

w5032 Shang-Jin Wei
David C. Parsley

Purchasing Power Disparity During the Floating Rate Period: Exchange Rate Volatility, Trade Barriers and Other Culprits

w5028 Assaf Razin
Chi-Wa Yuen

Capital Income Taxation and Long Run Growth: New Perspectives

w5025 Marianne Baxter
International Trade and Business Cycles

w5019 Marianne Baxter
Urban J. Jermann

The International Diversification Puzzle is Worse Than You Think

w5006 Jeffrey A. Frankel
Andrew K. Rose

A Panel Project on Purchasing Power Parity: Mean Reversion Within and Between Countries

w4992 Alberto Alesina
Roberto Perotti

Economic Risk and Political Risk in Fiscal Unions

w4985 Lars E.O. Svensson
The Swedish Experience of an Inflation Target

w4984 Richard K. Lyons
Foreign Exchange Volume: Sound and Fury Signifying Nothing?

w4982 Richard K. Lyons
Andrew K. Rose

Explaining Forward Exchange Bias..Intraday


1994
w4975 Marianne Baxter
Mario J. Crucini

Business Cycles and the Asset Structure of Foreign Trade

w4971 Peter M. Garber
Lars E.O. Svensson

The Operation and Collapse of Fixed Exchange Rate Regimes

w4964 Dani Rodrik
Getting Interventions Right: How South Korea and Taiwan Grew Rich

w4963 Michael P. Dooley
A Retrospective on the Debt Crisis

w4959 Garey Ramey
Valerie A. Ramey

Cross-Country Evidence on the Link Between Volatility and Growth

w4957 Robert Flood
Nancy Marion

The Size and Timing of Devaluations in Capital-Controlled Developing Countries

w4952 Kenneth A. Froot
Kenneth Rogoff

Perspectives on PPP and Long-Run Real Exchange Rates

w4951 Karen K. Lewis
Puzzles in International Financial Markets

w4928 Robert P. Flood
Andrew K. Rose

Fixes: Of The Forward Discount Puzzle

w4924 Kenneth A. Froot
James R. Hines
Jr.

Interest Allocation Rules, Financing Patterns, and the Operations of U.S. Multinationals

w4923 Richard C. Marston
Tests of Three Parity Conditions: Distinguishing Risk Premia and Systematic Forecast Errors

w4308 Maurice Obstfeld
Are Industrial-Country Consumption Risks Globally Diversified?

w4903 Assaf Razin
Efraim Sadka

Resisting Migration: The Problems of Wage Rigidity and the Social Burden

w4898 Barry Eichengreen
Andrew K. Rose
Charles Wyplosz

Speculative Attacks on Pegged Exchange Rates: An Empirical Exploration with Special Reference to the European Monetary System

w4894 Michael M. Knetter
Why are Retail Prices in Japan so High?: Evidence from German Export Prices

w4893 Maurice Obstfeld
Kenneth Rogoff

The Intertemporal Approach to the Current Account

w4892 Alan M. Taylor
Domestic Saving and International Capital Flows Reconsidered

w4888 James H. Stock
Martin Feldstein

Measuring Money Growth When Financial Markets Are Changing

w4882 Nouriel Roubini
Gian Maria Milesi-Ferrett

Optimal Taxation of Human and Physical Capital in Endogenous Capital Models

w4881 Nouriel Roubini
Gian Maria Milesi-Ferrett

Taxation and Endogenous Growth in Open Economies

w4873 Jose De Gregorio
Federico Sturzenegger

Credit Markets and the Welfare Costs of Inflation

w4871 Lars E.O. Svensson
Estimating and Interpreting Forward Interest Rates: Sweden 1992 - 1994

w4865 Jeffrey A. Frankel
Andrew K. Rose

A Survey of Empirical Research on Nominal Exchange Rates

w4864 Enrique G. Mendoza
Assaf Razin
Linda L. Tesar

Effective Tax Rates in Macroeconomics: Cross-Country Estimates of Tax Rates on Factor Incomes and Consumption

w4851 Martin Feldstein
Tax Policy and International Capital Flows

w4850 Robert Flood
Michael Mussa

Issues Concerning Nominal Anchors for Monetary Policy

w4839 Aaron Tornell
Philip Lane

Are Windfalls a Curse? A Non-Representative Agent Model of the Current Account and Fiscal Policy

w4837 Joshua Aizenman
Ricardo Hausmann

Why is Inflation Skewed? A Debt and Volatility Story

w4834 Charles Engel
Craig S. Hakkio

The Distribution of Exchange Rates in the EMS

w4829 Charles Engel
John H. Rogers

How Wide is the Border?

w4815 Linda S. Goldberg
Charles D. Kolstad

Foreign Direct Investment, Exchange Rate Variability and Demand Uncertainty

w4809 Graciela L. Kaminsky
Michael Klein

The Real Exchange Rate and Fiscal Policy During the Gold Standard PeriodEvidence from the United States and Great Britain

w4807 Jose De Gregorio
Holger C. Wolf

Terms of Trade, Productivity, and the Real Exchange Rate

w4806 Atish R. Ghosh
Holger C. Wolf

Pricing in International Markets: Lessons From The Economist

w4805 Atish R. Ghosh
Holger C. Wolf

How Many Monies? A Genetic Approach to Finding Optimum Currency Areas

w4801 Michael R. Darby
Over-the-Counter Derivatives and Systemic Risk to the Global Financial System

w4796 Roger H. Gordon
A. Lans Bovenberg

Why is Capital so Immobile Internationally?: Possible Explanations and Implications for Capital Income Taxation

w4793 Michael P. Dooley
Kenneth M. Kletzer

Capital Flight, External Debt and Domestic Policies

w4792 Michael P. Dooley
Eduardo Fernandez-Arias
Kenneth M. Kletzer

Recent Private Capital Inflows to Developing Countries: Is the Debt Crisis History?

w4772 Sebastian Edwards
Trade and Industrial Policy Reform in Latin America

w4738 David C. Parsley
Shang-Jin Wei

Insignificant and Inconsequential Hysteresis: The Case of the U.S. Bilateral Trade

w4737 Shang-Jin Wei
Anticipations of Foreign Exchange Volatility and Bid-Ask Spreads

w4697 Sebastian Edwards
Macroeconomic Stabilization in Latin America: Recent Experience and Some Sequencing Issues

w4694 Alessandra Casella
Barry Eichengreen

Can Foreign Aid Accelerate Stabilization?

w4693 Maurice Obstfeld
Kenneth Rogoff

Exchange Rate Dynamics Redux

w4661 Sebastian Edwards
Fernando J. Losada

Fixed Exchange Rates, Inflation and Macroeconomic Discipline

w4658 Richard Clarida
Jordi Gali

Sources of Real Exchange Rate Fluctuations: How Important are Nominal Shocks?

w4657 Bernard Dumas
A Test of the International CAPM Using Business Cycles Indicators as Instrumental Variables

w4656 Joshua Aizenman
On The Need For Fiscal Discipline in an Union

w4655 Charles Engel
John H. Rogers

Relative Returns on Equities in Pacific Basin Countries

w4651 Michael W. Klein
Nancy P. Marion

Explaining the Duration of Exchange-Rate Pegs

w4642 Michael D. Bordo
Dominique Simard
Eugene White

France and the Bretton Woods International Monetary System: 1960-1968

w4640 Maurice Obstfeld
The Logic of Currency Crises

w4633 Lars E.O. Svensson
Monetary Policy with Flexible Exchange Rates and Forward Interest Rates as Indicators

w4630 Andrew K. Rose
Exchange Rate Volatility, Monetary Policy, and Capital Mobility: Empirical Evidence on the Holy Trinity

w4611 Linda L. Tesar
Ingrid M. Werner

International Equity Transactions and U.S. Portfolio Choice

t0152 Kenneth D. West
Dongchul Cho

The Predictive Ability of Several Models of Exchange Rate Volatility


1993
w4604 Lars E.O. Svensson
The Simplest Test of Inflation Target Credibility

w4598 Charles Engel
Tests of CAPM on an International Portfolio of Bonds and Stocks

w4595 Wayne E. Ferson
Campbell R. Harvey

An Exploratory Investigation of the Fundamental Determinants of National Equity Market Returns

w4592 Takatoshi Ito
Wen-Ling Lin

Price Volatility and Volume Spillovers between the Tokyo and New York Stock Markets

w4590 Jeffrey A. Frankel
The Internationalization of Equity Markets

w4579 Stijn Claessens
Moon-Whoan Rhee

The Effect of Equity Barriers on Foreign Investment in Developing Countries

w4571 Gikas A. Hardouvelis
Rafael La Porta
Thierry A. Wizman

What Moves the Discount on Country Equity Funds?

w4553 David K. Backus
The Japanese Trade Balance: Recent History and Future Prospects

w4545 Takatoshi Ito
Short-run and Long-run Expectations of the Yen/Dollar Exchange Rate

w4544 Lars E.O. Svensson
Term, Inflation, and Foreign Exchange Risk Premia: A Unified Treatment

w4532 Kathryn M. Dominguez
Does Central Bank Intervention Increase the Volatility of Foreign Exchange Rates?

w4522 Bernard Dumas
L. Peter Jennergren
Bertil Naslund

Currency Option Pricing in Credible Target Zones

w4517 Alan C. Stockman
Lee E. Ohanian

Short-Run Independence of Monetary Policy Under Pegged Exchange Rates and Effects of Money on Exchange Rates and Interest Rates

w4511 Sebastian Edwards
Trade Policy, Exchange Rates and Growth

w4506 Richard H. Clarida
International Capital Mobility, Public Investment and Economic Growth

w4504 Lars E.O. Svensson
Fixed Exchange Rates as a Means to Price Stability: What Have We Learned

w4503 Robert P. Flood
Andrew K. Rose

Fixing Exchange Rates: A Virtual Quest for Fundamentals

w4500 Philip L. Brock
Stephen J. Turnovsky

The Dependent Economy Model with Both Traded and Non-Traded Capital Goods

w4495 Andrew K. Rose
Lars E.O. Svensson

European Exchange Rate Credibility Before the Fall

w4493 David Backus
Patrick J. Kehoe
Finn E. Kydland

International Business Cycles: Theory and Evidence

w4478 Paul Krugman
Robert Lawrence

Trade, Jobs, and Wages

w4471 Richard K. Lyons
Tests of Microstructural Hypotheses in the Foreign Exchange Market

w4467 Richard K. Lyons
Optimal Transparency in a Dealership Market with an Application to Foreign Exchange

w4459 Bernard Dumas
Bruno Solnik

The World Price of Foreign Exchange Risk

w4458 Bernard Dumas
L. Peter Jennergren
Bertil Naslund

Realignment Risk and Currency Option Pricing in Target Zones

w4451 Dani Rodrik
Do Low-Income Countries have a High-Wage Option?

w4448 Allan Drazen
Paul R. Masson

Credibility of Policies versus Credibility of Policymakers

w4446 Bernard Dumas
Partial- Vs. General-Equilibrium Models of the International Capital Market

w4442 Richard H. Clarida
Mark P. Taylor

The Term Structure of Forward Exchange Premia and the Forecastibility of Spot Exchange Rates: Correcting the Errors

w4438 Jose De Gregorio
Alberto Giovannini

International Evidence on Tradables and Nontradable Inflation

w4422 Michael Bruno
Inflation and Growth in an Integrated Approach

w4419 Dani Rodrik
Trade Liberalization in Disinflation

w4410 Allan W. Kleidon
Ingrid M. Werner

Round-the-clock Trading: Evidence from U.K. Cross-Listed Securities

w4378 Jose Campa
Linda S. Goldberg

Investment in Manufacturing, Exchange-Rates and External Exposure

w4377 Karen K. Lewis
Are Forign Exchange Intervention and Monetary Policy Related and Does it Really Matter?

w4361 Barry Eichengreen
The Endogeneity of Exchange Rate Regimes

w4355 Kenneth A. Froot
Currency Hedging over Long Horizons

w4353 Alberto Alesina
Vittorio Grilli
Gian Maria Milesi-Ferrett

The Political Economy of Capital Controls

w4351 Anne O. Krueger
Roderick Duncan

The Political Economy of Controls: Complexity

w4350 Alberto Alesina
Vittorio Grilli

On the Feasibility of a One or Multi-Speed European Monetary Union

w4340 Richard M. Levich
Lee R. Thomas

Internationally Diversified Bond Portfolios: The Merits of Active Currency Risk Management

w4336 Assaf Razin
Chi-Wa Yuen

Convergence in Growth Rates: A Quantitative Assessment of the Role of Capital Mobility and International Taxation

w4335 Jeffrey A. Frankel
Shang-Jin Wei

Emerging Currency Blocs

w4334 Assaf Razin
The Dynamic-Optimizing Approach to the Current Account: Theory and Evidence

w4325 Martin Feldstein
The Dollar and the Trade Deficit in the 1980s: A Personal View

w4320 Sebastian Edwards
Exchange Rates, Inflation and Disinflation: Latin American Experiences

w4319 Sebastian Edwards
The Political Economy of Infaliton and Stabilization in Developing Countries

w4310 Michael Bordo
The Gold Standard, Bretton Woods and other Monetary Regimes: An Historical Appraisal

w4298 Graciela Kaminsky
Karen K. Lewis

Does Foreign Exchange Intervention Signal Future Monetary Policy?

w4291 Zhaohui Chen
Alberto Giovannini

The Determinants of Realignment Expectations Under the EMS: Some Empirical Regularities

w4271 Martin Eichenbaum
Charles L. Evans

Some Empirical Evidence on the Effects of Monetary Policy Shocks on Exchange Rates


1992
w4246 Sebastian Edwards
Exchange Rates as Nominal Anchors

w4245 John F. Helliwell
International Growth Linkages: Evidence from Asia and the OECD

w4242 David Backus
Patrick J. Kehoe
Finn E. Kydland

Dynamics of the Trade Balance and the Terms of Trade: The S-Curve

w4238 Raul Livas Elizondo
Paul Krugman

Trade Policy and the Third World Metropolis

w4233 Bennett McCallum
Specification of Policy Rules and Performance Measures in Multicountry Simulation Studies

w4232 Alberto Giovannini
Bart Turtelboom

Currency Substitution

w4231 Charles Engel
Real Exchange Rates and Relative Prices: An Empirical Investigation

w4218 Linda L. Tesar
Ingrid M. Werner

Home Bias and the High Turnover

w4217 Rene M. Stulz
Walter Wasserfallen

Foreign Equity Investment Restrictions and Shareholder Wealth Maximization

w4214 Assaf Razin
Chi-Wa Yuen

Convergence in Growth Rates: The Role of Capital Mobility and International Taxation

w4210 Charles Engel
Can the Markov Switching Model Forecast Exchange Rates?

w4208 Assaf Razin
Andrew Rose

Business Cycle Volatility and Openness: An Exploratory Cross-Section Analysis

w4207 Lars E.O. Svensson
Why Exchange Rate Bands? Monetary Independence in Spite of Fixed Exchange Rates

w2933 Irving B. Kravis
Robert E. Lipsey

Technological Characteristics of Industries and the Competitiveness of the U.S. and its Multinational Firms

t0128 Kenneth D. West
Hali J. Edison
Dongchul Cho

A Utility Based Comparison of Some Models of Exchange Rate Volatility

w4192 Michael W. Klein
Eric Rosengren

The Real Exchange Rate and Foreign Direct Investment in the United States: Relative Wealth vs. Relative Wage Effects

w4184 Federico Sturzenegger
Hyperinflation with Currency Substitution: Introducing an Indexed Currency

w4183 Michael Dooley
Peter Isard
Mark Taylor

Exchange Rates, Country Preferences, and Gold

w4173 Alberto Alesina
Sule Ozler
Nouriel Roubini
Phillip Swagel

Political Instability and Economic Growth

w4172 Michael Dooley
Mark R. Stone

Endogenous Creditor Seniority and External Debt Values

w4170 Michael M. Knetter
Is Price Adjustment Asymmetric?: Evaluating the Market Share and Marketing Bottlenecks Hypothesis

w4169 Tamim Bayoumi
Barry Eichengreen

Macroeconomic Adjustment Under Bretton Woods and the Post-Bretton Woods Float: An Impulse-Response Analysis

w4167 Richard C. Marston
Determinants of Shrt-Term Real Interest Differentials Between Japan and the United States

w4165 Michael W. Klein
The Accuracy of Reports of Foreign Exchange Intervention

w3504 Takatoshi Ito
Robert F. Engle
Wen-Ling Lin

Where Does the Meteor Shower Come From? The Role of Stochastic Policy Coordination

w4153 Linda S. Goldberg
Il'dar Karimov

Black-Markets for Currency, Hoarding Activity and Currency Reform

w4151 Michael M. Knetter
Exchange Rates and Corporate Pricing Strategies

w4141 Barry Eichengreen
Three Perspectives on the Bretton Woods System

w4140 Reuven Glick
Kenneth Rogoff

Global Versus Country-Specific Productivity Shocks and the Current Account

w4127 Alan C. Stockman
International Transmission Under Bretton Woods

w4123 Joseph E. Gagnon
Michael M. Knetter

Markup Adjustment and Exchange Rate Fluctuations: Evidence From Panel Data on Automobile Exports

w4119 Kenneth Rogoff
Traded Goods Consumption Smoothing and the Random Walk Behavior of the Real Exchange Rate

w4116 Martin D. Evans
Karen K. Lewis

Trends in Expected Returns in Currency and Bond Markets

w4113 Bennett T. McCallum
A Reconsideration of the Uncovered Interest Parity Relationship

w2958 Magnus Blomstrom
Jian-Ye Wang

Foreign Investment and Technology Transfer: A Simple Model

w4103 Federico Sturzenegger
Inflation and Social Welfare in a Model With Endogenous Financial Adaptation

w2835 Kenneth A. Froot
Maurice Obstfeld

Exchange Rate Dynamics Under Stochastic Regime Shifts: A Unified Approach

r1726 Albert Ando
Flint Brayton
Arthur Kennickell

Reappraisal of the Phillips Curve and Direct Effects of Money Supply on Inflation

w4084 Kenneth A. Froot
David S. Scharfstein
Jeremy C. Stein

Risk Management: Coordinating Corporate Investment and Financing Policies

w4068 Susan M. Collins
The Expected Timing of EMS Realignments: 1979-83

w3497 Sebastian Edwards
Capital Flows, Foreign Direct Investment, and Debt-Equity Swaps in Developing Countries

w2907 Sebastian Edwards
Jonathan D. Ostry

Terms of Trade Disturbances, Real Exchange Rates and Welfare: The Role of Capital Controls and Labor Market Distortions

w4057 Susan M. Collins
Francesco Giavazzi

Attitudes Towards Inflation and the Viability of Fixed Exchange Rates: Evidence From the EMS

w4053 Richard C. Marston
Interest Differentials Under Fixed and Flexible Exchange Rates: The Effects of Capital Controls and Exchange Risk

w4050 Jeffrey A. Frankel
Is Japan Creating a Yen Bloc in East Asia and the Pacific?

w4047 Sebastian Edwards
Julio A. Santaella

Devaluation Controversies in the Developing Countries: Lessons From the Bretton Woods Era

w4040 Linda S. Goldberg
Moscow Black Markets and Official Markets for Foreign Exchange: How Much Flexiblity in Flexible Rates?

w4033 Michael D. Bordo
The Bretton Woods International Monetary System: An Historical Overview

w4017 David Folkerts-Landau
Peter M. Garber

The Private ECU: A Currency Floating on Gossamer Wings

w4016 David Folkerts-Landau
Peter M. Garber

The European Central Bank: A Bank or a Monetary Policy Rule

w4011 Philip L. Brock
Stephen J. Turnovsky

The Growth and Welfare Consequences of Differential Tariffs With Endogenously-Supplied Capital and Labor

w4007 Ishac Diwan
Dani Rodrik

Debt Reduction, Adjustment Lending, and Burden Sharing

w4006 Eliana Cardoso
Inflation and Poverty

w4003 Martin D. Evans
Karen K. Lewis

Peso Problems and Heterogeneous Trading: Evidence From Excess Returns in Foreign Exchange and Euromarkets

w4001 Alberto Giovannini
Bretton Woods and Its Precursors: Rules Versus Discretion in the History of International Monetary Regimes

w3991 Edward E. Leamer
Wage Effects of A U.S. - Mexican Free Trade Agreement

w3496 William H. Branson
Dwight M. Jaffee

The Globalization of Information and Capital Mobility

w2914 Kenneth A. Froot
Jeremy C. Stein

Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach

w3966 Martin Feldstein
The Budget and Trade Deficits Aren't Really Twins

w3961 Sule Ozler
Harry Huizinga

Bank Exposure, Capital and Secondary Market Discounts on the Developing Country Debt

w3960 Sule Ozler
Dani Rodrik

External Shocks, Politics and Private Investment: Some Theory and Empirical Evidence

w3959 Sule Ozler
Have Commercial Banks Ignored History?

w3957 Edward E. Leamer
Testing Trade Theory

w3955 Zhaohui Chen
Alberto Giovannini

Estimating Expected Exchange Rates Under Target Zones

w3953 Joshua Aizenman
Exchange Rate Flexibility, Volatility, and the Patterns of Domestic and Foreign Direct Investment

w3951 Kathryn M. Dominguez
The Role of International Organizations in the Bretton Woods System

w3950 Tamim Bayoumi
Barry Eichengreen

Is There a Conflict Between EC Enlargement and European Monetary Unification?

w3949 Tamim Bayoumi
Barry Eichengreen

Shocking Aspects of European Monetary Unification

w3947 Dani Rodrik
The Rush to Free Trade in the Developing World: Why So Late? Why Now? Will it Last?

w3946 Joseph E. Gagnon
Andrew K. Rose

How Pervasive is the Product Cycle? The Empirical Dynamics of American and Japanese Trade Flows


1991
w3943 Maurice Obstfeld
The Adjustment Mechanism

w3931 Bernard Dumas
Lars E.O. Svensson

How Long do Unilateral Target Zones Last?

w3911 Wen-Ling Lin
Robert F. Engle
Takatoshi Ito

Do Bulls and Bears Move Across Borders? International Transmission of Stock Returns and Volatility as the World Turns

w3919 Pierre-Richard Agenor
Jagdeep S. Bhandari
Robert P. Flood

Speculative Attacks and Models of Balance-of-Payments Crises

w3918 Hans Lindberg
Lars E.O. Svensson
Paul Soderlind

Devaluation Expectations: The Swedish Krona 1982-1991

w3917 Alberto Giovannini
The Currency Reform as the Last Stage of Economic and Monetary Union: Some Policy Questions

w3916 Stephen J. Turnovsky
The Impact of Terms of Trade Shocks on a Small Open Economy: A Stochastic Analysis

w3914 Gene M. Grossman
Alan B. Krueger

Environmental Impacts of a North American Free Trade Agreement

w3910 Shang-Jin Wei
Jeffrey A. Frankel

Are Option-Implied Forecasts of Exchange Rate Volatility Excessively Variable?

w3899 J. Bradford De Long
Barry Eichengreen

The Marshall Plan: History's Most Successful Structural Adjustment Program

w3889 Richard K. Lyons
Private Beliefs and Information Externalities in the Foreign Exchange Market

w3886 Elise Brezis
Paul Krugman
Daniel Tsiddon

Leapfrogging: A Theory of Cycles in National Technological Leadership

w3881 Michael Bruno
From Sharp Stabilization to Growth: On the Political Economy of Israel's Transition

w3871 Albert Ando
Luigi Guiso
Daniele Terlizzese
Daniel Dorsainvil

Younger Households Saving: Evidence From Japan and Italy

w3870 Richard A. Jensen
Marie Thursby

Patent Races, Product Standards, and International Competition

w3861 Geert Bekaert
Robert J. Hodrick

On Biases in the Measurement of Foreign Exchange Risk Premiums

w3860 Alberto Alesina
Vittorio Grilli

The European Central Bank: Reshaping Monetary Politics in Europe

w3855 Xavier Sala-i-Martin
Jeffrey Sachs

Fiscal Federalism and Optimum Currency Areas: Evidence for Europe From the United States

w3096 Barry Eichengreen
The Capital Levy in Theory and Practice

t0114 Edward E. Leamer
Eastern Data and Western Attitudes

w3852 Alessandra Casella
Barry Eichengreen

Halting Inflation in Italy and France After World War II

w3848 Joshua Aizenman
Nancy Marion

Policy Uncertainty, Persistence and Growth

w3845 Robert C. Feenstra
Tracy R. Lewis

Trade Adjustment Assistance and Pareto Gains From Trade

w3156 Jeffrey A. Frankel
Japanese Finance: A Survey

w3813 Richard H. Clarida
Ronald Findlay

Endogenous Comparative Advantage, Government, and the Pattern of Trade

w3825 Wilfred J. Ethier
James R. Markusen

Multinational Firms, Technology Diffusion and Trade

w3819 Jeffrey Frankel
Steven Phillips

The European Monetary System: Credible at Last?

w3818 Richard M. Levich
Lee R. Thomas

The Significance of Technical Trading-Rule Profits in the Foreign Exchange Market: A Bootstrap Approach

w3816 Sebastian Edwards
Stabilization and Liberalization Policies in Central and Eastern Europe: Lessons From Latin America

w3814 Richard H. Clarida
Entry, Dumping, and Shakeout

w3812 Richard H. Clarida
Co-Integration, Aggregate Consumption, and the Demand For Imports: A Structural Econometric Investigation

w3811 Richard H. Clarida
The Real Exchange Rate, Exports, and Manufacturing Profits: A Theoreti- cal Framework With Some Empirical Support

w3810 Eric J. Bartelsman
Ricardo J. Caballero
Richard K. Lyons

Short and Long Run Externalities

w3809 Nancy P. Marion
Empirical Evidence on European Dual Exchange Rates and Its Relevance For Latin America

w3807 Menzie Chinn
Jeffrey Frankel

Patterns in Exchange Rate Forecasts for 25 Currencies

w3806 Jeffrey Frankel
Menzie Chinn

Exchange Rate Expectations and the Risk Premium: Tests For a Cross- Section of 17 Currencies

w3805 Peter Hooper
J. David Richardson

International Economic Transactions: Issues in Measurement and Empirical Research

w3797 Ryuzo Sato
Rama Ramachandran
Shunichi Tsutsui

Incomplete Appropriability of R&D and the Role of Strategies and Cultural Factors in International Trade: A Japanese Case

w3796 Assaf Razin
Efraim Sadka

Vanishing Tax on Capital Income in the Open Economy

w2868 Joshua Aizenman
Inward Versus Outward Growth Orientation in the Presence of Country Risk

w3795 Lars E.O. Svensson
Assessing Target Zone Credibility: Mean Reversion and Devaluation Expectations in the ERM 1979-1992

w3793 Robert E. Baldwin
Are Economists' Traditional Trade Policy Views Still Valid?

w3790 Geert Bekaert
Robert J. Hodrick

Characterizing Predictable Components in Excess Returns on Equity and Foreign Exchange Markets

w3779 Assaf Razin
Efraim Sadka

International Fiscal Policy Coordination and Competition: An Exposition

w3776 Guillermo A. Calvo
Jacob A. Frenkel

Obstacles to Transforming Centrally-Planned Economies: The Role of Capital Markets

w3775 Richard K. Lyons
Floating Exchange Rates in Peru, 1950-54

w3773 S. Lael Brainard
Protecting Losers: Optimal Diversification, Insurance, and Trade Policy

w3772 Sule Ozler
Guido Tabellini

External Debt and Political Instability

w3767 Joshua Aizenman
Foreign Direct Investment, Productive Capacity and Exchange Rate Regimes

w3758 James E. Rauch
Economic Development, Urban Underemployment, and Income Inequality

w3747 Jeffrey Frankel
Scott Erwin
Katharine Rockett

A Note on Internationally Coordinated Policy Packages Intended to be Robust Under Model Uncertainty

w3740 Paul R. Krugman
First Nature, Second Nature, and Metropolitan Location

w3738 Leonardo Leiderman
Assaf Razin

Determinants of External Imbalances: The Role Taxes, Government Spending and Productivity

w3737 Kenneth A. Froot
Japanese Foreign Direct Investment

w3725 J. David Richardson
U.S. Trade Policy in the 1980s: Turns -- and Roads Not Taken

w3721 Sebastian Edwards
Guido Tabellini

Political Instability, Political Weakness and Inflation: An Empirical Analysis

w3716 Sebastian Edwards
Trade Orientation, Distortions and Growth in Developing Countries

w3703 Stanley Fischer
Privatization in East European Transformation

w3702 Stanley Fischer
Growth, Macroeconomics, and Development

w3698 Guillermo A. Calvo
Jacob A. Frenkel

From Centrally-Planned to Market Economies: The Road from CPE to PCPE

t0104 Vittorio Grilli
Nouriel Roubini

Financial Intermediation and Monetary Policies in the World Economy

w3685 Andrew K. Rose
Lars E.O. Svensson

Expected and Predicted Realignments: The FF/DM Exchange Rate During the EMS

w3684 Kenneth A. Froot
Kenneth Rogoff

The EMS, the EMU, and the Transition to a Common Currency

w3683 Kathryn M. Dominguez
Do Exchange Auctions Work? An Examination of the Bolivian Experience

w3679 Linda Hunter
James R. Markusen
Thomas F. Rutherford

Trade Liberalization in a Multinational-Dominated Industry: A Theoretical and Applied General-Equilibrium Analysis

w3674 Michael W. Klein
Karen K. Lewis

Learning About Intervention Target Zones

w3673 Kala Krishna
Refik Erzan
Ling Hui Tan

Rent Sharing in the Multi-Fibre Arrangement: Theory and Evidence from US Apparel Imports from Hong Kong

w3672 Rachel McCulloch
Investment Policies in the GATT

w3671 James R. Markusen
Edward R. Morey
Nancy Olewiler

Environmental Policy When Market Structure and Plant Locations are Endo-genous

w3670 Kathryn M. Dominguez
Peter B. Kenen

Intramarginal Intervention in the EMS and the Target-Zone Model of Exchange-Rate Behavior

w3669 Joseph E. Stiglitz
Government, Financial Markets, and Economic Development

w3656 Jacob A. Frenkel
Assaf Razin
Steve Symansky

International VAT Harmonization: Economic Effects

w3662 Shula Pessach
Assaf Razin

Targeting the Exchange Rate: An Empirical Investigation

w3661 Arvind Panagariya
Dani Rodrik

Political-Economy Arguments for a Uniform Tariff

w3658 Giancarlo Corsetti
Nouriel Roubini

Fiscal Deficits, Public Debt and Government Solvency: Evidence from OECD Countries

w3657 James Levinsohn
Testing the Imports-as-Market-Discipline Hypothesis

w3654 Raquel Fernandez
Sule Ozler

Debt Concentration and Secondary Markets Prices: A Theoretical and Empirical Analysis

w3651 Earl L. Grinols
Stephen J. Turnovsky

Stochastic Equilibrium and Exchange Rate Determination in a Small Open Economy with Risk Averse Optimizing Agents

w3650 Joshua Aizenman
Peter Isard

Externalities, Incentives and Failure to Achieve National Objectives in Decentralized Economies

w3644 Robert C. Feenstra
Jon D. Kendall

Exchange Rate Volatility and International Prices

w3638 Kenneth A. Froot
Andre F. Perold
Jeremy C. Stein

Shareholder Trading Practices and Corporate Investment Horizons

w3637 Willem H. Buiter
Kenneth M. Kletzer

Persistent Differences in National Productivity Growth Rates with A Com-mon Technology and Free Capital Mobility: The Roles of Private Thrift, ...

w3636 Alberto Giovannini
Currency Substitution and the Fluctuations of Foreign-Exchange Reserves with Credibly Fixed Exchange Rates

w3627 Irene Trela
John Whalley

Internal Quota Allocation Schemes and the Costs of the MFA

w3623 Robert E. Lipsey
Foreign Direct Investment in the U.S. and U.S. Trade

w3622 Kevin M. Murphy
Andrei Shleifer

Quality and Trade

w3616 Eliana Cardoso
Capital Formation in Latin America

w3615 Magnus Blomstrom
Host Country Benefits of Foreign Investment

w3614 Linda S. Goldberg
Il'dar Karimov

Internal Currency Markets and Production in the Soviet Union

w3610 Robert C. Feenstra
New Goods and Index Numbers: U.S. Import Prices

w2905 Richard C. Marston
Pricing to Market in Japanese Manufacturing

r1512 Jeffrey A. Frankel
Kenneth A. Froot

Chartists, Fundamentalists, and Trading in the Foreign Exchange Market

w3607 Paul Krugman
Cities in Space: Three Simple Models

w3605 James E. Rauch
Reconciling the Pattern of Trade with the Pattern of Migration

w3604 Alberto Giovannini
Martha de Melo

Government Revenue from Financial Repression

w3603 Maurice Obstfeld
Destabilizing Effects of Exchange-Rate Escape Clauses

w3601 Francisco Delgado
Bernard Dumas

Target Zones Big and Small

w3600 Joshua Aizenman
Trade Reforms, Credibility, and Development

w3599 Torsten Persson
Guido Tabellini

Is Inequality Harmful for Growth? Theory and Evidence

w3597 Peter M. Garber
Alexander Hamilton's Market Based Debt Reduction Plan

w3594 Luis A. Rivera-Batiz
Paul M. Romer

International Trade with Endogenous Technological Change

w3590 Frederick D.S. Choi
Richard M. Levich

International Accounting Diversity: Does it Impact Market Participants?

w3585 Eliana Cardoso
From Inertia to Megainflation: Brazil in the 1980s

w3579 Barry Eichengreen
Is Europe an Optimum Currency Area?

w3576 Giuseppe Bertola
Lars E.O. Svensson

Stochastic Devaluation Risk and the Empirical Fit of Target Zone Models

w3124 Barry Eichengreen
International Monetary Instability Between the Wars: Structural Flaws or Misguided Policies?

w2944 Robert Gibbons
Kevin J. Murphy

Relative Performance Evaluation for Chief Executive Officers

r1498 Maurice Obstfeld
A Model of Currency Depreciation and the Debt-Inflation Spiral


1990
w3554 Alessandra Casella
Jonathan S. Feinstein

Public Goods in Trade: On the Formation of Markets and Political Jurisdictions

w3553 S. Lael Brainard
Last One Out Wins: Trade Policy in an International Exit Game

w3544 Anne O. Krueger
The Political Economy of American Protection in Theory and in Practice

w3543 Robert P. Flood
Andrew K. Rose
Donald J. Mathieson

An Empirical Exploration of Exchange Rate Target-Zones

w3528 Luis A. Rivera-Batiz
Paul M. Romer

Economic Integration and Endogenous Growth

w3527 Allan Drazen
Vittorio Grilli

The Benefits of Crises for Economic Reforms

w3526 Gene M. Grossman
Elhanan Helpman

Hysteresis in the Trade Pattern

w3570 Giancarlo Corsetti
Vittorio Grilli
Nouriel Roubini

Exchange Rate Volatility in Integrating Capital Markets

w3569 Anne O. Krueger
Theory and Practice of Commercial Policy: 1945-1990

w3566 Alan C. Stockman
Linda L. Tesar

Tastes and Technology in a Two-Country Model of the Business Cycle: Explaining International Comovements

w3562 Michael D. Bordo
Anna J. Schwartz

What has Foreign Market Intervention Since the Plaza Agreement Accomplished?

w3561 Joshua Aizenman
Soft Budget Constraints, Taxes, and the Incentive to Cooperate

w3540 Jacob Frenkel
Assaf Razin
Efraim Sadka

Basic Concepts of International Taxation

w3539 Jeffrey A. Frankel
The Making of Exchange Rate Policy in the 1980s

w2883 J. David Richardson
Empirical Research on Trade Liberalization With Imperfect Competition: A Survey

w3513 Murray C. Kemp
Hans-Werner Sinn

A Simple Model of Useless Speculation

w3512 James E. Rauch
Comparative Advantage, Geographic Advantage, and the Volume of Trade

w3518 Michael Bruno
High Inflation and the Nominal Anchors of an Open Economy

w2959 Richard A. Jensen
Marie Thursby

Tariffs with Private Information and Reputation

w3493 Sebastian Edwards
Guido Tabellini

Explaining Fiscal Policies and Inflation in Developing Countries

w3489 Stephen J. Turnovsky
Partha Sen

Fiscal Policy, Capital Accumulation, and Debt in an Open Economy

w3483 Kala Krishna
Auctions with Endogenous Valuations, The Snowball Effect Revisited

w3478 Alberto Alesina
Nouriel Roubini

Political Cycles in OECD Economies

w3476 Carsten Kowalczyk
Welfare and Customs Unions

w3475 Carsten Kowalczyk
Monopoly and Trade Policy

w3470 Jeffrey A. Frankel
Kenneth Froot

Exchange Rate Forecasting Techniques, Survey Data, and Implications for the Foreign Exchange Market

w3468 Robert E. Cumby
John Huizinga

The Predictability of Real Exchange Rate Changes in the Short and Long Run

w3467 Willem H. Buiter
Paolo A. Pesenti

Rational Speculative Bubbles in an Exchange Rate Target Zone

w3466 Lars E.O. Svensson
The Foreign Exchange Risk Premium in a Target Zone with Devaluation Risk

w3460 Torsten Persson
Guido Tabellini

The Politics of 1992: Fiscal Policy and European Integration

w3457 Kyoji Fukao
Koichi Hamada

International Trade and Investment under Different Rates of Time Preference

w3456 Rudiger Dornbusch
Holger Wolf

Monetary Overhang and Reforms in the 1940s

t0092 Robert E. Cumby
John Huizinga

Testing The Autocorrelation Structure of Disturbances in Ordinary Least Squares and Instrumental Variables Regressions

w3443 Joshua Aizenman
Pablo E. Guidotti

Capital Controls, Collection Costs, and Domestic Public Debt

w3442 Robert E. Lipsey
Linda Molinari
Irving B. Kravis

Measures of Prices and Price Competitiveness in International Trade in Manufactured Goods

w3441 Michael Woodford
Does Competition Between Currencies Lead to Price Level and Exchange Rate Stability?

w3424 Jonathan Eaton
Sovereign Debt, Reputation, and Credit Terms

w3418 Paul Krugman
Julio Rotemberg

Target Zones with Limited Reserves

w3412 Magnus Blomstrom
Robert E. Lipsey

Foreign Firms and Export Performance in Developing Countries: Lessons from the Debt Crisis

w3411 Barry Eichengreen
Trends and Cycles in Foreign Lending

w3410 Barry Eichengreen
Relaxing the External Constraint: Europe in the 1930s

w3399 Jonathan Eaton
Maxim Engers

Sanctions

w3398 Karen K. Lewis
Occasional Interventions to Target Rates with a Foreign Exchange Application

w3397 Karen K. Lewis
Why Doesn't Society Minimize Central Bank Secrecy?

w2927 Jacob A. Frenkel
Assaf Razin
Steve Symansky

International Spillovers of Taxation

w3395 Joshua Aizenman
Peter Isard

Externalities, Incentives, and Economic Reforms

w3391 Barry Eichengreen
Lawrence H. Goulder

The Impact of Permanent and Temporary Import Surcharges on the U.S. Trade Deficit

w3384 George Alogoskoufis
Richard Portes

International Costs and Benefits from EMU

w3382 Robert W. Staiger
Guido Tabellini

Rules versus Discretion in Trade Policy: An Empirical Analysis

w3377 Irene Trela
John Whalley

Taxes, Outward Orientation, and Growth Performance in Korea

w3375 Anwar Shah
John Whalley

An Alternative View of Tax Incidence Analysis for Developing Countries

w3374 Lars E.O. Svensson
The Term Structure of Interest Rate Differentials in a Target Zone: Theory and Swedish Data

w2881 John B. Taylor
Policy Analysis With a Multicountry Model

w3372 Francesco Giavazzi
Marco Pagano

Can Severe Fiscal Contractions be Expansionary? Tales of Two Small European Countries

w3371 Albert Ando
Alan J. Auerbach

The Cost of Capital in Japan: Recent Evidence and Further Results

w3364 Richard C. Marston
Price Behavior in Japanese and U.S. Manufacturing

w3352 John M. Abowd
Thomas Lemieux

The Effects of International Competiton on Collective Bargaining Outcomes: A Comparison of the United States and Canada

w3351 John M. Abowd
The NBER Immigration, Trade, and Labor Markets Data Files

w3347 Sebastian Edwards
On Uniform Import Tariffs in Developing Countries

w3346 Sebastian Edwards
Alejandra Cox Edwards

Labor Market Distortions and Structural Adjustments in Developing Countries

w3340 Anne O. Krueger
Government Failures in Development

w3332 Richard C. Marston
Systematic Movements in Real Exchange Rates in the G-5: Evidence on theIntegration of Internal and External Markets

w3329 Willem H. Buiter
Kenneth M. Kletzer

The Welfare Economics of Cooperative and Noncooperative Fiscal Policy

w3328 Willem H. Buiter
Kenneth M. Kletzer

Fiscal Policy Interdependence and Efficiency

w3320 Linda S. Goldberg
Predicting Exchange Rate Crises: Mexico Revisited

w3319 Richard E. Baldwin
Re-Interpreting the Failure of Foreign Exchange Market Efficiency Tests:Small Transaction Costs, Big Hysteresis Bands

w3315 Stephen J. Turnovsky
Tariffs and Sectoral Adjustments in an Open Economy

w3313 John F. Helliwell
Fiscal Policy and the External Deficit: Siblings, but not Twins

w2909 Sebastian Edwards
The International Monetary Fund and the Developing Countries: A Critical Evaluation

w2904 Anne O. Krueger
Asymmetries in Policy Between Exportables and Import-Competing Goods

w3306 Takatoshi Ito
Masayoshi Maruyama

Is the Japanese Distribution System Really Inefficient?

w3304 Irving B. Kravis
Robert E. Lipsey

The International Comparison Program: Current Status and Problems

w3302 Rudiger Dornbusch
From Stabilization to Growth

w3300 Dani Rodrik
Premature Liberalization, Incomplete Stabilization: the Ozal Decade in Turkey

w3299 Kathryn M. Dominguez
Jeffrey Frankel

Does Foreign Exchange Intervention Matter? Disentangling the Portfolio and Expectations Effects for the Mark

w3298 Partha Sen
Stephen J. Turnovsky

Investment Tax Credit in an Open Economy

w3293 Robert E. Lipsey
American Firms Face Europe: 1992

w3287 Willem H. Buiter
Urjit R. Patel

Debt, Deficits and Inflation: An Application to the Public Finances of India

w3284 James R. Markusen
First Mover Advantages, Blockaded Entry, And the Economics of Uneven Development

w3283 Ignatius J. Horstmann
James R. Markusen

Endogenous Market Structures in International Trade

w3282 Karen K. Lewis
Was There a "Peso Problem" in the U.S. Term Structure of Interest Rates:1979-1982?

w3281 Assaf Razin
Efraim Sadka

Capital Market Integration: Issues of International Taxation

w3277 Robert Feenstra
Tracy R. Lewis

Distributing the Gains from Trade With Incomplete Information

w3276 Robert C. Feenstra
Trade and Uneven Growth

w3275 Paul Krugman
Increasing Returns and Economic Geography

w2541 Kenneth A. Froot
David S. Scharfstein
Jeremy C. Stein

LDC Debt: Forgiveness, Indexation, and Investment Incentives

w3269 Raquel Fernandez
Dani Rodrik

Why is Trade Reform so Unpopular? On Status Quo Bias in Policy Reforms

w3258 Robert C. Feenstra
Tracy R. Lewis
John McMillan

Designing Policies to Open Trade

w3254 Robert W. Staiger
Frank A. Wolak

The Effect of Domestic Antidumping Law in the Presence of Foreign Monopoly

w3250 Kenneth A. Froot
David S. Scharfstein
Jeremy C. Stein

Herd on the Street: Informational Inefficiencies in a Market with Short-Term Speculation

w3249 Linda S. Goldberg
Nominal Exchange Rate Patterns: Correlationswith Entry, Exit, and Invesment in U.S. Industry

w3248 Hans-Werner Sinn
Tax Harmonization and Tax Competition in Europe

w3247 Kenneth A. Froot
Short Rates and Expected Asset Returns

w3244 Kala Krishna
Export Restraints With Imperfect Competition: A Selective Survey

w3240 Robert E. Lipsey
Reviving the Federal Statistical System: International Aspects

w3236 Robert W. Staiger
Kyle Bagwell

The Sensitivity of Strategic and Corrective R&D Policy in Oligopolistic Industries

w3235 Kyle Bagwell
Robert W. Staiger

The Sensitivity of Strategic and Corrective R&D Policy in Battles for Monopoly

w3230 Kala Krishna
Making Altruism Pay in Auction Quotas

w3228 Julio J. Rotemberg
Garth Saloner

Competition and Human Capital Accumulation: A Theory of Interregional Specialization and Trade

w3220 Alessandra Casella
Participation in a Currency Union

w3219 Hans-Werner Sinn
The Non-Neutrality of Inflation for International Capital Movements

w2867 Barry Eichengreen
Richard Portes

Dealing With Debt: The 1930s and the 1980s


1989
w3218 Lars E.O. Svensson
Target Zones and Interest Rate Variability

w3210 Paul Romer
Endogenous Technological Change

w3201 Gene M. Grossman
Elhanan Helpman

Quality Ladders and Product Cycles

w3199 Alex Cukierman
Sebastian Edwards
Guido Tabellini

Seigniorage and Political Instability

w3194 Gene M. Grossman
Explaining Japan's Innovation and Trade: A model of Quality Competition and Dynamic Comparive Advantage

w3192 Kathryn M. Dominguez
Market Responses To Coordinated Central Bank Intervention

w3183 Michael Bruno
Economic Analysis and the Political Economy of Policy Formation

w3178 Willem H. Buiter
Vittorio U. Grilli

The "Gold Standard Paradox" and its Resolution

w3176 Shantayanan Devarajan
Dani Rodrik

Pro-Competitive Effects of Trade Reform: Results from a CGE Model of Cameroon

w3166 Richard Baldwin
Measuring 1992's Medium-Term Dynamic Effects

w3165 Charles Engel
James D. Hamilton

Long Swings in the Exchange Rate: Are they in the Data and Do Markets Know It?

w3164 Martin Feldstein
Philippe Bacchetta

National Saving and International Investment

w3163 Paul Krugman
Martin Feldstein

International Trade Effects of Value Added Taxation

w3161 Eliana A. Cardoso
Albert Fishlow

Latin American Economic Development: 1950-1980

w3158 James M. Boughton
William H. Branson
Alphecca Muttardy

Commodity Prices and Inflation: Evidence From Seven Large Industrial Countries

w2612 Kala Krishna
What Do Voluntary Export Restraints Do?

w3152 Assaf Razin
Efraim Sadka

International Tax Competition and Gains from Tax Harmonization

w3141 Magnus Blomstrom
Edward N. Wolff

Multinational Corporations and Productivity Convergence in Mexico

w3140 Magnus Blomstrom
Robert E. Lipsey
Lennart Ohlsson

What Do Rich Countries Trade with Each Other? R&D and the Composition of U.S. and Swedish Trade

w3139 A. Lans Bovenberg
Lawrence H. Goulder

Promoting Investment under International Capital Mobility: An Intertemporal General Equilibrium Analysis

w3138 Sebastian Edwards
On the Sequencing of Structural Reforms

w3137 Michael P. Dooley
Elhanan Helpman

Tax Credits for Debt Reduction

w2542 Kenneth A. Froot
Paul Klemperer

Exchange Rate Pass-Through When Market Share Matters

w3122 Barry Eichengreen
The Gold Standard Since Alec Ford

w3119 Richard Baldwin
The Growth Effects of 1992

w3118 Kala Krishna
Kathleen Hogan
Phillip Swagel

The Non-Optimality of Optimal Trade Policy: The U.S. Automobile Indust ry Revisited, 1979-1985

w3112 Alberto Giovannini
Jan Won Park

Capital Controls and International Trade Finance

w3110 Richard E. Baldwin
The Stolper-Samuelson Theorem Reconsidered: An Example of Ricardian Dynamic Trade Effects

w3104 Kyoji Fukao
Koichi Hamada

The Fisherian Time Preference and the Ebolution of Capital Ownership Patterns in a Global Economy

w3103 Joshua Aizenman
World Integration, Competitive and Bargaining Regimes Switch: an Exploration

w3100 Warwick J. McKibbin
Jeffrey D. Sachs

The McKibbin-Sachs Global Model: Theory and Specifications

w3098 Paul M. Romer
Increasing Returns and New Developments in the Theory of Growth

w3097 Barry Eichengreen
The Comparative Performance of Fixed and Flexible Exchange Rate Regimes : Interwar Evidence

w3121 Linda S. Goldberg
Mark Spiegel

Debt Write-Downs and Debt-Equity Swaps in the Two Sector Model

w3088 Vittorio Grilli
Nouriel Roubini

Financial Integration, Liquidity and Exchange Rates

w3080 Assaf Razin
Efraim Sadka

Optimal Incentives to Domestic Investment in the Presence of Capital Flight

w3076 Robert C. Feenstra
James A. Levinsohn

Distance, Demand, and Oligopoly Pricing

w3075 Michael Bruno
Israel's Crisis and Economic Reform: A Historical Perspective

w3073 James A. Brander
Election Polls, Free Trade, and the Stock Market: Evidence from the Canadian General Election

w3071 James A. Brander
Barbara J. Spencer

Trade Adjustment Assistance: Welfare and Incentive Effects of Payments to Displaced Workers

w3070 James A. Brander
Taxation of Foreign-Owned Land

w3068 Vittorio Grilli
Managing Exchange Rate Crises: Evidence from the 1890's

w3067 Vittorio U. Grilli
Graciela Kaminsky

Nominal Exchange Rate Regimes and the Real Exhange Rate, Evidence from the U.S. and Britain, 1885-1986

w3066 Gabriel de Koch
Vittorio Grilli

Endogenous Exchange Rate Regime Switches

w3060 Carol L. Osler
Interest Rate Term Premiums and the Failure of the Speculative Efficiency Hypothesis: A Theoretical Investigation

w3059 Harry P. Bowen
Leo Sveikauskas

Judging Factor Abundance

w3057 John Whalley
Recent Trade Liberalization in the Developing World: What is Behind It, and Where is it Headed?

w3055 Annie Koh
Richard M. Levich

Synthetic Eurocurrency Interest Rate Futures Contracts: Theory and Evidence

w2894 Jacob A. Frenkel
Morris Goldstein

Exchange Rate Volatility and Misalignment: Evaluating Some Proposals for Reform

w3044 Nouriel Roubini
Leadership and Cooperation in the European Monetary System: A Simulation Approach

w3033 Ricardo J. Caballero
Richard K. Lyons

The Role of External Economies in U.S. Manufacturing

w3027 Harold L. Cole
Maurice Obstfeld

Commodity Trade and International Risk Sharing: How Much Do Financial Markets Matter?

w3023 Barbara J. Spencer
Ronald W. Jones

Trade and Protection in Vertically Related Markets

w2873 Jacob A. Frenkel
Assaf Razin

International Effects of Tax Reforms

w2437 Barry Eichengreen
Trade Deficits in the Long Run

w3019 Joshua Aizenman
Eduardo R. Borensztein

Strategic Investment in a Debt Bargaining Framework

w3016 Robert W. Staiger
Frank A. Wolak

Strategic Use of Antidumping Law to Enforce Tacit International Collusion

w3015 Robert Flood
Nancy Marion

Risk Neutrality and the Two-Tier Foreign Exchange Market: Evidence from Belgium

w3003 Richard M. Levich
The Euromarkets after 1992

w2999 Dani Rodrik
Policy Uncertainty and Private Investment in Developing Countries

w2998 Kenneth A. Froot
Maurice Obstfeld

Stochastic Process Switching: Some Simple Solutions

w2987 Magnus Blomstrom
Mario Zejan

Why Do Multinational Firms Seek Out Joint Ventures?

w2986 Rudiger Dornbusch
Sebastian Edwards

Macroeconomic Populism in Latin America

w2981 Raquel Fernandez
Robert W. Rosenthal

Sovereign-Debt Renegotiations Revisted

w2980 Raquel Fernandez
Jacob Glazer

The Scope for Collusive Behavior Among Debtor Countries

w2978 Robert E. Baldwin
Measuring Nontariff Trade Policies

w2974 Ishac Diwan
Dani Rodrik

Patents, Appropriate Technology, and North-South Trade

w2972 Paul Krugman
Is Bilateralism Bad?

w2971 Paul Krugman
History Vs. Expectations

w2970 Gene M. Grossman
Elhanan Helpman

Growth and Welfare in A Small Open Economy

w2965 Lawrence H. Goulder
Barry Eichengreen

Trade Liberalization in General Equilibrium: Intertemporal and Inter-Industry Effects

w2950 Sebastian Edwards
Real Exchange Rates in the Developing Countries: Concepts and Measure- ment

w2943 Francois Bourguignon
William H. Branson
Jaime de Melo

Adjustment and Income Distribution: A Counterfactual Analysis

w2940 Sweder van Wijnbergen
Capital Controls and the Real Exchange Rate

w2939 Torsten Persson
Sweder van Wijnbergen

Signalling, Wage Controls and Monetary Disinflation Policy

w2937 Joshua Aizenman
The Competitive Externalities and the Optimal Seignorage

w2934 Robert Flood
Peter Isard

Simple Rules, Discretion and Monetary Policy

w2930 Bernard Dumas
Perishable Investment and Hysteresis in Capital Formation

w2929 Jacob A. Frenkel
Morris Goldstein
Paul R. Masson

Simulating the Effects of Some Simple Coordinated versus Uncoordinated Policy

w2926 Francesco Giavazzi
Marco Pagano

Confidence Crises and Public Debt Management

w2923 Robert E. Lipsey
The Internationalization of Production

w2920 Barbara J. Spencer
Ronald W. Jones

Vertical Foreclosure and International Trade Policy

w2919 Nouriel Roubini
Jeffrey Sachs

Government Spending and Budget Deficits in the Industrial Economies

w2918 Robert P. Flood
Peter M. Garber

The Linkage Between Speculative Attack and Target Zone Models of Exchange Rates

w2916 Dani Rodrik
Chang-Ho Yoon

Strategic Trade Policy When Domestic Firms Compete Against Vertically Integrated Rivals

w2003 Leonardo Leiderman
Assaf Razin

Propogation of Shocks in a High-Inflation Economy: Israel, 1980-85

w1963 Kenneth A. Froot
Jeffrey A. Frankel

Interpreting Tests of Forward Discount Bias Using Survey Data on Exchange Rate Expectations

t0077 Bernard Dumas
Super Contact and Related Optimality Conditions: A Supplement to AvinashDixits:"A Simplified Exposition of Some Results Concerning Regulated Brownian.

w2913 Gene M. Grossman
Elhanan Helpman

Endogenous Product Cycles

w2911 Richard Baldwin
Sunk-Cost Hysteresis

w2908 Sebastian Edwards
Openness, Outward Orientation, Trade Liberalization and Economic Performance in Developing Countries

w2903 Robert P. Flood
Robert J. Hodrick

Testable Implications of Indeterminacies in Models with Rational Expectations

w2897 Jeffrey D. Sachs
Social Conflict and Populist Policies in Latin America

w2889 Rudiger Dornbusch
Alejandro Reynoso

Financial Factors in Economic Development

w2887 Mark Gertler
Kenneth Rogoff

Developing Country Borrowing and Domestic Wealth

w2878 William H. Branson
Richard C. Marston

Price and Output Adjustment in Japanese Manufacturing

w2358 Kenneth A. Froot
Credibility, Real Interest Rates, and the Optimal Speed of Trade Liberalization

w2869 Maurice Obstfeld
Dynamic Seigniorage Theory: An Exploration

w2866 Sebastian Edwards
Peter Montiel

Devaluation Crises and the Macroeconomic Consequences of Postponed Adjustment in Developing Countries

w2864 Harry Flam
Robert W. Staiger

Adverse Selection in Credit Markets and Infant Industry Protection

w2863 Assaf Razin
Efraim Sadka

Integration of the International Capital Markets: The Size of Government and Tax Coordination

w2856 Jeffrey A. Frankel
Quantifying International Capital Mobility in the 1980s

w2850 Jeremy Bulow
Kenneth Rogoff

Sovereign Debt Repurchases: No Cure for Overhang

w2849 Jeffrey A. Frankel
Obstacles to Coordination, and a Consideration of Two Proposals to Overcome Them

w2844 Lois Stekler
Adequacy of International Transactions and Position Data for Policy Coordination

w2840 Kala Krishna
The Case of the Vanishing Revenues: Auction Quotas with Monopoly

w2839 Robert C. Feenstra
Auctioning U.S. Import Quotas, Foreign Response, and Alternative Policies

w2838 Martin Feldstein
The Case Against Trying to Stabilize the Dollar

w2828 Richard Baldwin
Richard Lyons

Exchange Rate Hysteresis: The Real Effects of Large vs Small Policy Misalignments

w2825 Michael D. Bordo
Ehsan U. Choudhri
Anna J. Schwartz

Money Stock Targeting, Base Drift and Price-Level Predictability: Lessons From the U.K. Experience

w2811 Torsten Persson
Lars E.O. Svensson

Exchange Rate Variability And Asset Trade

w2809 Gene M. Grossman
Elhanan Helpman

Comparative Advantage and Long-Run Growth


1988
w2796 Maurice Obstfeld
The Effectiveness of Foreign-Exchange Intervention: Recent Experience

w2790 Rudiger Dornbusch
Notes on Credibility and Stabilization

w2786 Francesco Giavazzi
Alberto Giovannini

Can The European Monetary System Be Copied Outside Europe? Lessons From Ten Years of Monetary Policy Coordination In Europe

w2785 Rudiger Dornbusch
Credibility, Debt and Unemployment: Ireland's Failed Stabilization

w2781 Partha Sen
Stephen J. Turnovsky

Tariffs, Capital Accumulation, and the Current Account in a Small Open Economy

w2778 Vittorio U. Grilli
Seigniorage in Europe

w2777 Nouriel Roubini
Offset and Sterilization Under Fixed Exchange Rates With An Optimizing Central Bank

w2775 Rudiger Dornbusch
Real Exchange Rates and Macroeconomics: A Selective Survey

w2774 Lars E.O. Svensson
Portfolio Choice and Asset Pricing With Nontraded Assets

w2773 Nouriel Roubini
Current Account and Budget Deficits in an Intertemporal Model of Consumption and Taxation Smoothing. A Solution to the "Feldstein-Horioka Puzzle"?

w2771 Elhanan Helpman
The Simple Analytics of Debt-Equity Swaps

w2770 Robert P. Flood
Peter Isard

Monetary Policy Strategies

w2769 Judith C. Chin
Gene M. Grossman

Intellectual Property Rights and North-South Trade

w2767 Julio J. Rotemberg
Sovereign Debt Buybacks Can Lower Bargaining Costs

w2766 Alberto Giovannini
How Do Fixed-Exchange-Rates Regimes Work: The Evidence From The Gold Standard, Bretton Woods and The EMS

w2764 Peter M. Garber
Vittorio U. Grilli

Bank Runs in Open Economies and The International Transmission of Panics

w2761 Paul Krugman
Differences In Income Elasticities and Trends in Real Exchange Rates

w2760 Irving B. Kravis
Robert E. Lipsey

The Effect of Multinational Firms' Operations on Their Domestic Employment

w2757 Michael Bruno
Theoretical Developments in the Light of Macroeconomic Policy and Empirical Research

w2756 Kyle Bagwell
Robert W. Staiger

A Theory of Managed Trade

r1076 Jeffrey A. Frankel
Ambiguous Policy Multipliers in Theory and in Empirical Models

r1075 Jeffrey A. Frankel
The Implications of Conflicting Models for Coordination between Monetary and Fiscal Policymakers

w2751 Colleen Hamilton
John Whalley

Coalitions in the Uruguay Round: The Extent, Pros and Cons of Developing Country Participation 1,2

w2750 James M. Boughton
William H. Branson

Commodity Prices as a Leading Indicator of Inflation

w2740 Alessandra Casella
Jonathan Feinstein

Management of a Common Currency

w2739 Lawrence F. Katz
Lawrence H. Summers

Can Inter-Industry Wage Differentials Justify Strategic Trade Policy?

w2738 Sebastian Edwards
Miguel Savastano

Latin America's Intraregional Trade: Evolution and Future Prospects

w2736 Jon Cockerline
John F. Helliwell
Robert Lafrance

Multicountry Modeling of Financial Markets

w2731 Ritu Anand
Sweder van Wijnbergen

Inflation, External Debt and Financial Sector Reform: A Quantitative Approach To Consistent Fiscal Policy With An Application to Turkey

w2729 Robert J. Hodrick
U.S. International Capital Flows: Perspectives From Rational Maximizing Models

w2726 Joshua Aizenman
Trade Dependency, Bargaining and External Debt

w2725 Maurice Obstfeld
Fiscal Deficits and Relative Prices in a Growing World Economy

w2723 Kala Krishna
The Case of the Vanishing Revenues: Auction Quotas With Oligopoly

w2722 Dani Rodrik
Industrial Organization and Product Quality: Evidence From South Korean and Taiwanese Exports

w2721 Sebastian Edwards
Real and Monetary Determinants of Real Exchange Rate Behavior: Theory and Evidence From Developing Countries

w2718 Michael Bruno
Econometrics and the Design of Economic Reform

w2714 Robert E. Lipsey
Guy V.G. Stevens

Interactions between Domestic and Foreign Investment

w2705 Raquel Fernandez
Tariffs in an Economy with Incomplete Markets and Unemployment

w2704 Raquel Fernandez
David Kaaret

Bank Size, Reputation, and Debt Renegotiation

w2703 Takatoshi Ito
V. Vance Roley

Intraday Yen/Dollar Exchange Rate Movements: News or Noise?

w2702 Linda S. Goldberg
Collapsing Exchange Rate Regimes: Shocks and Biases

w2698 Olivier Jean Blanchard
Unemployment: Getting the Questions Right - and some of the answers

w2696 Herschel I. Grossman
Suk Jae Noh

Proprietary Public Finance, Political Competition, and Reputation

w2692 Elhanan Helpman
Voluntary Debt Reduction: Incentives and Welfare

w2689 Marianne Baxter
Alan C. Stockman

Business Cycles and the Exchange Rate System: Some International Evidence

w2681 Carol L. Osler
Terms of Trade and the Transmission of Output Shocks in a Rational Expectations Model

w2679 Takatoshi Ito
Foreign Exchange Rate Expectations: Micro Survey Data

w2678 Fabio Canova
Takatoshi Ito

On Time-Series Properties of Time-Varying Risk Premium in the Yen/Dollar Exchange Market

w2677 Richard Baldwin
Richard K. Lyons

The Mutual Amplification Effect of Exchange Rate Volatility and Unresponsive Trade Prices

w2675 Kenneth A. Froot
Buybacks, Exit Bonds, and the Optimality of Debt and Liquidity Relief

w2670 Jacob A. Frenkel
Morris Goldstein
Paul R. Masson

International Coordination of Economic Policies: Scope, Methods, and Effects

w2669 Carlo Carraro
Francesco Giavazzi

Can International Policy Coordination Really Be Counterproductive?

w2666 Richard J. Arnott
Joseph E. Stiglitz

Dysfunctional Non-Market Institutions and the Market

w2665 Shmuel Ben-Zvi
Elhanan Helpman

Oligopoly in Segmented Markets

w2662 Joshua Aizenman
External Debt, Planning Horizon and Distorted Credit Markets

w2658 Robert W. Staiger
Guido Tabellini

Rules and Discretion in Trade Policy

w2657 Kyle Bagwell
Robert W. Staiger

Private Cost Information and the Multinational Enterprise

w2656 Richard Baldwin
Factor Market Barriers are Trade Barriers: Gains From Trade in 1992

w2655 Dani Rodrik
The Welfare Economics of Debt Service

w2654 Dani Rodrik
Closing the Technology Gap: Does Trade Liberalization Really Help?

w2653 Jacob A. Frenkel
Assaf Razin

Exchange-Rate Management Viewed as Tax Policies

w2650 John F. Helliwell
The Effects of Fiscal Policy on International Imbalances: Japan and the United States

w2648 Jacob A. Frenkel
Morris Goldstein

The International Monetary System: Developments and Prospects

w2644 Jeffrey Sachs
Conditionality, Debt Relief, and the Developing Country Debt Crisis

w2623 Jeremy I. Bulow
Kenneth Rogoff

Sovereign Debt: Is To Forgive To Forget?

w2620 Juan Antonio Morales
Jeffrey Sachs

Bolivia's Economic Crisis

w2618 Irene Trela
John Whalley

Do Developing Countries Lose From the MFA?

w2607 Andrew Berg
Jeffrey Sachs

The Debt Crisis: Structural Explanations of Country Performance

w2637 Jeremy I. Bulow
Kenneth Rogoff

Sovereign Debt Restructurings: Panacea or Pangloss?

w2636 Erika Jorgensen
Jeffrey Sachs

Default and Renegotiation of Latin American Foreign Bonds in the Interwar Period

w2635 Lawrence H. Goulder
Barry Eichengreen

Savings Promotion, Investment Promotion, and International Competitiveness

w2630 Richard A. Jensen
Jerry Thursby
Marie Thursby

Smuggling, Camouflaging, and Market Structure

w2629 Sebastian Edwards
Temporary Terms of Trade Disturbances, The Real Exchange Rate and the Current Account

w2625 Harris Dellas
Alan C. Stockman

Self-fulfillment Expectations, Speculation Attacks, and Capitol Controls

w2616 Partha Sen
Stephen J. Turnovsky

Deterioration of the Terms of Trade and Capital Accumulation: A Reexamination of the Laursen-Metzler Effect

w2615 Irving B. Kravis
Robert E. Lipsey

Production and Trade in Services by U.S. Multinational Firms

w2614 Jeffrey Sachs
Peter Boone

Japanese Structural Adjustment and the Balance of Payments

w2604 Stephen J. Turnovsky
Vasco d'Orey

The Choice of Monetary Instrument in Two Interdependent Economies Under Uncertainty

w2138 Rudiger Dornbusch
Our LDC Debts

w2603 Willem H. Buiter
Some Thoughts on the Role of Fiscal Policy in Stabilisation and Structural Adjustment in Developing Countries

w2600 Dani Rodrik
Promises, Promises: Credible Policy Reform via Signaling

w2599 Susan M. Collins
Inflation and the E M S

w2586 Paul R. Krugman
Deindustrialization, Reindustrialization, and the Real Exchange Rate

w2584 Kyle Bagwell
Robert W. Staiger

The Role Of Export Subsisies When Product Quality Is Unknown

w2583 John Whalley
Randall M. Wigle

Endogenous Participation in Agricultural Support Programs and Ad ValoremEquivalent Modelling

w2598 Susan M. Collins
South Korea's Experience With External Debt

w2597 Raquel Fernandez
Robert W. Rosenthal

Sovereign-debt Renegotiations: A Strategic Analysis

w2596 Susan M. Collins
Won Am Park

External Debt and Macroeconomic Performance in South Korea

w2592 Elhanan Helpman
Growth, Technological Progress, and Trade

w2587 Paul R. Krugman
Market-Based Debt-Reduction Schemes

w2582 Joshua Aizenman
Eduardo R. Borensztein

Debt and Conditionality under Endogenous Terms of Trade Adjustment

w2577 Kenneth A. Froot
Takatoshi Ito

On the Consistency of Short-run and Long-run Exchange Rate Expectations

w2573 Alberto Giovannini
Philippe Jorion

The Time-Variation of Risk and Return in the Foreign Exchange and Stock Markets

w2540 Gene M. Grossman
Elhanan Helpman

Product Development and International Trade

w2569 Bernard Dumas
Pricing Physical Assets Internationally

w2565 Alan C. Stockman
Real Exchange Rate Variability under Pegged and Floating Nominal Exchange Rate Systems: An Equilibrium Theory

w2564 Charles T. Clotfelter
Daniel R. Feenberg

Is There A Regional Bias in Federal Tax Subsidy Rates for Giving?

w2555 Barry Eichengreen
Resolving Debt Crises: An Historical Perspective

w2557 William H. Branson
Giampaolo Galli

On The Difference Between Tax And Spending Policies In Models With Finite Horizons

w2545 Richard Baldwin
Hysteresis In Import Prices: The Beachhead Effect

w2544 Alberto Giovannini
The Macroeconomics of Exchange-rate and Price-level Interactions: Empirical Evidence for West Germany

w2543 Steven N. Durlauf
Robert W. Staiger

Compositional Effects of Government Spending in a Two-Country Two-SectorProduction Model

w2539 Maurice Obstfeld
Competitiveness, Realignment, and Speculation: The Role of Financial Markets

w2536 Irving B. Kravis
Robert E. Lipsey

National Price Levels and the Prices of Tradables and Nontradables

w2527 Kala Krishna
Marie Thursby

Optimal Policies with Strategic Distortions

w2522 Michael H. Riordan
Robert W. Staiger

Sectoral Shocks and Structural Unemployment

w2521 Charles Engel
Kenneth Kletzer

Tariffs and Saving in a Model with New Families

w2519 Barbara J. Spencer
Capital Subsidies and Countervailing Duties in Oligopolistic Industries

w2515 Robert W. Staiger
Heckscher-Olin Theory and Non-Competitive Markets

w2514 Robert W. Staiger
Organized Labor and the Scope of International Specialization

w2513 Rachel McCulloch
The Challenge to U.S. Leadership in High-Technology Industries (Can the United States Maintain Its Lead? Should It Try?)

w2505 Jeffrey A. Frankel
Obstacles to International Macroeconomic Policy Coordination

w2504 Anne O. Krueger
The Political Economy of Controls: American Sugar

w2502 Sebastian Edwards
Structural Adjustment Policies in Highly Indebted Countries

t0064 Maurice Obstfeld
Exchange-Rate Dynamics and Optimal Asset Accumulation Revisited

w2493 Magnus Blomstrom
Irving B. Kravis
Robert E. Lipsey

Multinational Firms and Manufactured Exports from Developing Countries

w2491 William H. Branson
James P. Love

The Real Exchange Rate, Employment, and Output in Manufacturing in the U.S. and Japan

w2487 Meir Kohn
Nancy Peregrim Marion

The Implications of Knowledge-Based Growth for the Optimality of Open Capital Markets

w2486 Paul R. Krugman
Financing vs. Forgiving a Debt Overhang

w2485 Jonathan Eaton
Monopoly Wealth and International Debt

w2483 Richard Baldwin
Some Empirical Evidence on Hysteresis in Aggregate US Import Prices

w2482 Vittorio U. Grilli
Fiscal Policies and the Dollar/Pound Exchange Rate: 1870-1984

w2481 Paul R. Krugman
Target Zones and Exchange Rate Dynamics

r0974 Rudiger Dornbusch
External Balance Correction: Depreciation or Protection?


1987
w2467 Stephen J. Turnovsky
Tamer Basar
Vasco d'Orey

Dynamic Strategic Monetary Policies and Coordination in Interdependent Economies

w2466 Stephen J. Turnovsky
The Gains from Fiscal Cooperation in the Two Commodity Real Trade Model

w2464 Rudiger Dornbusch
Jeffrey A. Frankel

The Flexible Exchange Rate System: Experience and Alternatives

w2460 Alberto Giovannini
International Capital Mobility and Tax Evasion

w2459 Paul R. Krugman
Trigger Strategies and Price Dynamics in Equity and Foreign Exchange Markets

w2455 Jeffrey Sachs
Harry Huizinga

U.S. Commercial Banks and the Developing Country Debt Crisis

w2454 Robert J. Gordon
Wage Gaps vs. Output Gaps: Is There a Common Story for All of Europe?

w2453 Robert C. Feenstra
Symmetric Pass-Through of Tariffs and Exchange Rates Under Imperfect Competition: An Empirical Test

w2452 Randi Boorstein
Robert C. Feenstra

Quality Upgrading and its Welfare Cost in U.S. Steel Imports, 1969-74

w2449 Charles Engel
Kenneth Kletzer

Trade Policy under Endogenous Credibility

w2447 Carol L. Osler
Factor Prices and Welfare Under Integrated Capital Markets

w2441 Carol L. Osler
Portfolio Diversification, Real Interest Rates, and the Balance of Payments

w2435 William H. Branson
James P. Love

The Real Exchange Rate and Employment in U.S. Manufacturing: State and Regional Results

w2434 Elhanan Helpman
Macroeconomic Effects of Price Controls: The Role of Market Structure

w2429 Robert J. Hodrick
Risk, Uncertainty and Exchange Rates

w1507 Sebastian Edwards
The Order of Liberalization of the Current and Capital Accounts of the Balance of Payments

w2424 Paul Krugman
Adjustment in the World Economy

w2420 Gene M. Grossman
James A. Levinsohn

Import Competition and the Stock Market Return to Capital

w2417 Lars E.O. Svensson
Trade in Nominal Assets: Monetary Policy, and Price Level and Exchange Rate Risk

w2410 Joshua Aizenman
Investment, Openness, and Country Risk

w2409 Anne O. Krueger
Prospects for Liberalizing the International Trading System

w2408 Rachel McCulloch
United States-Japan Economic Relations

w2403 Lars E.O. Svensson
Trade in Risky Assets

w2398 Michael Bruno
Sylvia Piterman

Israel's Stabilization: A Two-Year Review

w2394 Barry Eichengreen
Til Debt Do Us Part: The U.S. Capital Market and Foreign Lending, 1920-1955

w2084 Stephen J. Turnovsky
Optimal Monetary Growth with Accomodating Fiscal Policy in a Small Open Economy

w2390 Magnus Blomstrom
Robert E. Lipsey
Ksenia Kulchycky

U.S. and Swedish Direct Investment and Exports

w2389 Assaf Razin
Fiscal Policies and the Stock Market: International Dimensions

w2383 Robert E. Cumby
Consumption Risk and International Asset Returns: Some Empirical Evidence

w2380 Robert E. Cumby
Is it Risk? Explaining Deviations from Uncovered Interest Parity

w2379 Rudiger Dornbusch
Debt Problems and the World Macro Economy

w2378 Rudiger Dornbusch
Juan Carlos de Pablo

Argentina: Debt and Macroeconomic Instability

w2376 Robert E. Cumby
Sweder van Wijnbergen

Finanial Policy and Speculative Runs with a Crawling Peg: Argentina 1979-1981

w2374 Robert C. Feenstra
Tracy R. Lewis

Negotiated Trade Restrictions with Private Political Pressure

w2373 Stanley Fischer
Resolving the International Debt Crisis

w2372 Rudiger Dornbusch
Open Economy Macroeconomics: New Directions

w2371 J. David Richardson
Exchange Rates and U.S. Auto Competitiveness

w2370 Joshua Aizenman
Market Power and Exchange Rate Adjustment in the Presence of Quotas

w2367 Jeffrey A. Frankel
Recent Estimates of Time-Variation in the Conditional Variance and in the Exchange Risk Premium

w2365 Sebastian Edwards
Sweder van Wijnbergen

Tariffs, the Real Exchange Rate and the Terms of Trade: On Two Popular Propositions in International Economics

w2363 Kenneth A. Froot
New Hope for the Expectations Hypothesis of the Term Structure of Interest Rates

w2362 Kenneth A. Froot
Tests of Excess Forecast Volatility in the Foreign Exchange and Stock Markets

w2348 Sebastian Edwards
Exchange Controls, Devaluations and Real Exchange Rates: The Latin American Experience

w2345 Michael D. Bordo
Anna J. Schwartz

The ECU - An Imaginary or Embryonic Form of Money: What Can We Learn from History?

w2339 Jeffrey D. Sachs
Nouriel Roubini

Sources of Macroeconomic Imbalances in the World Economy: A Simulation Approach

w1480 Michael D. Bordo
Ehsan U. Choudhri
Anna J. Schwartz

Money Growth Variability and Money Supply Interdependence Under InterestRate Control: Some Evidence For Canada

w1479 Jonathan Eaton
A Dynamic Specific-Factors Model of International Trade

w2321 Jacob A. Frenkel
Assaf Razin

The Mundell-Flemming Model: A Quarter Century Later

w2315 Joshua Aizenman
Marcelo Selowsky

Costly Adjustment and Limited Borrowing: A Welfare Analysis of Policiesto Achieve External Balance

w2310 Richard C. Marston
Exchange Rate Policy Reconsidered

w2309 Jeffrey A. Frankel
Alan T. MacArthur

Political vs. Currency Premia in International Real Interest Differentials: A Study of Forward Rates for 24 Countries

w2307 Magnus Blomstrom
Robert E. Lipsey

U.S. Firms in Latin American Service Industries

w2303 Charles Engel
Anthony P. Rodrigues

Tests of International CAPM with Time-Varying Covariances

w2302 Sweder van Wijnbergen
Monopolistic Competition, Credibility and the Output Costs of Disinflation Programs: An Analysis of Price Controls

w2293 J. David Richardson
International Coordination of Trade Policy

w2287 Jeffrey D. Sachs
International Policy Coordination: The Case of the Developing Country Debt Crisis

w2277 Richard M. Levich
Financial Innovations in International Financial Markets

w2276 Richard M. Levich
Developing the ECU Markets: Perspectives on Financial Innovation

w2275 Robert E. Cumby
Richard M. Levich

On the Definition and Magnitude of Recent Capital Flight

w2274 Robert E. Lipsey
Irving B. Kravis

Is the U.S. a Spendthrift Nation?

w2268 Allan Drazen
Elhanan Helpman

Stabilization with Exchange Rate Management under Uncertainty

w2262 Lars E.O. Svensson
Sweder van Wijnbergen

Excess Capacity, Monopolistic Competition, and International Transmission of Monetary Disturbances

w2261 Sweder van Wijnbergen
Tariffs, Employment and the Current Account: Real Wage Resistance and the Macroeconomics of Protectionism

w2258 Leonardo Leiderman
Assaf Razin

Testing Ricardian Neutrality with an Intertemporal Stochastic Model

w2250 Daekuen Park
Jeffrey Sachs

Capital Controls and the Timing of Exchange Regime Collapse

w2244 Stanley Fischer
International Macroeconomic Policy Coordination

w2241 Michael C. Burda
Jeffrey D. Sachs

Institutional Aspects of High Unemployment in the Federal Republic of Germany

w2240 Robert E. Lipsey
Changing Patterns of International Investment In and By the United States

w2236 Joshua Aizenman
Country Risk and Contingencies

w2235 Rachel McCulloch
International Competition in Services

w2230 Sven W. Arndt
J. David Richardson

Real-Financial Linkages Among Open Economies

w1414 Laurence J. Kotlikoff
Edward E. Leamer

Empirical Tests of Alternative Models of International Growth

w1413 Alan C. Stockman
Harris Dellas

Asset Markets, Tariffs, and Political Risk

w2226 Jeffrey D. Sachs
Trade and Exchange Rate Policies in Growth-Oriented Adjustment Programs

w2220 William H. Branson
Jorge Braga de Macedo

Smuggler's Blues at the Central Bank: Lessons from Sudan

w2218 Sebastian Edwards
The United States and Foreign Competition in Latin America

w2216 Jeffrey A. Frankel
Kenneth A. Froot

Short-term and Long-Term Expectations of the Yen/Dollar Exchange Rate: Evidence from Survey Data

w2214 Sebastian Edwards
Jonathan D. Ostry

Anticipated Protectionist Policies, Real Exchange Rates and the Current Account

w2210 Jeffrey A. Frankel
International Capital Flows and Domestic Economic Policies

w2203 Maurice Obstfeld
Peso Problems, Bubbles, and Risk in the Empirical Assessment of Exchange-Rate Behavior

w2202 Joshua Aizenman
Successful Adjustment in a Multi-Sectoral Economy

w1344 Avinash K. Dixit
Gene M. Grossman

Targeted Export Promotion with Several Oligopolistic Industries

w2208 Robert E. Baldwin
U.S. and Foreign Competition in the Developing Countries of the Asian Pacific Rim

w2204 Jonathan Eaton
Mark Gersovitz

Country Risk and the Organization of International Capital Transfer

w2198 Barry Eichengreen
The Gold-Exchange Standard and the Great Depression

w2195 Anne O. Krueger
The Importance of Economic Policy in Development: Contrasts Between Korea and Turkey

w2193 Barry Eichengreen
Hegemonic Stability Theories of the International Monetary System

w2190 Barry Eichengreen
International Competition in the Products of U.S. Basic Industries

w2182 Kala Krishna
High Tech Trade Policy

w2179 Sebastian Edwards
Economic Liberalization and the Equilibrium Real Exchange rate in Developing Countries

w2172 Jonathan Eaton
Public Debt Guarantees and Private Capital Flight

w2088 Jeremy I. Bulow
Kenneth Rogoff

A Constant Recontracting Model of Sovereign Debt

w2175 Sebastian Edwards
Tariffs, Terms of Trade, and the Real Exchange Rate in an Intertemporal Optimizing Model of the Current Account

w2177 Jorge Braga de Macedo
Currency Incontrovertibility, Trade Taxes and Smuggling

w2163 Jacob A. Frenkel
The International Monetary System: Should it be Reconsidered?

w2162 Sebastian Edwards
The Liberalization of the Current Capital Accounts and the Real ExchangeRate

w2159 Gene M. Grossman
Henrik Horn

Infant-Industry Protection Reconsidered: The Case of Informational Barriers to Entry

w2153 Rudiger Dornbusch
Mario Henrique Simonsen

Inflation Stabilization with Incomes Policy Support: A Review of the Experience in Argentina, Brazil and Israel

w2152 Joshua Aizenman
Monopolistic Competition and Labor Market Adjustment in the Open Economy

w2151 John Y. Campbell
Richard H. Clarida

The Dollar and Real Interest Rates

w2143 Richard Portes
Anita Santorum

Money and the Consumption Goods Market in China

w2148 John McMillan
John Whalley
Zhu Li Jing

Incentive Effects of Price Rises and Payment-System Changes on Chinese Agricultural Productivity Growth

w2141 Charles Engel
Kenneth Kletzer

Saving and Investment in an Open Economy with Non-Traded Goods

w2140 Charles Engel
The Real Effects of Foreign Inflation in the Presence of Currency Substitution

w2130 Sweder van Wijnbergen
Fiscal Deficits, Exchange Rate Crises and Inflation

w2126 Barry Eichengreen
Richard Portes

The Anatomy of Financial Crises

w2122 Philippe Bacchetta
Martin Feldstein

How Far Has the Dollar Fallen?

w1423 Robert E. Cumby
Frederic S. Mishkin

The International Linkage of Real Interest Rates: The European - U.S. Connection


1986
w2113 Jacob A. Frenkel
Morris Goldstein

A Guide to Target Zones

w2111 Ryuzo Sato
John A. Rizzo

The Other Side of the Trade Imbalance: What Will Japan Do?

w2110 Sebastian Edwards
Terms of Trade, Exchange Rates and Labor Markets Adjustment in Developing Countries

w2102 Kenneth D. West
A Standard Monetary Model and the Variability of the Deutschemark-DollarExchange Rate

w2092 Magnus Blomstrom
Robert E. Lipsey

Firm Size and Foreign Direct Investment

w1894 Jonathan Eaton
Mark Gersovitz
Joseph E. Stiglitz

The Pure Theory of Country Risk

w2081 Magnus Blomstrom
Robert E. Lipsey

The Export Performance of Swedish and U.S. Multinationals

w2080 Jacob A. Frenkel
Assaf Razin

Deficits with Distortionary Taxes: International Dimensions

w2078 Felipe Larrain
Jeffrey Sachs

Contractionary Devaluation, and Dynamic Adjustment of Exports and Wages

w2077 Maurice Obstfeld
International Finance

w2076 Martin Feldstein
International Debt Service and Economic Growth: Some Simple Analytics

w2075 Maurice Obstfeld
How Integrated are World Capital Markets? Some New Tests

w2073 Jeffrey Sachs
The Bolivian Hyperinflation and Stabilization

w2071 Rudiger Dornbusch
Exchange Rate Economics: 1986

w2065 Jacob A. Frenkel
Assaf Razin

Fiscal Policies and Real Exchange Rates in the World Economy

w2064 Barry Eichengreen
Charles Wyplosz

The Economic Consequences of the Franc Poincare

w2059 Jeffrey A. Frankel
Katharine Rockett

International Macroeconomic Policy Coordination When Policy-Makers Disagree on the Model

w2058 Robert E. Baldwin
Structural Change and Patterns of International Trade

w2054 Charles Engel
Anthony P. Rodrigues

A Test of International CAPM

w2052 Martin Feldstein
New Evidence on the Effects of Exchange Rate Intervention

w2051 Robert E. Lipsey
Irving B. Kravis

The Competitiveness and Comparative Advantage of U.S. Multinationals, 1957-1983

w2048 Takatoshi Ito
The Intra-Daily Exchange Rate Dynamics and Monetary Policies After the G5 Agreement

w2045 Robert E. Baldwin
Alternative Liberalization Strategies

w2043 Jeffrey A. Frankel
Michael P. Dooley
Donald Mathieson

International Capital Mobility in Developing Countries vs. Industrial Countries: What do Saving-Investment Correlations Tell Us?

w2042 Stephen J. Turnovsky
Optimal Monetary Policy and Wage Indexation Under Alternative Disturbances and Information Structures

w2041 Willem H. Buiter
Fiscal Prerequisites for a Viable Managed Exchange Rate Regime: A Non-technical Eclectic Introduction

w2038 James A. Brander
Barbara J. Spencer

International Oligopoly and Asymmetric Labour Market Institutions

w2035 Olivier J. Blanchard
Lawrence H. Summers

Hysteresis in Unemployment

w2032 Leonardo Leiderman
Assaf Razin

Consumption and Government-Budget Finance in a High-Deficit Economy

w2031 Joshua Aizenman
Country Risk and Incentives Schemes

w2024 Warwick J. McKibbin
Jeffrey D. Sachs

Comparing the Performance of Alternative Exchange Arrangements

w2023 Willem H. Buiter
Structural and Stabilization Aspects of Fiscal and Financial Policy in the Dependent Economy

w2018 Peter J. Stemp
Stephen J. Turnovsky

Optimal Monetary Policy in an Open Economy

w2016 Bernard Dumas
Two-Person Dynamic Equilibrium: Trading in the Capital Market

r0760 Rudiger Dornbusch
Flexible Exchange Rates and Excess Capital Mobility

w2017 Richard Baldwin
Paul R. Krugman

Persistent Trade Effects of Large Exchage Rate Shocks

w2011 W.E. Diewert
Export Supply and Import Demand Functions: A Production Theory Approach

w2001 Barry Eichengreen
The Political Economy of the Smoot-Hawley Tariff

w1998 Joshua Aizenman
Labor Markets and the Choice of Technology in an Open Developing Economy

w1354 Jacob A. Frenkel
Assaf Razin

Budget Deficits and Rates of Interest in the World Economy

w1989 Michael R. Darby
The Internationalization of American Banking and Finance: Structure, Risk, adn World Interest Rates

w1987 Michael R. Darby
James R. Lothian

Economic Events and Keynesian Ideas: The 1930s and the 1970s

w1978 Robert C. Feenstra
Gains from Trade in Differentiated Products: Japanese Compact Trucks

w1977 Robert C. Feenstra
Incentive Compatible Trade Policies

w1972 William H. Branson
James P. Love

Dollar Appreciation and Manufacturing Employment and Output

w1967 Robert P. Flood
Robert J. Hodrick

Money and the Open Economy Business Cycle: A Flexible Price Model

w1962 Paul Krugman
Is the Japan Problem Over?

w1961 Alan C. Stockman
Fiscal Policies and International Financial Markets

w1957 Paul Krugman
Industrial Organization and International Trade

w1950 Olivier J. Blanchard
Lawrence H. Summers

Hysteresis and the European Unemployment Problem

w1948 Julio J. Rotemberg
Garth Saloner

Quotas and the Stability of Implicit Collusion

w1946 John Y. Campbell
Richard H. Clarida

The Term Structure of Euromarket Interest Rates: An Empirical Investigation

w1945 Richard H. Clarida
The Balance of Payments Adjustment Mechanism in a Rational Expectations Equilibrium

w1944 Richard H. Clarida
International Lending and Borrowing in a Stochastic Sequence Equilibrium

w1936 Richard E. Baldwin
Paul Krugman

Market Access and International Competition: A Simulation Study of 16K Random Access Memories

w1930 Sebastian Edwards
Real Exchange Rate Variability: An Empirical Analysis of the Developing Countries Case

w1927 Robert B. Barsky
The Fisher Hypothesis and the Forecastability and Persistence of Inflation

w1926 Paul Krugman
Pricing to Market when the Exchange Rate Changes

w1925 Jeffrey A. Frankel
The Sources of Disagreement Among International Macro Models and Implications for Policy Coordination

w1922 Richard C. Marston
Real Exchange Rates and Productivity Growth in the United States and Japan

w1918 Harry P. Bowen
Edward E. Leamer
Leo Sveikauskas

Multicountry, Multifactor Tests of the Factor Abundance Theory

w1915 Gene M. Grossman
Carl Shapiro

Foreign Counterfeiting of Status Goods

w1912 Irving B. Kravis
Robert E. Lipsey

The Assessment of National Price Levels

w1903 Willem H. Buiter
A "Gold Standard" Isn't Viable Unless Supported by Sufficiently FlexibleMonetary and Fiscal Policy

w1902 Jacob A. Frenkel
Assaf Razin

The Limited Viability of Dual Exchange-Rate Regimes

w1880 Joshua Aizenman
Country Risk, Asymmetric Information and Domestic Policies

w1112 Richard M. Levich
Empirical Studies of Exchange Rates: Price Behavior, Rate Determinationand Market Efficiency

w1876 Gene M. Grossman
Carl Shapiro

Counterfeit-Product Trade

w1875 Richard Portes
The Theory and Measurement of Macroeconomic Disequilibrium in Centrally Planned Economies

w1872 Stephen J. Turnovsky
Optimal Tariffs in Consistent Conjectural Variations Equilibrium

w1869 Charles Engel
Kenneth Kletzer

Tariffs, Saving and the Current Account

w1865 Charles Engel
Kenneth M. Kletzer

International Borrowing to Finance Investment

w1854 Jeffrey A. Frankel
Kenneth A. Froot

The Dollar as an Irrational Speculative Bubble: A Tale of Fundamentalisists

w1844 Willem H. Buiter
Borrowing to Defend the Exchange Rate and the Timing and Magnitude of Speculative Attacks

w1843 Kala Krishna
Motoshige Itoh

Content Protection and Oligopolistic Interactions

w1836 Willem H. Buiter
Macroeconomic Responses by Developing Countries to Changes in External Economic Conditions

w1830 Jeffrey Sachs
High Unemployment in Europe: Diagnosis and Policy Implications

w1824 Stephen J. Turnovsky
Vasco d'Orey

Monetary Policies in Interdependent Economies with Stochastic Disturbances: A Strategic Approach

w1823 Robert E. Baldwin
The New Protectionism: A Response to Shifts in National Economic Power

w1822 Michael Bruno
Generating a Sharp Disinflation: Israel 1985

w1810 Rudiger Dornbusch
Stanley Fischer

Stopping Hyperinflations Past and Present

w1801 Joshua Aizenman
Jacob A. Frenkel

Sectorial Wages and the Real Exchange Rate

w1800 Warwick J. McKibbin
Jeffrey Sachs

Coordination of Monetary and Fiscal Policies in the OECD

w1799 Jacob A. Frenkel
Assaf Razin

The International Transmission and Effects of Fiscal Policies

w1787 Joshua Aizenman
Monopolistic Competition, Relative Prices and Output Adjustment in the Open Economy

r0678 Rudiger Dornbusch
Policy and Performance Links between LDC Debtors and Industrial Nations


1985
w1784 William H. Branson
Arminio Fraga
Robert A. Johnson

Expected Fiscal Policy and the Recession of 1982

w1780 William H. Branson
The Dynamic Interaction of Exchange Rates and Trade Flows

w1777 William H. Branson
Jacob A. Frenkel

Causes of Appreciation and Volatility of the Dollar with Comment by Jacob Frenkel

w1773 Jeffrey A. Frankel
International Capital Mobility and Crowding Out in the U.S. Economy: Imperfect Integration of Financial Markets or of Goods Markets?

w1772 Barry J. Eichengreen
Richard Portes

Debt and Default in the 1930s: Causes and Consequences

w1769 Rudiger Dornbusch
Exchange Rates and Prices

w1755 Alan C. Stockman
Alejandro Hernandez D.

Exchange Controls, Capital Controls, and International Financial Markets

w1752 Paul R. Krugman
Increasing Returns and the Theory of International Trade

w1749 Robert J. Hodrick
Sanjay Srivastava

The Covariation of Risk Premiums and Expected Future Spot Exchange Rates

w1746 Willem H. Buiter
Macroeconomic Policy Design in an Interdependent World Economy: An Analysis of Three Contingencies

w1743 Robert J. Hodrick
Sanjay Srivastava

Foreign Currency Futures

w1741 Sebastian Edwards
Commodity Export Boom and the Real Exchange Rate: The Money-Inflation Link

w1739 Rudiger Dornbusch
Inflation, Exchange Rates and Stabilization

w1732 Richard Meese
Kenneth Rogoff

Was it Real? The Exchange Rate-Interest Differential Relation, 1973-1984

w1716 Stephen J. Turnovsky
Short-Term and Long-Term Interest Rates in a Monetary Model of a Small Open Economy

w1712 Joshua Aizenman
Inflation, Tariffs and Tax Enforcement Costs

w1407 Stephen J. Turnovsky
Domestic and Foreign Disturbances in an Optimizing Model of Exchange- Rate Determination

w1703 Daniel Cohen
Jeffrey Sachs

Growth and External Debt Under Risk of Debt Repudiation

w1702 Sebastian Edwards
The Behavior of Interest Rates and Real Exchange Rates During a Liberalization Episode: The Case of Chile 1973-83

w1699 Stephen J. Turnovsky
Monetary and Fiscal Policy Under Perfect Foresight: A Symmetric Two Country Analysis

w1698 Robert B. Campbell
Stephen J. Turnovsky

An Analysis of the Stabilizing and Welfare Effects of Intervention in Spot and Futures Markets

w1697 Jonathan Eaton
Lending with Costly Enforcement of Repayment and Potential Fraud

w1696 Michael Bruno
Aggregate Supply and Demand Factors in OECD Unemployment: An Update

w0705 Richard C. Marston
Real and Monetary Disturbances in an Exchange-Rate Union

w1692 Maurice Obstfeld
Capital Mobility in the World Economy: Theory and Measurement

w1689 Sebastian Edwards
The Pricing of Bonds and Bank Loans in International Markets: An Empirical Analysis of Developing Countries' Foreign Borrowing

w1676 Sebastian Edwards
Are Devaluations Contractionary?

w1675 Rudiger Dornbusch
Stopping Hyperinflation: Lessons from the German Inflation Experience of the 1920s

w1672 Jeffrey A. Frankel
Kenneth A. Froot

Using Survey Data to Test Some Standard Propositions Regarding Exchange Rate Expectations

w1659 Rudiger Dornbusch
Special Exchange Rates for Capital Account Transactions

w1651 Sebastian Edwards
Country Risk, Foreign Borrowing and the Social Discount Rate in an Open Developing Economy

w1644 Paul R. Krugman
Is the Strong Dollar Sustainable?

w1640 Robert S. Pindyck
Julio J. Rotemberg

Are Imports to Blame?: Attribution of Injury Under the 1974 Trade Act

w1639 Pentti J.K. Kouri
Jorge Braga de Macedo
Albert J. Viscio

A Vintage Model of Supply Applied to French Manufacturing

w1637 Naoko Ishii
Warwick J. McKibbin
Jeffrey Sachs

Macroeconomic Interdependence of Japan and the United States: Some Simulation Results

w1636 Jeffrey Sachs
The Dollar and the Policy Mix: 1985

w1634 Jorge Braga de Macedo
Small Countries in Monetary Unions: A Two-Tier Model

w1623 John F. Helliwell
Alan Chung

Aggregate Output with Operating Rates and Inventories as Buffers BetweenVariable Final Demand and Quasi-Fixed Factors

w1617 Jeffrey A. Frankel
The Implications of Mean-Variance Optimization for Four Questions in International Macroeconomics

w1609 Joshua Aizenman
Jacob A. Frenkel

Supply Shocks, Wage Indexation and Monetary Accommodation

w1603 Robert P. Flood
Robert J. Hodrick

Real Aspects of Exchange Rate Regime Choice with Collapsing Fixed Rates

w1598 Alan C. Stockman
Lars E.O. Svensson

Capital Flows, Investment, and Exchange Rates

w1289 Stephen J. Turnovsky
Exchange Market Intervention Under Alternative Forms of Exogenous Disturbances

w1287 Jacob A. Frenkel
Michael L. Mussa

Asset Markets, Exchange Rates and the Balance of Payments

w1591 Rudiger Dornbusch
Purchasing Power Parity

w1590 Elhanan Helpman
Assaf Razin

Exchange Rate Management: Intertemporal Tradoffs

w1588 Robert E. Baldwin
Richard N. Clarke

Game Modelling the Tokyo Round of Tariff Negotiations

w1584 Willem H. Buiter
International Monetary Policy to Promote Economic Recovery

w1583 Joshua Aizenman
On the Complementarity of Commercial Policy, Capital Controls and Inflation Tax

w1577 Michael Mussa
The Real Exchange Rate as a Tool of Commercial Policy

w1576 David H. Papell
Exchange Rate and Current Account Dynamics Under Rational Expectations: An Econometric Analysis

w1574 Jorge Braga de Macedo
Collective Pegging to a Single Currency: The West African Monetary Union

w1573 Jorge Braga de Macedo
David M. Meerschwam

Exchange Rate Flexibility and the Transmission of Business Cycles

w1571 Jorge Braga de Macedo
Macroeconomic Policy Under Currency Inconvertibility

w1570 Sebastian Edwards
Commodity Export Prices and the Real Exchange Rate in Developing Countries: Coffee in Colombia

w1566 Joseph E. Stiglitz
Economics of Information and the Theory of Economic Development

w1557 Robert E. Lipsey
Irving B. Kravis

The Competitive Position of U.S. Manufacturing Firms

w1552 Joshua Aizenman
Monopolistic Competition and Deviations from PPP

w1546 Kala Krishna
Trade Restrictions as Facilitating Practices

w1537 Kala Krishna
Protection and the Product Line: Monopoly and Product Quality

w1535 Kala Krishna
Tariffs vs. Quotas with Endogenous Quality

w1534 Jeffrey Sachs
Warwick J. McKibbin

Macroeconomic Policies in the OECD and LDC External Adjustmemt

w1532 Sebastian Edwards
On the Interest Rate Elasticity of the Demand for International Reserves: Some Evidence from Developing Coutries

w1531 Sebastian Edwards
Mohsin S. Khan

Interest Rate Determination in Developing Countries: A Conceptual Framework


1984
w1529 Louka T. Katseli
Discrete Devaluation as a Signal to Price Setters

w1527 Jacob A. Frenkel
Assaf Razin

The International Transmission of Fiscal Expenditures and Budget Deficits in the World Economy

w1526 Maurice Obstfeld
Capital Flows, the Current Account, and the Real Exchange Rate: Consequences of Liberalization and Stabilization

w1517 Jorge Braga de Macedo
Trade and Financial Interdependence Under Flexible Exchange Rates: The Pacific Area

w1512 Jonathan Eaton
Foreign-Owned Land

r0558 Robert E. Lipsey
Merle Yahr Weiss

Foreign Production and Exports of Individual Firms

w1499 Robert E. Baldwin
Rent-Seeking and Trade Policy: An Industry Approach

w1498 Barry J. Eichengreen
Jeffrey Sachs

Exchange Rates and Economic Recovery in the 1930s

w1495 Daniel S. Hamermesh
The Costs of Worker Displacement

w1494 Gene M. Grossman
Imports as a Cause of Injury: The Case of the U.S. Steel Industry

w1493 Takatoshi Ito
Use of (Time-Domain) Vector Autoregressions to Test Uncovered Interest Parity

w1486 Maurice Obstfeld
Rational and Self-Fulfilling Balance-of-Payments Crises

w1279 Joshua Aizenman
Optimal Wage Re-Negotiation

w1475 Joshua Aizenman
Testing Deviations From Purchasing Power Parity (PPP)

w1295 Michael R. Darby
Some Pleasant Monetarist Arithmetic

w1470 Steven C. Kyle
Jeffrey Sachs

Developing Country Debt and the Market Value of Large Commercial Banks

w1466 Rudiger Dornbusch
Argentina Since Martinez De Hoz

w1465 John F. Helliwell
Peter Sturm
Gerard Salou

International Comparison of the Sources of Productivity Slowdown 1973 1982

w1464 James A. Brander
Barbara J. Spencer

Export Subsidies and International Market Share Rivalry

w1463 Ksenia Kulchycky
Robert E. Lipsey

Host-Country Regulation and Other Determinants of Overseas Operations ofU.S. Motor Vehicle and Parts Companies

w1458 Michael Mussa
The Adjustment Process and the Timing of Trade Liberalization

w1457 Michael L. Mussa
The Economics of Content Protection

w1456 Maurice Obstfeld
The Capital Inflows Problem Revisited: A Stylized Model of Southern Cone Disinflation

w1440 Barry J. Eichengreen
International Policy Coordination in Historical Perspective: A View from the Interwar Years

w1437 Maurice Obstfeld
Speculative Attack and the External Constraint in a Maximizing Model of the Balance of Payments

w1429 Willem H. Buiter
Fiscal policy in open, interdependent economies

w1428 Richard M. Levich
Securities Activities of U.S. Commercial Bank Affiliates: Lessons from the International Financial Markets

w1427 Richard N. Cooper
Jeffrey Sachs

Borrowing Abroad: The Debtor's Perspective

w1424 Robert E. Cumby
Monetary Policy Under Dual Exchange Rates

w1417 Gilles Oudiz
Jeffrey Sachs

International Policy Coordination in Dynamic Macroeconomic Models

w1406 John H. Makin
Raymond D. Sauer

Exchange Rate Determination with Systematic and Unsystematic Policy Regime Changes: Evidence From the Yen/Dollar Rate

w1404 Jacques R. Artus
An Empirical Evaluation of the Disequilibrium Real Wage Rate Hypothesis

w1398 Michael L. Mussa
Economically Sensible Solutions for Linear Rational Expectations Models with Forward and Backward Looking Dynamic Processes

w1380 Sebastian Edwards
Money, The Rate of Devaluation and Interest Rates in a Semi-Open Economy: Colombia 1968-1982

t0020 Willem H. Buiter
Saddlepoint Problems in Contifuous Time Rational Expectations Models: A General Method and Some Macroeconomic Ehamples

w1342 Alan C. Stockman
Harris Dellas

The Roles of the Terms of Trade and Nontraded-Good-Prices in Exchange Rate Variations

w1336 Rudiger Dornbusch
External Debt, Budget Deficits and Disequilibrium Exchange Rates

w1332 Willem H. Buiter
Measuring Aspects of Fiscal and Financial Policy

w1330 Robert E. Baldwin
J. David Richardson

Recent U.S. Trade Policy and its Global Implications

w1329 Joshua Aizenman
Jacob A. Frenkel

Optimal Wage Indexation, Foreign-Exchange Intervention and Monetary Policy

w1324 Maurice Obstfeld
Capital Controls, The Dual Exchange Rate, and Devaluation

w1321 Robert E. Baldwin
Trade Policy, Income, and Employment

t0034 Willem H. Buiter
Policy evaluation and design for continuous time linear rational expectations models: some recent development

w1317 Alan C. Stockman
Ai Tee Koh

Open-Economy Implications of Two Models of Business Fluctuations

w1307 Sebastian Edwards
The Demand for International Reserves and Monetary Equilibrium: Some Evidence From Developing Countries

w1306 David H. Papell
Monetarist Monetary Policy, Exchange Risk, and Exchange Rate Variability

w1298 Michael Bruno
External Shocks and Domestic Response: Israel's Macroeconomic Performance, 1965-1982

w1283 William H. Branson
Dale W. Henderson

The Specification and Influence of Asset Markets

w1282 William H. Branson
Trade and Structural Interdependence Between the U.S. and the NICs

w1281 Alberto Giovannini
Julio J. Rotemberg

Exchange Rate Dynamics with Sticky Prices: The Deutsch Mark, 1974-1982

r0456 Jacob A. Frenkel
Panel Discussion on the Southern Cone

w1013 Willem H. Buiter
The Proper Measurement of Government Budget Deficits: Comprehensive Wealth Accounting or Permanent Income Accounting for the Public Sector

w1266 Jacob A. Frenkel
Assaf Razin

Fiscal Policies, Debt, and International Economic Interdependence

w1255 Jeffrey Sachs
Charles Wyplosz

Real Exchange Rate Effects of Fiscal Policy


1983
w1254 Richard C. Marston
Stephen J. Turnovsky

Imported Materials Prices, Wage Policy, and Macroeconomic Stabilization

w1253 Joshua Aizenman
Tariff Liberalization Policy and Financial Restrictions

w1252 Willem H. Buiter
Marcus H. Miller

Costs and Benefits of an Anti-Inflationary Policy: Questions and Issues

w1245 Sebastian Edwards
Sweder van Wijnbergen

The Welfare Effects of Trade and Capital Market Liberalization: Consequences of Different Sequencing Scenarios

w1244 David H. Papell
Activist Monetary Policy, Imperfect Capital Mobility, and the Overshooting Hypothesis

w1236 Jonathan Eaton
Gene M. Grossman

Optimal Trade and Industrial Policy Under Oligopoly

w1233 Joshua Aizenman
Openness, Relative Prices and Macro Policies

w1232 Willem H. Buiter
The Theory of Optimum Deficits and Debt

w1230 Maurice Obstfeld
Alan C. Stockman

Exchange-Rate Dynamics

w1228 J. David Richardson
U.S. International Trade Policies in a World of Industrial Change

w1198 Robert E. Baldwin
R. Spence Hilton

A Technique for Indicating Comparative and Perdicting Changes in Trade Ratios

w1197 John F. O. Bilson
David A. Hsieh

The Profitability of Currency Speculation

w1196 Jonathan Eaton
Optimal and Time Consistent Exchange Rate Management in an Overlapping Generations Economy

w1195 David H. Papell
Activist Monetary Policy and Exchange Rate Overshooting: The Deutsche Mark/Dollar Rate

w1194 James A. Brander
Paul Krugman

A 'Reciprocal Dumping' Model of International Trade

w1193 James A. Brander
Barbara J. Spencer

Trade Warfare: Tariffs and Cartels

w1192 Barbara J. Spencer
James A. Brander

International R&D Rivalry and Industrial Strategy

w1190 Stanley Fischer
The Economy of Israel

w1189 Jeffrey Sachs
Theoretical Issues in International Borrowing

w1185 John F. Helliwell
Stagflation and Productivity Decline in Canada, 1974-1982

w1182 Richard Portes
Richard E. Quandt
David Winter
Stephen Yeo

Macroeconomic Planning and Disequilibrium: Estimates for Poland, 1955-1980

w1180 Robert J. Hodrick
Sanjay Srivastava

An Investigation of Risk and Return in Forward Foreign Exchange

w1178 William H. Branson
A Model of Exchange-Rate Determination with Policy Reaction: Evidence From Monthly Data

w1177 Joshua Aizenman
A Theory of Current Account and Exchange Rate Determinations

w1174 Gene M. Grossman
International Trade, Foreign Investment, and the Formation of the Entrepreneurial Class

w1173 Maurice Obstfeld
Kenneth Rogoff

Exchange Rate Dynamics With Sluggish Prices Under Alternative Price-Adjustment Rules

t0029 Willem H. Buiter
Optimal and Time-Consistent Polices in Continuous Time Rational Expectations Models

w1172 Sebastian Edwards
LDC's Foreign Borrowing and Default Risk: An Empirical Investigation

w1170 Stephen J. Turnovsky
Wage Indexation and Exchange Market Intervention in a Small Open Economy

w1166 Jeffrey Sachs
International Policy Coordination in a Dynamic Macroeconomic Model

t0011 Maurice Obstfeld
Robert E. Cumby
John Huizinga

Two-Step Two-Stage Least Squares Estimation in Models with Rational Expectations

w1138 Jonathan Eaton
Stephen J. Turnovsky

The Forward Exchange Market, Speculation, and Exchange Market Intervention

w1135 William H. Branson
A Model of Exchange-Rate Determination with Policy Reaction: Evidence from Monthly Data

r0387 Jeffrey A. Frankel
Monetary and Portfolio-Balance Models of Exchange Rate Determination

w1129 Torsten Persson
Lars E.O. Svensson

Current Account Dynamics and the Terms of Trade: Harberger-Laursen-Metzler Two Generations Later

w1127 Michael R. Darby
Monetary Policy in the Large Open Economy

w1124 Irving B. Kravis
Services in the Domestic Economy and in World Transactions

w1120 Willem H. Buiter
Jonathan Eaton

International Balance of Payments Financing and Adjustment

w1118 Jacob A. Frenkel
International Liquidity and Monetary Control

w1117 Richard C. Marston
Stabilization Policies in Open Economies

w1115 Wilfred J. Ethier
Lars E.O. Svensson

The Theorems of International Trade with Factor Mobility

w1110 Jeffrey A. Frankel
The Desirability of a Dollar Appreciation, Given a Contractionary U.S. Monetary Policy

w1108 Joshua Aizenman
Wage Flexibility and Openness

w1107 Joshua Aizenman
Adjustment to Monetary Policy and Devaluation Under Two-Tier and Fixed Exchange Rate Regimes

w1105 Jeffrey A. Frankel
James H. Stock

A Relationship Between Regression Tests and Volatility Tests of Market ncy

w1104 Robert E. Lipsey
Irving B. Kravis
Linda O'Connor

Characteristics of U.S. Manufacturing Companies Investing Abroad and their Choice of Production Locations

w1103 Maurice Obstfeld
Balance-of-Payments Crises and Devaluation

w1101 James R. Markusen
Lars E.O. Svensson

Trade in Goods and Factors with International Differences in Technology

w1100 Maurice Obstfeld
Intertemporal Price Speculation and the Optimal Current-Account Deficit

w1099 J. David Richardson
The New Nexus among Trade, Industrial and Exchange-Rate Policies

w1098 Barry J. Eichengreen
Hans Van der Ven

U.S. Antidumping Policies: The Case of Steel

w1089 Robert P. Flood
Robert J. Hodrick

Optimal Price and Inventory Adjustment in an Open-Economy Model of the Business Cycle

w1087 Jorge Braga de Macedo
Currency Inconvertibility, Portfolio Balance and Relative Prices

w0748 Jacob A. Frenkel
Joshua Aizenman

Aspects of the Optimal Management of Exchange Rates

r0358 Jacob A. Frenkel
"Relative Price Variability and Inflation in the United States and Germany" by Fischer

w1083 Torsten Persson
Deficits and Intergenerational Welfare in Open Economies

w1076 Richard Portes
Richard E. Quandt
David Winter
Stephen Yeo

Planning the Consumption Goods Market: Preliminary Disequilibrium Estimates for Poland, 1955-1980

w1075 Gene M. Grossman
Assaf Razin

International Capital Movements Under Uncertainty

w1074 Nancy Peregrim Marion
Lars E.O. Svensson

World Equilibrium with Oil Price Increases: An Intertemporal Analysis

r0351 Jeffrey A. Frankel
The Mystery of the Multiplying Marks: A Modification of the Monetary Model

w1071 Torsten Persson
Lars E.O. Svensson

Is Optimism Good in a Keynesian Economy?

w1067 Jacob A. Frenkel
Monetary Policy: Domestic Targets and International Constraints

w1066 Joshua Aizenman
Modeling Deviations from Purchasing Power Parity (PPP)

w1065 Sebastian Edwards
The Short-Run Relation Between Inflation and Growth in Latin America

w1064 Sebastian Edwards
Floating Exchange Rates, Expectations and New Information

w1063 Sebastian Edwards
The Demand for International Reserves and Exchange Rate Adjustments: TheCase of LDCs, 1964-1972

w1056 Michael Bruno
Petrodollars and the Differential Growth Performance of Industrial and Middle-Income Countries in the 1970s

t0021 Willem H. Buiter
Predetermined and Non-Predetermined Variables in Rational Expectations Models


1982
w1051 Jeffrey A. Frankel
Charles Engel

Do Asset-Demand Functions Optimize over the Mean and Variance of Real Returns? A Six-Currency Test

w1049 Charles Engel
Jeffrey A. Frankel

Why Money Announcements Move Interest Rates: An Answer from the Foreign Exchange Market

w1046 Richard C. Marston
Real Wages and the Terms of Trade: Alternative Indexation Rules for an Open Economy

w1041 Gene M. Grossman
The Employment and Wage Effects of Import Competition in the United States

w1039 Rudiger Dornbusch
Jacob A. Frenkel

The Gold Standard and the Bank of England in the Crisis of 1847

w1037 Robert E. Lipsey
Irving B. Kravis

U.S.-Owned Affiliates and Host-Country Exports

w1035 Rudiger Dornbusch
Flexible Exchange Rates and Interdependence

w1034 Irving B. Kravis
Robert E. Lipsey

Towards an Explanation of National Price Levels

w1032 Willem H. Buiter
Jonathan Eaton

On the Adequacy or Inadequacy of Keynesian Balance-of-Payments Theory: A Rejoinder

w1022 Robert E. Lipsey
Linda O'Connor

Swedish Firms Acquired by Foreigners: A Comparison of Before and After Takeover

w1021 John F. Helliwell
Tim Padmore

Empirical Studies of Macroeconomic Interdependence

w1018 Michael R. Darby
The U.S. Productivity Slowdown: A Case of Statistical Myopia

w0556 J. David Richardson
Trade Adjustment Assistance under the U.S. Trade Act of 1974: An Analytical Examination and Worker Survey

w1009 Robert E. Lipsey
Recent Trends in U.S. Trade and Investment

w1005 Pentti J.K. Kouri
Jorge Braga de Macedo
Albert J. Viscio

Profitability, Employment and Structural Adjustment in France

w0999 Lars E.O. Svensson
Factor Trade and Goods Trade

w0997 Nancy Peregrim Marion
Lars E.O. Svensson

Adjustment to Expected and Unexpected Oil Price Changes

w0749 Willem H. Buiter
Marcus H. Miller

Real Exchange Rate Overshooting and the Output Cost of Bringing Down Inflation

w0992 Lars E.O. Svensson
On Variable Capital Utilization and International Trade Theory

w0991 Lars E.O. Svensson
Oil Prices, Welfare and the Trade Balance: An Intertemporal Approach

w0984 Jonathan Eaton
Stephen J. Turnovsky

Covered Interest Parity, Uncovered Interest Parity, and Exchange Rate Dynamics

w0983 Rudiger Dornbusch
Equilibrium and Disequilibrium Exchange Rates

w0981 Vittorio Corbo
Oli Havrylyshyn

Production Technology Differences Between Canadian-Owned and Foreign-Owned Firms Using Translog-Production Functions

w0972 Jonathan Eaton
Mark Gersovitz

A Theory of Expropriation and Deviations From Perfect Capital Mobility

w0963 Maurice Obstfeld
Exchange Rates, Inflation and the Sterilization Problem: Germany, 1975-1981

w0960 Jorge Braga de Macedo
Jeffrey A. Goldstein
David M. Meerschwam

International Portfolio Diversification: Short-Term Financial Assets and Gold

w0959 Jorge Braga de Macedo
Optimal Currency Diversification for a Class of Risk Averse International Investors

r0310 Paul R. Krugman
Trade in Differentiated Products and the Political Economy of Trade Liberalization

w0949 Thorvaldur Gylfason
John F. Helliwell

A Synthesis of Keynesian, Monetary, and Portfolio Approaches to FlexibleExchange Rates

w0947 Martin Feldstein
Domestic Saving and International Capital Movements in the Long Run and the Short Run

w0942 Michael Bruno
World Shocks, Macroeconomic Response, and the Productivity Puzzle (Rev)

w0926 Jacques R. Artus
Effects of U.S. Monetary Restraint on the DM-$ Exchange Rate and the German Economy

w0925 Jeffrey Sachs
Daniel Cohen

LDC Borrowing with Default Risk

w0833 Maurice Obstfeld
Can We Sterilize? Theory and Evidence

w0923 Jongmoo Jay Choi
M. Ishaq Nadiri

Trade Structure and Transmission of Inflation: Theory and Japanese Experience

w0921 Robert E. Cumby
Maurice Obstfeld

International Interest-Rate and Price-Level Linkages Under Flexible Exchange Rates: A Review of Recent Evidence

w0909 William H. Branson
Exchange-Rate Policy After a Decade of "Floating"

w0904 John F. Helliwell
Paul M. Boothe

Macroeconomic Implications of Alternative Exchange Rate Models

w0901 William H. Branson
Willem H. Buiter

Monetary and Fiscal Policy with Flexible Exchange Rates

w0899 Gene M. Grossman
International Competition and the Unionized Sector

w0868 Pentti J.K. Kouri
Macroeconomics of Stagflation under Flexible Exchange Rates

w0865 Craig S. Hakkio
A Reexamination of Purchasing Power Parity: A Multicountry and Multiperiod Study

r0253 Jacob A. Frenkel
Assaf Razin

Stochastic Prices and Tests of Efficiency of Foreign Exchange Markets

w0863 Peter R. Hartley
Rational Expectations and the Foreign Exchange Market

w0862 Jeffrey Sachs
Stabilization Policies in the World Economy: Scope and Skepticism

w0861 Jeffrey Sachs
LDC Debt in the 1980s: Risk and Reforms

w0859 Jeffrey D. Sachs
Aspects of the Current Account Behavior of OECD Economies

w0855 Maurice Obstfeld
Kenneth Rogoff

Speculative Hyperinflations in Maximizing Models: Can We Rule Them Out?

w0852 Michael Bruno
Jeffrey Sachs

Energy and Resource Allocation: A Dynamic Model of the "Dutch Disease"

w0851 Michael Bruno
Jeffrey Sachs

Input Price Shocks and the Slowdown in Economic Growth: The Case of U.K.Manufacturing

w0843 David A. Hsieh
Tests of Rational Expectations and No Risk Premium in Forward Exchange Markats

w0842 David A. Hsieh
International Risk Sharing and the Choice of Exchange-Rate Regime

w0841 Robert P. Flood
Peter M. Garber
Louis O. Scott

Two Notes on Indeterminacy Problems

w0839 Nancy Peregrim Marion
Lars E.O. Svensson

Structural Differences and Macroeconomic Adjustment to Oil Price Increases in a Three-Country Model

w0834 Maurice Obstfeld
Transitory Terms-of-Trade Shocks and the Current Account: The Case of Constant Time Preference

w0832 Jacob A. Frenkel
Carlos A. Rodriguez

Exchange Rate Dynamics and the Overshooting Hypothesis


1981
w0814 Michael Bruno
Adjustment and Structural Change under Supply Shocks

r0225 Willem H. Buiter
Jonathan Eaton

Keynesian Balance of Payments Models: Comment

t0009 Willem H. Buiter
The Superiority of Contingent Rules over Fixed Rules in Models with Rational Expectations

w0801 William H. Branson
Macroeconomic Determinants of Real Exchange Rates

w0797 Jonathan Eaton
Gene M. Grossman

Tariffs as Insurance: Optimal Commercial Policy When Domestic Markets Are Incomplete

w0796 Jeffrey D. Sachs
The Current Account in the Eacroeconomic Adjustment Process

w0794 Avinash K. Dixit
Gene M. Grossman

Trade and Protection with Multistage Production

w0793 Richard C. Marston
Wages, Relative Prices, and the Choice between Fixed and Flexible Exchange Rates

w0792 Rudiger Dornbusch
Intergenerational and International Trade

w0791 William H. Branson
The OPEC Surplus and U.S.-LDC Trade

w0785 Michael Bruno
Real versus Financial Openness under Alternative Exchange Rate Regimes

w0784 David G. Hartman
Domestic Tax Policy and Foreign Investment: Some Evidence

w0783 Stanley Fischer
Seigniorage and Fixed Exchange Rates: An Optimal Inflation Tax Analysis

w0782 Richard Portes
Central Planning and Monetarism: Fellow Travelers?

w0779 Rudiger Dornbusch
Real Interest Rates, Home Goods, and Optimal External Borrowing

w0776 Jorge Braga de Macedo
Currency Diversification and Export Competitiveness: A Model of the "Egyptian Disease"

w0774 Irving B. Kravis
Robert E. Lipsey

Prices and Terms of Trade for Developed-Country Exports of Manufactured Goods

w0773 Laurence J. Kotlikoff
Edward E. Leamer
Jeffrey Sachs

The International Economics of Transitional Growth: The Case of the United States

w0770 Robert E. Cumby
Maurice Obstfeld

Capital Mobility and the Scope for Sterilization: Mexico in the 1970s

w0766 Craig S. Hakkio
Exchange Rate Determination and the Demand for Money

w0759 Nancy Peregrim Marion
Anticipated and Unanticipated Oil Price Increases and the Current Account

w0736 John Burkett
Richard Portes
David Winter

Macroeconomic Adjustment and Foreign Trade of Centrally Planned Economies

w0723 Maurice Obstfeld
Inflation, Real Interest, and the Determinacy of Equilibrium in an Optimizing Framework

w0715 J. David Richardson
Four Observations on Modern International Commercial Policy under Floating Exchange Rates

w0713 Alan C. Stockman
Effects of Inflation on the Pattern of International Trade

t0002 Willem H. Buiter
Mark Gersovitz

Issues in Controllability and the Theory of Economic Policy

w0696 Ray C. Fair
Estimated Effects of Relative Prices on Trade Shares

w0689 David G. Hartman
Tax Policy and Foreign Direct Investment

w0686 Maurice Obstfeld
Aggregate Spending and the Terms of Trade: Is There a Laursen-Metzler Effect?

w0685 Maurice Obstfeld
Relative Prices, Employment, and the Exchange Rate in an Economy with Foresight

t0013 Willem H. Buiter
Macroeconometric Modelling for Policy Evaluation and Design

t0012 Willem H. Buiter
A Note on the Solution of A Two-Point Boundary Value Problem Frequently Encountered in Rational Expectations Models

w0677 Ray C. Fair
Estimated Output, Price, Interest Rate, and Exchange Rate Linkages amongCountries

w0666 William H. Branson
Louka T. Katseli

Currency Baskets and Real Effective Exchange Rates

w0664 John F. O. Bilson
Profitability and Stability in International Currency Markets

w0660 Michael Bruno
Raw Materials, Profits, and the Productivity Slowdown (Rev)

w0658 Paul R. Krugman
Real Exchange Rate Adjustment and the Welfare Effects of Oil Price Decontrol

w0651 Paul R. Krugman
Consumption Preferences, Asset Demands, and Distribution Effects in International Financial Markets

w0648 John H. Makin
International Capital Flows under Full Monetary Equilibrium: An Empirical Analysis

w0647 John H. Makin
Exchange Rate Behavior under Full Monetary Equilibrium: An Empirical Analysis

w0644 Pentti J.K. Kouri
Balance of Payments and the Foreign Exchange Market: A Dynamic Partial Equilibrium Model

w0643 Pentti J.K. Kouri
The Effect of Risk on Interest Rates: A Synthesis of the Macroeconomic and Financial Views

w0641 Robert E. Lipsey
Birgitta Swedenborg

Foreign Takeovers of Swedish Firms

t0010 Willem H. Buiter
Granger-Causality and Stabilization Policy

w0629 Michael R. Darby
The Real Price of Oil and the 1970s World Inflation

w0628 Paul Strebel
Shabtai Donnenfeld

Trade Policy and Import Competition under Fluctuating Prices

w0626 Robert P. Flood
Peter M. Garber

A Model of Stochastic Process Switching

w0625 Robert P. Flood
Explanations of Exchange Rate Volatility and Other Empirical Regularities in Some Popular Models of the Foreign Exchange Market


1980
w0607 Michael R. Darby
Does Purchasing Power Parity Work?

w0602 Arthur E. Gandolfi
James R. Lothian

International Price Behavior and the Demand for Money

w0601 Willem H. Buiter
Real Effects of Anticipated and Unanticipated Money: Some Problems of Estimation and Hypothesis Testing

w0599 Maurice Obstfeld
Macroeconomic Policy, Exchange-Rate Dynamics, and Optimal Asset Accumulation

w0598 David G. Hartman
The International Financial Market and U.S. Interest Rates

w0592 Willem H. Buiter
Douglas D. Purvis

Oil, Disinflation, and Export Competitiveness: A Model of the "Dutch Disease"

w0591 Willem H. Buiter
Marcus H. Miller

Monetary Policy and International Competitiveness

w0590 Rudiger Dornbusch
Daniel Valente Dantas
Clarice Pechman
Roberto de Rezende Rocha
Demetrio Simoes

A Model of the Black Market for Dollars

w0589 Michael R. Darby
Unanticipated or Actual Changes in Aggregate Demand Variables: A Cross-Country Analysis

w0585 Michael R. Darby
International Transmission under Pegged and Floating Exchange Rates: An Empirical Comparison

r0129 Richard Portes
Effects of the World Economic Crisis on the East European Economies

w0582 Jeffrey D. Sachs
Energy and Growth under Flexible Exchange Rates: A Simulation Study

w0580 Willem H. Buiter
The Role of Economic Policy after the New Classical Macroeconomics

r0105 Jacob A. Frenkel
Boyan Jovanovic

On Transactions and Precautionary Demand For Money

t0006 Willem H. Buiter
The Role of Economic Policy After the New Classical Macroeconomics

w0575 Jacob A. Frenkel
Michael L. Mussa

Monetary and Fiscal Policies in an Open Economy

w0572 David Lipton
Jeffrey Sachs

Accumulation and Growth in a Two-Country Model: A Simulation Approach

w0571 Bryce Hool
J. David Richardson

International Trade, Indebtedness, and Welfare Repercussions among Supply-Constrained Economies under Floating Exchange Rates

w0569 Jacob A. Frenkel
The Collapse of Purchasing Power Parities during the 1970s

w0567 Rudiger Dornbusch
Two Notes on Exchange Rate Rules and on the Real Value of External Debt

w0557 Maurice Obstfeld
Capital Mobility and Devaluation in an Optimizing Model with Rational Expectations

w0555 Rudiger Dornbusch
Inflation Stabilization and Capital Mobility

w0554 Paul R. Krugman
Oil and the Dollar

w0549 Anthony Cassese
James R. Lothian

The Timing of Monetary and Price Changes and the International Transmission of Inflation

w0545 Willem H. Buiter
Ian Jewitt

Staggered Wage Setting without Money Illusion: Variations on a Theme of Taylor

w0541 Eliana A. Cardoso
Rudiger Dornbusch

Three Papers on Brazilian Trade and Payments

w0540 Maurice Obstfeld
Intermediate Imports, the Terms of Trade, and the Dynamics of the Exchange Rate and Current Account

w0429 Kenneth W. Clements
Jacob A. Frenkel

Exchange Rates, Money and Relative Prices: The Dollar-Pound in the 1920's

r0090 Rudiger Dornbusch
Exchange Rate Economics: Where Do We Stand?

r0083 Wallace E. Huffman
James R. Lothian

Money in the United Kingdom: 1833-1880

w0537 Robert E. Cumby
Maurice Obstfeld

Exchange-Rate Expectations and Nominal Interest Differentials: A Test ofthe Fisher Hypothesis

w0535 Charles Freedman
David Longworth

Some Aspects of the Canadian Experience with Flexible Exchange Rates in the 1970s

w0532 Anne O. Krueger
Baran Tuncer

Microeconomic Aspects of Productivity Growth under Import Substitution: Turkey

w0531 Willem H. Buiter
Jonathan Eaton

Policy Decentralization and Exchange Rate Management in Interdependent Economies

w0528 Maurice Obstfeld
The Capitalization of Income Streams and the Effects of Open Market Policy under Fixed Exchange Rates

w0527 William H. Branson
Jorge Braga de Macedo

The Optimal Weighting of Indicators for a Crawling Peg

r0074 Jeffrey D. Sachs
Wages, Profits, and Macroeconomic Adjustment: A Comparative Study

w0524 Jack Carr
Michael R. Darby

The Role of Money Supply Shocks in the Short-Run Demand for Money

w0522 Michael Bruno
Import Competition and Macro Economic Adjustment under Wage-Price Rigidity

w0521 Irving B. Kravis
Robert E. Lipsey
Dennis M. Bushe

Prices and Market Shares in the International Machinery Trade

w0516 Willem H. Buiter
Implications for the Adjustment Process of International Asset Risks: Exchange Controls, Intervention and Policy Risk, and Sovereign Risk

w0511 J. Weinblatt
Robert E. Lipsey

A Model of Firms' Decisions to Export or Produce Abroad

w0501 Louka T. Katseli
Nancy Peregrim Marion

Adjustment to Variations in Imported Input Prices: The Role of Economic Structure

w0500 Robert P. Flood
Nancy Peregrim Marion

The Transmission of Disturbances under Alternative Exchange-Rate Regimeswith Optimal Indexing

w0494 Maurice Obstfeld
Sterilization and Offsetting Capital Movements: Evidence from West Germany, 1960-1970

w0493 Rudiger Dornbusch
Exchange Rate Risk and the Macroeconomics of Exchange Rate Determination

w0492 Richard C. Marston
Exchange-Rate Unions and the Volatility of the Dollar

w0485 Maurice Obstfeld
Imperfect Asset Substitutability and Monetary Policy under Fixed Exchange Rates

w0482 Irving B. Kravis
Robert E. Lipsey

The Location of Overseas Production and Production for Export by U.S. Multinational Firms

w0476 Jacob A. Frenkel
Michael L. Mussa

Efficiency of Foreign Exchange Markets and Measures of Turbulence

w0475 Anne O. Krueger
Interactions Between Inflation and Trade-Regime Objectives in Stabilization Programs

w0474 John F. O. Bilson
The "Speculative Efficiency" Hypothesis

w0473 Rudiger Dornbusch
Exchange Rate Rules and Macroeconomic Stability

w0472 Rudiger Dornbusch
Monetary Stabilization, Intervention and Real Appreciation

w0469 William H. Branson
Trends in U.S. International Trade and Investment since World War II

w0466 Anne O. Krueger
Trade Policy as an Input to Development

r0038 Willem H. Buiter
Unemployment-Inflation Trade-Offs with Rational Expectations in an Open Economy

w0462 Michael R. Darby
Alan C. Stockman

The Mark III International Transmission Model

w0461 Anne O. Krueger
Protectionist Pressures, Imports, and Employment in the United States

w0453 Jerry R. Green
Jean-Jacques Laffont

Disequilibrium Dynamics with Inventories and Anticipatory Price-Setting:Some Impirical Results

w0452 Jacob A. Frenkel
Exchange Rates, Prices and Money: Lessons from the 1920s

w0450 Jacob A. Frenkel
Flexible Exchange Rates in the 1970's