Managing Currency Crises in Emerging Markets
Managing Currency Crises in Emerging Markets, edited by
Michael P. Dooley and Jeffrey A. Frankel, is available from the University
of Chicago Press for $68.00. The twelve papers, comments, and
discussions in this volume analyze currency crises in terms of three
phases identified in the book's introduction: the initial attempt to defend
the currency; the IMF rescue program; and the impact of the crisis and
rescue program on the real economy. This volume serves as a
companion to Preventing Currency Crises in Emerging Markets, a
thorough and thought-provoking assessment of recent crises.
Dooley is a Research Associate in the NBER's Program on
International Finance and Macroeconomics, which Frankel directs, and
a professor of economics at the University of California, Santa Clara.
Frankel is the James W. Harpel Professor of Capital Formation and
Growth at the John F. Kennedy School of Government at Harvard
Economic and Financial Crises in Emerging Market Economies
Economic and Financial Crises in Emerging Market Economies,
edited by Martin S. Feldstein, is available from the University of Chicago
Press for $70.00. This NBER Conference Volume draws together the
views of senior officials, business leaders, and academic economists. It
includes six non-technical papers, each written by a distinguished
economist who is a specialist, on the following issues: exchange rate
regimes, financial policies, industrial country policies, IMF stabilization
programs, IMF structural programs, and creditor relations. The result
presents in one volume both the exceptional "briefing" papers and the
personal responses of many of the major players and policymakers who
have dealt with these difficult problems.
Feldstein is President of the National Bureau of Economic
Research and the George F. Baker Professor of Economics at Harvard
Scanner Data and Price Indexes
Scanner Data and Price Indexes, NBER Studies in Income and Wealth,
Volume 64, edited by Robert C. Feenstra and Matthew D. Shapiro, is available from
the University of Chicago Press for $75.00.
Every time you buy a can of soup, or a new television set, its bar code is
scanned to record the price and other information. These "scanner data" offer a
number of attractive features for economists and statisticians, because they are
collected continuously, are available quickly, and record prices for all items sold,
not just a statistical sample. But scanner data also present a number of difficulties
for current statistical systems.
This volume assesses both the promise and the challenges of using scanner
data to produce economic statistics. Three papers present the results of work in
progress at statistical agencies in the United States, United Kingdom, and Canada,
including a project at the U.S. Bureau of Labor Statistics to investigate the
feasibility of incorporating scanner data into the monthly Consumer Price Index.
Other papers demonstrate the enormous potential of using scanner data to test
economic theories and estimate the parameters of economic models, and provide
solutions for some of the problems that arise when using scanner data, including
dealing with missing data.
Feenstra and Shapiro are Research Associates in the NBER's Program in
Productivity. Feenstra is a Professor of Economics at the University of California,
Davis. Shapiro is a Professor of Economics at the University of Michigan.