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These seventeen essays provide an accessible and thorough reference for understanding the role of exchange rates in the international monetary system ...
Covers trends from 1957 to 1995....
An Introduction
Renowned for its precise, in-depth coverage of international trade and finance, this classic text features a balance of the latest research, critical ...
In this second collection of his writings on financial markets (the first, On Exchange Rates, covered international finance), Jeffrey Frankel turns hi...
How much impact on exchange rates do central banks have when they buy and sell currencies? According to many analysts, such intervention has no indepe...
Continental trade blocs are emerging in many parts of the world almost in tandem. If trade blocs are required to satisfy the McMillan criterion of not...
The NBER International Seminar on Macroeconomics brings together leading American and European economists to discuss a broad range of current issues i...
Monetary Independence and the Currency Regime
Hikes in U.S. interest rates in 1999-2000 have started to spill over to other economies' interest rates, which in many countries have risen to reflect...
Difficult (Calvo) or Easy (Reisen)?
Some countries undergoing exchange-rate-based stabilization and financial liberalization in Latin America, Asia and elsewhere have faced large capital...
One reason intermediate exchange rate regimes have fallen out of favor is that they are not transparent or easy to verify. A simple peg or a simple fl...
We survey the empirical literature on floating nominal exchange rates over the past decade. Exchange rates are difficult to forecast at short- to medi...
Natural Or Super-natural?
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The US Or Japan?
Credible at Last?
We update tests of the credibility of the EMS exchange rate target zones. Our main methodological innovation is to use a survey of exchange rate forec...
The optimal-diversification model of investors' portfolio behavior can give a linear relationship between the exchange risk premium and the conditiona...
The corners hypothesis holds that intermediate exchange rate regimes are vanishing, or should be. Surprisingly for a new conventional wisdom, this hyp...
This paper, written for the NBER Conference on the Changing Role of the United States in the World Economy, covers the capital account in the U.S. bal...
Evidence from Survey Data
Three surveys of exchange rate expectations allow us to measure directly the expected rates of return on yen versus dollars. Expectations of yen appre...
The Mark and the Dollar
Might a Tobin Tax Help?
Figures for 1995 estimate trading by dealers in the foreign exchange market at over $1,200 billion per day, most of it with other dealers. Some have l...
This paper makes use of the simulation results of 12 leading large international econometric models, as to the effects of commonly specified changes i...
More Currencies, More Horizons, More Tests
Is There Such an Animal?
This essay considers some prescriptions that are currently popular regarding exchange rate regimes: a general movement toward floating, a general move...
This monograph covers Japan-US trade and the allegation that the yen is artificially undervalued, liberalization of international capital flows, inter...
The Capital Asset Pricing Model (CAPH) says that the responsiveness of asset-demands to expected returns depends (inversely) on the variance-covarianc...
A Survey
Five sets of questions puzzle observers of Japanese financial markets, particularly from the U.S. viewpoint. They concern: the apparently low corporat...
Sterilization, Expectations, and the Incompleteness of Interest Rate Convergence
The paper presents new empirical results that elucidate the dynamics of the foreign exchange market. The first half of the paper is an updated study o...
The 1981-85 Dollar
The Natural, the Unnatural, and the Super- Natural
The authors empirically study the sensitivity of local interest rates to international interest rates and how that sensitivity is affected by a countr...
Monetary Independence and Currency Regime
Using a large sample of developing and industrialized economies during 1970-1999, this paper explores whether the choice of exchange rate regime affec...
Did Local Residents Turn Pessimistic Before International Investors?
It has been suggested that Mexican investors were the front-runners in the peso crisis of December 1994, turning pessimistic before international inve...