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An Empirical Exploration
The objective of this paper is to provide an empirical characterization of the determinants of current account balances for a large sample of industri...
This paper provides an empirical investigation of the medium-term determinants of current accounts for a large sample of industrial and developing cou...
Real and Financial Linkages and the Prospects for Currency Union
The tremendous success of China's program of economic reform and the rapid integration of China into the global economy have prompted this study on th...
The canonical predictions of intertemporal open-economy macro models are tested by a structural VAR analysis of Group of Seven countries. The analysis...
Are Any Fit to Survive?
Previous assessments of nominal exchange rate determination have focused upon a narrow set of models typically of the 1970's vintage. The canonical pa...
Evidence from a Panel of 14 Countries
We investigate the long-run relationship between the real exchange rate, traded and nontraded productivity levels, and government spending for 14 OECD...
Does One Size Fit All?
We study the post-war evidence for Japan to see if the same specification for both the economy and the monetary policy rule is useful for understandin...
Empirical Evidence for OECD Countries
This paper investigates the long- and short-run determinants of the real exchange rate using a panel of data for fourteen OECD countries. The data are...
Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration
Required reserves on banks' deposit liabilities have been utilized by both industrial and developing countries to discourage and sterilize internation...
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Were East Asian Currencies Overvalued?
I implement two major approaches to identifying the equilibrium exchange rate. First, the concept of purchasing power parity is tested and used to def...
Purchasing Power Parity and East Asian Currencies in the 1990s
The concept of purchasing power parity (PPP) is used to evaluate whether eight East Asian currencies were overvalued on the eve of the 1997 crises. Th...
We examine the relative predictive power of the sticky price monetary model, uncovered interest parity, and a transformation of net exports and net fo...
Uncovered interest parity (UIP) has been almost universally rejected in studies of exchange rate movements, although there is little consensus on why ...
A more powerful version of the ADF test and a test that has trend stationarity as the null are applied to U.S. GNP. Simulated critical values generate...
An Analysis of Differences in Computer and Internet Penetration
Computer and Internet use, especially in developing countries, has expanded rapidly in recent years. Even in light of this expansion in technology ado...
1982-1992
Are Any Fit to Survive?Are Uniform Tariffs Optimal?
We find that Chinese trade flows respond to economic activity and relative prices - as represented by a trade weighted exchange rate - but the relatio...
We investigate the long-run relationship between the real exchange rate, traded and non-traded productivity levels, and government spending for 14 OEC...