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Details about Michael Mercier Hutchison

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Workplace:Economics Department, University of California-Santa Cruz (UCSC), (more information at EDIRC)

Access statistics for papers by Michael Mercier Hutchison.

Last updated 2015-07-20. Update your information in the RePEc Author Service.

Short-id: phu149


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Working Papers

2014

  1. The Transmission of Federal Reserve Tapering News to Emerging Financial Markets
    Santa Cruz Department of Economics, Working Paper Series, Department of Economics, UC Santa Cruz Downloads View citations (62)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2014) Downloads View citations (63)

2013

  1. China’s Financial Linkages with Asia and the Global Financial Crisis
    Working Paper Series, Federal Reserve Bank of San Francisco Downloads View citations (14)
    See also Journal Article in Journal of International Money and Finance (2013)
  2. Credit Ratings and the Pricing of Sovereign Debt during the Euro Crisis
    EY International Congress on Economics I (EYC2013), October 24-25, 2013, Ankara, Turkey, Ekonomik Yaklasim Association Downloads View citations (21)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2013) Downloads View citations (22)

    See also Journal Article in Oxford Review of Economic Policy (2013)
  3. Do Sound Public Finances Require Fiscal Rules Or Is Market Pressure Enough?
    European Economy - Economic Papers 2008 - 2015, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission Downloads View citations (6)

2011

  1. Currency crises
    Working Paper Series, Federal Reserve Bank of San Francisco Downloads View citations (7)
  2. Dove or Hawk? characterizing monetary regime switches during financial liberalization in India
    MPRA Paper, University Library of Munich, Germany Downloads
  3. Effectiveness of Capital Controls in India: Evidence from the Offshore NDF Market
    Staff Working Papers, Bank of Canada Downloads View citations (8)
    See also Journal Article in IMF Economic Review (2012)
  4. What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk
    Santa Cruz Department of Economics, Working Paper Series, Department of Economics, UC Santa Cruz Downloads View citations (35)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2011) Downloads View citations (45)

    See also Journal Article in Journal of International Money and Finance (2013)

2010

  1. Asymmetries and state dependence: the impact of macro surprises on intraday exchange rates
    Globalization Institute Working Papers, Federal Reserve Bank of Dallas Downloads View citations (6)
    See also Journal Article in Journal of the Japanese and International Economies (2012)
  2. Estimating a Monetary Policy Rule for India
    MPRA Paper, University Library of Munich, Germany Downloads View citations (1)
    Also in MPRA Paper, University Library of Munich, Germany (2010) Downloads View citations (4)
  3. Exchange Market Pressure and Absorption by International Reserves: Emerging Markets and Fear of Reserve Loss During the 2008-09 Crisis
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (7)
    Also in Santa Cruz Department of Economics, Working Paper Series, Department of Economics, UC Santa Cruz (2010) Downloads View citations (6)
  4. Indian Capital Control Liberalization: Evidence from NDF Markets
    MPRA Paper, University Library of Munich, Germany Downloads View citations (1)
    Also in MPRA Paper, University Library of Munich, Germany (2009) Downloads View citations (11)
    Finance Working Papers, East Asian Bureau of Economic Research (2009) Downloads View citations (5)
    Working Papers, National Institute of Public Finance and Policy (2009) Downloads View citations (3)
  5. India’s trilemma: financial liberalization, exchange rates and monetary policy
    MPRA Paper, University Library of Munich, Germany Downloads View citations (22)
    See also Journal Article in The World Economy (2012)
  6. The illusive quest: do international capital controls contribute to currency stability?
    Working Paper Series, Federal Reserve Bank of San Francisco Downloads View citations (1)
    See also Journal Article in International Review of Economics & Finance (2011)

2009

  1. Controlling Capital? Legal Restrictions and the Asset Composition of International Financial Flows
    IMF Working Papers, International Monetary Fund Downloads View citations (12)
    See also Journal Article in Journal of International Money and Finance (2010)
  2. Do Both U.S. and Foreign Macro Surprises Matter for the Intraday Exchange Rate? Evidence from Japan
    EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics Downloads View citations (1)
  3. Transmission of the U.S. Subprime Crisis to Emerging Markets: Evidence on the Decoupling-Recoupling Hypothesis
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (157)
    See also Journal Article in Journal of International Money and Finance (2009)

2008

  1. Evaluating Foreign Exchange Market Intervention: Self-selection, Counterfactuals and Average Treatment Effects
    Working Papers, Hong Kong Institute for Monetary Research Downloads View citations (1)
    Also in Santa Cruz Department of Economics, Working Paper Series, Department of Economics, UC Santa Cruz (2006) Downloads
    EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics (2006) Downloads View citations (1)
    Santa Cruz Center for International Economics, Working Paper Series, Center for International Economics, UC Santa Cruz (2006) Downloads

    See also Journal Article in Journal of International Money and Finance (2010)
  2. Inflation Targeting and Real Exchange Rates in Emerging Markets
    Working Papers, University of Hawaii at Manoa, Department of Economics Downloads View citations (28)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2008) Downloads View citations (32)
    Santa Cruz Department of Economics, Working Paper Series, Department of Economics, UC Santa Cruz (2008) Downloads View citations (24)

    See also Journal Article in World Development (2011)
  3. Navigating the Trilemma: Capital Flows and Monetary Policy in China
    Working Papers, Hong Kong Institute for Monetary Research Downloads View citations (3)
    Also in Working Paper Series, Federal Reserve Bank of San Francisco (2008) Downloads View citations (3)

    See also Journal Article in Journal of Asian Economics (2009)

2007

  1. Fiscal and Monetary Policies and the Cost of Sudden Stops
    Working Papers, University of Hawaii at Manoa, Department of Economics Downloads View citations (1)
    See also Journal Article in Journal of International Money and Finance (2010)

2005

  1. Currency crises, capital account liberalization, and selection bias
    Working Paper Series, Federal Reserve Bank of San Francisco Downloads
    Also in Santa Cruz Center for International Economics, Working Paper Series, Center for International Economics, UC Santa Cruz (2004) Downloads View citations (8)
    Santa Cruz Department of Economics, Working Paper Series, Department of Economics, UC Santa Cruz (2004) Downloads View citations (8)
    Santa Cruz Department of Economics, Working Paper Series, Department of Economics, UC Santa Cruz (2004) Downloads View citations (8)
    EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics (2004) Downloads View citations (3)

    See also Journal Article in The Review of Economics and Statistics (2006)
  2. Foreign Exchange Intervention and Monetary Policy in Japan, 2003-04
    EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics Downloads View citations (10)
  3. Foreign Exchange Intervention and Monetary Policy in Japan, 2003-2004
    Hi-Stat Discussion Paper Series, Institute of Economic Research, Hitotsubashi University Downloads View citations (6)
  4. The Great Japanese Stagnation: Lessons for Industrial Countries
    EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics Downloads View citations (1)

2004

  1. Selection Bias and the Output Costs of IMF Programs
    EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics Downloads View citations (9)
  2. Sudden Stops and the Mexican Wave: Currency Crises, Capital Flow Reversals and Output Loss in Emerging Markets
    Santa Cruz Department of Economics, Working Paper Series, Department of Economics, UC Santa Cruz Downloads View citations (6)
    Also in Santa Cruz Department of Economics, Working Paper Series, Department of Economics, UC Santa Cruz (2004) Downloads View citations (6)
    Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco (2002) Downloads View citations (11)
    Santa Cruz Center for International Economics, Working Paper Series, Center for International Economics, UC Santa Cruz (2004) Downloads View citations (6)
    EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics Downloads View citations (16)

    See also Journal Article in Journal of Development Economics (2006)

2003

  1. Effectiveness of Official Daily Foreign Exchange Market Intervention Operations in Japan
    Santa Cruz Department of Economics, Working Paper Series, Department of Economics, UC Santa Cruz Downloads View citations (26)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2003) Downloads View citations (32)
    Santa Cruz Center for International Economics, Working Paper Series, Center for International Economics, UC Santa Cruz (2003) Downloads View citations (26)
    Santa Cruz Department of Economics, Working Paper Series, Department of Economics, UC Santa Cruz (2003) Downloads View citations (26)
    Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco (2002) Downloads

    See also Journal Article in Journal of International Money and Finance (2006)
  2. Macroeconomic effects of IMF-sponsored programs in Latin America: output costs, program recidivism and the vicious cycle of failed stabilizations
    Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco Downloads View citations (15)
    See also Journal Article in Journal of International Money and Finance (2003)

2002

  1. Capital controls and exchange rate instability in developing economies
    Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco Downloads View citations (1)
    See also Journal Article in Journal of International Money and Finance (2005)
  2. How bad are twins? output costs of currency and banking crises
    Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco Downloads View citations (10)
    Also in EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics Downloads View citations (7)

    See also Journal Article in Journal of Money, Credit and Banking (2005)

2001

  1. A Cure Worse Than the Disease? Currency Crises and the Output Costs of IMF-Supported Stabilization Programs
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (31)
    Also in EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics Downloads View citations (14)
    Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco (2001) Downloads View citations (10)

    See also Chapter (2003)

2000

  1. Banking and Currency Crises: How Common Are The Twins?
    Working Papers, Hong Kong Institute for Monetary Research Downloads View citations (18)
    Also in Working Papers, Economisch Institut voor het Midden en Kleinbedrijf- (1999) View citations (45)
    Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco (1999) Downloads View citations (44)
    EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics Downloads View citations (20)

    See also Journal Article in Proceedings (1999)
  2. Capital Controls and Exchange Rate Instability in Developing Countries
    Working Papers, Economisch Institut voor het Midden en Kleinbedrijf- View citations (6)
    See also Journal Article in FRBSF Economic Letter (2001)

1999

  1. Are All Banking Crises Alike? The Japanese Experience in International Comparison
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (46)
    Also in Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco (1999) Downloads View citations (34)
    Working Papers, Economisch Institut voor het Midden en Kleinbedrijf- (1998) View citations (2)

    See also Journal Article in Journal of the Japanese and International Economies (1999)
  2. Predicting Banking Crises: Japan's Financial Crisis in International Comparison
    Asia Pacific Economic Papers, Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University Downloads
  3. The 'German View' and Consumption Booms: Empirical Evidence from Denmark
    Working Papers, Lund University, Department of Economics Downloads View citations (1)

1997

  1. Central bank institutional design and the output cost of disinflation: did the 1989 New Zealand Reserve Bank Act affect the output-inflation tradeoff?
    Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco

1995

  1. Exchange rates, non-traded goods and the terms-of-trade: an empirical application for New Zealand
    Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco View citations (1)
    Also in EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics View citations (1)

    See also Journal Article in Oxford Bulletin of Economics and Statistics (1997)
  2. Is pegging the exchange rate a cure for inflation? East Asian experiences
    Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco View citations (6)
  3. Lessons from financial crisis: the Japanese case
    Proceedings, Federal Reserve Bank of Chicago View citations (3)

1994

  1. Foreign reserve and money dynamics with asset portfolio adjustment: international evidence
    Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco
    See also Journal Article in Journal of International Financial Markets, Institutions and Money (2000)

1993

  1. Asset price fluctuations in Japan: what role for monetary policy?
    Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco View citations (8)
    See also Journal Article in Monetary and Economic Studies (1994)
  2. Long-term international capital mobility: new evidence from equilibrium real interest rate linkages
    Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco View citations (6)
  3. Monetary policy, intervention, and exchange rates in Japan
    Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco
    See also Journal Article in Proceedings (1992)

1992

  1. Fiscal policy in monetary unions: implications for Europe
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco View citations (4)
    See also Journal Article in Open Economies Review (1993)
  2. Structural change and the macroeconomic effects of oil shocks: empirical evidence from the United States and Japan
    Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco View citations (1)
    See also Journal Article in Journal of International Money and Finance (1993)

1991

  1. Central bank secrecy and money surprises: international evidence
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco View citations (1)
    See also Journal Article in The Review of Economics and Statistics (1992)

1990

  1. Fiscal constraints and incentives with monetary coordination: implications for Europe 1992
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco
  2. Manufacturing sector resiliency to energy booms: Empirical evidence from Norway, the Netherlands and the United Kingdom
    BIS Working Papers, Bank for International Settlements Downloads
    See also Journal Article in Oxford Economic Papers (1994)

1988

  1. Does exchange rate appreciation 'deindustrialize' the open economy? a critique of U.S. evidence
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco
    See also Journal Article in Economic Inquiry (1990)
  2. Political business cycles in a parliamentary setting: the case of Japan
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco View citations (2)

1987

  1. Monetary \\"targeting\\" in Japan and the U.S.: which is more accurate?
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco
  2. New results in support of the fiscal policy ineffectiveness proposition
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco
    See also Journal Article in Journal of Money, Credit and Banking (1990)

1986

  1. Monetary control, interest rates and exchange rates: the case of Japan, 1973-1986
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco
  2. Rational expectations and the Fisher effect: implications of monetary regime shifts
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco View citations (3)
  3. Real and financial linkages in the macroeconomic response to budget deficits: an empirical investigation
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco

1985

  1. Real and financial adjustments to fiscal deficits in growing open economies
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco

1984

  1. The real interest rate/budget deficit link: international evidence, 1973-82
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco
    See also Journal Article in Economic Review (1984)
  2. U.S.-Japanese bilateral trade and the yen-dollar exchange rate: an empirical analysis
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco View citations (3)

Undated

  1. Central Bank Institutional Design and the Output Cost of Disinflation: Did the 1989 New Zealand Reserve Bank Act Affect the Inflation-Output Tradeoff?
    EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics
  2. ECB Foreign Exchange Intervention and the Euro: Institutional Framework, News and Intervention
    EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics Downloads View citations (14)
    See also Journal Article in Open Economies Review (2002)
  3. European Banking Distress and EMU: Institutional and Macroeconomic Risks
    EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics Downloads
  4. Is Foreign Exchange Market Intervention an Alternative to Monetary Policy? Evidence from Japan
    EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics Downloads View citations (10)
  5. Is Intervention a Signal of Future Monetary Policy? Evidence from the Federal Funds Futures Market
    EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics View citations (21)
    See also Journal Article in Journal of Money, Credit and Banking (1999)
  6. Is Sterilized Foreign Exchange Intervention Effective After All? An Event Study Approach
    EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics Downloads View citations (28)
    See also Journal Article in Economic Journal (2003)
  7. Should the Nordic Countries Join A European Monetary Union? An Empirical Analysis
    EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics Downloads View citations (4)
  8. Stopping "Hot Money" or Signaling Bad Policy? Capital Controls and the Onset of Currency Crises
    EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics Downloads View citations (3)
  9. The 'German View', Fiscal Consolidation and Consumption Booms: Empirical Evidence from Denmark
    EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics View citations (2)
  10. The Costs of EMU and Economic Convergence
    EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics View citations (1)

Journal Articles

2015

  1. Economic stabilization in the post-crisis world: Are fiscal rules the answer?
    Journal of International Money and Finance, 2015, 52, (C), 82-101 Downloads View citations (16)

2013

  1. China's financial linkages with Asia and the global financial crisis
    Journal of International Money and Finance, 2013, 39, (C), 186-206 Downloads View citations (20)
    See also Working Paper (2013)
  2. Credit ratings and the pricing of sovereign debt during the euro crisis
    Oxford Review of Economic Policy, 2013, 29, (3), 582-609 Downloads View citations (22)
    See also Working Paper (2013)
  3. Dove or Hawk? Characterizing monetary policy regime switches in India
    Emerging Markets Review, 2013, 16, (C), 183-202 Downloads View citations (11)
  4. Impact of macro-economic surprises on carry trade activity
    Journal of Banking & Finance, 2013, 37, (4), 1133-1147 Downloads View citations (8)
  5. What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market pricing of risk
    Journal of International Money and Finance, 2013, 34, (C), 37-59 Downloads View citations (158)
    See also Working Paper (2011)

2012

  1. A Brief Review of Literature on the Effectiveness of International Capital Controls
    Asian Development Review, 2012, 29, (1), 102-103 View citations (1)
  2. Asymmetries and state dependence: The impact of macro surprises on intraday exchange rates
    Journal of the Japanese and International Economies, 2012, 26, (4), 542-560 Downloads View citations (13)
    See also Working Paper (2010)
  3. Effectiveness of Capital Controls in India: Evidence from the Offshore NDF Market
    IMF Economic Review, 2012, 60, (3), 395-438 Downloads View citations (12)
    See also Working Paper (2011)
  4. Empirical Evidence on the Efficacy of Capital Controls: A Summary Evaluation
    Asian Development Review, 2012, 29, (1), 95-102 View citations (1)
  5. Exchange market pressure and absorption by international reserves: Emerging markets and fear of reserve loss during the 2008–2009 crisis
    Journal of International Money and Finance, 2012, 31, (5), 1076-1091 Downloads View citations (32)
  6. India’s Trilemma: Financial Liberalisation, Exchange Rates and Monetary Policy
    The World Economy, 2012, 35, (1), 3-18 Downloads View citations (11)
    See also Working Paper (2010)

2011

  1. Inflation Targeting and Real Exchange Rates in Emerging Markets
    World Development, 2011, 39, (5), 712-724 Downloads View citations (51)
    See also Working Paper (2008)
  2. The emerging global financial architecture and exchange rate regimes in a volatile world
    International Review of Economics & Finance, 2011, 20, (1), 1-4 Downloads View citations (2)
  3. The illusive quest: Do international capital controls contribute to currency stability?
    International Review of Economics & Finance, 2011, 20, (1), 59-70 Downloads View citations (9)
    See also Working Paper (2010)

2010

  1. Controlling capital? Legal restrictions and the asset composition of international financial flows
    Journal of International Money and Finance, 2010, 29, (4), 666-684 Downloads View citations (64)
    See also Working Paper (2009)
  2. Evaluating foreign exchange market intervention: Self-selection, counterfactuals and average treatment effects
    Journal of International Money and Finance, 2010, 29, (3), 570-584 Downloads View citations (20)
    See also Working Paper (2008)
  3. Expansionary Fiscal Contractions: Re-evaluating the Danish Case
    International Economic Journal, 2010, 24, (1), 71-93 Downloads View citations (6)
  4. Fiscal and monetary policies and the cost of sudden stops
    Journal of International Money and Finance, 2010, 29, (6), 973-987 Downloads View citations (28)
    See also Working Paper (2007)

2009

  1. Navigating the trilemma: Capital flows and monetary policy in China
    Journal of Asian Economics, 2009, 20, (3), 205-224 Downloads View citations (24)
    See also Working Paper (2008)
  2. Transmission of the U.S. subprime crisis to emerging markets: Evidence on the decoupling-recoupling hypothesis
    Journal of International Money and Finance, 2009, 28, (8), 1331-1349 Downloads View citations (155)
    See also Working Paper (2009)
  3. Understanding Global Liquidity in a Volatile World
    Review of International Economics, 2009, 17, (4), 651-654 Downloads View citations (3)

2006

  1. Currency Crises, Capital-Account Liberalization, and Selection Bias
    The Review of Economics and Statistics, 2006, 88, (4), 698-714 Downloads View citations (106)
    See also Working Paper (2005)
  2. Effectiveness of official daily foreign exchange market intervention operations in Japan
    Journal of International Money and Finance, 2006, 25, (2), 199-219 Downloads View citations (48)
    See also Working Paper (2003)
  3. Sudden stops and the Mexican wave: Currency crises, capital flow reversals and output loss in emerging markets
    Journal of Development Economics, 2006, 79, (1), 225-248 Downloads View citations (76)
    See also Working Paper (2004)

2005

  1. Capital controls and exchange rate instability in developing economies
    Journal of International Money and Finance, 2005, 24, (3), 387-412 Downloads View citations (68)
    See also Working Paper (2002)
  2. Foreign exchange intervention and monetary policy in Japan, 2003–04
    International Economics and Economic Policy, 2005, 2, (2), 241-260 Downloads View citations (19)
  3. How Bad Are Twins? Output Costs of Currency and Banking Crises
    Journal of Money, Credit and Banking, 2005, 37, (4), 725-52 View citations (111)
    See also Working Paper (2002)

2004

  1. FDI and Technology Intensive Exports in India
    The IUP Journal of Applied Economics, 2004, III, (4), 35-46

2003

  1. Intervention and Exchange Rate Stabilization Policy in Developing Countries
    International Finance, 2003, 6, (1), 109-27 Downloads View citations (9)
  2. Is official foreign exchange intervention effective?
    FRBSF Economic Letter, 2003, (jul18) Downloads View citations (7)
  3. Is sterilised foreign exchange intervention effective after all? an event study approach
    Economic Journal, 2003, 113, (487), 390-411 Downloads View citations (121)
    See also Working Paper
  4. Macroeconomic effects of IMF-sponsored programs in Latin America: output costs, program recidivism and the vicious cycle of failed stabilizations
    Journal of International Money and Finance, 2003, 22, (7), 991-1014 Downloads View citations (22)
    See also Working Paper (2003)

2002

  1. ECB Foreign Exchange Intervention and the EURO: Institutional Framework, News, and Intervention
    Open Economies Review, 2002, 13, (4), 413-425 Downloads View citations (39)
    See also Working Paper
  2. Output Costs of Currency and Balance of Payments Crises in Emerging Markets
    Comparative Economic Studies, 2002, 44, (2-3), 27-44 Downloads View citations (48)

2001

  1. Capital controls and exchange rate stability in developing countries
    FRBSF Economic Letter, 2001, (jul20) Downloads View citations (3)
    See also Working Paper (2000)
  2. How costly are IMF stabilization programs?
    FRBSF Economic Letter, 2001, (mar.30) Downloads View citations (1)

2000

  1. Credibilidad, desinflación y contratos del Banco Central: qué se ha cumplido de la ley del Banco de la Reserva Federal en Nueva Zelanda?
    Revista ESPE - Ensayos Sobre Política Económica, 2000, 18, (36-37), 105-135 Downloads
  2. Foreign reserve and money dynamics with asset portfolio adjustment: international evidence
    Journal of International Financial Markets, Institutions and Money, 2000, 10, (3-4), 229-247 Downloads View citations (18)
    See also Working Paper (1994)
  3. Japan's recession: is the liquidity trap back?
    FRBSF Economic Letter, 2000, (jun16) Downloads View citations (2)

1999

  1. Are All Banking Crises Alike? The Japanese Experience in International Comparison
    Journal of the Japanese and International Economies, 1999, 13, (3), 155-180 Downloads View citations (33)
    See also Working Paper (1999)
  2. Banking and currency crises; how common are twins?
    Proceedings, 1999, (sep) Downloads View citations (70)
    See also Working Paper (2000)
  3. Early warning indicators of banking sector distress
    FRBSF Economic Letter, 1999, (sep17) Downloads
  4. Is Intervention a Signal of Future Monetary Policy? Evidece from the Federal Funds Futures Market
    Journal of Money, Credit and Banking, 1999, 31, (1), 54-69 View citations (15)
    See also Working Paper

1998

  1. The Output-Inflation Tradeoff and Central Bank Reform: Evidence from New Zealand
    Economic Journal, 1998, 108, (448), 703-25 Downloads View citations (39)

1997

  1. Equilibrium Real Interest Rate Linkages: The United States and Japan
    Journal of the Japanese and International Economies, 1997, 11, (2), 208-227 Downloads View citations (7)
  2. Exchange Rates, Non-traded Goods and the Terms of Trade: An Empirical Application for New Zealand
    Oxford Bulletin of Economics and Statistics, 1997, 59, (1), 43-67 View citations (1)
    See also Working Paper (1995)
  3. Financial crises and bank supervision: new directions for Japan?
    FRBSF Economic Letter, 1997, (dec12) Downloads View citations (5)

1996

  1. DEPOSIT GUARANTEES AND THE BURST OF THE JAPANESE BUBBLE ECONOMY
    Contemporary Economic Policy, 1996, 14, (3), 41-52 Downloads View citations (2)

1995

  1. Central bank credibility and disinflation in New Zealand
    FRBSF Economic Letter, 1995, (feb10) Downloads View citations (2)

1994

  1. Asset Price Fluctuations in Japan: What Role for Monetary Policy?
    Monetary and Economic Studies, 1994, 12, (2), 61-83 Downloads View citations (2)
    See also Working Paper (1993)
  2. Manufacturing Sector Resiliency to Energy Booms: Empirical Evidence from Norway, the Netherlands, and the United Kingdom
    Oxford Economic Papers, 1994, 46, (2), 311-29 Downloads View citations (16)
    See also Working Paper (1990)

1993

  1. A single market for Europe?
    FRBSF Economic Letter, 1993, (mar5) Downloads
  2. Fiscal policy in monetary unions: Implications for Europe
    Open Economies Review, 1993, 4, (1), 39-65 Downloads View citations (8)
    See also Working Paper (1992)
  3. Interdependence: U.S. and Japanese real interest rates
    FRBSF Economic Letter, 1993, (jun18) Downloads
  4. Structural change and the macroeconomic effects of oil shocks: empirical evidence from the United States and Japan
    Journal of International Money and Finance, 1993, 12, (6), 587-606 Downloads View citations (18)
    See also Working Paper (1992)

1992

  1. Budget rules and monetary union in Europe
    FRBSF Economic Letter, 1992, (sep18) Downloads View citations (1)
  2. Central Bank Secrecy and Money Surprises: International Evidence
    The Review of Economics and Statistics, 1992, 74, (1), 135-45 Downloads View citations (3)
    See also Working Paper (1991)
  3. Empirical evidence on the insulation properties of fixed and flexible exchange rates: The Japanese experience
    Journal of International Economics, 1992, 32, (3-4), 241-263 Downloads View citations (21)
  4. Exchange rate policy and interdependence: perspectives from Pacific Basin countries: a conference sponsored by the Center for Pacific Basin Studies, Federal Reserve Bank of San Francisco, September 16-18, 1992
    Proceedings, 1992
  5. Exchange rate policy in Pacific Basin countries: a conference sponsored by the Center for Pacific Basin Studies, Federal Reserve Bank of San Francisco, September 16-18, 1992
    Proceedings, 1992, (sep)
  6. Monetary announcements: the Bank of Japan and the Fed
    FRBSF Economic Letter, 1992, (apr10) Downloads
  7. Monetary policy, intervention, and exchange rates in Japan
    Proceedings, 1992, 225-257 View citations (1)
    Also in Proceedings, 1992, (sep) (1992) View citations (10)

    See also Working Paper (1993)
  8. The European currency crisis
    FRBSF Economic Letter, 1992, (oct16) Downloads

1991

  1. Political Business Cycles with Endogenous Election Timing: Evidence from Japan
    The Review of Economics and Statistics, 1991, 73, (4), 733-39 Downloads View citations (20)
  2. The bank of Japan's response to elections
    Journal of the Japanese and International Economies, 1991, 5, (2), 120-139 Downloads View citations (1)

1990

  1. Does Exchange Rate Appreciation 'Deindustrialize' the Open Economy? A Critique of U.S. Evidence
    Economic Inquiry, 1990, 28, (1), 19-37 View citations (4)
    See also Working Paper (1988)
  2. Economic integration and fiscal policy transmission: implications for Europe in 1992 and beyond
    Economic Review, 1990, (spr), 17-28 Downloads
  3. Financial liberalization in the Pacific Basin: Implications for real interest rate linkages
    Journal of the Japanese and International Economies, 1990, 4, (1), 36-48 Downloads View citations (32)
  4. Japan's experience with flexible exchange rates
    FRBSF Economic Letter, 1990, (may4) Downloads
  5. New Results in Support of the Fiscal Policy Ineffectiveness Proposition
    Journal of Money, Credit and Banking, 1990, 22, (3), 288-304 Downloads View citations (6)
    See also Working Paper (1987)

1989

  1. Estimating the Fisher Effect and the Stochastic Money Growth Process
    Economic Inquiry, 1989, 27, (2), 219-39 View citations (1)
  2. Exchange rates and monetary policy
    Economic Review, 1989, (spr), 17-29 Downloads
  3. What makes a central bank credible?
    FRBSF Economic Letter, 1989, (jul14) Downloads View citations (2)

1988

  1. Divine intervention?
    FRBSF Economic Letter, 1988, (may13) Downloads
  2. Monetary control with an exchange rate objective: The bank of Japan, 1973-86
    Journal of International Money and Finance, 1988, 7, (3), 261-271 Downloads View citations (5)
  3. Monetary policy in the Pacific Basin
    FRBSF Economic Letter, 1988, (nov11) Downloads View citations (2)
  4. The dollar and manufacturing output
    FRBSF Economic Letter, 1988, (aug26) Downloads View citations (1)

1987

  1. A model central bank?
    FRBSF Economic Letter, 1987, (apr3) Downloads
  2. Coordinating policies with Japan
    FRBSF Economic Letter, 1987, (aug28) Downloads
  3. Export promoting development strategies
    FRBSF Economic Letter, 1987, (nov27) Downloads
  4. Korea and export-led growth
    FRBSF Economic Letter, 1987, (dec4) Downloads View citations (1)
  5. Money and the Fisher effect
    FRBSF Economic Letter, 1987, (aug7) Downloads
  6. The response of the Bank of Japan to macroeconomic and financial change
    Proceedings, 1987, 227-246 View citations (1)

1986

  1. Japan's \\"money focused\\" monetary policy
    Economic Review, 1986, (sum), 33-46 Downloads
  2. Ominous trade winds
    FRBSF Economic Letter, 1986, (sep12) Downloads

1985

  1. A monetary cure for the high dollar?
    FRBSF Economic Letter, 1985, (aug10) Downloads
  2. Deficits and financial change in the Pacific Basin
    FRBSF Economic Letter, 1985, (jan4) Downloads
  3. Swaps
    FRBSF Economic Letter, 1985, (may3) Downloads
  4. The dollar and policy options
    FRBSF Economic Letter, 1985, (mar1) Downloads
  5. U.S. budget deficits and the real value of the dollar
    Economic Review, 1985, (fall), 26-43 Downloads View citations (5)

1984

  1. Budget deficits, exchange rates and the current account: theory and U. S. evidence
    Economic Review, 1984, (fall), 5-25 Downloads View citations (10)
  2. Export crowding out
    FRBSF Economic Letter, 1984, (jan27) Downloads
  3. Financial effects of budget deficits in the Pacific Basin
    Proceedings, 1984, 311-334
  4. Financial market changes and regulatory reforms in Pacific Basin countries: an overview
    Proceedings, 1984, 13-36
  5. Financing current account deficits
    FRBSF Economic Letter, 1984, (sep7) Downloads
  6. Intervention, deficit finance and real exchange rates: the case of Japan
    Economic Review, 1984, (win), 27-44 Downloads View citations (4)
  7. McKinnon's world money hypothesis: comment
    Proceedings, 1984, 56-60
  8. Misaligned dollar
    FRBSF Economic Letter, 1984, (jan20) Downloads
  9. Official Japanese intervention in foreign exchange markets: Leaning against the wind?
    Economics Letters, 1984, 15, (1-2), 115-120 Downloads View citations (6)
  10. The real interest rate/budget deficit link: international evidence 1973- 82
    Economic Review, 1984, (fall), 26-35 Downloads
    See also Working Paper (1984)
  11. World money
    FRBSF Economic Letter, 1984, (apr27) Downloads

1983

  1. Monetary policy and LDC debt
    FRBSF Economic Letter, 1983, (sep23) Downloads
  2. U.S. intervention policy
    FRBSF Economic Letter, 1983, (jun10) Downloads

Books

2001

  1. Financial Policy and Central Banking in Japan, vol 1
    MIT Press Books, The MIT Press View citations (28)

1997

  1. The Political Economy of Japanese Monetary Policy, vol 1
    MIT Press Books, The MIT Press View citations (78)

Edited books

2011

  1. Fiscal Aspects of European Monetary Integration
    Cambridge Books, Cambridge University Press

2007

  1. Exchange Rate Policy and Interdependence
    Cambridge Books, Cambridge University Press

2006

  1. Japan's Great Stagnation: Financial and Monetary Policy Lessons for Advanced Economies, vol 1
    MIT Press Books, The MIT Press View citations (3)

1999

  1. Fiscal Aspects of European Monetary Integration
    Cambridge Books, Cambridge University Press View citations (6)

1994

  1. Exchange Rate Policy and Interdependence
    Cambridge Books, Cambridge University Press View citations (2)

Chapters

2012

  1. International Financial Markets and Transmission of the Crisis: Determinants of Exchange Market Pressure and Absorption by International Reserves
    Chapter 4 in Global Economic Crisis, 2012 Downloads

2003

  1. A Cure Worse Than the Disease? Currency Crises and the Output Costs of IMF-Supported Stabilization Programs
    A chapter in Managing Currency Crises in Emerging Markets, 2003, pp 321-360 Downloads View citations (13)
    See also Working Paper (2001)
 
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