International Finance Discussion Papers

From Board of Governors of the Federal Reserve System (U.S.)
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453: Macroeconomic stabilization through monetary and fiscal policy coordination: implications for European Monetary Union

Jay H. Bryson

452: Long-term banking relationships in general equilibrium

Michael S. Gibson

451: The role of fiscal policy in an incomplete markets framework

Charles Thomas

450: Internal funds and the investment function

Guy V. G. Stevens

449: Measuring international economic linkages with stock market data

John Ammer and Jianping Mei

448: Macroeconomic risk and asset pricing: estimating the apt with observable factors

John Ammer

447: Near observational equivalence and unit root processes: formal concepts and implications

Jon Faust

446: Market share and exchange rate pass-through in world automobile trade

Robert Feenstra, Joseph Gagnon and Michael M. Knetter

445: Industry restructuring and export performance: evidence on the transition in Hungary

Valerie J. Chang and Catherine Mann

444: Exchange rates and foreign direct investment: a note

Guy V. G. Stevens

443: Global versus country-specific productivity shocks and the current account

Reuven Glick and Kenneth Rogoff

442: The GATT's contribution to economic recovery in post-war Western Europe

Douglas Irwin

441: A utility based comparison of some models of exchange rate volatility

Dongchul Cho, Hali Edison and Kenneth West

440: Cointegration tests in the presence of structural breaks

Julia Campos, Neil Ericsson and David Hendry

439: Life expectancy of international cartels: an empirical analysis

Jaime R. Marquez

438: Daily Bundesbank and Federal Reserve intervention and the conditional variance tale in DM/$-returns

Geert J. Almekinders and Sylvester Eijffinger

437: War and peace: recovering the market's probability distribution of crude oil futures prices during the Gulf crisis

Will Melick and Charles Thomas

436: Growth, political instability, and the defense burden

Stephen Blomberg

435: Foreign exchange policy, monetary policy, and capital market liberalization in Korea

Deborah J. Lindner

434: The political economy of the won: U.S. - Korean bilateral negotiations on exchange rates

Deborah J. Lindner

433: Import demand and supply with relatively few theoretical or empirical puzzles

Andrew Warner

432: The liquidity premium in average interest rates

Wilbur Coleman, Christian Gilles and Pamela Labadie

431: The power of cointegration tests

Juan Dolado, Neil Ericsson and Jeroen J. M. Kremers

430: The adequacy of the data on U.S. international financial transactions: a Federal Reserve perspective

Lois E. Stekler and Edwin Truman

429: Whom can we trust to run the Fed? Theoretical support for the founders' views

Jon Faust

428: Stochastic behavior of the world economy under alternative policy regimes

Joseph Gagnon and Ralph W. Tryon

427: Real exchange rates: measurement and implications for predicting U.S. external imbalances

Jaime R. Marquez

426: Central banks' use in East Asia of money market instruments in the conduct of monetary policy

Robert F. Emery

425: Purchasing power parity and uncovered interest rate parity: the United States 1974-1990

Hali Edison and Will Melick

424: Fiscal implications of the transition from planned to market economy

R. Sean Craig and Catherine Mann

423: Does world investment demand determine U.S. exports?

Andrew Warner

422: The autonomy of trade elasticities: choice and consequences

Jaime R. Marquez

421: German unification and the European monetary system: a quantitative analysis

Gwyn Adams, Lewis S. Alexander and Joseph Gagnon

420: Taxation and inflation: a new explanation for current account imbalances

Tamim Bayoumi and Joseph Gagnon

419: A primer on the Japanese banking system

Allen B. Frankel and Paul B. Morgan

418: Did the debt crisis cause the investment crisis?

Andrew Warner

417: External adjustment in selected developing countries in the 1990s

William L. Helkie and David H. Howard

416: Did the debt crisis or the oil price decline cause Mexico's investment collapse?

Andrew Warner

415: Cointegration, exogeneity, and policy analysis: an overview

Neil Ericsson

414: The usefulness of P* measures for Japan and Germany

Linda S. Kole and Michael P. Leahy

413: Comments on the evaluation of policy models

Melinda Deutsch and Clive Granger

412: Parameter constancy, mean square forecast errors, and measuring forecast performance: an exposition, extensions, and illustration

Neil Ericsson

411: Explaining the volume of intraindustry trade: are increasing returns necessary?

Donald Davis

410: How pervasive is the product cycle? The empirical dynamics of American and Japanese trade flows

Joseph Gagnon and Andrew Rose

409: Anticipations of foreign exchange volatility and bid-ask spreads

Shang-Jin Wei

408: Re-assessment of the relationship between real exchange rates and real interest rates: 1974-1990

Hali Edison and B. Dianne Pauls

407: Argentina's experience with parallel exchange markets: 1981-1990

Steven B. Kamin

406: PC-give and David Hendry's econometric methodology

Julia Campos, Neil Ericsson and Hong-Anh Tran

405: EMS interest rate differentials and fiscal policy: a model with an empirical application to Italy

R. Sean Craig

404: The statistical discrepancy in the U.S. international transactions accounts: sources and suggested remedies

Lois E. Stekler