International Finance Discussion Papers

From Board of Governors of the Federal Reserve System (U.S.)
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159: Private sector effects of government expenditures on nontraded goods versus direct employment of labor in a small open economy

Ronald Johnson

158: Wealth effects in the new neoclassical models

Matthew Canzoneri

157: Rational destabilizing speculation and exchange intervention policy

Matthew Canzoneri

156: Expected and unexpected changes in exchange rates: the roles of relative price levels, balance-of-payments factors, interest rates and risk

Peter Isard

155: Sticky nominal wages and the optimal employment rule

Douglas G. Waldo

154: U.S. banks: the slowdown in international lending

Rodney H. Mills

153: Dynamic factor demand schedules for labor and capital under rational expectations

Richard Meese

152: Stabilization policy and vicious and virtuous circles

Jo Gray and Henry C. Wallich

151: U.S. banks, exchange markets, and the dollar, Sept.-Nov. 1978

Barbara R. Lowrey and Ralph W. Smith

150: Protection, real wage resistance and employment: an analysis of some proposals of the Cambridge Economic Policy Group

Barry Eichengreen

149: A test of the existence of the risk premium in the foreign exchange market vs. the hypothesis of perfect substitutability

Jeffrey Frankel

148: A technique for extracting a measure of expected inflation from the interest rate term structure

Jeffrey Frankel

147: A simple model of the welfare effects of central bank intervention in the foreign exchange market

Frank McCormick

146: The U.S. sector of the multi-country model and its multipliers

Sung Y. Kwack

145: Expected and unexpected changes in exchange rates

Peter Isard

144: Impact of changes in the discount rate on the dollar's foreign exchange value

Kathleen H. Brown

143: Balance-of-payments adjustment from a U.S. perspective: the lessons of the 1970s

Edwin Truman

142: The dynamic effects of exchange market intervention policy: two extreme views and a synthesis

Dale Henderson

141: The portfolio-balance model of exchange rates

Michael Dooley and Peter Isard

140: U.S. direct investment receipts and payments: models and projections

Lois E. Stekler

139: Testing for rational expectations in foreign exchange markets

Ralph W. Tryon

138: Assessing international interdependence with a multi-country model

Richard Berner, Peter K. Clark, Ernesto Hernandez-Cata, Howard Howe, Sung Y. Kwack and Guy V. G. Stevens

137: Wage indexation, flexible exchange rates, and macro-economic policy

Jeffrey D. Sachs

136: The real rate of interest on international financial markets

David H. Howard

135: The apparent effects of recent IMF stabilization programs

Thomas A. Connors

134: U.S. banks and the North American Euro-currency market

Rodney H. Mills and Eugenie D. Short

133: Financial policies in open economies

Dale Henderson

132: Covered-interest arbitrage: unexploited profits: comment

Frank McCormick

131: The Japanese sector of the multi-country model

Ernesto Hernandez-Cata

130: Monetary policy under alternative exchange-rate regimes: simulations with a multi-country model

Richard Berner, Peter K. Clark, Ernesto Hernandez-Cata, Howard Howe, Sung Y. Kwack and Guy V. G. Stevens

129: Optimal international borrowing with default

Richard T. Freeman

128: Impact of the dollar depreciation on the U.S. price level: an analytical survey of empirical estimates

Peter Hooper and Barbara R. Lowrey

127: The role of central banks in the development of securities markets

Yves Maroni

126: Distributed lag order determination

Richard Meese

125: Capital controls, political risk and interest disparities

Michael Dooley and Peter Isard

124: U.S. offices of foreign banks: the recent experience

Sydney J. Key and Henry S. Terrell

123: A portfolio-balance rational-expectations model of the dollar-mark rate, May 1973-June 1977

Michael Dooley and Peter Isard

122: The effect of exchange rate changes upon international price discrimination

Eliot R. J. Kalter

121: The macroeconomic effects of commodity market disruptions in open economies

Carl Van Duyne

120: The Italian economic crises of the 1970's

Raymond Lubitz

119: The stability of income and price elasticities in U.S. trade, 1957-1977

Peter Hooper

118: The short-run relation between growth and inflation in Latin America: a quasi rational or consistent expectations approach

James A. Hanson

117: The effects of foreign aid on optimal savings and debt

Richard T. Freeman

116: U.S. demand for imported and domestically-produced foods: an investigation of intertemporal and cross substitution

Peter Isard, Barbara R. Lowrey and P. A. V. B. Swamy

115: A multi-country model of the international influences on the U.S. economy: preliminary results

Richard Berner, Peter K. Clark, Ernesto Hernandez-Cata, Howard Howe, Sung Y. Kwack and Guy V. G. Stevens

114: Inflation and unemployment in open economies

Betty Daniel

113: The U.S. activities of foreign banks: an analytic survey

Sydney J. Key and Henry S. Terrell

112: Approaches for assessing the risk involved in lending to developed countries

Yves Maroni

111: Transfers and the price level under fixed, free, and indexed exchange rate: a monetary approach

James A. Hanson

110: Staving off the backstop: dynamic limit-pricing with a kinked demand curve

Stephen Salant