International Research Monitor
last updated June 13, 2001
[Note: The following selection seeks to provide an update on latest policy-oriented economic research in fields relevant to this site and which we would recommend. It is by no means exhaustive and excludes, for example, academic journals and other highly technical or theoretical material. As a rule, updates attempt to cover the last two to three months. We thank you for kindly notifying us - by sending a simple e-mail to admin@currencyrisk.com - of any broken link as can happen sometimes, unnoticed.]
U.S. economy: recent trends
U.S. personal savings/debt/current account
New economy/productivity growth
Foreign exchange market behavior
Exchange rate regimes/Monetary unions/Currency boards/Dollarization
Currency risk: Indicators, models and management
World economic order/IMF/International Financial Architecture
European banking/financial sector
Tax reform/flat rate/consumption tax
Economic trends, July 2001, Federal Reserve Bank of Cleveland
FOMC statement accompanying the latest interest rate cut of June 27, 2001, Federal Reserve Board, Board of Governors Beige Book, June 2001, Federal Reserve Board, Board of GovernorsAn Analysis of Current Conditions of the U.S. Economy from the viewpoint of the United States Congress, prepared for the Joint Economic Committee under the chairmanship of Jim Saxton (R-NJ), April 19, 2001, United States Congress (Senate and House of Representatives combined)
Structural changes in the economy and financial markets, Speech by Alan Greenspan at the America's Community Banker Conference, New York City, December 5, 2000, Federal Reserve Board, Board of Governors
U.S. personal savings/debt/current account
Does Stock Market Wealth Matter for Consumption?, by Karen E. Dynan and Dean M. Maki, May 2001, Federal Reserve Board, Board of Governors
Disentangling the Wealth Effect: A Cohort Analysis of Household Saving in the 1990s, by Dean M. Maki and Michael G. Palumbo, April 2001, Federal Reserve Board, Board of Governors Does the Current Account Matter?, by Sebastian Edwards, May 2001, National Bureau of Economic Research Saving Puzzles and Saving Policies in the United States, by Annamaria Lusardi, Jonathan Skinner and Steven Venti, April 2001, National Bureau of Economic ResearchThe Effects of a Booming Economy on the U.S. Trade Deficit, by Stefan Papaioannou and Kei-Mu Yi, February 2001, Federal Reserve Bank of New York
Current Account Adjustment in Industrial Countries, by Caroline Freund, December 2000, Federal Reserve Board, Board of Governors
Do the Rich Save More?, by Karen E. Dynan, Jonathan Skinner, and Stephen P. Zeldes, December 2000, Federal Reserve Board, Board of Governors
Bubble Trouble by John H. Makin, November 2000, American Enterprise Institute
A Record Current Account Deficit: Causes and Implications, by Jack L. Hervey and Loula S. Merkel, Fourth Quarter 2000, Federal Reserve Bank of Chicago A Nation of Spendthrifts? An Analysis of Trends in Personal and Gross Savings, by Richard Peach and Charles Steindel, September 2000, Federal Reserve Bank of New York Rapidly Rising Corporate Debt: Are Firms Now Vulnerable to an Economic Slowdown? , by Carol Osler and Gijoon Hong, June 2000, Federal Reserve Bank of New York
New economy/productivity growth
Do We Have A New E-Conomy?, by Martin N. Baily, Robert Lawrence, April 2001, National Bureau of Economic Research
Information Technology and the U.S. Productivity Revival: What Do the Industry Data Say?, by Kevin J. Stiroh, January 2001, Federal Reserve Bank of New York
New Data and Output Concepts for Understanding Productivity Trends, by William D. Nordhaus, January 2001, National Bureau of Economic Research
Productivity Growth and the New Economy, by William D. Nordhaus, January 2001, National Bureau of Economic Research
Alternative Methods for Measuring Productivity Growth, by William D. Nordhaus, January 2001, National Bureau of Economic Research
What Drives Productivity Growth?, by Kevin J. Stiroh, January 2001, Federal Reserve Bank of New YorkOn the Effect of the Internet on International Trade, by Caroline Freund and Diana Weinhold, December 2000, Federal Reserve Board, Board of Governors
Technological Change, the Labor Market and the Stock Market, by Rodolfo E. Manuelli, November 2000, National Bureau of Economic Research
The Effects of Business-to-Business E-Commerce on Transaction Costs, by Luis Garicano and Steven N. Kaplan, November 2000, National Bureau of Economic Research
Information Technology and Productivity, by Casey Cornwell and Bharat Trehan, November 2000, Federal Reserve Bank of San Francisco
Why Is Productivity Procyclical? Why Do We Care?, by Susanto Basu and John Fernald, November 2000, Federal Reserve Bank of Chicago
Does the Internet Make Markets More Competitive?, Evidence from the Life Insurance Industry, by Jeffrey R. Brown and Austan Goolsbee, November 2000, National Bureau of Economic Research
Productivity Developments Abroad, by Christopher Gust and Jaime Marquez, October 2000, Federal Reserve Board, Board of Governors
What's New About the New Economy?: IT, Economic Growth and Productivity, by Barry Bosworth and Jack Triplett, October 2000, Brookings Institution
Tales From Two Neighbors: Productivity Growth in Canada and the United States, by Martin Cerisola and Jorge Chan-Lau, October 2000, International Monetary Fund
The transition to a new economy following the Second Industrial Revolution, by Andrew Atkeson and Patrick J. Kehoe, September 2000, Federal Reserve Bank of Minneapolis
Does the "New Economy" Measure up to the Great Inventions of the Past?, by Robert J. Gordon, August 2000, National Bureau of Economic Research
Productivity in the Services Sector, by Jack Triplett and Barry Bosworth, 2000, Brookings Institution
Anticipations of Monetary policy in Financial Markets, by Joe Lange, Brian Sack and William Whitesell, May 2001, Federal Reserve Board, Board of Governors
Measuring the Reaction of Monetary Policy to the Stock Market, by Roberto Rigobon and Brian Sack, April 2001, Federal Reserve Board, Board of Governors International Dimensions of Optimal Monetary Policy, by Giancarlo Corsetti and Paolo Pesenti, April 2001, National Bureau of Economic ResearchInflation Targeting and the Liquidity Trap, by Bennett T. McCallum, April 2001, National Bureau of Economic Research
Should Monetary Policy Respond Strongly to Output Gaps?, by Bennett T. McCallum, April 2001, National Bureau of Economic Research
Inflation Targeting in the Context of IMF-Supported Adjustment Programs, by Mario I.Blejer, Alfredo M.Leone, Pau Rabanal and Gerd Schwartz, March 2001, International Monetary Fund
Monetary Policy Analysis in Models Without Money, by Bennett T. McCallum, March 2001, National Bureau of Economic Research
Monetary Policy for an Open Economy: An Alternative Framework with Optimizing Agents and Sticky Prices, by Bennett T. McCallum and Edward Nelson, March 2001, National Bureau of Economic Research
Expectations, by William Poole, March 2001, Federal Reserve Bank of St.Louis
Forward-looking behavior and the optimality of the Taylor rule, by Kevin J. Lansing and Bharat Trehan, February 2001, Federal Reserve Bank of San Francisco
The Rise and Fall of a Policy Rule: Monetarism at the St.Louis Fed, 1968-1986, by R.W. Hafer and David C. Wheelock, Federal Reserve Bank of St.Louis
Interest rates and inflation, by Fernando Alvarez, Robert E. Lucas Jr. and Warren E. Weber, January 2001, Federal Reserve Bank of Minneapolis
Activist vs. Non-Activist Monetary Policy: Optimal Rules Under Extreme Uncertainty, by Peter von zur Muehlen, January 2001, Federal Reserve Board, Board of GovernorsNAIRU Uncertainty and Nonlinear Policy Rules, by Laurence H. Meyer, Eric T. Swanson, and Volker W. Wieland, January 2001, Federal Reserve Board, Board of Governors
Inflation Targeting with NAIRU Uncertainty and Endogenous Policy Credibility, by Peter Isard, Douglas Laxton and Ann-Charlotte Eliasson, January 2001, International Monetary Fund
Will Inflation Targeting Work in Developing Countries?, by Kenneth Kasa, January 2001, Federal Reserve Bank of San Francisco
Monetary Policy When the Nominal Short-Term Interest Rate Is Zero, by James Clouse, Dale Henderson, Athanasios Orphanides, David Small, and Peter Tinsley, December 2000, Federal Reserve Board, Board of Governors
An analysis of the relationship between bond markets, by Andrew Clare and Ilias Lekkos, December 2000, Bank of England
Monetary Policy, by Benjamin M. Friedman, December 2000, National Bureau of Economic Research
The Role of Interest Rates in Federal Reserve Policymaking, by Benjamin M. Friedman, December 2000, National Bureau of Economic Research
Pre-Announcement Effects, News, and Volatility: Monetary Policy and the Stock Market, by Antulio N. Bomfim, November 2000, Federal Reserve Board, Board of Governors
Actual Federal Reserve Policy Behavior and Interest Rate Rules, by Ray C. Fair, November 2000, Federal Reserve Bank of New York
The Impact of Corporate Risk Management on Monetary Policy Transmission: Some Empirical Evidence, by Ingo Fender, November 2000, Bank for International Settlements
Corporate Hedging: The Impact Of Financial Derivatives On The Broad Credit Channel Of Monetary Policy, by Ingo Fender, November 2000, Bank for International Settlements
Direct effects of base money on aggregate demand: theory and evidence, by Edward Nelson, October 2000, Bank of England
The Performance of Current Monetary Policy Indicators, by Robert E. Keleher, October 2000, Joint Economic Committee, U.S. Congress
Monetary Policy and Asset Prices, by Andrew J.Filardo, Third Quarter 2000, Federal Reserve Bank of Kansas City
International Dimensions to U.S. Monetary Policy, by Robert E. Keleher, August 2000, Joint Economic Committee, U.S. Congress
Foreign exchange market behavior
Trading Volumes, Volatility And Spreads In Foreign Exchange Markets: Evidence From Emerging Market Countries, by Gabriele Galati, October 2000, Bank for International Settlements
Economic Problems of Ireland in Europe, by Martin Feldstein, May 2001, National Bureau of Economic Research
Monetary and Exchange Rate Policies of the Euro Area, April 2001, International Monetary FundPrice Level Convergence, Relative Prices and Inflation in Europe, by John H. Rogers, March 2001, Federal Reserve Board, Board of Governors
"Concluding Statement" of the IMF mission on the economic policies of the euro area, January 30, 2001, International Monetary FundMoney and inflation in the Euro Area: A case for monetary indicators?, by Stefan Gerlach and Lars E.O. Svensson, January 2001, Bank for International Settlements
The Minimum Inflation Rate for Euroland, by Hans-Werner Sinn and Michael Reutter, January 2001, National Bureau of Economic research
Price Level Convergence and Inflation in Europe, by John H. Rogers, Gary Clyde Hufbauer and Erika Wada, January 2001, Institute for International Economics
Why was the Euro Weak? Markets and Policies, by Daniel Cohen and Olivier Loisel, December 2000, Center for Economic Policy Research
European Financial markets After EMU: A First Assessment, by Jean-Pierre Danthine, Francesco Giavazzi, and Ernst-Ludwig von Thadden, December 2000, National Bureau of Economic Research
The EMS Crisis in Retrospect, by Barry Eichengreen, December 2000, National Bureau of Economic Research
Money and Inflation in the Euro Area: A Case for Monetary Indicators?, by Stefan Gerlach and Lars E.O. Svensson, December 2000, National Bureau of Economic Research
EMU and Portfolio Adjustment, by Kpate Adjaouté, Laura Bottazzi, Jean-Pierre Danthine, Andreas Fischer, Rony Hamaui, Richard Portes and Mike Wickens, November 2000, Center for Economic Policy Research
Staff Report on the Monetary and Exchange Rate Policies of the Euro Area, November 2000, International Monetary Fund
International Bond Markets and the Introduction of the Euro, by Clemens J.M. Kool, September/October 2000, Federal Reserve Bank of St.Louis
The impact of the euro on money and bond markets, by Javier Santillán, Marc Bayle and Christian Thygesen, July 2000, European Central Bank
The determinants of the euro-dollar exchange rate: Synthetic fundamentals and a non-existing currency, by Joerg Clostermann and Bernd Schnatz, May 2000, Deutsche Bundesbank
The Use of Cyclical Indicators in Measuring the Output Gap in Japan, by Jane Haltmaier, April 2001, Federal Reserve Board, Board of Governors
On the Japanese Economy and Japanese National Accounts, by Albert Ando, December 2000, National Bureau of Economic ResearchThe 1990s in Japan: A Lost Decade, by Fumio Hayashi and Edward C. Prescott, November 2000, Federal Reserve Bank of Minneapolis
Exchange rate regimes/Monetary unions/Currency boards/Dollarization
Dollarization of Liabilities, Net Worth Effects, and Optimal Monetary Policy", by Luis Felipe Cespedes, Roberto Change and Andres Velasco, May 2001, University of Chicago Press
Dollarization and Economic Performance: An Empirical Investigation, by Sebastian Edwards, May 2001, National Bureau of Economic Research Monetary Independence in Emerging Markets - Does the Exchange Rate Regime Make a Difference?, by Eduardo R. Borensztein, Jeromin Zettelmeyer and Thomas Philippon, January 2001, International Monetary FundDesignating a Middle Way between Fixed and Flexible Exchange Rates, by John Williamson, December 2000, Institute for International Economics
Perspectives on a Potential North American Monetary Union, by Michael Chriszt, 4th Quarter 2000, Federal Reserve Bank of Atlanta
Dollarization does not make sense everywhere, by John Williamson, November 2000, Institute for International Economics
Exchange rate regimes for emerging markets, by S. A. Grenville, November 2000, Reserve Bank of Australia
Asymmetric Shocks among U.S. States, by Marco Del Negro, November 2000, Federal Reserve Bank of Atlanta
Fixing for Your Life, by Guillermo A. Calvo and Carmen M. Reinhart, November 2000, National Bureau of Economic Research
On the Desirability of a Regional Basket Currency Arrangement, by Eiji Ogawa and Takatoshi Ito, November 2000, National Bureau of Economic Research
Fear of Floating, by Guillermo A. Calvo and Carmen M Reinhart, November 2000, National Bureau of Economic Research
Currency Boards: More than a Quick Fix?, by Atish R Ghosh, Anne-Marie Gulde and Holger C Wolf; Discussants: Jakob De Haan and Marco Pagano, October 2000, Center for Economic Policy Research
Maastricht And The Choice Of Exchange Rate Regime In Transition Countries During The Run-Up To Emu, by Gyorgy Szapary, October 2000, National Bank of Hungary
Capital market development, corporate governance and the credibility of exchange rate pegs, by Olli Castrén and Tuomas Takalo, October 2000, European Central Bank
Exchange Rate Regimes, Capital Flows and Crisis Prevention, by Sebastian Edwards, October 2000, National Bureau of Economic Research
Exchange Rate Regimes for Emerging Markets: Reviving the Intermediate Option, by John Williamson, September 2000, Institute for International Economics
Why Do Countries Float The Way They Float?, by Ricardo Hausmann, Ernesto H. Stein and Ugo Panizza, May 2000, Inter-American Development Bank
The effect of risk aversion in the evaluation of the default risk reduction due to full dollarization, by Dr. Guillermo J. Escudé, Elena María Grubisic and Verónica Cohen Sabban, May 2000, Banco Central de la Republica Argentina
The Role of Large Players in Currency Crises, by Giancarlo Corsetti, Paolo Pesenti and Nouriel Roubini, April 2001, National Bureau of Economic Research
Lending Booms: Latin America and the World, by Pierre-Olivier Gourinchas, Rodrigo Valdes, Oscar Landerretche, April 2001, National Bureau of Economic Research
Crises and Liquidity - Evidence and Interpretation, by Enrica Detragiache and Antonio Spilimbergo, January 2001, International Monetary Fund
Managers, Investors, and Crisis: Mutual Fund Strategies in Emerging Markets, by Graciela Kaminsky, Richard Lyons and Sergio Schmukler, January 2001, National Bureau of Economic research
Preventing Currency Crises in Emerging Markets, by Sebastian Edwards and Jeffrey Frankel (eds.), Conference held January 11-13, 2001 (forthcoming), University of Chicago Press
Did the Malaysian Capital Controls Work?, by Ethan Kaplan and Dani Rodrik, January 2001, National Bureau of Economic Research
Financial Policies and the Prevention of Financial Crises in Emerging Market Countries, by Frederic S. Mishkin, January 2001, National Bureau of Economic Research
Foreign Direct Investors in Three Financial Crises, by Robert E. Lipsey, January 2001, National Bureau of Economic Research
Capital Mobility and Economic Performance: Are Emerging Economies Different?, by Sebastian Edwards, January 2001, National Bureau of Economic Research
Balance Sheet Effects, Bailout Guarantees and Financial Crises, by Martin Schneider and Aaron Tornell, December 2000, National Bureau of Economic Research
Economic and Financial Crises in Emerging Market Economies, by Martin Feldstein (ed.), October 2000, National Bureau of Economic Research
Financial Policies and the Prevention of Financial Crises in Emerging Market Countries, by Frederic S. Mishkin, October 2000, National Bureau of Economic Research
The Role of Industrial Country Policies in Emerging Market Crises, by Jeffrey Frankel and Nouriel Roubini, October 2000, National Bureau of Economic Research
The Economics of Currency Crises and Contagion: An Introduction, by Paolo Pesenti and Cédric Tille, September 2000, Federal Reserve Bank of New York
Foreign and Domestic Bank Participation in Emerging Markets: Lessons from Mexico and Argentina, by B. Gerard Dages, Linda Goldberg, and Daniel Kinney, September 2000, Federal Reserve Bank of New York
Asia's Trade Performance after the Currency Crisis, by Matthew Higgins and Thomas Klitgaard, September 2000, Federal Reserve Bank of New York
Asia Crisis Postmortem: Where Did the Money Go and Did the United States Benefit?, by Eric van Wincoop and Kei-Mu Yi, September 2000, Federal Reserve Bank of New York
The Impact of the Asia Crisis on U.S. Industry: An Almost-Free Lunch?, by James Harrigan, September 2000, Federal Reserve Bank of New York
Managing Financial and Corporate Distress: Lessons from Asia , by Charles Adams, Robert E. Litan, and Michael Pomerleano, eds. , 2000, Brookings Institution
Currency crises, by Paul Krugman (ed.), 2000, University of Chicago Press
Capital Flows and the Emerging Economies: Theory, Evidence and Controversies, by Sebastian Edwards, 2000, University of Chicago Press
Currency risk: Indicators, models and management
Currency Crises and Foreign Reserves: A Simple Model, by Piti Disyatat, February 2001, International Monetary Fund
International financial crises and public policy: some welfare analysis, by Michael Chui, Prasanna Gai and Andy Haldane, November 2000, Bank of England
Measuring potential vulnerabilities in emerging market economies, by John Hawkins and Marc Klau, October 2000, Bank for International Settlements
Managing Foreign Debt And Liquidity Risks, September 2000, Bank for International Settlements
Sovereign liquidity crises: analytics and implications for monetary policy, by Michael Chui, Prasanna Gai and Andrew G Haldane, September 2000, Bank of England
Do Indicators of Financial Crises Work? An Evaluation of an Early Warning System, by Hali J. Edison, July 2000, Federal Reserve Board, Board of Governors
Leading Indicators of Currency Crises in Emerging Economies, by Olivier Burkart and Virginie Coudert, May 2000, Banque de France
World economic order/IMF/International Financial Architecture
Testimony by Professor Allan Meltzer (Carnegie Mellon) on IMF reform before the Joint Economic Committee, March 8, 2001, United States Congress (Senate and House of Representatives combined)
Testimony by Professor Charles Calomiris (Columbia) on IMF reform before the Joint Economic Committee, March 8, 2001, United States Congress (Senate and House of Representatives combined)
Testimony by Professor Adam Lerrick (Carnegie Mellon) on IMF reform before the Joint Economic Committee, March 8, 2001, United States Congress (Senate and House of Representatives combined)
Is the Integration of World Asset Markets Necessarily Beneficial in the Presence of Monetary Shocks?, by Cédric Tille, November 2000, Federal Reserve Board of New York
Financial Crises in the Emerging Markets: The Roles of the Public and Private Sectors, by Terrence J. Checki and Ernest Stern, November 2000, Federal Reserve Board of New York
Systemic Risk: A Survey, by Olivier de Bandt and Philipp Hartmann, November 2000, European Central Bank
Strengthening The International Financial Architecture: Where Do We Stand?, by Morris Goldstein, October 2000, Institute for International Economics
IMF Stabilization Programs, by Anne O. Krueger, October 2000, National Bureau of Economic Research
IMF Structural Programs, by Morris Goldstein, October 2000, National Bureau of Economic Research
The Role of the Private Sector in Resolving Financial Crises in Emerging Markets, by William R. Cline, October 2000, National Bureau of Economic Research
Slow Progress in Prague, by Allan H. Meltzer and Adam Lerrick, September 2000, American Enterprise Institute
Jackson Hole Symposium 2000: Global Economic Integration, Preliminary Papers, August 2000, Federal Reserve Bank of Kansas CityWhat's Wrong with International Financial Markets?, by Ricardo Hausmann and Eduardo Fernández-Arias, August 2000, Inter-American Development Bank
Getting it Right: What to Reform in International Financial Markets, by Ricardo Hausmann and Eduardo Fernández-Arias, August 2000, Inter-American Development Bank
Private Sector Participation: A Theoretical Justification of the Brazilian Position, by Sérgio Ribeiro da Costa Werlang, July 2000, Banco Central do Brasil
European banking/financial sector
Euro-Area Banking at the Crossroads, by Agnes Belaisch, Laura Kodres, Joaquim V.Levy and Angel Ubide, March 2001, International Monetary Fund
Corporate Governance in Germany: the Role of Banks and Ownership Concentration, by Jeremy Edwards and Marcus Nibler, Discussants: Erik Berglof and Julian Franks, October 2000, Center for Economic Policy Research
An Analysis of European Banks SND Issues and Its Implications for the Design of a Mandatory Subordinated Debt Policy, by Andrea Sironi, October 2000, Federal Reserve Board, Board of Governors
Testing for Market Discipline in the European Banking Industry: Evidence from Subordinated Debt Issues, by Andrea Sironi, October 2000, Federal Reserve Board, Board of Governors
Tax reform/flat rate/consumption tax
Personal Income Taxes and the Growth of Small Firms, by Robert Carroll, Douglas Holtz-Eakin, Mark Rider and Harvey S. Rosen, April 2001, National Bureau of Economic Research
Does the Progressivity of Taxes Matter for Economic Growth?, by Elizabeth M. Caucutt, Selahattin Imrohoroglu, and Krishna B. Kumar, December 2000, Federal Reserve Bank of Minneapolis
The Transition to Consumption Taxation, Part 1: The Impact on Existing Capital, by Alan D. Viard, Third Quarter 2000, Federal Reserve Bank of Dallas
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