This paper reexamines the dynamics of hyperinflation by allowing variability in the relative price of capital goods in units of consumption goods that reflects interactions between the real and monetary sectors. The theory generates empirically testable implications that suggest expanding the...

This Economic Letter is adapted from remarks delivered to the International Financial Institutions Association of California and the National Association of Chinese American Bankers in Santa Monica, California, on October 15, 2004.

The two Asian giants have achieved rapid and sustained growth -- China by focusing on goods, India by tilting toward services.

Some commentators have questioned whether China’s economy slowed more in 2012 than official gross domestic product figures indicate. However, the 2012 reported output and industrial production figures are consistent both with alternative Chinese indicators of the country’s economic activity,...

"In contemplating China, we need to look past carefully crafted images and deepen our understanding of her national interest. Failure to do so will be perilous." ; Remarks to a Working Dinner Sponsored by the Progress & Freedom Foundation, Aspen, Colorado, August 18, 2008.

Remarks before Tsinghua University's School of Economics and Management, Beijing, China, April 17, 2009. ; "The Federal Reserve is in the process of acquiring the tools to short-circuit any inflationary consequences of its balance sheet growth."

Speech at a community leaders luncheon, Los Angeles, CA, November 8, 2013