This paper offers a new intrepretation of United States balance of payments adjustment in the bimetallic period from 1820 to 1860 during which President Jackson vetoed the charter renewal of the Second Bank of the United States--an event destined to spark controversy over the macroeconomic...

This paper examines the effects on real exchange rates of exogenous money supply shocks. Such shocks are conventionally associated with monetary policy, although they may also arise from shifts in the desired reserve to deposit ratio of the banking system or in the public's desired currency to...

This paper reexamines the uncovered interest parity condition within the context of a structural view of real exchange rate determination that emphasizes the real exchange rate as the relative price of domestic in terms of foreign output. This structural interpretation complements rather than...

Anglo-American financial interrelations in the decades before the American Civil War have long been studied to understand better the business cycle phenomena surrounding the demise of the Second Bank of the United States and the victory of the Currency School over the Bank of England in 1844....

There is widespread agreement that during the floating exchange rate period from 1970 to the present Canada's nominal and real exchange rates with respect to the United States have shown considerable volatility. It has been suggested that the volatility of the real exchange rate would be...

This paper analyzes the relationship between Canadian Monetary Policy and the movements of Canada's real and nominal exchange rates with respect to the U.S. A broad-based theory is developed to form the basis for subsequent empirical analysis. The main empirical result is that the Canadian real...

Abstract: This paper analyzes the relationship between Canadian Monetary Policy and the movements of Canada's real and nominal exchange rates with respect to the U.S. A broad-based theory is developed to form the basis for subsequent empirical analysis. The main empirical result is that the...

This paper proposes a methodology for analyzing nonlinear pricing data with an illustration on cellular phone. The model incorporates consumer exclusion. Assuming a known tariff, we establish identification of the model primitives using the first-order conditions of both the firm and the...

We examine the extent to which vertical and horizontal market structure can together explain incomplete pass-through. We develop a model that highlights the interactions between horizontal and vertical structure and their effects on pass-through from commodity to wholesale prices and wholesale...

Coinage debasement in medieval and early modern Europe remains an ill-understood topic; and indeed an often cited article ("The Debasement Puzzle": Velde and Weber, 1996) sought to demonstrate that coinage debasements were both impractical and economically futile. The purpose of this study is to...