Showing 1 - 10 of 15
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...
Persistent link: https://www.econbiz.de/10005572556
Empirical evidence suggests that movements in international relative prices are large and persistent. Nontraded goods, both in the form of final consumption goods and as an input into the production of final tradable goods, are an important aspect behind international relative price movements....
Persistent link: https://www.econbiz.de/10005771714
This paper is a necessary companion to the one entitled The West European Woollen Industries and their Struggles for International Markets, c.1000 - 1500. No one can properly comprehend that five-century history of international competition for textile markets, without some basic understanding...
Persistent link: https://www.econbiz.de/10005827217
This paper revisits, modifies, and combines elements of three major 'institutional' international-trade models, none of which has yet fully received the attention that it deserves, to provide a new explanation for the growth, decline, and then rebirth of internationally-oriented fairs in the...
Persistent link: https://www.econbiz.de/10005827218
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...
Persistent link: https://www.econbiz.de/10005827238
A theory is developed to explain a number of stylized facts well known to international economists: first, countries' real and nominal exchange rates tend to move together under flexible exchange rate systems with the ratios of domestic to rest-of-world price levels showing much less...
Persistent link: https://www.econbiz.de/10005827276
We show that standard alternative assumptions about the currency in which firms price export goods are virtually inconsequential for the properties of aggregate variables, other than the terms of trade, in a quantitative open-economy model. This result is in contrast to a large literature that...
Persistent link: https://www.econbiz.de/10008540954
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...
Persistent link: https://www.econbiz.de/10005704730
We use the returns on a set of international financial securities to identify exogenous shocks to the Canadian federal surplus. We find that a large portion of the variation in the surplus can be replicated by a linear combination of these returns and that the rising debt observed in the 1980s...
Persistent link: https://www.econbiz.de/10005704756
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...
Persistent link: https://www.econbiz.de/10005704784