The effects of the oil price shocks of the 1970s were critically contingent on the domestic arrangements that determined the incidence of the shocks--specifically whether labor income or capital income bore the brunt. This differed between the two shocks in some countries and differed between...

This paper explains the IMF's impact on economic policies in Russia, focusing on where the IMF made a difference. The Russian economic and political leadership essentially determined economic policies. The IMF's influence was modest: it had a limited impact on overall fiscal policy and major...

We quantify foreign aid's potential as an insurance mechanism against macroeconomic shocks. Within a dynamic model of aid flows between two endowment economies, we show that at least three fourths of the large welfare costs of macroeconomic fluctuations in poor countries could be alleviated by a...

This paper quantifies the potential of foreign aid as an insurance mechanism against macroeconomic shocks. Within a dynamic model of aid flows between two endowment economies, we show that at least three-fourths of the large welfare costs of macroeconomic fluctuations in poor countries could be...

This paper explains the IMF's impact on economic policies in Russia, focusing on where the IMF made a difference. The Russian economic and political leadership essentially determined economic policies. The IMF's influence was modest: it had a limited impact on overall fiscal policy and major...

This paper quantifies the potential of foreign aid as an insurance mechanism against macroeconomic shocks. Within a dynamic model of aid flows between two endowment economies, we show that at least three-fourths of the large welfare costs of macroeconomic fluctuations in poor countries could be...

This paper discusses in a systematic and comprehensive way the existing literature on the relationship between the growth of countries' economies and various public finance instruments, such as tax policy, expenditure policy, and overall budgetary policy, from the perspectives of allocative...

The welfare effects of mitigating the costs of inflation are examined. In a model where money reduces transactions costs, a fall in inflation costs is equivalent to financial innovation. This can be caused by paying interest on deposits, indexing money, or "dollarizing." Results indicate that...

This paper presents a framework for quantitatively evaluating the macroeconomic effects of corporate restructuring and applies that framework to Japan. Using firm-level financial statement data, this paper estimates total factor productivity of individual Japanese firms. Given the estimated...

Most of the chapters in Mundell's International Economics differ, owing to adaptation, from the original sources. The revisions yield valuable insights into the contributions made by the initial publications. In this paper we look only at the changes that take the form of elisions of material....