movements remain an empirical question. Using detailed data from the United States, Canada, the United Kingdom, and Japan we …

fiscal surpluses in the US, the annual announcement of yet another fiscal stimulus package in Japan, and Maastricht limits on … fiscal deficits in Germany and the rest of Euroland. To the extent that the foreign exchange market anticipates that fiscal … across the G3 countries in their estimated dynamic responses to a fiscal shock. At first, and for several years thereafter …

Group-of-Five (G-5) countries: France, West Germany, Japan, United Kingdom and United states. It is assumed that all … France, West Germany and Japan, and between 8 and 10 percent per annum for the U.K. and the U.S. for the period under study …, the productive efficiencies of France, West Germany and Japan rose rapidly from less than 40 percent of the U.S. level in …