two effects interact, as we demonstrate. We use a three-region world model as a framework for alternative steady …

monetary system from 1928-1971 and simulate its implications for the determination of the world price level and the durability … implications for economic growth and resource allocation of allowing 1920s-style international capital mobility after World War II …

We propose a simple model of the international monetary system. We study the world supply and demand for reserve assets … denominated in different currencies under a variety of scenarios: a Hegemon vs. a multipolar world; abundant vs. scarce reserve … instability of the system, as well as the common prediction regarding the natural and beneficial emergence of a multipolar world …

organize: World War I, Bretton Woods, 1970s Great Inflation and Managed Floating. Each turning point was characterized by …

imbalances in the world economy, then a drastic reform of the international monetary system (if one is needed) might better wait …

time, the definition of external balance has evolved in response to changes in the world economy's structure. The foreign …