This paper presents estimates of a price-pressure indicator for Korea. It does this by constructing measures of how much M2 velocity and output differ from their long-term values. This, in turn, involves estimating a demand for money function in an error correction framework in which interest...

This papers reviews economic and financial developments in Germany since its reunification nearly five years ago; and analyzes some critical issues that have featured prominently in the policy debate over this period and are likely to continue attracting attention in the years ahead.

This study examines the financial reforms undertaken by nine Asian countries in the 1980s (Indonesia, Korea, Malaysia, Myanmar, Nepal, the Philippines, Singapore, Sri Lanka, and Thailand) and their implications for money demand and monetary policy.

Estimates of a supply-side model of the nonprimary sectors, in which particular attention has been paid to modeling key characteristics of the evolution of the apartheid system, are presented. These imply that the wage differential between white and nonwhite workers doing similar jobs fell...

The changes to the structure of Japanese exports and imports in the second half of the 1980s departed significantly from past trends. Econometric analysis confirms that some of the structural changes--notably the importance of consumer goods trade--cannot be fully explained using conventional...

The parameters of a conventional model of Japan`s current account were found to be stable in the period of the steeply rising yen between the fourth quarter of 1985 and the end of 1987. This suggests that Japan`s current account has been adjusting to the strengthening yen in accordance with...

This paper examines the behavior of business fixed investment in the United States in the 1980s. A background discussion of the long-term behavior of the components of business fixed investment is provided, setting the context for the empirical analysis. A standard neoclassical model of business...

Estimates are presented of a demand function for broad money in Japan that explains both secular trends in the income velocity of broad money during the 1970s and 1980s and the acceleration in the decline in velocity during 1986-88. The paper concludes that wealth effects and the opportunity...

The behavior of business fixed investment in the United States in the 1980s is examined. A background discussion of the long-term behavior of the components of business fixed investment is provided, setting the context for the empirical analysis. A standard neoclassical model of business fixed...

The parameters of a conventional model of Japan's current account were found to be stable in the period of the steeply rising yen, end-1985 to end-1987. Thus, Japan's current account has been adjusting to the strengthening yen in accordance with established historical relationships--a conclusion...