The performance and composition of the U.S. brewing industry has changed dramatically over the past three decades. The industry displays contradictory shifts in both aggregate production volume and number of firms. While aggregate beer production in the US has increased modestly, per capita...

This paper provides a new test for whether different-currency assets are imperfect substitutes. The test exploits that under floating rates, changing public currency demand has no direct effect on monetary fundamentals, current or future. Price effects from imperfect substitutability are clearly...