To better understand the dynamics of the Chinese economy and its interaction with the global economy, the authors incorporate China into an existing model for the G-3 economies (i.e., the United States, the euro area, and Japan), paying particular attention to modelling the exchange rate and...

In the years leading up to the crisis, there were a number of warning signs that signalled a breakdown of basic fiduciary soundness. The following article addresses the problem of inattention to those warning signs and calls into question the commonly proposed causes of the crisis. This paper...

The end of the world's greatest autarky -- Confronting the competition: the limitations of trade policy -- Confronting the competition: how a strong dollar has hurt -- Investment: the winners and the losers from offshoring -- Helping the losers: the tragedy of trade adjustment assistance --...

This paper examines the impact of U.S. monetary policy shocks on the cross exchange rates of sterling, yen and mark. The main finding of the paper is a ‘delayed overshooting’ pattern for all currency cross rates examined (sterling/yen, yen/mark and mark/sterling) following an unexpected U.S....