This paper discusses the profound difficulties of maintaining fixed exchange rates in a world of expanding global capital markets. Contrary to popular wisdom, industrialized-country monetary authorities easily have the resources to defend exchange parities against virtually any private...

This paper discusses the profound difficulties of maintaining fixed exchange rates in a world of expanding global capital markets. Contrary to popular wisdom, industrialized-country monetary authorities easily have the resources to defend exchange parities against virtually any private...

Intro -- Contents -- Editorial -- Abstracts -- 1 Assessing Structural VARs -- 2 Volatility and Dispersion in Business Growth Rates: Publicly Traded versus Privately Held Firms -- 3 Do Taxes Explain European Employment? Indivisible Labor, Human Capital, Lotteries, and Savings -- 4 Fluctuating...