When I wrote my book on EMU four years ago (Kenen 1995), very little had been written on the international dimensions of EMU There was a chapter in the Commission's path-breaking study (European Commission, 1990). There were papers by Alogoskoufis and Portes (1991, 1992), Cooper (1992), Goodhart...

The paper presents a theory of the demand for money that combines a special case of the shopping time exchange economy with the cash-in-advance framework. The model predicts that both higher inflation and financial innovation - that reduces the cost of credit - induce agents to substitute away...

This paper proposes a model of the US unemployment rate which accounts for both its asymmetry and its long memory. Our approach, based on the tests of Robinson (1994), introduces fractional integration and nonlinearities simultaneously into the same framework (unlike earlier studies employing a...

Variations of bilateral aid flows are difficult to explain on the basis of official development objectives or recipient need. At the example of US aid to Pakistan, this paper suggests alternative political economic explanations, notably the relevance of ethnic lobbying and the relevance of US...

On January 1,1999 euro became the currency for 11 member states of the European Union. Since then the dollar-euro exchange rate has completed a full turning. Three years of depreciation of the euro followed by three years of appreciation without wild fluctuations asks for an explanation which...

This paper applies the Campbell-Shiller (1988) methodology to estimate a price dividend model with volatility and inflation risk, extending existing models in this field. The model fits the data well over the period 1979-2002 for the Euro Area, but less so for the U.S. The latter is interpreted...

This paper examines the substantial regulatory changes in North American telecommunications markets over the past decade. We argue that a combination of U.S. domestic politics and the logic of international strategic positioning produced substantial and far-reaching reform driven primarily by...

This paper tests a geography and growth model using regional data for Europe, the US, and Japan. We set up a standard geography and growth model with a poverty trap and derive a log-linearized growth equation that corresponds directly to a threshold regression technique in econometrics. In...

This paper discusses the current state of and issues related to corporate governance in America after the passage of the Sarbanes-Oxley Act of 2002. It suggests additional steps necessary to realize improvement in the ways in corporations govern themselves and regulators must operate to make the...

The financial services industry is „special“ in a variety of ways, including the fiduciary nature of the business, its role at the center of the payments and capital allocation process with all its static and dynamic implications for economic performance, and the systemic nature of problems...