Is consumption the key to fostering economic growth and labor productivity?

Contributors review the collapse of the Bretton Woods system of fixed exchange rates and the historic 1985 agreement by the Group of Five.

The author offers recommendations for improving developing country debt.

The author concludes that fiscal policy is a more potent countercyclival tool than monetary policy under flexible exchange rates.

This paper develops two models, one involving risk neutrality and the other risk aversion, which suggest that inflation uncertainty affects interest rates. Both models give rise to essentially the same interest rate equation for estimation. Empirical evidence supports the hypothesis that...

This paper presents results of estimating an exchange rate equation in light of theoretical considerations regarding changes in sterilization and intervention policy and tax policy which imply that the coefficients in the equation will not behave as fixed parameters in a given sample period,as...

This paper derives a reduced-form expression for an interestrate in an open economy by incorporating after tax covered interest parity conditions into a simple neo-classical macro model. The result clearly demonstrates that the relationship between an interest rate and variables used to explain...

This paper demonstrates that different rates of taxation on interest income and exchange gains may bias results of hypothesis testing regarding critical aspects of exchange rate behavior. Two problems are discussed specifically. First, it is shown that omission of tax considerations may bias...

This paper develops a theory of international capital flows based upon a monetary-equilibrium, rational-expectation theory of exchanged rate determination extended to include the official intervention and possible sterilization of its effects upon the monetary base that are part of the post-1973...