In this paper we review what is known about exchange rate crises. We then draw out lessons for the choice of exchange rate regime. We show the dilemmas of exchange rate management are particularly acute for small, open developing economies. Freely floating exchange rates are not tolerable for...

Recent research, both historical and contemporary, has broadened existing analyses of the connections between financial markets and macroeconomic conditions to embrace debt deflation and financial instability explanations for business cycle fluctuations. This paper explores two episodes on which...

This paper presents an analysis of data on male workers taken from an 1894 survey of the Iowa labor market. Consistent with the results of earlier research by Paul Douglas, the author finds evidence of a statistically significant and economically important union earnings premium. The analysis...

A computable general equilibrium model is used to examine effects of removing U.S. tariff and non-tariff barriers to trade. The model differs from traditional disaggregated trade models in its attention to intertemporal decision-making, adjustment dynamics, and international capital mobility....