This paper reviews recent state interventions in financial crises and draws lessons for crisis management. A number of areas are identified where crisis management could be strengthened, including with regard to the tools and instruments used to involve the private sector in crisis resolution...

Previous teaching notes focused on the logic and mechanics of a quality-differentiated linear demand structure. This note takes up the question of potential bias in how markets respond to quality-related aspects of consumer choice. Earlier examples demonstrated instances where monopoly interests...

This paper addresses several questions about the time series processes followed by dollar exchange rates. The stochastic process for exchange rates implied by structural models and the conditions under which they would be described by random walks are examined. Tests on the univariate time...

Le preacute;sent document deacute;crit un modegrave;le de simulation pouvant servir de base agrave; l`eacute;laboration d`un programme d`ajustement axeacute; sur la croissance pour un pays en deacute;veloppement. Ce modegrave;le eacute;tablit des relations explicites entre la politique des finances...

This paper focuses on the output costs of disinflation. A model of inflation with both forward and backward elements seems to characterize reality. Such an inflation model is estimated using data for industrial countries, and the output costs of a disinflation path are calculated, first...

This paper models the effects of foreign investors imposing a limit on the proportion of U.S. liabilities they are prepared to hold in their portfolios. Simulations show that actual premiums required on dollar assets implied by such a limit will be small. Nevertheless, such small premiums can...

This paper decomposes longer-run movements in (major) dollar real exchange rates into components associated with changes in nominal exchange rates and price levels, and their comovements. Though the decompositions suggest some permanent movements, they imply that there are large transitory...

This paper examines issues raised by the evolution of a rapidly growing small open economy--Singapore--from a labor-intensive, low-technology production base to a capital-intensive, high-technology, knowledge-and-skill-intensive emphasis as it approached the limits of its resource constraints in...