During the peak of the outbreak of severe acute respiratory syndrome (SARS), we conducted a survey in Beijing on 18 April 2003 to determine the economic impact of SARS, in particular its effects on several service sectors in China. The survey indicated that SARS had significant negative impacts...

Engel and West (2004a) provide an explanation to reconcile the random walk behavior of exchange rate and linear present value asset pricing models. In this paper, we study the long horizon property of exchange rate under Engel-West explanation. It is found that the long horizon data can not...

This paper examines how much the central bank should adjust the interest rate in response to real exchange rate fluctuations. The paper first demonstrates in a two-country Dynamic Stochastic General Equilibrium (DSGE) model, that the home bias in consumption is important to duplicate the...

Countries worldwide confront the challenge of defining and achieving appropriate roles for government and market forces in the health sector. China--as both a developing and a transitional economy--represents an important case. This paper uses an international comparative perspective to examine...

In this paper we estimate the rate of exchange rate pass-through (ERPT) into UK import prices using disaggregate data at the SITC-2 and SITC-3 digit level. Consistent with earlier studies, we find evidence for significant heterogeneity among the estimated industry-specific pass-through rates. In...

Two approaches for planning manufacturing strategy, a strategic approach and a paradigmatic approach, are introduced. The key decisions of these two approaches are, respectively, located in the choices of competitive priorities and manufacturing paradigms. Three hypothesis models on the...

A quarter-century quest hasn't found the elusive links between economic fundamentals and currency values. ; The U.S. dollar has been losing value against several major currencies this decade. Since 2001-02, the U.S. currency has fallen about 50 percent against the euro, 40 percent against the...

A crucial question centering many recent debates in the international macroeconomics is under which currency the price is sticky. This paper provides a microfoundation to study the firm¡¦s choice of price setting currency in the sticky price model. I first prove that the risk preference is a...