The paper presents a micro econometric model of capital utilization and retirement. Some estimates of a firm's discrete decision problem with regard to an existing piece of capital--whether to operate, hold idle or retire it--are obtained, in the context of the US cement industry, by solving a...

The paper is about the art of exchange rate management by central banks. It begins by reviewing the diversity of objectives and practices of central bank intervention in the foreign exchange market. Central banks typically exercise discretion in determining when and to what extent to intervene....