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An enduring puzzle in international economics is why trade interventions are biased in favor of importcompeting rather than export sectors and therefore restrict trade. In this paper, we show that if ...
Using a dynamic, heterogeneous firms model with sunk costs of exporting we show that: (i) investment and entry into export markets is reduced when trade policy is uncertain and (ii) credible preferent...
We examine the impact of policy uncertainty on trade and real income through firms’ export investments in general equilibrium. We quantify the trade policy causes and welfare effects of China’s export...
An Econometric Evaluation of International Monetary Policy Rules: Fixed Versus Flexible Exchange Rates.
A Summary of the Empirical and Analytical Results and the Implications for International Monetary Policy.
Japanese Macroeconomic Policy and the Current Account Under Alternative International Monetary Regimes.
Estimates of the effect of different international monetary regimes on the parameters of the Phillips curve, the Keynesian consumption function, and other reduced-form macroeconomic relationships are...
Ben Bernanke and Rick Mishkin have put together a useful data base on money growth, targets for money growth, and monetary policy decisions in six different countries during the 1970s and 1980s. The...
Discretion Versus Policy Rules in Practice.
ECONOMIC POLICY in the 1980s may eventually become the most studied and hotly debated of any decade in United States history, even including the 1930s. Popular writings about the 1980s economy alr...
Mervyn King’s paper is jam-packed with interesting ideas and good common sense about monetary policy. I admire the clearly stated and rigorous macroeconomic analysis that he applies in this paper. I...
Inflation Targeting and Monetary Policy Rules: Experience and Research.
Comments on ‘Making Policy in a Changing World’ by William C. Brainard and George L. Perry.
Alternative Views of the Monetary Transmission Mechanism: What Difference Do They Make for Monetary Policy?
This paper by David Reifschneider and John Williams is a useful and innovative analysis of monetary policy problems caused by the lower bound of zero on the nominal interest rate. The authors provid...

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