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Author:Howard, David H. 

Working Paper
The behavior of monetary aggregates in major industrialized countries

International Finance Discussion Papers , Paper 207

Working Paper
Implications of the U.S. current account deficit

In 1988, the United States recorded a current account deficit of about $135 billion. The consensus forecast seems to be for little change in the current account in the near term. In this paper, the implications of the U.S. current account deficit and of the consequent buildup in U.S. external debt are examined. The analytical framework for thinking about the U.S. current account is first surveyed, and the results from the empirical literature on the causes of the deficits in the 1980s are then reported. The sustainability of the U.S. external position is discussed next. It is concluded that, ...
International Finance Discussion Papers , Paper 350

Working Paper
The real rate of interest on international financial markets

International Finance Discussion Papers , Paper 136

Working Paper
Monetary correction and interest rates

International Finance Discussion Papers , Paper 68

Journal Article
Consumption and fixed investment in the economic recovery abroad

Federal Reserve Bulletin , Issue Oct

Working Paper
The British banking system's demand for cash reserves

International Finance Discussion Papers , Paper 176

Working Paper
Exchange rate regimes and macroeconomic stabilization in a developing country

Argentina's Austral Plan is used as a point of departure for the investigation of the role of exchange rate policy in a macroeconomic stabilization program for a developing country. A model of a country like Argentina is developed and the relationship between the exchange rate and macroeconomic policy is derived. The paper next explores the implementing of alternative macroeconomic policy strategies involving exchange rates. The framework provides a rough way of quantifying and making operational what is meant by "appropriate" fiscal and monetary policy in the context of a stabilization ...
International Finance Discussion Papers , Paper 314

Working Paper
The United States as a heavily indebted country

According to data published by the Department of Commerce, the U.S. net international investment position (roughly the net external debt position with its sign reversed) at the end of 1987 was a negative $368 billion. This sum represents a deterioration of about $100 billion from the end-1986 level. The sharp downward plunge in the United States' net international investment position in recent years is, of course, a reflection of the large current account deficits recorded during most of the 1980s. In this paper, the U.S. net external debt position is examined and compared with the experience ...
International Finance Discussion Papers , Paper 353

Working Paper
The denationalization of money: a review

International Finance Discussion Papers , Paper 102

Working Paper
Personal saving behavior in five major industrialized countries

International Finance Discussion Papers , Paper 90

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