Working Paper
International dimension of European Monetary Union: implications for the dollar
Johnson, Karen H. (1994)
This paper attempts to review the different elements of the international role of the dollar and, where possible, to provide quantitative information about the current scale of dollar use and how it may be changing, including in response to European monetary union. The paper considers the exchange value of the dollar, the dollar as reserve asset, the dollar as vehicle currency, and the macroeconomic implications for the United States of the fiscal actions likely to be required for the participating EU countries to meet the fiscal convergence criteria specified in the Maastricht Treaty. The ...
International Finance Discussion Papers , Paper 469

Working Paper
Trade elasticities for G-7 countries
Johnson, Karen H.; Hooper, Peter; Marquez, Jaime R. (1998)
This paper reports the results of a project to estimate and test the stability properties of conventional equations relating real imports and exports of goods and services for the G-7 countries to their incomes and relative prices. We begin by estimating cointegration vectors and the error-correction formulations. We then test the stability of these equations using Chow and Kalman-Filter tests. The evidence suggests three findings. First, conventional trade equations and elasticities are stable enough, in most cases, to perform adequately in forecasting and policy simulations. Equations for ...
International Finance Discussion Papers , Paper 609

Working Paper
Purchasing power parity and real after tax interest rate arbitrage
Howard, David H.; Johnson, Karen H. (1983)
International Finance Discussion Papers , Paper 222

Working Paper
The demand for Swiss monetary assets
Johnson, Karen H. (1982)
International Finance Discussion Papers , Paper 210

Working Paper
The behavior of monetary aggregates in major industrialized countries
Howard, David H.; Johnson, Karen H. (1982)
International Finance Discussion Papers , Paper 207

Conference Paper
Financial innovation, deregulation, and monetary policy: the foreign experience
Howard, David H.; Johnson, Karen H. (1982-11)
Proceedings , Issue Nov , Pages 139-215

Conference Paper
Financial sectors in open economies: empirical analysis and policy issues: results of a preconference workshop (January 1988) and the conference (May 1988) sponsored by the Board of Governors of the Federal Reserve System
Johnson, Karen H.; Porter, Richard D.; Tryon, Ralph W.; Lindsey, David E.; Hooper, Peter; Kohn, Donald L. (1990)
Proceedings

Working Paper
Monetary policy and price stability
Johnson, Karen H.; Small, David H.; Tryon, Ralph W. (1999)
This paper explores issues that arise in implementing monetary policy under conditions of sustained price stability. We discuss several issues that concern the selection of a central bank's inflation objective under such conditions: price measurement; the behavior of other key variables, particularly wages; and the possible existence of other channels through which low inflation could change relationships within the real economy. We present a framework for analyzing monetary policy reaction functions that can illuminate the choices facing policy makers in a regime of price stability. The zero ...
International Finance Discussion Papers , Paper 641

Journal Article
Progress toward a European Monetary Union
Johnson, Karen H.; Carre, Herve (1991-10)
Federal Reserve Bulletin , Issue Oct

Journal Article
Foreign experience with targets for money growth
Johnson, Karen H. (1983-10)
Federal Reserve Bulletin , Issue Oct , Pages 745-754