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Journal Article
What can central banks do about the value of the dollar?
Journal Article
Is America being sold out?
Journal Article
Risk aversion, efficient markets and the forward exchange rate
Working Paper
The U. S. monetary policy regime, interest differentials and dollar exchange rate risk premia
It is commonly believed that the Federal Reserve targeted money growth directly and allowed greater variation in interest rates during the October 1979-October 1982 period. Other things the same, this policy regime would be expected to increase the risk premium on the dollar exchange rate relative to a regime that attempted to reduce variations in the interest rate. We find that risk premia apparently did increase during the regime of M1 targeting. This implied that failure to recognize the effects of changes in Fed policy is a source of specification error in exchange rate models.
Journal Article
Money, credit and velocity
Journal Article
A perspective on the economics of natural gas decontrol
Journal Article
Five common myths about floating exchange rates