Search Results
Journal Article
Trade between the United States and Eastern Europe
Journal Article
Central bank independence and economic performance
Journal Article
Burgernomics: a big MacT guide to purchasing power parity
The theory of purchasing power parity (PPP) has long been a staple of international economic analysis. Recent years have seen the rise in popularity of a tongue-in-cheek, fast-food version of PPP: The Big Mac? index. In this article, Michael Pakko and Patricia Pollard describe how comparisons of Big Mac prices around the world contain the ingredients necessary to demonstrate the fundamental principles of PPP. They show that the Big Mac index does nearly as well as more comprehensive measures of international price comparisons and that deviations from ?McParity? illustrate why PPP often ...
Journal Article
The creation of the Euro and the role of the dollar in international markets
Through the post-World War II period, the U.S. dollar has been the leading currency used in international trade and debt contracts. With the creation of the euro, the dollar may finally face a challenge to its dominance in international markets. This article examines the likely effects of the euro on the international use of the dollar. Moreover, the article considers the implications for the United States and the euro area of a rise in the use of the euro and consequent fall in the use of the dollar internationally.
Journal Article
State exports and the Asian crisis
The Asian crisis caused a decline in most states' exports of manufactured goods to East Asia during 1998, but the severity of the decline varied across states. In this article, Cletus C. Coughlin and Patricia S. Pollard estimate the size of this export shock for all states. Primarily because western states tend to be more dependent on East Asian markets for export sales, they were hit the hardest by the sharp reduction in Asian demand for U.S.-produced manufactured goods. Of the states in which the decline in exports to East Asia lowered the growth of manufacturing output by more than one ...
Journal Article
Reforming Social Security: a welfare analysis
Journal Article
The crisis that wasn't: Asia and the Eighth District
The East Asian financial crisis sent economies world wide reeling. So how did the Eighth District remain relatively unscathed?
Journal Article
Import prices and the exchange rate
Journal Article
Burger survey provides taste of international economics
An annual survey on the price of a hamburger in countries around the globe provides a surprisingly meaty lesson about relative currency valuations.
Working Paper
Exchange rate pass-through in U. S. manufacturing: exchange rate index choice and asymmetry issues
This paper explores two issues that have received limited attention in the exchange rate pass-through literature. First, are the pass-through estimates sensitive to the choice of the exchange rate index? Second, are pass-through estimates asymmetric with respect to the sign of exchange rate changes? Using data for 87 industries, we find that the answer to both questions is yes. J-test results indicate that the "Major" exchange rate index produced by the Board of Governors of the Federal Reserve System tends to fit the data better than two alternative indexes. With respect to asymmetry, we ...