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Journal Article
Impact of current fiscal policy
Journal Article
Tax reform and aggregate spending
Working Paper
A generalized uncovered interest parity model of real exchange rates
Sticky price monetary models of the real exchange rate, while reasonable theoretically, have been disappointing empirically. The most likely reason is that shocks to the market's expectation of the future equilibrium real exchange rate weaken the stability of the statistical association between the real exchange rate and the real interest rate differential. This study identifies three types of shocks that appear to be important. These are productivity growth that changes the relative price of traded goods at home versus abroad, government budget deficits, and the real price of oil. ; These ...
Working Paper
A macroeconometric model of the U.S. economy
Journal Article
Slight moderation in the housing cycle
Journal Article
Monetary policies and exchange rates
Journal Article
The burden of Reagan debt
Journal Article
Penalty discount rate: II
Journal Article
Linkages of national interest rates