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Journal Article
Monetary targeting with exchange rate constraints: the Bundesbank in the 1980's
Von Hagen, Jurgen (1989-09)
Review , Issue Sep , Pages 53-69

Working Paper
A comparison of discount rate models using international stock market data
Kasa, Kenneth (1994)
This paper compares the ability of four discount rate models to explain the cross-sectional and time-series variation of stock returns in the U.S., Japan, England, Germany, and Canada. The data consist of quarterly returns (in dollars) on Morgan Stanley's Capital International indices for the period 1972 through 1991. The following four models are considered: (1) A consumption CAPM model, linking the discount rate to the intertemporal marginal rate of substitution in consumption, (2) A production CAPM model, linking the discount rate to the intertemporal marginal rate of transformation in ...
Working Papers in Applied Economic Theory , Paper 94-15

Conference Paper
A new interpretation of the coordination problem and its empirical significance
Canzoneri, Matthew B.; Edison, Hali J. (1990)
Proceedings

Working Paper
The role of real wages, productivity and fiscal policy in Germany's Great Depression 1928-1937
Fisher, Jonas D. M.; Hornstein, Andreas (2001)
We study the behavior of output, employment, consumption, and investment in Germany during the Great Depression of 1928-37. In this time period, real wages were countercyclical, and productivity and fiscal policy were procyclical. We use the neoclassical growth model to investigate how much these factors contribute to the Depression. We find that real wages, which were significantly above their market clearing levels, were the most important factor for the economic decline in the Depression. Changes in productivity and fiscal policy were also important for the decline and recovery. Even ...
Working Paper Series , Paper WP-01-07

Journal Article
Money and exchange rates, 1974-79
Keran, Michael W. (1979-04)
Economic Review , Issue Spr , Pages 19-34

Working Paper
Globalization and productivity in the United States and Germany
Mann, Catherine L. (1997)
This paper investigates the impact of globalization on productivity growth and the procyclicality of productivity growth in manufacturing industries in the United States and Germany. For U.S. industries, the analysis suggests that changes in international demand affect productivity growth differently from changes in exposure to international competition. An increase in foreign demand for U.S. exports raises trend productivity growth, but to a lesser degree than does a similar demand shock from domestic buyers. On the other hand, whereas an increase in U.S. imports reduces trend productivity ...
International Finance Discussion Papers , Paper 595

Working Paper
Conflict of interest between borrowers and lenders in credit co- operatives: the case of German co-operative banks
Mueller, Willi; Emmons, William R. (1997)
Over the last few decades, the co-operative banking sector in Germany has steadily increased its market share at the expense of other types of banks. This outcome is surprising from the standpoint of traditional economic thinking about co-operatives, which suggests that they are most appropriate for "backward" economies. We develop a model of co-operative banks that highlights the dual role ofmembers as borrowers and lenders. We show that a shift in the median (hence pivotal) member of the co-operative from predominantly a borrower orientation toward a lender orientation causes the ...
Working Papers , Paper 1997-009

Journal Article
Wage rigidity in West Germany: a comparison with the U.S. experience
Bell, Linda A. (1986-10)
Quarterly Review , Volume 11 , Issue Aut , Pages 11-21

Working Paper
A forward-looking multicountry model: MX3
Gagnon, Joseph E. (1989)
This is paper discusses the theoretical structure and empirical properties of MX3, a multicountry macroeconometric model with rational expectations. MX3 is a medium-sized quarterly model of the United States, Japan, and West Germany. The primary objective of the model is to analyze the effect of fiscal and monetary rules on national economies in an international context. By incorporating rational expectations into almost all of the model's behavioral equations, MX3 takes a large step toward addressing the "Lucas critique" of model-based policy analysis.
International Finance Discussion Papers , Paper 359

Working Paper
An empirical analysis of policy coordination in the United States, Japan and Europe
Tryon, Ralph W.; Edison, Hali J. (1986)
Coordination of macroeconomic policy has been a major topic at recent summit meetings, and has been the subject of a number of theoretical studies. However, relatively little empirical research exists on policy coordination. This paper is an attempt to help fill this gap. The paper considers the quantitative importance of the coordination of fiscal and monetary policy under flexible exchange rates. We also evaluate the mechanisms by which the effects of macroeconomic policy are transmitted abroad. The nature of the equilibrium reached in the absence of coordination is also analyzed, and the ...
International Finance Discussion Papers , Paper 286

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