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Journal Article
Germany's recession continues, but long-term outlook is bright

Economics Update , Issue Jul , Pages 2-4

Working Paper
An empirical analysis of policy coordination in the United States, Japan and Europe

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

Working Paper
Conflict of interest between borrowers and lenders in credit co- operatives: the case of German co-operative banks

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

Working Paper
Globalization and productivity in the United States and Germany

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

Conference Paper
A new interpretation of the coordination problem and its empirical significance


Working Paper
German unification and the European monetary system: a quantitative analysis

This paper uses a macroeconomic model with rational expectations to analyze issues related to German unification. A principal focus of the paper is the effect of unification on member countries of the European Monetary System. Under certain conditions, German unification has a contractionary effect on other EMS countries. We explore the implications for EMS and other countries of alternative German fiscal and monetary policies.
International Finance Discussion Papers , Paper 421

Working Paper
Foreign reserve and money dynamics with asset portfolio adjustment: international evidence

Pacific Basin Working Paper Series , Paper 94-09

Journal Article
The independence of central banks

FRBSF Economic Letter

Conference Paper
Corporate-finance benefits from universal banking: Germany and the United States, 1870-1917

Proceedings , Paper 424

Conference Paper
Overview : proceedings of a symposium on reducing unemployment

Proceedings - Economic Policy Symposium - Jackson Hole



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