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Working Paper
J-curves and stability of the foreign-exchange market
Working Paper
Optimal international borrowing with default
Working Paper
Targeting inflation in the 1990s: recent challenges
This paper provides an evaluation of the effectiveness of inflation targeting in four industrial countries --New Zealand, Canada, the United Kingdom, and Sweden --focussing on the recent period of economic recovery. Evidence drawn from fmancial market data suggests that credibility of their inflation targeting regimes on balance has deteriorated during the past year and a half, as reflected mainly in sizeable increases in medium-and long-term interest rates. Even after accounting for spillovers from increases in real rates globally (which appear to have been important) and cyclical effects, ...
Working Paper
Inflation targeting in the 1990s: the experiences of New Zealand, Canada, and the United Kingdom
We survey the recent experiences of three industrial countries -- New Zealand, Canada, and the United Kingdom -- that have announced specific targets for inflation. Despite success on the part of the targeting central banks in attaining their inflation goals thus far, bond yields suggest that long-term inflation expectations for these countries persistently tended to exceed long-term targets throughout the first several years of targeting. For New Zealand and Canada, survey data generally implied that inflation also was expected to exceed its targeted level in the near term.
Working Paper
The effects of foreign aid on optimal savings and debt