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Working Paper
Gold monetization and gold discipline
Conference Paper
The U.S. current account deficit: collateral for a total return swap
Conference Paper
Dollars and deficits: where do we go from here?
Conference Paper
Asian reserve diversification: does it threaten the pegs?
Conference Paper
An essay on the revived Bretton Woods system
Conference Paper
Interest rates, exchange rates and international adjustment
It is generally accepted that adjustment must occur to ultimately remove the imbalances from the international monetary system. The dispute has been between a view that the system will end abruptly and soon and a view that is will last for years more with a smooth adjustment in interest rates and exchange rates. Here, we presume that the basic system that has dominated at least the last five years will continue for years more, while converging to a sustainable equilibrium. With this system as a background, we examine the behavior of interest rates and exchange rates following a variety of ...
Conference Paper
The revived Bretton Woods system: alive and well
Conference Paper
Derivative products in exchange rate crises
Working Paper
A model of stochastic process switching