We find evidence that the law of one price (LOOP) holds more nearly for country pairs that are within geographic regions that for country pairs that are not.

In this paper we consider the problem of making inference on a structural parameter in instrumental variables regression when the instruments are only weakly correlated with the endogenous explanatory variables.

We investigate the behavior of long-run U.S./U.K. real exchange rate from 1885 to 1995.

rkers choose the limiting and lenght of emigration. In modern liberal democracies, offring individual voters in political elections money for their votes is wrong and illegal; offering groups of voters particular benefits in exchange for their votes is constitutionally protected. Voters do not...

This study compares actual dicrections of structural adjustment in the Russian Far East since the collapse of the former Soviet Union with estimated directions of adjustment that would be predicted to follow an opening of the region to the world market.

This study measures the proportion of U.S. exchange rate movements that can be accounted for by movements in relative prices of non-traded goods.

Economists have long been interested in searching for the causes and effects of the growth of income and wealth of countries. The relevant literature gradually was divided nto two banches: economic growth and development economics, with the former emphasizing the use of rigorous mathematical...

Economic agents undertake actions to protect themselves from sort-run impact of foreign exchange rate fluctuations: Nominal goods prices are set in consumer' currencies and firms hedge foreign exchange risk. A model is presented here which shows that these features of the economy can lead to...

This paper sorts out competing explanations of high real interest rates and banking crises in open economies.

This paper sets out a methodology for analyzing high real interest rates in developing and traditional economies.