Debates surrounding the adoption of a common currency have focused on its benefits weighed against the long-term costs of losing monetary independence. These debates have assumed that the penalty for not adopting a common currency is the maintenance of the status quo. This paper uses the...

Debates surrounding the adoption of a common currency have focused on its benefits weighed against the long-term costs of losing monetary independence. These debates have assumed that the penalty for not adopting a common currency is the maintenance of the status quo. This paper uses the...

This paper analyzes the ad hoc decision of three Asian countries to peg their currency to the U.S. dollar prior to the Asian crisis. It uses the Sjaastad model to estimate the optimal basket weights for Thailand, Korea, and Singapore. The analysis in this paper differs from the optimal basket...

Analyses of the Fear of Floating are based on a misunderstanding of the nomenclature of the IMF’s de jure dataset and as a result have mapped most of the categories to their de facto counterparts in a spurious manner. This study introduces a new dataset of de jure exchange regime...

Ludwig Mises' "Economic Calculation in the Socialist Commonwealth" ("Die Wirtschaftsrechnung im sozialistischen Gemeinwesen," Archiv für Sozialwissenschaft und Sozialpolitik 47.1 [1920]: 86-121) is known mostly in the English-speaking world through a translation by S. Alder (in F.A. Hayek, ed.,...

Since 1998, the staff of the International Monetary Fund has published a classification of countries' de facto exchange rate arrangements. Experience in operating this classification system has highlighted a need for changes. The present paper provides information on revisions to the system in...

Phillips and Keynes had very different ideas on the relationship between unemployment and inflation. While the former saw a direct trade-off between the two, the latter saw an indirect cyclical relationship intermediated by liquidity preference. A horserace between mathematical specifications of...