U.S. exports to developing countries have grown remarkably in recent years, far outpacing our sales increases to the industrial world. The author seeks explanations for this strong performance in the traditional determinants of export growth—relative prices and income growth—and in other...

The institutional environments in which central banks operate have become more alike over the past decade. The author examines the monetary policy operating procedures of the Federal Reserve and central banks in Japan, Germany, the United Kingdom, Canada, and Switzerland. In particular, he...

This article examines the effects of financial market reform on monetary control in Japan during the past two decades. The authors identify changes in the Bank of Japan's operating strategy and evaluate the Bank's ability to influence key policy variables in the current liberalized environment.