Romer and Romer (R&R) reported that federal funds rate increases may raise expected inflation by revealing the Fed's private information about inflation. Gurkaynak, Sack, and Swanson (GSS) presented evidence that funds rate increases lowered long-term expected inflation. To choose between these...

The U.S. functioned as an engine of growth until the financial crisis. Now, U.S. imports have plummeted. This paper considers whether East Asia can be an engine of growth. Using data on consumption imports from 27 countries, the results indicate that income increases in East Asian countries...

Chinese policymakers have resisted calls for faster renminbi appreciation partly because they fear it will reduce low technology exports. We investigate this issue using a panel data set including China's exports of labor-intensive goods to 30 countries. We find that an appreciation of the RMB...

J. Kalt and M. Zupan have measured ideological shirking by legislators. Here the authors present evidence concerning nonideological shirking. They demonstrate that representatives with more overdrawn checks tend to be more fiscally irresponsible, with fiscal irresponsibility measured by National...

We use a multi-factor asset pricing model to investigate whether fluctuations in industry stock returns are due to industry stock returns are due to industry-specific shocks or to monetary and other macroeconomic factors. We find that common factors explain a substantial portion of the variation...

This paper investigates how monetary policy affects bank lending in Turkey. Kashyap and Stein (2000) show that if contractionary monetary policy affects the supply of bank loans, it will reduce lending more at banks with less liquid balance sheets. Here, it is found that this is true in Turkey,...