Abstract

This book contains the proceedings of a conference held in honor of Robert P. Flood Jr. Contributors to the conference were invited to address many of the topics that Robert Flood has explored including regime switching, speculative attacks, bubbles, stock market voloatility, macro models with nominal rigidities, dual exchange rates, target zones, and rules versus discretion in monetary policy. The results, contained in this volume, include five papers on topics in international finance.

Robert P. Flood, Jr. - Bibliography

Birth Date: January 7, 1949

Degrees: B.A., Wake Forest University, 1970

  • M.A., University of Rochester, 1975

  • Ph.D., University of Rochester, 1977

Experience

  • Rochester Graduate Work

    • Concentrations in International Economics, Monetary Economics

    • Dissertation: supervised by Michael Mussa

    • Essays on Real and Monetary Aspects of Various Exchange Rate Systems

  • Research Assistant, International Monetary Research Program, London, 1975.

  • Assistant Professor, Department of Economics, University of Virginia, 1976-81.

  • Economist, Board of Governors of the Federal Reserve System, 1980-82.

  • Associate Professor, Department of Economics, University of Virginia, 1981-83.

  • Professor, Department of Economics, Northwestern University, 1983-89

  • Senior Economist, International Monetary Fund, 1987-present.

Editorial Work

  • Co-Editor, Journal of International Economics, 1983-87

  • Associate Editor, Journal of Money, Credit and Banking, 1983-present.

  • Associate Editor, American Economic Review, 1989-93.

  • Associate Editor, International Journal of Finance and Economics, 1995-present.

  • Associate Editor, International Journal of Finance and Money, 1995-present.

  • Editor, IMF Staff Papers, 1998-present.

Research Associations

  • Research Associate, National Bureau of Economic Research 1979-97.

  • Research Associate, Georgetown University Center for International Economic Policy.

  • Research Professor, Dartmouth College.

Published Papers:

  • “Growth, Prices and the Balance of Payments,” Canadian Journal of Economics, May, 1977.

  • “Exchange Rate Expectations in Dual Exchange Markets,” Journal of International Economics, February, 1978.

  • “Backward Looking and Forward Looking Solutions to Monetary Models of Inflation With Rational Expectations,” Economics Letters 1, 1978 (with P. Garber).

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  • “An Example of Exchange Rate Overshooting,” Southern Economic Journal, July, 1979.

  • “An Economic Theory of Monetary Reform,” Journal of Political Economy, February, 1980 (with P. Garber).

  • “A Pitfall in Estimation of Models With Rational Expectations,” Journal of Monetary Economics, July, 1980 (with P. Garber).

  • “Market Fundamentals Versus Price Level Bubbles: The First Tests,” Journal of Political Economy, August, 1980 (with P. Garber).

  • “Perfect Foresight and the Stability of Monetary Models,” Economica, August, 1981 (with E. Burmeister and S. Turnovsky).

  • “Explanations of Exchange-Rate Volatility and Other Empirical Regularities in Some Popular Models of the Foreign Exchange Market,” 15 supplement to Journal of Monetary Economics, Autumn, 1981.

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  • “The Transmission of Disturbances Under Alternative Exchange-Rate Regimes,” Quarterly Journal of Economics, February, 1982. (with N. Marion).

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  • “Activist Policy in the Open Economy,” A.E.A. Papers and Proceedings, American Economic Review, May, 1982.

  • “Bubbles, Runs and Gold Monetization,” in P. Wachtel (ed.), Crises in the Financial Structure. Lexington Books, 1982 (with P. Garber).

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  • “A Model of Stochastic Process Switching,” Econometrica, May, 1983. (with P. Garber).

  • “Process Consistency and Monetary Reform: Some Further Evidence,” Journal of Monetary Economics, pp. 279-295, 1983 (with P. Garber).

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  • “On The Equivalence of Solutions in Rational Expectations Models,” Journal of Economic Dynamics and Control, 1983 (with E. Burmeister and P. Garber)

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  • “Gold Monetization and Gold Discipline,” Journal of Political Economy February, 1984 (with P. Garber), reprinted as Chapter 10 in R. Aliber (ed.), The Reconstruction of International Monetary Arrangements. MacMillan, 1987.

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  • “Exchange Rate Regimes in Transition: Italy 1974,” Journal of International Money and Finance December, 1983 (with N. Marion).

  • “Multi-Country Tests for Price Level Bubbles,” Journal of Monetary Economics 8, 1984, pp. 329-340 (with P. Garber and L. Scott).

  • “Collapsing Exchange Rate Regimes: Some Linear Examples,” Journal of International Economics, August 1984. (with P. Garber)

  • “Exchange Rate and Price Dynamics with Asymmetric Information,” International Economic Review October, 1984 (with R. Hodrick).

  • “Central Bank Intervention in a Rational Open Economy: A Model With Asymmetric Information,” in J. Bhandari (ed.), Exchange Rate Management Under Uncertainty. MIT Press, 1985 (with R. Hodrick).

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  • “Exchange Rate Dynamics, Sticky Prices and the Current Account,” Journal of Money Credit and Banking August, 1985 (with C. Engle).

  • “Optimal Price and Inventory Adjustment in an Open Economy Model of the Business Cycle,” Quarterly Journal of Economics, 1986 (with R. Hodrick).

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  • “Bubbles, Process Switching and Asset Price Volatility,” Journal of Finance, July, 1986. (with R. Hodrick)

  • “Real Aspects of Exchange Rate Regime Choice,” Journal of International Economics, November, 1986 (with R. Hodrick).

  • Risk Neutrality and the Spread in a Two-Tier Foreign Exchange Market,” Economics Letters, 1987 (with N. Marion).

  • “Monetary Policy Strategies,” Staff Papers, International Monetary Fund, 36, pp.612-32 1989 (with P.Isard).

  • “Evolution of Exchange Rate Regimes,” Staff Papers, International Monetary Fund, Vol. 36, 1989 (with J.Home and J. Bhandari).

  • “Testable Implications of Indeterminacies in Models with Rational Expectations,” Economics Perspectives, Spring 19990, vol. 4, No. 2 (with R. Hodrick).

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  • “An Empirical Exploration of Exchange Rate Target Zones,” Supplement to the Journal of Monetary Economics, Autumn 1991,. pp.7-66 (with D. Mathieson. and A. Rose).

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  • “Speculative Attacks and Models of Balance of Payments Crisis,” Staff Papers, International Monetary Fund, Vol. 39, June, pp. 357-394 (with Agenor and J. Bhandari).

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  • “Macroeconomic Policy, Speculative Attacks and Balance of Payments Crisis,” (revised version of previous paper) in F. Van Der Ploeg (ed.), The Handbook of International Macroeconomics, Basil Blackwell, 1994 (with R. Agenor).

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  • “Linkages Between Speculative Attack and Target Zone Models of Exchange Rates,” Quarterly Journal of Economics, vol. 106, pp. 1367-1372 (with P. Garber).

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  • “The Linkage Between Speculative Attack and Target Zone Models of Exchange Rates: Further Results,” in M. Miller and P. Krugman (eds.), Exchange Rate Targets and Currency Bands Cambridge University Press, 1992.

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  • “A Theory of Optimum Currency Areas: Revisited,” G. Tavlas, ed., Greek Economic Review, 1992 (with J. Aizenman).

  • “Speculative Attacks and Models of Balance-of-Payments Crisis,” Staff Papers, International Monetary Fund, vol. 39, June 1992, pp. 357-94 (with P.R. Agenor and J. Bhandari).

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  • “Macroeconomic Policy, Speculative Attacks and Balance of Payments Crises,” in F Van Der Phol, ed., The Handbook of International Economics, Basil: Blackwell Publishers, 1994.

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  • “What is Policy Switching?,” Finance and Development, September, 1992.

  • “An Evaluation of Recent Evidence on Stock Market Bubbles” in R. Flood and P. Garber, Speculative Bubbles, Speculative Attacks and Policy Switching. MIT Press, 1994 (with R. Hodrick and P. Kaplan).

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  • “Exchange Rate Regime Choice” P. Newman, ed., The New Palgrave Dictionary of International Finance, 1994 (with N. Marion).

  • “Two-Tier Foreign Exchange Markets” in P. Newman, ed., The New Palgrave Dictionary of International Finance, 1994 (with N. Marion).

  • “Issues Concerning Nominal Anchors for Monetary Policy” in T Balino and C. Cottarelli, eds., Frameworks for Monetary Stability, 1994, International Monetary Fund (with M. Mussa).

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  • “Exchange Rate Economics: What’s Wrong with the Conventional Approach?,” in J. Frankel, G. Galli and A. Giovannini, eds., The Micro structure of Foreign Exchange Markets NBER, University of Chicago Press 1996 (with M. Taylor).

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  • “Fixing Exchange Rates: A Vitual Quest for Fundamentals,” Journal of Monetary Economics, Vol. 36, pp.337, 1995 (with A. Rose).

  • “Fixes of the Forward Discount Puzzle,” Review of Economics and Statistics 1996 (with A. Rose).

  • “Mexican Foreign Exchange Market Crises From the Perspective of the Speculative Attack Literature,” in International Capital Markets: Developments, Prospects and Policy Issues, International Monetary Fund, August 1995 (with C. Kramer).

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  • “Bubbles, Noise and the Trading Process in Speculative Markets,” in International Capital Markets: Developments, Prospects and Policy Issues International Monetary Fund, August 1995 (with T. Ito and C. Kramer).

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  • “Collapsing Exchange Rate Regimes: Another Linear Example,” Journal of International Economics Vol. 41, No. 3/4, November 1996, pp. 223234 (with P. Garber and C. Kramer).

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  • “Economic Models of Speculative Attacks and the Drachma Crisis of May 1994,” Open Economies Review, Vol. 7, 1996, pp., 591600 (with C. Kramer).

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  • “The Size and Timing of Devaluations in Capital-Controlled Developing Countries,” Journal of Development Economics, 1997 (with N. Marion).

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  • “Policy Implications of Second Generation Crisis Models,” IMF Staff Papers, September 1997, pp. 1017 (With N. Marion).

  • “Reserve and Exchange Rate Cycles,” Journal of International Economics, October 1998 (with W. Perravdin and P. Vitale).

  • “Self-Fulfilling Risk Predictions: An Application to Speculative Attacks,” forthcoming Journal of International Economics (with N. Marion).

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  • “Perspectives on the Recent Currency Crisis Literature,” forthcoming R. Dornbusch and M. Obstfeld, eds., Essays on Honor of Robert Mundell (with N. Marion).

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  • “Is Launching the Euro Unstable in the Endgame,” forthcoming P. Krugman, ed., NBER Conference Volume.

Books:

  • Speculative Bubbles, Speculative Attacks and Policy Switching, MIT Press, 1994 (with Peter Garber).

Comments and Reviews:

  • Review of M. Frattiani and K.. Tavernier (eds.), “Bank Credit, Money and Inflation in Open Economies,” Journal of Monetary Economics, August 1978.

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  • Comment on W. Buiter and M. Miller, “Real Exchange-Rate Overshooting and the Output Cost of Bringing Down Inflation,” European Economic Review, Vol. 18, 1982.

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  • “Stochastic Process Switching and Inflation: A Comment on Real Exchange Rate Overshooting and the Output Cost of Bringing Down Inflation: Some Further Results” in J. Frenkel, ed., Exchange Rates and International Macroeconomics, University of Chicago Press, 1984.

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  • Comment on W. McKibbin and J. Sachs, “Coordination of Monetary and Fiscal Policies in Industrial Economics,” in J. Frenkel, ed., University of Chicago Press, International Aspects of Fiscal Policy, 1988.

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  • Comment on K. Singleton, and “Speculation and the Volatility of Foreign Currency Exchange Rates,” Carnegie-Rochester Conference Volume, Vol. 26, 1987.

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  • Comment on J. Frankel and R. Meese, “Are Exchange Rates Excessively Volatile?” NBER Macroeconomics Annual, 1987.

  • “Comment on Cukierman,” Carnegie-Rochester Conference Volume.

  • Comment on R. Baillie paper, “Commodity Prices and Aggregate Inflation: Would a Commodity Price Rule be Worthwile?” Carnegie-Rochester Conference Series on Public Policy, vol. 31, 1989.

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  • “Monetary Policy Strategies: A Correction,” Staff Papers, International Monetary Fund (with P. Isard), 1990.

  • Comment on P. Krugman and M. Miller, “Why Have a Target Zone?” Carnegie-Rochester Conference Series on Public Policy, vol. 38, 1993 (with M. Spencer).

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Index of Authors

Adams, C, 17

Adler, M., 122, 1420-143, 149

Agenor, P. R., 267

Agronin, E., 111

Aizenman, J., xvii, 111-113, 116-117, 119,267

Akerlof, G., 97-98, 108, 112, 114, 117

Amano, R., 242-243, 245

Baba, Y., 88-89

Backus, D., 242, 245

Baillie, R., 268

Barro, R. J., 221, 242, 245

Barry, F, 111-112

Batini, N., 243-245

Bayoumi, T., 119

Bean, C, 204-205

Bekaert, G., 122, 142-143

Bernanke, B., 36, 43, 82-83, 164-165, 167-168

Bhagwati, J. N., 116-117

Bhandari, J., 267

Binder, M., 167-168

Blanchard, O. J., 151-152,163,165-166, 168, 175-176, 235, 238, 242, 245

Borensztein, E., 109, 112

Boughton, J., 87, 89, 119

Bovenberg, A. L., 98, 112

Bradley, J., 111-112

Brainard, S. L., 97, 112

Brecher, A. R., 116-117

Brock, W. A, 166, 168, 172

Bryant J., 16-17

Buiter, W., 268

Burmeister, E., xviii, 151, 154, 166, 168, 171-172, 174-176, 266

Calomiris, C, 1, 5, 17

Calvo, G., 21-22, 53, 163-164, 166, 168, 242, 245

Campbell, J., xviii, 121-126, 130, 132, 135, 140-143, 148-150

Canzoneri, M. B., 204-205, 242, 245

Caton, C, 172, 174

Chadha, B., 17

Chang, J., 143

Chang, R., 11-14, 16-17, 22, 32-33, 40, 43, 111-112

Christiano, L. J., 235, 241, 244-245

Clarida, R., 164-165, 168, 207, 213, 229, 244-245, 260

Clark, P. B., 243, 245

Coletti, D., 242-243, 245

Corsetti, G., 6, 16, 17, 33, 43, 53-54, 204-205

Cukierman, A., 268

Cumby, R. E., 127-128, 143, 204-205

De Gregorio, J., 109

Debelle, G., 214, 216, 245

De Santis, G., 142-143

Devereux, M. B., 71-72, 74-76, 78, 84, 90, 204-205

Diamond, D., xvii, 5, 7, 11, 13-14, 16- 17, 20, 22, 29, 32, 36-37, 42-43, 45

Diaz-Alejandro, C. E, 16-17, 116-117

Diba, B. T., 204-205

Dixit, A., 75

Dobell, A. R., 172,174

Dooley, M. P., xvii, 8, 10, 16-17, 19, 23, 57-58

Dornbusch, R., xv, 57-59, 63-64, 175, 268

Drazen, A., 53-54

Driffill, J., 242, 245

Dumas, B., 122, 142-143, 149

Dybvig, P., xvii, 5, 7, 11, 13-14, 16-17, 20, 22, 29, 32, 36-37, 42-43, 45

Edwards, S., 116-117

Eichenbaum, M., 235, 245

Eichengreen, B., 31, 43, 53-54

Eliasson, A., xviii, 207, 243-246, 251

Engel, C, xvii, 71-75,78-84, 87-90,93, 204-205, 266

Epstein, L., 123-124, 143

Erceg, C. J., 204-205

Evans, C, 235, 245

Evans, G. W., 151-152, 158-159, 165, 167-168

Fama, E. E, 126, 137-141, 143, 148

Faust, J. W., 244-245

Federal Reserve Bank of Kansas City, 242, 245

Federal Reserve Bank of San Francisco, 84, 242

Ferson, W., 122, 135, 140, 143

Fischer, I., 15, 17

Fischer, S., 151-152, 165-166, 168

Flavin, M., 149

Flood, R., xv, xvi, xvii, 1, 4, 15, 17, 31, 43-44, 47, 61, 67, 72, 84, 89-90, 121, 126, 142-143, 147, 149-151, 154, 164, 166, 168, 171, 173, 175-176, 208-209, 242, 242, 265,

Foley, D., 172

Folkerts-Landau, D., xvii, 57, 59, 61, 63

Frankel, J., 23, 268

Frattianni, M, 268

French, K. R., 137-143, 148

Frenkel, J. A., xv, xvii, 57, 59, 60, 63, 112, 126, 268

Freixas, X., 17

Friedman, M., 63

Froot, K. A., 142, 152, 157, 168

Fuhrer, J. C, 163, 168, 235, 237, 239, 242-245

Galbraith, J. K., 242-243, 245

Gali, J., 164-165, 167, 207, 213, 229, 244-245

Garber, P. M, xv, xvi, 4, 15-17, 31, 44-45, 61, 87, 147, 151, 154, 164, 166, 168, 175-176, 266-268

Gerard, B., 142-143

Gerlach, S., 21, 23

Gertler, M., 36, 43, 164-165, 167-168, 207, 213, 229, 244-245

Gilchrist, S., 36, 43

Giovannini, A., 143-144

Gleick, J., 64, 70

Goldberg, L. S., 97, 112

Goldfajn, L, 11, 16, 17, 20, 23

Golub, G- H., 167-168

Goodfriend, M., 204-205

Gordon, D. B., 242, 245

Gordon, R., 98, 112, 221, 242, 245

Gorton, G., 1, 5, 17

Gray, J. A., XVII, 17, 166, 168, 204, 249

Grilli, V., 16

Grossman, S. J., 150

Gust, C.J., 235, 241, 244, 245

Hahn, F. H., 172, 174

Haldane, A. G., 242-245

Hansen, L. P., 131, 142, 144, 150

Harvey, C, 122, 135, 141, 143-144

Hausmann, R., 18

Helpman, E., 97, 111-112

Henderson, D., xv, xviii, 15, 18, 61, 93, 150, 176-177, 204-205, 242, 249

Hendry, D. F, 88-89

Hodrick, R. J., xv, xvi, xviii, 73, 82-84, 87, 93, 121-122, 126, 142, 144-146, 149-150, 267

Honkapohja, S., 159, 167-168

Home, J., 267

Huizinga, J., 127-128, 143

Hung, M., 143

International Monetary Fund, 46-47, 58, 66,69

Ireland, P. N., 204-205

Isard, P., xvi, xvii, 15, 17, 208-209, 213, 229, 242-243, 245-246, 251, 266, 268

Ito, T., 267

Jacklin, C, 16, 18

Jagannathan, R., 5, 17, 142-144

Jeanne, O., 49-50, 53-54

Johnson, G. H., 116-117

Jorgenson, D. W., 172-174

Juillard, M., 244, 246

Kahn, C. M., 5, 17, 151, 163, 165, 168, 175-176, 235, 238, 245

Kaminsky, G. L. 14, 18-23

Kaplan, P., xviii, 121, 126, 143, 148,267

Katz, L. R, 242, 245

Kerr, W., 164

Kim, J., xviii, 175-177, 204-205, 242, 245

Kim, S. EL, 204-205, 249

King, R. G., 151,164, 167-168, 204-205

Kiyotaki, N., 36, 44

Klein, M. W., 97, 112, 167-168

Klein, P., 151, 159, 162, 175

Koenig, E.R, 204-205

Kohn, M., 116-117

Korajczyk, R. A., 122, 135, 144

Kramer, C, 267

Krugman, P., xvii, 15-17, 31-32, 35, 44, 49-50 52 54 267-268

Kuttner, K. N., 243, 246

Kydland, F. E., 242, 246

Lamont, O., 122, 126, 128-129, 142-144

Laroque, G., 150

Laxton, D., xvii, 207, 213-217, 219,229, 243, 245-246, 251

Lee, J., 109

Leiderman, L., 242, 246

Levin, A. T., 204-205, 207, 213, 229-230, 235, 239, 242-244, 246, 260

Lohmann, S., 242, 246

Lowe, P., 242, 246

Lucas, B., 68, 79-82

Macklem, T., 242-243, 245

Marcet, A., 167, 169

Marion, N., xvi, xvii, 1, 15-16, 87, 116-117, 266-268

Marshall, D. A., 82-84

Masson, P., 53-54

Mathieson, D., xvii, 17, 267

McAdam, P., 246

McCallum, B. T., xv, xviii, 93, 151, 154, 156-157, 159, 162, 164, 166, 169,171, 175-176 209 242 246

McKean, R., 58, 61

McKibbin, W., 268

McKinnon, R. L, 16,18, 31-33, 44, 116-117

Meese, R., 84, 90, 149, 268

Mereditll, G., 215, 246

Merton, R. C, 121-122, 144-145, 150

Miller, M., 267-268

Miller, V. 18

Mishkin, F. 18

Moore, G. R., 163, 168, 235, 237, 239, 243-245

Morre, J., 36, 44

Mussa, M., xv, xvii, 57, 59-61, 63, 89, 175-176 267

Nelson, E., 167, 169, 242, 246

Ng, D. T., xviii, 121, 145-146, 149

Obstfeld, M., 15, 18, 22, 31, 35, 44, 49, 55, 71-72, 74, 76, 84-85, 152, 166, 168, 169, 204, 205, 268

Orphanides, A., 242, 246

Perraudin, W., 268

Persson, T., 15, 18, 242, 246

Pesaran, M. H., 167-168

Pesenti, P., 16, 17, 32, 43, 53-54, 204-205

Pill, H., 16, 32-33, 44

Pioro, H., 246

Pratti, A., 149

Prescott, E. C, 242, 246

Radelet, S., 33, 44

Razin, A., xviii, 95, 98, 109-112, 119

Reinhart, C., 14, 19-23

Rochet, J. 17

Rodrik, D., 116-117,266

Rogerson, R., 242, 246

Rogoff, K., 71-72, 74, 76, 84-85, 166, 169, 204-205, 221, 242, 246

Rojas-Suarez, L., 18

Rose, A., xvi, 31, 43, 72, 74, 84, 214, 267

Rose, D., 215, 217, 219, 243, 245-246

Ross, S. A., 135, 144, 172, 174

Rotemberg, J. J., 163, 164, 169, 204-205

Roubini, N., 16-17, 32-33, 53-54

Rozeff, M., 126, 144

Rubinstein, M, 254, 257

Rudebusch, G. D., 221, 242-244, 246, 257

Sachs, J., 33, 44, 268

Sadka, E., xviii, 95, 98, 109-112, 119

Salant, S., 15, 18,61

Samuelson, P. A., 172, 174

Sargent, T. J., 151-152, 165, 167, 169, 172

Schaling, E., 228, 246, 257

Schmulker, S. L., 22

Schneider, M., 16, 18

Schwarz, G., 126, 144

Scott, L., xviii, 145, 266

Sengmueller, P., xviii, 121, 145-146

Shell, K., 172

Shiller, R. J., 126, 143

Shinasi, G., 17

Sidrauski, M., 172

Sims, C. A., 130, 144, 167, 169

Singleton, K. J., 143-144, 150, 268

Smets, E,21,246

Solow, R. M., 172-174

Solnik, B., 142-143

Sosner, N., 111-112

Spencer, M., 268

Staiger, D., 242-243, 246

Starr, R. M., 88-89

Stiglitz, J., 33, 75, 112, 172, 242, 246

Stock, J. H., 242-243, 246

Stulz, R., 71,85, 142

Svensson, L. E. O., xviii, 164, 169, 175, 210, 221, 242-246,251-252,256-257

Tabellini, G., 15, 18,242,246

Tambakis, D., 214, 217, 219, 243, 246

Tavernier, K., 268

Taylor, J. B., 151, 154, 163, 165, 169, 171, 204-205, 211, 213, 220, 228- 231,233,235,237-238,243-247,255- 257, 260, 267

Tetlow, R., 242

Thompson, H., 97, 112

Tornell, A., 16, 18

Townsend, R., 104, 112

Turnovsky, S., 266

Uhlig, H., 167, 169

ValdJs, R., 11, 16-17,20

Van Loan, C. E, 167-168

Van-Wijnbergen, S., 116-117

Vassalou, M, 142, 144, 149

Velasco, A, 11, 13-14, 16-18, 20, 22, 32-33, 40, 43, 111-112.

Viallet, C. J., 122, 135, 144

Vitale, P., 268

Waldo, D., 16, 29

Wallace, N., 172

Walso, 16

Wang, Z., 142-144

Watson, M. W., 151, 167-168, 242-243, 246

Weil, P., 143-144

Weiss, A., 112

Whiteman, C. H., 151, 165, 167, 169

Wickham, P., 97, 112

Wieland, V., 207, 213, 229-230, 235, 239, 242-244, 246, 247

Williams, J., 207, 213, 229-230, 235, 239, 242-244, 2467-246, 260

Wolman, A., 204

Woodford, M., 164-169, 204-205

World Bank, 46, 69, 109, 112

Wyplosz, C, 31, 43

Yuen, Chi-Wa, xviii, 95, 98, 109-112, 119

Zin, S. E., 123-124, 143

INTERNATIONAL FINANCE AND FINANCIAL CRISIS: Essays in Honor of Robert P. Flood, Jr. contains the proceeding of a conference held in honor of Robert P. Flood, Jr. Bob flood has made important contribute to many areas of economic analysis, including regime switching, speculative attacks, bubbles, stock market volatility, macro models with nominal rigidities, dual exchange rates, target zones, and rules versus discretion in monetary policy. Contributors were invited to address any of those topics or others of their choosing. The results include five papers on topics in international finance; two of these, as well as the panel discussion, focus on speculative attacks and financial crises. The other papers take new directions in exploring topics on which the existing literature leaves much to be desired.

1-55775-834-4

KLUWER ACADEMIC PUBLISHERS

INTERNATIONAL MONETARY FUND

Essays in Honor of Robert P. Flood Jr.
  • “Growth, Prices and the Balance of Payments,” Canadian Journal of Economics, May, 1977.

  • “Exchange Rate Expectations in Dual Exchange Markets,” Journal of International Economics, February, 1978.

  • “Backward Looking and Forward Looking Solutions to Monetary Models of Inflation With Rational Expectations,” Economics Letters 1, 1978 (with P. Garber).

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  • “An Example of Exchange Rate Overshooting,” Southern Economic Journal, July, 1979.

  • “An Economic Theory of Monetary Reform,” Journal of Political Economy, February, 1980 (with P. Garber).

  • “A Pitfall in Estimation of Models With Rational Expectations,” Journal of Monetary Economics, July, 1980 (with P. Garber).

  • “Market Fundamentals Versus Price Level Bubbles: The First Tests,” Journal of Political Economy, August, 1980 (with P. Garber).

  • “Perfect Foresight and the Stability of Monetary Models,” Economica, August, 1981 (with E. Burmeister and S. Turnovsky).

  • “Explanations of Exchange-Rate Volatility and Other Empirical Regularities in Some Popular Models of the Foreign Exchange Market,” 15 supplement to Journal of Monetary Economics, Autumn, 1981.

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  • “The Transmission of Disturbances Under Alternative Exchange-Rate Regimes,” Quarterly Journal of Economics, February, 1982. (with N. Marion).

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  • “Activist Policy in the Open Economy,” A.E.A. Papers and Proceedings, American Economic Review, May, 1982.

  • “Bubbles, Runs and Gold Monetization,” in P. Wachtel (ed.), Crises in the Financial Structure. Lexington Books, 1982 (with P. Garber).

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  • “A Model of Stochastic Process Switching,” Econometrica, May, 1983. (with P. Garber).

  • “Process Consistency and Monetary Reform: Some Further Evidence,” Journal of Monetary Economics, pp. 279-295, 1983 (with P. Garber).

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  • “On The Equivalence of Solutions in Rational Expectations Models,” Journal of Economic Dynamics and Control, 1983 (with E. Burmeister and P. Garber)

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  • “Gold Monetization and Gold Discipline,” Journal of Political Economy February, 1984 (with P. Garber), reprinted as Chapter 10 in R. Aliber (ed.), The Reconstruction of International Monetary Arrangements. MacMillan, 1987.

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  • “Exchange Rate Regimes in Transition: Italy 1974,” Journal of International Money and Finance December, 1983 (with N. Marion).

  • “Multi-Country Tests for Price Level Bubbles,” Journal of Monetary Economics 8, 1984, pp. 329-340 (with P. Garber and L. Scott).

  • “Collapsing Exchange Rate Regimes: Some Linear Examples,” Journal of International Economics, August 1984. (with P. Garber)

  • “Exchange Rate and Price Dynamics with Asymmetric Information,” International Economic Review October, 1984 (with R. Hodrick).

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  • “Exchange Rate Dynamics, Sticky Prices and the Current Account,” Journal of Money Credit and Banking August, 1985 (with C. Engle).

  • “Optimal Price and Inventory Adjustment in an Open Economy Model of the Business Cycle,” Quarterly Journal of Economics, 1986 (with R. Hodrick).

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  • “Bubbles, Process Switching and Asset Price Volatility,” Journal of Finance, July, 1986. (with R. Hodrick)

  • “Real Aspects of Exchange Rate Regime Choice,” Journal of International Economics, November, 1986 (with R. Hodrick).

  • Risk Neutrality and the Spread in a Two-Tier Foreign Exchange Market,” Economics Letters, 1987 (with N. Marion).

  • “Monetary Policy Strategies,” Staff Papers, International Monetary Fund, 36, pp.612-32 1989 (with P.Isard).

  • “Evolution of Exchange Rate Regimes,” Staff Papers, International Monetary Fund, Vol. 36, 1989 (with J.Home and J. Bhandari).

  • “Testable Implications of Indeterminacies in Models with Rational Expectations,” Economics Perspectives, Spring 19990, vol. 4, No. 2 (with R. Hodrick).

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  • “An Empirical Exploration of Exchange Rate Target Zones,” Supplement to the Journal of Monetary Economics, Autumn 1991,. pp.7-66 (with D. Mathieson. and A. Rose).

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  • “Speculative Attacks and Models of Balance of Payments Crisis,” Staff Papers, International Monetary Fund, Vol. 39, June, pp. 357-394 (with Agenor and J. Bhandari).

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  • “Macroeconomic Policy, Speculative Attacks and Balance of Payments Crisis,” (revised version of previous paper) in F. Van Der Ploeg (ed.), The Handbook of International Macroeconomics, Basil Blackwell, 1994 (with R. Agenor).

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  • “Linkages Between Speculative Attack and Target Zone Models of Exchange Rates,” Quarterly Journal of Economics, vol. 106, pp. 1367-1372 (with P. Garber).

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  • “The Linkage Between Speculative Attack and Target Zone Models of Exchange Rates: Further Results,” in M. Miller and P. Krugman (eds.), Exchange Rate Targets and Currency Bands Cambridge University Press, 1992.

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  • “A Theory of Optimum Currency Areas: Revisited,” G. Tavlas, ed., Greek Economic Review, 1992 (with J. Aizenman).

  • “Speculative Attacks and Models of Balance-of-Payments Crisis,” Staff Papers, International Monetary Fund, vol. 39, June 1992, pp. 357-94 (with P.R. Agenor and J. Bhandari).

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  • “Macroeconomic Policy, Speculative Attacks and Balance of Payments Crises,” in F Van Der Phol, ed., The Handbook of International Economics, Basil: Blackwell Publishers, 1994.

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  • “What is Policy Switching?,” Finance and Development, September, 1992.

  • “An Evaluation of Recent Evidence on Stock Market Bubbles” in R. Flood and P. Garber, Speculative Bubbles, Speculative Attacks and Policy Switching. MIT Press, 1994 (with R. Hodrick and P. Kaplan).

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  • “Exchange Rate Regime Choice” P. Newman, ed., The New Palgrave Dictionary of International Finance, 1994 (with N. Marion).

  • “Two-Tier Foreign Exchange Markets” in P. Newman, ed., The New Palgrave Dictionary of International Finance, 1994 (with N. Marion).

  • “Issues Concerning Nominal Anchors for Monetary Policy” in T Balino and C. Cottarelli, eds., Frameworks for Monetary Stability, 1994, International Monetary Fund (with M. Mussa).

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  • “Exchange Rate Economics: What’s Wrong with the Conventional Approach?,” in J. Frankel, G. Galli and A. Giovannini, eds., The Micro structure of Foreign Exchange Markets NBER, University of Chicago Press 1996 (with M. Taylor).

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  • “Fixing Exchange Rates: A Vitual Quest for Fundamentals,” Journal of Monetary Economics, Vol. 36, pp.337, 1995 (with A. Rose).

  • “Fixes of the Forward Discount Puzzle,” Review of Economics and Statistics 1996 (with A. Rose).

  • “Mexican Foreign Exchange Market Crises From the Perspective of the Speculative Attack Literature,” in International Capital Markets: Developments, Prospects and Policy Issues, International Monetary Fund, August 1995 (with C. Kramer).

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  • “Bubbles, Noise and the Trading Process in Speculative Markets,” in International Capital Markets: Developments, Prospects and Policy Issues International Monetary Fund, August 1995 (with T. Ito and C. Kramer).

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  • “Collapsing Exchange Rate Regimes: Another Linear Example,” Journal of International Economics Vol. 41, No. 3/4, November 1996, pp. 223234 (with P. Garber and C. Kramer).

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  • “Economic Models of Speculative Attacks and the Drachma Crisis of May 1994,” Open Economies Review, Vol. 7, 1996, pp., 591600 (with C. Kramer).

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  • “The Size and Timing of Devaluations in Capital-Controlled Developing Countries,” Journal of Development Economics, 1997 (with N. Marion).

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  • “Policy Implications of Second Generation Crisis Models,” IMF Staff Papers, September 1997, pp. 1017 (With N. Marion).

  • “Reserve and Exchange Rate Cycles,” Journal of International Economics, October 1998 (with W. Perravdin and P. Vitale).

  • “Self-Fulfilling Risk Predictions: An Application to Speculative Attacks,” forthcoming Journal of International Economics (with N. Marion).

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  • “Perspectives on the Recent Currency Crisis Literature,” forthcoming R. Dornbusch and M. Obstfeld, eds., Essays on Honor of Robert Mundell (with N. Marion).

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  • “Is Launching the Euro Unstable in the Endgame,” forthcoming P. Krugman, ed., NBER Conference Volume.

  • Review of M. Frattiani and K.. Tavernier (eds.), “Bank Credit, Money and Inflation in Open Economies,” Journal of Monetary Economics, August 1978.

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  • Comment on W. Buiter and M. Miller, “Real Exchange-Rate Overshooting and the Output Cost of Bringing Down Inflation,” European Economic Review, Vol. 18, 1982.

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  • “Stochastic Process Switching and Inflation: A Comment on Real Exchange Rate Overshooting and the Output Cost of Bringing Down Inflation: Some Further Results” in J. Frenkel, ed., Exchange Rates and International Macroeconomics, University of Chicago Press, 1984.

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  • Comment on W. McKibbin and J. Sachs, “Coordination of Monetary and Fiscal Policies in Industrial Economics,” in J. Frenkel, ed., University of Chicago Press, International Aspects of Fiscal Policy, 1988.

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  • Comment on K. Singleton, and “Speculation and the Volatility of Foreign Currency Exchange Rates,” Carnegie-Rochester Conference Volume, Vol. 26, 1987.

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  • Comment on J. Frankel and R. Meese, “Are Exchange Rates Excessively Volatile?” NBER Macroeconomics Annual, 1987.

  • “Comment on Cukierman,” Carnegie-Rochester Conference Volume.

  • Comment on R. Baillie paper, “Commodity Prices and Aggregate Inflation: Would a Commodity Price Rule be Worthwile?” Carnegie-Rochester Conference Series on Public Policy, vol. 31, 1989.

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  • “Monetary Policy Strategies: A Correction,” Staff Papers, International Monetary Fund (with P. Isard), 1990.

  • Comment on P. Krugman and M. Miller, “Why Have a Target Zone?” Carnegie-Rochester Conference Series on Public Policy, vol. 38, 1993 (with M. Spencer).

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