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Albert Waterston, David Williams, and Robert F. Skillings

.Y., U.S.A., Frederick A. Praeger, 1966, xx + 282 pp., $15. M r. huh’s book investigates the development of Japan’s trade with ten major Asian countries since the middle 1920’s and explores the prospects for the expansion of this trade by 1970. Mr. Huh is an economist in the Exchange and Trade Relations Department of the Fund. Born in Korea, he received a Ph. D. in economics from the University of Michigan in 1965. The book was completed before he joined the Fund staff. DRAWINGS BY MEMBERS DURING THE THIRD QUARTER OF 1966 Amount Member

Ms. Anne Marie Gulde and Holger C. Wolf

Rate Systems: An Equilibrium Theory ", Carnegie-Rochester Conference Series , Vol. 29 . Tinbergen , Jan ( 1931 , 1936 ), Abstract of Economic Statistics : London . Wolf , Holger ( 1991 ), " The Exchange Rate During the German Hyperinflation: Center Stage or Side Show? ", Massachusetts Institute of Technology , Mimeo . 1/ Ms. Gulde was an economist in the Exchange and Trade Relations Department when this paper was prepared; she is now with the European Department. Mr Wolf is a doctoral candidate at MIT and a pre-doctoral fellow at the

John Hewson and Eisuke Sakakibara

the book version (US$300.00 to universities). Address inquiries to The Secretary, International Monetary Fund, Washington, D.C. 20431 U.S.A. * Mr. Hewson was an economist in the North American Division of the Fund’s Western Hemisphere Department when this note was prepared. He is a graduate of the University of Sydney and the University of Saskatchewan, and he received his doctorate from the Johns Hopkins University. He is presently Visiting Economist, Reserve Bank of Australia. Mr. Sakakibara, economist in the Exchange Rate Practices Division of

Eugene A. Birnbaum and Moeen A. Qureshi

International Economics at the George Washington University. He was formerly economist in the Finance Division, Research and Statistics Department, of the International Monetary Fund. Mr. Qureshi, economist in the Exchange Restrictions Department, was educated at the University of the Punjab, Lahore, and Indiana University. He was formerly Deputy Chief in the Economic Division of the Pakistan Planning Commission. 1 At the time of writing there were 16 countries using advance deposit requirements for imports: Bolivia, Chile, Colombia, Ecuador, Ethiopia, Greece, Iceland

F. d’A. Collings

long experience with many types of restriction on foreign trade and payments and manipulation of exchange systems, has decided to adopt a substantially more liberal attitude toward international economic relationships, and to rely upon sounder and more basic domestic measures as the principal instruments of economic policy. * Mr. Collings, economist in the Exchange Restrictions Department, is a graduate of Queen’s University (Canada) and of the Johns Hopkins University. This paper is a revision of one originally presented at the Sixth Meeting of Central

MIGUEL A. SAVASTANO

. 75 – 78 . 10.1016/0165-1765(87)90018-8 Wyplosz , Charles , “Capital Controls and Balance of Payments Crises,” Journal of International Money and Finance , Vol. 5 ( June 1986 ), pp. 167 – 79 . 10.1016/0261-5606(86)90040-9 * Miguel A. Savastano, an Economist in the Exchange and Trade Relations Department, was previously an Economist in the Western Hemisphere Department. He holds a Ph.D. from the University of California at Los Angeles. This paper is based on the second chapter of the author’s doctoral dissertation. He is grateful to

Peter K. Cornelius

,” Journal of Monetary Economics , Vol. 24 ( July 1989 ), pp. 139 – 46 . 10.1016/0304-3932(89)90021-4 World Bank , World Development Report 1989 ( New York : Oxford University Press , 1989 ). * Peter K. Cornelius is an Economist in the Exchange and Trade Relations Department. When this paper was written, he was in the Northern European Division of the European Department. The author, who received his doctorate from the University of Göttingen, is grateful to Richard K. Abrams, Mario t. Blejer, Adalbert Kröbl, Duncan M. Ripley. David J. Robinson

JOHN HEWSON and EISUKE SAKAKIBARA

University. He is presently Visiting Economist, Reserve Bank of Australia. Mr. Sakakibara, economist in the Exchange Rate Practices Division of the Exchange and Trade Relations Department, is a graduate of the University of Tokyo and received his doctorate from the University of Michigan. He is presently on leave of absence from the Japanese Ministry of Finance. In addition to colleagues in the Fund, the authors are grateful to L. Girton, D. Henderson, and P. Clark of the Federal Reserve Board for their helpful comments and suggestions. 1 In announcing the

Ms. Anne Marie Gulde and Holger C. Wolf
Real exchange rate variability tends to be higher under flexible than under fixed exchange rates. The neokeynesian view attributes the higher variability to the combination of volatile nominal exchange rates with sticky prices. The neoclassical approach regards an increased incidence of real shocks as the culprit. We test the crucial assumptions underlying the two models for the interwar period. Prices and exchange rates are found to be equally flexible. We hence reject the neokeynesian sticky price view for our sample period. In contrast, our results are consistent