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Contents

  • The Purchasing-Power-Parity Theory of Exchange Rates: A Review Article

    • LAWRENCE H.OFFICER

  • International Reserves and World-Wide Inflation

    • H. ROBERT HELLER

  • Indices of Effective Exchange Rates

    • RUDOLF R. RHOMBERG

  • An Indicator of Effective Exchange Rates for Primary Producing Countries

    • GÉRARD BÉLANGER

  • The Advantages of Exclusive Forward Exchange Rate Support

    • WILLIAM H. L. DAY

  • A Monetary Model of the Korean Economy

    • ICHIRO OTANI and YUNG CHUL PARK

  • Large Versus Small Price Changes and the Demand for Imports

    • MORRIS GOLDSTEIN and MOHSIN S. KHAN

  • Indexation of Wages and Salaries in Developed Economies

    • ANNE ROMANIS BRAUN

  • Summaries

  • Summaries

  • Summaries

STAFF PAPERS

Norman K. Humphreys, Editor

Editorial Committee

Norman K. Humphreys, Chairman

Jacques R. Artus

W.A. Beveridge

Sterie T. Beza

Charles L. Merwin

Subimal Mookerjee

Rose S. Porras

Harilaos Vittas

From the Foreword to the first issue:

“Among the responsibilities of the International Monetary Fund, as set forth in the Articles of Agreement, is the obligation to ‘act as a center for the collection and exchange of information on monetary and financial problems,’ and thereby to facilitate ‘the preparation of studies designed to assist members in developing policies which further the purposes of the Fund.’ The publications of the Fund are one way in which this responsibility is discharged.

“Through the publication of Staff Papers, the Fund is making available some of the work of members of its staff. The Fund believes that these papers will be found helpful by government officials, by professional economists, and by others concerned with monetary and financial problems. Much of what is now presented is quite provisional. On some international monetary problems, final and definitive views are scarcely to be expected in the near future, and several alternative, or even conflicting, approaches may profitably be explored. The views presented in these papers are not, therefore, to be interpreted as necessarily indicating the position of the Executive Board or of the officials of the Fund.”

The authors of the papers in this issue have received considerable assistance from their colleagues on the staff of the Fund. This general statement of indebtedness may be accepted in place of a detailed list of acknowledgments.

Subscription: US$6.00 a volume or the approximate equivalent in the currencies of most countries. Three numbers constitute a volume. Single copies may be purchased at $2.50. Special rate to university libraries, faculty members, and students: $3.00 a volume; $1.00 a single copy. Subscriptions and orders should be sent to:

The Secretary

International Monetary Fund

Washington, D.C. 20431 U.S.A.

Contents of Volume XXIII

Volume XXIII (1976) consists of three issues, as follows:

March, pages 1–294

July, pages 295–508

November, pages 509–759

English, French, and Spanish summaries appear at the end of each issue (March, pages 272–94; July, pages 490–508; and November, pages 740–59). The titles of the French and Spanish summaries begin on pages iv and v, respectively.

Authors

Allen, Mark. The Structure and Reform of the Exchange and Payments Systems of Some East European Countries

Artus, Jacques R. Exchange Rate Stability and Managed Floating: The Experience of the Federal Republic of Germany

Bélanger, Gérard. An Indicator of Effective Exchange Rates for Primary Producing Countries

Braun, Anne Romanis. Indexation of Wages and Salaries in Developed Economies

Byrne, William J. Fiscal Incentives for Household Saving

Choudhry, Nurun N. Integration of Fiscal and Monetary Sectors in Econometric Models: A Survey of Theoretical Issues and Empirical Findings

Crockett, Andrew D. The Euro-Currency Market: An Attempt to Clarify Some Basic Issues

Crockett, Andrew D., and Morris Goldstein. Inflation Under Fixed and Flexible Exchange Rates

Day, William H. L. The Advantages of Exclusive Forward Exchange Rate Support

Day, William H. L. Dual Exchange Markets Versus Exclusive Forward Exchange Rate Support

Day, William H. L. A Reform of the European Currency Snake

Gold, Joseph. Special Drawing Rights: Renaming the Infant Asset

Goldstein, Morris, and Andrew D. Crockett. Inflation Under Fixed and Flexible Exchange Rates

Goldstein, Morris, and Mohsin S. Khan. Large Versus Small Price Changes and the Demand for Imports

Heller, H. Robert. International Reserves and World-Wide Inflation

Hernández-Catá, Ernesto. Trade Credit, Interest Rates, and the Recent Behavior of External Lending by U. S. Banks

Hodjera, Zoran. Alternative Approaches in the Analysis of International Capital Movements: A Case Study of Austria and France

Johnson, Omotunde E. G. The Exchange Rate as an Instrument of Policy in a Developing Country

Khan, Mohsin S., and Morris Goldstein. Large Versus Small Price Changes and the Demand for Imports

Kopits, George F. Taxation and Multinational Firm Behavior: A Critical Survey

Officer, Lawrence H. The Productivity Bias in Purchasing Power Parity: An Econometric Investigation

Officer, Lawrence H. The Purchasing-Power-Parity Theory of Exchange Rates: A Review Article

Otani, Ichiro, and Yung Chul Park. A Monetary Model of the Korean Economy

Park, Yung Chul, and Ichiro Otani. A Monetary Model of the Korean Economy

Rhomberg, Rudolf R. Indices of Effective Exchange Rates

Sundararajan, V., and Subhash Thakur. Input-Output Approach to Import Demand Functions: Experiments with Korean Data

Suss, Esther C. A Note on Reserve Use Under Alternative Exchange Rate Regimes

Tanzi, Vito. The Sensitivity of the Yield of the U. S. Individual Income Tax and the Tax Reforms of the Past Decade

Thakur, Subhash, and V. Sundararajan. Input-Output Approach to Import Demand Functions: Experiments with Korean Data

Titles

The Advantages of Exclusive Forward Exchange Rate Support. By William H. L. Day

Alternative Approaches in the Analysis of International Capital Movements: A Case Study of Austria and France. By Zoran Hodjera

Dual Exchange Markets Versus Exclusive Forward Exchange Rate Support. By William H. L. Day

The Euro-Currency Market: An Attempt to Clarify Some Basic Issues. By Andrew D. Crockett

The Exchange Rate as an Instrument of Policy in a Developing Country. By Omotunde E. G. Johnson

Exchange Rate Stability and Managed Floating: The Experience of the Federal Republic of Germany. By Jacques R. Artus

Fiscal Incentives for Household Saving. By William J. Byrne

Indexation of Wages and Salaries in Developed Economies. By Anne Romanis Braun

An Indicator of Effective Exchange Rates for Primary Producing Countries. By Gérard Bélanger

Indices of Effective Exchange Rates. By Rudolf R. Rhomberg

Inflation Under Fixed and Flexible Exchange Rates. By Andrew D. Crockett and Morris Goldstein

Input-Output Approach to Import Demand Functions: Experiments with Korean Data. By V. Sundararajan and Subhash Thakur

Integration of Fiscal and Monetary Sectors in Econometric Models: A Survey of Theoretical Issues and Empirical Findings. By Nurun N. Choudhry

International Reserves and World-Wide Inflation. By H. Robert Heller

Large Versus Small Price Changes and the Demand for Imports. By Morris Goldstein and Mohsin S. Khan

A Monetary Model of the Korean Economy. By Ichiro Otani and Yung Chul Park

A Note on Reserve Use Under Alternative Exchange Rate Regimes. By Esther C. Suss

The Productivity Bias in Purchasing Power Parity: An Econometric Investigation. By Lawrence H. Officer

The Purchasing-Power-Parity Theory of Exchange Rates: A Review Article. By Lawrence H. Officer

A Reform of the European Currency Snake. By William H. L. Day

The Sensitivity of the Yield of the U. S. Individual Income Tax and the Tax Reforms of the Past Decade. By Vito Tanzi

Special Drawing Rights: Renaming the Infant Asset. By Joseph Gold

The Structure and Reform of the Exchange and Payments Systems of Some East European Countries. By Mark Allen

Taxation and Multinational Firm Behavior: A Critical Survey. By George F. Kopits

Trade Credit, Interest Rates, and the Recent Behavior of External Lending by U. S. Banks. By Ernesto Hernández-Catá

Résumés

Analyse du marché des euro-monnaies: tentative d’explication de quelques problèmes fondamentaux

Application de l’analyse «entrées-sorties» aux fonctions de demande d’importations: tests réalisés à l’aide de données coréennes

Avantages d’une intervention portant uniquement sur les taux de change à terme

Le biais de la productivité dans la parité des pouvoirs d’achat: étude économétrique

Crédits commerciaux, taux d’intérêt et le comportement récent des prêts extérieurs des banques américaines

Demande d’importation et modification forte ou faible des prix

Différentes méthodes d’analyse des mouvements internationaux de capitaux: etude de cas de l’Autriche et de la France

Double marché des changes ou soutien exclusif des taux de change à terme

Droits de tirage spécial: un nouveau nom pour le jeune avoir?

Encouragements fiscaux pour l’épargne des ménages

L’imposition et le comportement des entreprises multinationales: revue critique

Indexation des traitements et salaires dans les pays développés

Un indicateur des taux de change effectifs pour les pays de production primaire

Indices de taux de change effectifs

L’inflation en régime de taux de change fixes et en régime de taux de change flexibles

Intégration des secteurs budgétaire et monétaire dans les modèles économétriques: examen des questions théoriques et résultats empiriques

Modèle monétaire de l’économie coréenne

Note concernant l’utilisation des réserves sous différents régimes de taux de change

Réforme du serpent monétaire européen

Réserves internationales et inflation mondiale

La sensibilité du rendement de l’impôt sur le revenu des personnes physiques aux Etats-Unis et les réformes fiscales de la dernière décennie

Stabilité du taux de change et flottement dirigé: l’expérience de l’Allemagne fédérale

Structure et réforme du régime des changes et des paiements de certains pays d’Europe de l’Est

Le taux de change, instrument de politique d’un pays en développement

Théorie de la parité des pouvoirs d’achat des taux de change: une étude

Resúmenes

Análisis del mercado de euromonedas: Un intento de aclaración de algunas cuestiones, básicas

Crédito comercial, tipos de interés y el comportamiento reciente de los préstamos externos de bancos estadounidenses

Derechos especiales de giro: Nombre nuevo para el activo de creación reciente

Distintos métodos de análisis de los movimientos internacionales de capital: Estudio monográfico de Austria y Francia

La estabilidad de los tipos de cambio y la flotación dirigida: La experiencia alemana

Estructura y reforma de los sistemas cambiarios y de pagos de algunos países de la Europa oriental

El grado de sensibilidad del producto del impuesto sobre la renta personal en Estados Unidos y las reformas tributarias del último decenio

Grandes y pequeñas variaciones de precios y la demanda de importación

Incentivos fiscales para el ahorro de las unidades familiares

Un indicador de tipos de cambio efectivos para países de producción primaria

Indices de tipos de cambio efectivos

Indización de sueldos y salarios en economiís desarrolladas

Inflación con tipos de cambio fijos y flexibles

Integración de los sectores monetario y fiscal en modelos econométricos: Un estudio sobre aspectos teóricos y resultados empíricos

Los mercados cambiarios dobles y el apoyo exclusivo al tipo de cambio a plazo

El método de insumo-producto aplicado a las funciones de la demanda de importación: Experimentos con datos de Corea

Un modelo monetario de la economía coreana

Una nota sobre la utilización de las reservas con distintos sistemas de tipos de cambio

Reforma de la serpiente europea de monedas

Reservas internacionales e inflación mundial

El sesgo de productividad en la paridad del poder adquisitivo: Una investigación econométrica

La teoría de los tipos de cambio basados en la paridad del poder adquisitivo: Artículo de repaso

El tipo de cambio como un instrumento de política en un pais en desarrollo

La tributación ye el comportamiento de la empresa multinacional: Un análisis crítico

Las ventajas del apoyo exclusivo al tipo de cambio a plazo

Subject Index

(For scheme of classification, see Index to Volumes I-XVI, page 45.)

B. Balance of Payments

  • 1. Analysis

    • Dual Exchange Markets Versus Exclusive Forward Exchange Rate Support. By William H. L. Day

  • 3. International Capital Movements

    • Alternative Approaches in the Analysis of International Capital Movements: A Case Study of Austria and France. By Zoran Hodjera

    • Trade Credit, Interest Rates, and the Recent Behavior of External Lending by U. S. Banks. By Ernesto Hernández-Catá

C. International Trade

  • 1. International and Commodity Studies

    • The Purchasing-Power-Parity Theory of Exchange Rates: A Review Article. By Lawrence H. Officer

    • Indices of Effective Exchange Rates. By Rudolf R. Rhomberg

    • An Indicator of Effective Exchange Rates for Primary Producing Countries. By Gérard Bélanger

    • Large Versus Small Price Changes and the Demand for Imports. By Morris Goldstein and Mohsin S. Khan

      The Productivity Bias in Purchasing Power Parity: An Econometric Investigation. By Lawrence H. Officer

  • 2. National Studies

    • Input-Output Approach to Import Demand Functions: Experiments with Korean Data. By V. Sundararajan and Subhash Thakur

E. Exchange Rates

  • 1. Devaluation

    • Indices of Effective Exchange Rates. By Rudolf R. Rhomberg

    • An Indicator of Effective Exchange Rates for Primary Producing Countries. By Gérard Bélanger

    • Large Versus Small Price Changes and the Demand for Imports. By Morris Goldstein and Mohsin S. Khan

  • 2. Flexible Rates

    • Exchange Rate Stability and Managed Floating: The Experience of the Federal Republic of Germany. By Jacques R. Artus

    • The Exchange Rate as an Instrument of Policy in a Developing Country. By Omotunde E. G. Johnson

    • A Reform of the European Currency Snake. By William H. L. Day

F. Monetary Systems

  • 1. International Liquidity

    • International Reserves and World-Wide Inflation. By H. Robert Heller

    • Special Drawing Rights: Renaming the Infant Asset. By Joseph Gold

    • A Note on Reserve Use Under Alternative Exchange Rate Regimes. By Esther C. Suss

  • 2. International Standards and Exchange Markets

    • The Purchasing-Power-Parity Theory of Exchange Rates: A Review Article. By Lawrence H. Officer

    • The Advantages of Exclusive Forward Exchange Rate Support. By William H. L. Day

    • Dual Exchange Markets Versus Exclusive Forward Exchange Rate Support. By William H. L. Day

    • The Euro-Currency Market: An Attempt to Clarify Some Basic Issues. By Andrew D. Crockett

    • The Productivity Bias in Purchasing Power Parity: An Econometric Investigation. By Lawrence H. Officer

    • A Reform of the European Currency Snake. By William H. L. Day

  • 3. National Systems

    • The Structure and Reform of the Exchange and Payments Systems of Some East European Countries. By Mark Allen

G. Monetary Analysis

  • 1. General

    • Integration of Fiscal and Monetary Sectors in Econometric Models: A Survey of Theoretical Issues and Empirical Findings. By Nurun N. Choudhry

  • 2. Individual Techniques and General Empirical Studies

    • A Monetary Model of the Korean Economy. By Ichiro Otani and Yung Chul Park

    • Integration of Fiscal and Monetary Sectors in Econometric Models: A Survey of Theoretical Issues and Empirical Findings. By Nurun N. Choudhry

H. Monetary Policy

  • 1. General Analysis

    • Integration of Fiscal and Monetary Sectors in Econometric Models: A Survey of Theoretical Issues and Empirical Findings. By Nurun N. Choudhry

I. Inflation

  • 1. General Analysis

    • International Reserves and World-Wide Inflation. By H. Robert Heller

    • Indexation of Wages and Salaries in Developed Economies. By Anne Romanis Braun

    • Inflation Under Fixed and Flexible Exchange Rates. By Andrew D. Crockett and Morris Goldstein

J. Fiscal Policies

  • The Sensitivity of the Yield of the U.S. Individual Income Tax and the Tax Reforms of the Past Decade. By Vito Tanzi

  • Fiscal Incentives for Household Saving. By William J. Byrne

  • Taxation and Multinational Firm Behavior: A Critical Survey. By George F. Kopits

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