Curriculum Vitae Jeffrey Frankel

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November 1997

CURRICULUM VITAE
Jeffrey A. Frankel

Current Position: Member
Council of Economics Advisers
314 Old EOB, Executive Office of the President
Washington DC 20502

Phone (202) 395-5046; fax (202) 395-6958

On Leave: Professor, Department of Economics
University of California
549 Evans Hall, Berkeley, CA 94720-3880
E-mail Frankel@econ.berkeley.edu

Director for International Finance and Macroeconomics
National Bureau of Economic Research
1050 Massachusetts Avenue, Cambridge, MA 02138

BIRTH: November 5, 1952, San Francisco, California

EDUCATION
Ph. D., Massachusetts Institute of Technology, Economics, 1978.
B.A., Swarthmore College, with high honors, Economics, 1974.

ACADEMIC POSITIONS HELD

University of California, Berkeley: Professor, 1987- ; Associate Professor, 1984-87; Acting Associate Professor, 1980-83; Assistant Professor, 1979-80. Courses: International Finance, International Economics, Macroeconomics, and Econometrics.
Harvard University, Kennedy School of Government: Visiting Professor of Public Policy, Fall 1988 - Fall 1989.
Yale University: Visiting Assistant Professor, Fall 1980
University of Michigan: Assistant Professor, 1978-79.
OTHER POSITIONS HELD

Visiting Scholar, Federal Reserve Bank of San Francisco, 1990-1993, 1995-96.
Visiting Scholar, Research Department, International Monetary Fund, Washington, D.C. 9/85-12/85, 9/86-12/86, 5/89-9/89, 7/92-9/92, 6/93-9/93.
Visiting Scholar, International Finance Division, Federal Reserve Board, Washington, D.C. 5/77-8/77, 5/79-8/79, 7/81-9/81, 8/86-9/86.
Senior Staff Economist, Council of Economic Advisers, Executive Office of the President, Washington, D.C. 8/83-8/84.
Visiting Fellow, Institute for International Economics, Washington, D.C., 10/84-12/84, 6/90-8/91, 9/93, 6/94-8/95, 5/96-9/96.
Consultant, World Bank, 9/84-3/86 (CPD); 1/94-1/96 (IEC).
Consultant, Asia and the Pacific, Ford Foundation, 6/78-8/78.
Economic Consultant, Bank of Portugal, Lisbon, 5/76-8/76.
Economist and Consultant, International Monetary Fund, 5/75-8/75 (ETR); 12/95-6/96 (Asia).
PANEL MEMBERSHIPS AND ADMINISTRATIVE POSITIONS

Member, Brookings Panel on Economic Activity, Washington, D.C., 1996
Faculty Executive Board member, Clausen Center for International Business and Policy, Haas School of Business, U.C. Berkeley, 1996
Charter Member, Pacific Council on International Policy, Los Angeles, 1996-
Member, Council on Foreign Relations, New York, 1995-
Member, Presidential Economic Policy Advisory Board, White House, Washington, D.C., 1994
Co-Chairman, International Seminar on Macroeconomics, European Economics Association and National Bureau of Economic Research, 1994-96
Member, Business Cycle Dating Committee, National Bureau of Economic Research, 1993-96
Member, Panel on Foreign Trade Statistics, Committee on National Statistics, National Research Council, National Academy of Sciences, 1992-95
Panel member, Economic Policy, Centre for Economic Policy Research, London, 1992-93
Director, Center for International and Development Economics Research, U.C. Berkeley, 1991-96
Japan Policy Study Group, Reischauer Center, School of Adv. Int .S., Johns Hopkins U., 1991-95
Political Economy of European Integration Study Group, University of California, 1991-96
Associate Member, Center for Pacific Basin Monetary and Economic Studies, Federal Reserve Bank of San Francisco, 1990-96
Director, Colloquium for Research in International Policy Economics, Institute for International Studies, U.C. Berkeley, 1990-96
Member, Nikkei Teleforum, Tokyo, 1988-89
Associate Member, Foundation for Advanced Information and Research, Japan, 1986-96
Associate Member, Institute of Fiscal and Monetary Policy, Ministry of Finance, Japan, 1984-96
Core Group Member, Japan-U.S. Economic Policy Group, Washington, D.C., 1985-96
Associate Editor, Journal of Money, Credit and Banking, 1982-1993.
Economists' Committee, Sierra Club, 1981-83
RECENT REFEREEING
Advisory Board Member, International Finance Journal, Social Science Electronic Publishing
Associate Editor, Journal of International Money and Finance
Associate Editor, Journal of the Japanese and International Economies
Associate Editor, Review of International Economics
Advisory Editor, International Journal of Finance and Economics

American Economic Review, American J. of Agricultural Economics, California Management Review, Canadian J. of Economics, Econometrica, Economic J. , Economic Record, Economica, European Economic R. , International Economic Review, J. of Banking and Finance, J. of Development Economics, J. of Economic Dynamics and Control, J. of Economic Theory, J. of Empirical Finance, J. of Finance, J. of Macroeconomics, J. of Money, Credit and Banking, J. of Monetary Economics, J. of Political Economy, National Tax J. , Princeton International Finance Papers, Quarterly J. of Economics, R. of Economics and Statistics, Sloan Management R. , J. of Financial and Quantitative Economics, J. of Int. Business Studies, J. of International Economics, Southern Economic J. , World Bank Economic R. , World Economy, National Science Foundation, and various publishers.
HONORS, PRIZES, AND OUTSIDE GRANTS

Principal Investigator, Japan-U.S. Friendship Commission Grant, U.S. Govt., Washington, DC, 1994-96.
Special Prize, 10th Annual Masayoshi Ohira Memorial Prize, Foundation for Advanced Information and Research, 1994.
Principal Investigator, Japan-U.S. Friendship Commission Grant, U.S. Govt., 1992-94.
Co-Investigator, Ford Foundation Initiative in International Economics and Development, 1991-1997.
Principal Investigator, Japan-U.S. Friendship Commission Grant, U.S. Govt., 1991-92.
First Prize, AMEX Bank Review Awards, 1991.
Principal Investigator, Japan-U.S. Friendship Commission Grant, U.S. Govt., 1990-91.
Alfred P. Sloan Research Fellowship, 1986-1988.
Principal Investigator, National Science Foundation Grant No. SES-8218300, 1983-86.
Principal Investigator, National Science Foundation Grant No. SES-8007162, 1980-82.
National Science Foundation Fellowship, M.I.T., 1974-77.
Phi Beta Kappa, 1974.
BOOKS

Regional Trading Blocs, Institute for International Economics, Washington DC, 1997.
Financial Markets and Monetary Policy, M.I.T. Press: Cambridge, MA, 1995.
Does Foreign Exchange Intervention Work? (with Kathryn Dominguez), Institute for International Economics, Washington, D.C., 1993.
On Exchange Rates, M.I.T. Press: Cambridge, MA, 1993.
World Trade and Payments (with Richard Caves and Ronald Jones); Fifth edition 1990; Sixth edition, 1993. Seventh edition, Harper Collins: New York, 1996.
BOOKS EDITED

The Regionalization of the World Economy, University of Chicago Press, Chicago, 1997.
The Microstructure of Foreign Exchange Markets (with G. Galli and A. Giovannini), University of Chicago Press, Chicago, 1996.
The Internationalization of Equity Markets, University of Chicago Press, Chicago, 1994.
Regionalism and Rivalry: Japan and the United States in Pacific Asia (with Miles Kahler), University of Chicago Press, Chicago, 1993.
International Policy Coordination in the 1990's (Sen Kyuhyaku Kyuzyunendaino Kokusai Seisaku Kyocho), with Akira Hattori, Dobunkan Press, Japan, 1992.
MONOGRAPHS

"Obstacles to International Macroeconomic Policy Coordination," Studies in International Finance, no. 64, Princeton University Press: Princeton, December 1988.
"The Dollar as an Irrational Speculative Bubble: A Tale of Fundamentalists and Chartists" (with Ken Froot), The Marcus Wallenberg Papers on International Finance, Vol. 1, No. 1, International Law Institute: Washington, D.C., 1986.
"Six Possible Meanings of `Overvaluation': The 1981-85 Dollar," Essays in International Finance No. 159, International Finance Section, Princeton University: Princeton, December 1985. Reprinted in The International Monetary System: Highlights from Fifty Years of Princeton's Essays in International Finance, edited by Peter Kenen, Westview Press: Boulder, CO, 1993.
"The Yen/Dollar Agreement: Liberalizing Japanese Capital Markets," Policy Analyses In International Economics No.9, M.I.T. Press for Institute for International Economics: Washington, D.C., December 1984. Translated into Japanese and reprinted by Nomura Research, Inc., Tokyo, 1985.
ARTICLES IN U.S. JOURNALS

"Country Fund Discounts and the Mexican Crisis of 1994: Did Mexican Residents Turn Pessimistic Before International Investors?" (with Sergio Schmukler), Federal Reserve Board International Finance Discussion Paper No. 563, September. Condensed version of CIDER Working Paper No. C96-067. Open Economies Review 7, Fall 1996, 511-534. Reprinted in Currency Crashes: Causes, Consequences and Policy Responses, edited by George Tavlas, Kluwer, 1997, 81-104.
"Currency Crashes in Emerging Markets: Empirical Indicators" (with Andrew Rose), CIDER Working Paper No. C96-062, and International Finance Discussion Papers No. 534, Federal Reserve Board; Journal of International Economics 43, no. 3/4, 351-366, 1996.
"Recent Exchange Rate Experience and Proposals for Reform," American Economic Review 86, no.2, May 1996, 153-158.
"Regional Trading Arrangements: Natural or Super-Natural?" (with E. Stein and S.J. Wei), American Economic Review 86, no.2, May 1996, 52-56.
"A Panel Project on Purchasing Power Parity: Mean-Reversion Within and Between Countries" (with Andrew Rose), NBER Working Paper No. 5006, and Centre for Economic Policy Research Discussion Paper No. 1128. Journal of International Economics 40, no.1-2, February 1996, 209-224.
"Can Regional Blocs Be Stepping Stones to Global Free Trade?" (with Shang-Jin Wei), International Review of Economics and Finance, 5 no. 4, November 1995, 339-347.
"Who Drives Real Interest Rates in the Pacific Rim: The United States or Japan?" (with Menzie Chinn), Pacific Basin Working Paper No. 95-03, Federal Reserve Bank of San Francisco, July 1995. Journal of International Money and Finance 14, no. 6, December 1995, 801-821.
"Economic Regionalism: Evidence from Two 20th Century Episodes" (with Barry Eichengreen) conference on Globalization and its Implications for the Newly Industrialized Economies in East Asia, East-West Center, Honolulu, Hawaii. In North American Journal of Economics and Finance 6, no.2, Fall 1995, 89-106.
"Trading Blocs and the Americas: The Natural, the Unnatural, and the Super-Natural" (with E. Stein and S.J.Wei), written for the NBER's Sixth Inter American Seminar in Economics, Caracas, Venezuela, May 28-29, 1993. Full version, CIDER Working Paper No. C94-034, April 1994. Abridged version, Journal of Development Economics 47, no. 1, June 1995, 61-95.
"The Stabilizing Properties of a Nominal GNP Rule," (with the assistance of M.Chinn), UC Berkeley Economics W.P. No. 91-166; Journal of Money, Credit and Banking 27, no. 2, May 1995, 318-334.
"The Constrained Asset Share Estimation (CASE) Method: Testing Mean-Variance Efficiency of the U.S. Stock Market" (with C. Engel, K. Froot, and A. Rodrigues), NBER Working Paper No. 4294, March 1993. In Journal of Empirical Finance 2, 1995, 3-18.
"An Indicator of Future Inflation Extracted from the Steepness of the Interest Rate Yield Curve Along its Entire Length" (with Cara Lown), NBER Working Paper No. 3751. Quarterly Journal of Economics, 109, no.2, May 1994, 517-530.
"A 'Greater China' Trade Bloc?" (with Shang-Jin Wei), China Economic Review 5, no.2, Fall 1994, 179-190.
"Are Exchange Rate Expectations Biased?: Tests for a Cross-Section of 25 Currencies" (with Menzie Chinn), NBER Working Paper No.3807. Revised as "Patterns in Exchange Rate Forecasts for 25 Currencies," Journal of Money, Credit and Banking 26, no. 24, November 1994, 759-770.
"Does Foreign Exchange Intervention Matter? The Portfolio Effect" (with Kathryn Dominguez), abridged version of CIDER Working Paper No. C92-001, U.C. Berkeley. American Economic Review 83, no. 5, December 1993, 1356-69.
"Exchange Rate Expectations and the Risk Premium: Tests for a Cross-Section of 17 Currencies" (with Menzie Chinn), Review of International Economics 1, no.2 (June 1993), 136-144.
"A Note on Internationally Coordinated Policy Packages Intended to be Robust Under Model Uncertainty" (with S.Erwin and K.Rockett), American Economic Review, 82, no.4 (September 1992), 1052-56.
"Measuring International Capital Mobility: A Review," American Economic Review 82, no.2 (May 1992), 197-202.
"The Japanese Cost of Finance: A Survey," Financial Management 20, no.1 (Spring 1991), 95-127.
"Chartists, Fundamentalists, and Trading in the Foreign Exchange Market" (with Ken Froot), American Economic Review 80, no.2 (May 1990), 181-85.
"Forward Discount Bias: Is it an Exchange Risk Premium?" (with Ken Froot), Quarterly Journal of Economics 104, no.1 (February 1989), 139-161. Reprinted in Advances in Behavioral Finance, R.Thaler, ed., Russell Sage Foundation, New York, 1993, 359-381.
"Flexible Exchange Rates: Experience versus Theory," Journal of Portfolio Management 15, no.2 (Winter 1989), 45-54.
"International Macroeconomic Policy Coordination When Policy-Makers Do Not Agree On the Model" (with Katharine Rockett), American Economic Review 78, no. 3 (June 1988), 318-340. Also translated into Spanish in Instituto de Estudios Fiscales, Hacienda Publica Espanola: Madrid.
"Recent Estimates of Time-Variation in the Conditional Variance and in the Exchange Risk Premium," Journal of International Money and Finance, 7 (March 1988), 115-125.
"Using Survey Data to Test Standard Propositions Regarding Exchange Rate Expectations" (with Ken Froot), American Economic Review 77, no. 1 (March 1987), 133-153. Reprinted in Exchange Rate Economics, vol. II, edited by R.MacDonald and M.Taylor, International Library of Critical Writings in Economics, Edward Elgar Publishing, U.K., 1992.
"International Capital Mobility in Developing Countries vs. Industrialized Countries: What Do Saving-Investment Correlations Tell Us?" (with Michael Dooley and Don Mathieson), IMF Staff Papers, 34, no. 3 (September 1987), 503-530.
"Regression vs. Volatility Tests of the Efficiency of Foreign Exchange Markets" (with James Stock), Journal of International Money and Finance 6, no. 1 (March 1987), 49-56.
"Expectations and Commodity Price Dynamics: The Overshooting Model," American Journal of Agricultural Economics 68, no. 2 (May 1986), 344-348.
"The Implications of Mean-Variance Optimization for Four Questions in International Macroeconomic-s," Journal of International Money and Finance, 5 (March 1986), S53-75.
"The Dazzling Dollar," Brookings Papers on Economic Activity 1 (1985), 199-217.
"Commodity Prices, Money Surprises, and Fed Credibility" (with Gikas Hardouvelis), Journal of Money, Credit and Banking 17, no. 4 (November 1985, Part I), 427-438.
"Portfolio Crowding Out Empirically Estimated," Quarterly Journal of Economics 100 (1985), 1041-1065.
"Portfolio Shares as `Beta-Breakers': A Test of CAPM," Journal of Portfo-lio Manage-ment 11, no. 4 (Summer 1985), 18-23.
"Commodity Prices and Money: Lessons from International Finance," Invited Address, American Agricultural Economics Association Annual Meeting, Ithaca, New York, August 6, 1984. American Journal of Agricultural Economics 66, no. 5 (December 1984), 560-566.
"Do Asset Demand Functions Optimize Over the Mean and Variance of Real Returns? A Six Currency Test" (with Charles Engel), Journal of International Economics 17 (December 1984), 309-323.
"The Theory of Trade in Middle Products: Extension," American Economic Review(June 1984).
"Why Interest Rates React to Money Announcements: An Explanation from the Foreign Exchange Market" (with Charles Engel), Journal of Monetary Economics 10, no. 1 (January 1984).
"The Effect of Excessively-Elastic Expectations on Exchange Rate Volatility in the Dornbusch Overshooting Model," Journal of International Money and Finance 2, no. 1 (1983).
"In Search of the Exchange Risk Premium: A Six-Currency Test Assuming Mean-Variance Optimization" Journal of International Money and Finance 1 (December 1982), 255-274. Reprinted in Exchange Rate Economics, Vol.II, edited by R.MacDonald and M.Taylor, International Library of Critical Writings in Economics, Edward Elgar Publishing, Hants, U.K., 1992.
"A Test of Perfect Substitutability in the Foreign Exchange Market," Southern Economic Journal 46, no. 4 (April 1980).
"The Mystery of the Multiplying Marks: A Modification of the Monetary Model:" Review of Economics and Statistics, LXIV, 3 (August 1982).
"The 1807-1809 Embargo Against Great Britain," Journal of Economic History, XLII, no. 2 (June 1982).
"A Technique for Extracting a Measure of Expected Inflation from the Interest Rate Term Structure," Review of Economics and Statistics 64, no. 1 (February 1982), 135-142.
"On The Mark: Reply," American Economic Review 71, no. 5 (December 1981).
"Tests of Rational Expectations in the Forward Exchange Market," Southern Economic Journal 46, no. 4 (April 1980).
"On The Mark: A Theory of Floating Exchange Rates Based on Real Interest Differentials," American Economic Review 69, no. 4 (September 1979), 601-622. Translated to Italian in Flexible Exchange Rates: Theory and Experience, F. Giavazzi and R. Cohen, editors; Etas Libri: Sonzongo (1982). Reprinted also in Exchange Rate Economics, Vol.I, edited by R.MacDonald and M.Taylor, International Library of Critical Writings in Economics, Edward Elgar Publishing, Cheltenham, U.K., 1992.
"The Diversifiability of Exchange Risk," Journal of International Economics 9 (August 1979), 379-393.
"The Bluejeans Effect," The American Economist, 19:60 (Spring 1976). Reprinted in Readings for Principles of Economics, J. Crawford, editor. W.B. Saunders Company: Philadelphia.
ARTICLES IN OVERSEAS JOURNALS

"Economic Structure and the Decision to Adopt a Common Currency," Seminar Paper No. 611, Institute for International Economic Studies, Stockholm University, May, and CIDER WP No. C96-073, August, 1996. To be published as "Is EMU More Justifiable Ex Post than Ex Ante?" (with Andrew Rose) European Economic Review, 1997.
"The Endogeneity of the Optimum Currency Area Criterion," NBER Working Paper No. 5700, August 1996. Full version, "The Endogeneity of the Optimum Currency Area Criterion: An Application to Sweden's Decision on EMU" (with Andrew Rose), presented, Stockholm, May 20, 1996. Forthcoming, Swedish Economic Policy Review 4, 1997.
"Liberalization of Portfolio Capital Inflows in Emerging Markets: Sterilization, Expectations, and the Incompleteness of Interest Rate Convergence" (with Chudozie Okongwu), International Journal of Finance and Economics 1, no. 1, Jan. 1996, 1-23.
"Financial Barriers in the Pacific Basin: 1982-1992" (with Menzie Chinn), University of California, October 1992. Journal of Economic Integration 9, no. 1, March 1994, 62-80.
"A Two-Country Analysis of International Targeting of Nominal GNP" (with Norbert Funke); in special issue of Rivista di Politica Economica 83, no.3, April 1993, Rome, edited by M. Di Matteo, 69-106 (in English and Italian). Reprinted in volume edited by B.Baldassari, M. Di Mateo and R. Mundell, St.Martin's Press, NY, 1994.
"The Recent Liberalization of Korea's Foreign Exchange Markets, and Tests of U.S. versus Japanese Influence," Seoul Journal of Economics, vol.5, no.1 (Spring 1992), 1-29.
"The European Monetary System: Credible at Last?" (with Steve Phillips), Oxford Economic Papers, vol. 44 (1992), 791-816.
"International Nominal Targeting (INT): A Proposal for Monetary Policy Coordination in the 1990s," The World Economy, 13, no. 2 (June 1990), United Kingdom, 263-273.
"Obstacles to International Macroeconomic Policy Coordination," Journal of Public Policy 8, 3 (1989), Cambridge University Press, United Kingdom.
"Factors Determining the Flow of Capital from Japan to the United States." In Global and Domestic Policy Implications of Correcting External Imbalances, edited by M. Yoshitomi, Economic Planning Agency, Tokyo, 1988. Condensed version in Japanese in Kinyu Journal (July 1988).
"Political vs. Currency Premia in International Real Interest Differentials: A Study of Forward Rates for 24 Countries" (with Alan MacArthur), European Economic Review 32 (June 1988), 1083-1121. Reprinted in Exchange Rate Economics, Vol.II, edited by R.MacDonald and M.Taylor, International Library of Critical Writings in Economics, Edward Elgar Publishing, U.K. (1992).
"Short-term and Long-term Expectations of the Yen/Dollar Exchange Rate: Evidence from Survey Data" (with Ken Froot), Journal of the Japanese and International Economies 1 (1987), 249-274.
"The Desirability of Currency Appreciation Given a Contractionary Monetary Policy and Concave Supply Relationships," NBER Working Paper No. 1110. Journal of International Economic Integration 3, 1 (Spring 1988), 32-52.
"Understanding the U.S. Dollar in the Eighties: The Expectations of Chartists and Fundamentalists" (with Ken Froot), Center for Economic Policy Research Paper No. 169, Australian National University, Canberra. Economic Record (December, 1986), 24-38. Reprinted in Exchange Rate Economics, vol.I, edited by R.MacDonald and M.Taylor, International Library of Critical Writings in Economics, Edward Elgar Publishing, U.K. (1992).
"On the Franc," Annales de l'INSEE, 47-48 (December 1982), in French and English. Reprinted in The French Economy: Theory and Policy, edited by J. Melitz and C. Wyplosz; Westview Press: Boulder, Colorado (1985).
"Estimation of Portfolio-Balance Functions that are Mean-Variance Optimizing: The Mark and the Dollar," European Economic Review 23 (1983), 315-327.
"A Model of the Portuguese Economy," with A. Abel, M. Beleza, R. Hill, and P. Krugman, Economia, no. 1 (January 1977), Lisbon.
ARTICLES FOR BOOKS

"Crises, Contagion, and Country Funds: Effects on East Asia and Latin America" (with Sergio Schmukler), Center for Pacific Basin Monetary and Economic Studies WP No. PB96-04, Federal Reserve Bank of San Francisco, September 1996. Forthcoming, Management of Capital Flows and Exchange Rates: Lessons from the Pacific Rim, Reuven Glick, editor; Cambridge University Press.
"Regionalization of World Trade and Currencies: Economics and Politics" (with Shang-Jin Wei), NBER conference in Woodstock, VT, October 19-21, 1995. In The Regionalization of the World Economy, J. Frankel, editor, University of Chicago Press, Chicago, forthcoming 1997.
"Open Versus Closed Regional Trade Blocs," (with Shang-Jin Wei), June 15-17, 1995, Seoul, Korea. Forthcoming, NBER East Asia Seminar on Economics, Volume 6, Takatoshi Ito and Anne Krueger, editors, University of Chicago Press, 1997.
"The SDR, Reserve Currencies, and the Future of the International Monetary System" (with Barry Eichengreen), Washington, D.C., March 18-19, 1996. CIDER Working Paper No. C96-068. In The Future of the SDR in Light of Changes in the International Financial System, edited by Michael Mussa, James Boughton, and Peter Isard, International Monetary Fund, 1996.
"How Well Do Foreign Exchange Markets Function: Might a Tobin Tax Help?," conference on New and Innovative Sources of Financing Development, United Nations Development Programme, New York, October 10, 1995. CIDER Paper No. C96-058, Nov. 1995. In The Tobin Tax: Coping with Financial Volatility, Mahbub ul Haq, Inga Kaul, and Isabelle Grunberg, eds., Oxford University Press, New York, 1996, 41-81.
"Continental Trading Blocs: Are They Natural, or SuperNatural?" (with Ernesto Stein and Shang-Jin Wei), NBER Working Paper No.4588, December 1993. In The Regionalization of the World Economy, J. Frankel, ed., University of Chicago Press, Chicago, forthcoming 1997.
"A Survey of Empirical Research on Nominal Exchange Rates," (with Andrew Rose), NBER Working Paper no. 4865, September 1994; for Handbook of International Economics, edited by Gene Grossman and Kenneth Rogoff, North-Holland, Amsterdam, 1996.
"APEC and Regional Trading Arrangements in the Pacific" (with S.J. Wei and E. Stein), in Wendy Dobson and Frank Flatters, eds., Pacific Trade and Investment: Options for the 90's (International and Development Studies Institute, Queen's University: Kingston, ONT.), 1995, 289-312; revised version of Asia Pacific Economic Cooperation Working Paper Series No. 94-1, Institute for International Economics, Washington, D.C..
"European Integration and the Regionalization of World Trade and Currencies: The Economics and the Politics" (with Shang-Jin Wei), Political Economy of European Integration Research Group Working Paper No. 1.36, University of California, Dec. 1994. In Monetary and Fiscal Policy in an Integrated Europe, edited by Barry Eichengreen, Jeffry Frieden, and Jurgen von Hagen, Springer-Verlag Press, New York and Heidelberg, 1995.
"Recent Changes in the Financial Systems of Asian and Pacific Countries," Sixth International Conference of the Institute for Monetary and Economic Studies, Bank of Japan, Tokyo, Oct. 28-29, 1993; CIDER Working Paper 93-031, U.C.Berkeley; in Financial Stability in a Changing Environment, Kuniho Sawamoto, Zenta Nakajima, and Hiroo Taguchi, eds., MacMillan Press, 1995, 161-200.
"The Internationalization of Equity Markets," NBER Working Paper No. 4590, December 1993. "Introduction" inThe Internationalization of Equity Markets, J.Frankel, ed., the University of Chicago Press, Chicago, 1994.
"Emerging Currency Blocs," (with Shang-Jin Wei), International Center for Monetary and Banking Studies, Geneva, Sept. 2-4, 1993; CIDER Working Paper No. 93-026, U.C.Berkeley. In The International Monetary System: Its Institutions and its Future, edited by Hans Genberg, Springer, Berlin, 1995, 111-143.
"Is There a Currency Bloc in the Pacific?" (with Shang-Jin Wei), Kirribilli, Australia, July 12-13, 1993; in Exchange Rates, International Trade and the Balance of Payments, edited by Adrian Blundell-Wignall, Reserve Bank of Australia, Sydney, 1993: 275-308. Revised as "Is a Yen Bloc Emerging?" Joint U.S.-Korea Academic Symposium September 7-9, 1994, at the University of California, Berkeley; in Volume 5, Economic Cooperation and Challenges in the Pacific, edited by Robert Rich, Korea Economic Institute of America: Washington, D.C., 1995.
"Monetary Regime Choices for a Semi-Open Country" written for conference organized by Yung Chul Park, Seoul, Korea, November 6-7, 1992; in Capital Controls, Exchange Rates and Monetary Policy in the World Economy, edited by Sebastian Edwards, Cambridge University Press, 1995: 35-69.
"Financial Links Around the Pacific Rim: 1982-1992" (with Menzie Chinn), Chapter 2 in Exchange Rate Policy and Interdependence: Perspectives from the Pacific Basin, edited by R. Glick and M. Hutchison, Cambridge University Press, Cambridge UK and New York, 1994, 17-47.
"Is Japan Establishing a Trade Bloc in East Asia and the Pacific?", Chapter 14 in The Structure of the Japanese Economy: Changes on the Domestic and International Fronts, edited by Mitsuaki Okabe, Macmillan Press, 1994, 387-415.
"Sterilization of Money Inflows: Difficult (Calvo) or Easy (Reisen)?" Latinamerican Macroeconomic Network, Cartagena, Colombia, July 29-30, 1993; CIDER Working Paper 93-024, U.C.Berkeley; IMF Working Paper No. 94/159, Dec. 1994. Spanish version in Afluencia de Capitales y Establizacion en America Latina, edited by Roberto Steiner, Fedesarrollo, Bogota, 1994: 241-267.
"Yen Bloc or Dollar Bloc? Exchange Rate Policies of the East Asian Economies" (with Shang-Jin Wei), in Macroeconomic Linkages: Savings, Exchange Rates, and Capital Flows, NBER - East Asia Seminar on Economics, Volume 3, Takatoshi Ito and Anne Krueger, editors, University of Chicago Press, 1994.
"Foreign Exchange Policy, Monetary Policy and Capital Market Liberalization in Korea," in Korean-U.S. Financial Issues, U.S.-Joint Korea-U.S. Academic Symposium Volume 3, edited by Chwee Huay Ow-Taylor, Korea Economic Institute of America, Washington, D.C., 1993, 91-107.
"Is Japan Creating a Yen Bloc in East Asia and the Pacific?" in Regionalism and Rivalry: Japan and the U.S. in Pacific Asia, edited by Jeffrey Frankel and Miles Kahler, University of Chicago Press, Chicago, 1993, 53-85. Reprinted in Asia Pacific Regionalism: Readings in International Economic Relations, edited by P.Drysdale and R.Garnaut, Harper Educational Publishers, Australia, 1994, 227-249.
"Trade Blocs and Currency Blocs" (with Shang-Jin Wei), NBER Working Paper 4335 and Global Finance Lecture, University of Birmingham, UK, November 1992. In The Monetary Future of Europe, Guillermo de la Deheza, et al, eds., Centre for Economic Policy Research: London, 1993.
"The Evolving Japanese Financial System, and the Cost of Capital," Chapter 9 in Restructuring Japan's Financial Markets, edited by Ingo Walter and Takato Hiraki, Irwin Press and New York University, NY, 1993, 235-285.
"Financial and Currency Integration in the European Monetary System: The Statistical Record" (with Steve Phillips and Menzie Chinn), Center for German and European Studies, U.C. Berkeley. In Adjustment and Growth in the European Monetary Union, edited by Francisco Torres and Francesco Giavazzi, Cambridge University Press, Cambridge, UK, 1993: 270-306.
"The Japanese Financial System and the Cost of Capital," in Japanese Capital Markets, edited by Shinji Takagi, 1993, Basil Blackwell Inc., Cambridge, Ma: 21-77.
"Liberalization of Korea's Foreign Exchange Markets, and the Role of Trade Relations with the United States," inShaping a New Economic Relationship: The Republic of Korea and the United States, edited by Jongryn Mo and Ramon Myers, Hoover Institution Press, Stanford, CA, 1993: 120-142.
"Does Foreign Exchange Intervention Matter? Disentangling the Portfolio and Expectation Effects for the Mark" (with Kathryn Dominguez), NBER Working Paper No. 3299, March 1990. Appears in condensed form as "Foreign Exchange Intervention: An Empirical Assessment," chapter 16 in Frankel, On Exchange Rates, MIT Press, 1993.
"On the Dollar," In The New Palgrave Dictionary of Money and Finance, MacMillan Press Reference Books, London, 1992.
"International Nominal Targeting (INT): A Proposal for Overcoming Obstacles to Policy Coordination," in special issue of Rivista di Politica Economica, 79, 12, Rome, Dec. 1989, 257-294; and in M. Baldassarri, J. McCallum and R. Mundell, eds., Global Disequilibrium in the World Economy, 1992, Macmillan Press, UK, and St.Martin's Press, NY.
"Is a Yen Bloc Forming in Pacific Asia?" in Finance and the International Economy, The AMEX Bank Review Prize Essays, edited by Richard O'Brien, Oxford University Press, UK, 1991, 4-20. Appears in Japanese translation in Monthly Review of the Research Institute of Overseas Investment, Tokyo, February 1992.
"The Making of Exchange Rate Policy in the 1980s," in American Economic Policy in the 1980s, edited by Martin Feldstein, University of Chicago Press, Chicago, 1994, pp. 293-341.
"Japanese Finance in the 1980s: A Survey," in Trade with Japan: Has the Door Opened Wider? , edited by Paul Krugman, University of Chicago Press, Chicago, 1991, pp. 225-68.
"Exchange Rate Forecasting Techniques, Survey Data, And Implications for the Foreign Exchange Market" (with Ken Froot), International Monetary Fund Working Paper 90/43, May 1990. Seminar on the Analysis of Security Prices 36, no.1, May 1991, Center for Research in Security Prices, University of Chicago. Abridged in Frankel, On Exchange Rates, MIT Press, 1993.
"The Obstacles to Macroeconomic Policy Coordination in the 1990s and an Analysis of International Nominal Targeting (INT)." In International Trade and Global Development: Essays in Honour of Jagdish Bhagwati, edited by K.A. Koekkoek and L.B.M. Mennes, Routledge House, London, 1991, 211-236.
"International Nominal Targeting (INT): A Proposal for Coordination in the 1990s" (in Japanese), expanded version in International Macroeconomic Policy Coordination in the 1990's (Sen Kyuhyaku Kyuzyunendaino Kokusai Seisaku Kyocho), edited by Jeffrey Frankel and Akira Hattori, Dobunkan Press, Japan, 1992, 109-158.
"And Now Won/Dollar Negotiations? Lessons From the Yen/Dollar Agreement of 1984," in Korea's Macroeconomic and Financial Policies, Korean Development Institute, December 1989, 105-127.
"Quantifying International Capital Mobility in the 1980's." In National Saving and Economic Performance, D. Bernheim and J. Shoven, eds., University of Chicago Press: Chicago, 1991, 227-260. Reprinted in Dilip Das, ed., International Finance: Contemporary Issues, Routledge, London, 1993.
"International Financial Integration, Relations among Interest Rates and Exchange Rates, and Monetary Indicators," in International Financial Integration and the Conduct of U.S. Monetary Policy, Colloquium Sponsored by the Federal Reserve Bank of New York, Oct. 1989; edited by C.Pigott, New York, 1991, 17-49. Reprinted in Dilip Das, ed., International Finance, Routledge, London, 1993.
"Monetary and Portfolio-Balance Models of Exchange Rate Determination," Economic Interdependence and Flexible Exchange Rates, edited by J. Bhandari and B. Putnam, M.I.T. Press, Cambridge, 1983. Re-printed with "Update", in Inter-nation-al Eco-nomic Policies and Their Th-eoreti-cal Founda-tions, edited by J. Le-tiche, A-cademic Press, London, second edition, 1992.
"Chartists, Fundamentalists, and the Demand for Dollars" (with Ken Froot), in Private Behaviour and Government Policy in Interdependent Economies, edited by A. Courakis and M. Taylor, Clarendon Press, Oxford, U.K., 1990, 73-126. Also in Greek Economic Review, 10, no. 1 (June 1988), 49-102. Appears in Spanish translation in Cuadernos Economics de ICE, no. 38, Madrid.
"Obstacles to Coordination, and a Consideration of Two Proposals to Overcome Them: International Nominal Targeting (INT) and the Hosomi Fund," in International Policy Coordination and Exchange Rate Fluctuations, W. Branson, J. Frenkel and M. Goldstein, eds., University of Chicago Press: Chicago, 1990.
"U.S. Borrowing From Japan." In Structural Change in the American Financial System, G. Luciani, editor, Fondazione Adriano Olivetti: Rome, 1989. Reprinted in Dilip Das, ed., International Finance, Routledge, London, 1993.
"International Capital Mobility and Exchange Rate Volatility." KSG Discussion Paper, Harvard University, January 1989. In International Payments Imbalances in the 1980's, N. Fieleke, ed., Federal Reserve Bank of Boston, Boston, Ma., 1988.
"The Flexible Exchange Rate System: Experience and Alternatives" (with Rudiger Dornbusch), in International Finance and Trade, edited by S. Borner, International Economics Association, in association with Macmillan Press: London, 1988.
"Are Exchange Rates Excessively Variable?" (with Richard Meese), in S. Fischer, ed. NBER Macroeconomics Annual 1987, M.I.T. Press, Cambridge.
"International Capital Flows; and Domestic Economic Policies," in The United States in the World Economy, edited by Martin Feldstein, University of Chicago Press: Chicago, 1988, 559-627.
"Ambiguous Macroeconomic Policy Multipliers in Theory and in Twelve Econometric Models," In Empirical Macroeconomics for Interdependent Economies, eds., Ralph Bryant, et al., Brookings Institution: Washington, D.C., 1988, 17-26.
"The Implications of Conflicting Models for Coordination Between Monetary and Fiscal Policy-Makers," In Empirical Macroeconomics for Interdependent Economies, eds., Ralph Bryant, et al., Brookings Institution: Washington, D.C., 1988.
"The Impact of U.S. Economic Policies on a Commodity-Exporting Debtor: The Case of Thailand". In Thailand-U.S. Relations: Changing Political, Strategic and Economic Factors, edited by Ansil Ramsay and Wiwat Mungkandi, for Institute of East Asian Studies, U.C. Berkeley, 1988, 203-228.
"Explaining the Demand for Dollars: International Rates of Return and the Expectations of Chartists and Fundamentalists" (with Ken Froot). In Macroeconomics, Agriculture, and the Exchange Rate, edited by R. Chambers and P. Paarlberg, Westview Press: Boulder, Colorado (1988), 25-80.
"Macroeconomics and Protectionism" (with Rudiger Dornbusch), in U.S. Trade Policies in a Changing World Economy, edited by Robert Stern, M.I.T. Press: Cambridge, MA., 1987.
"International Capital Mobility and Crowding Out in the U.S. Economy: Imperfect Integration of Financial Markets or of Goods Markets?" in How Open Is the U.S. Economy? , ed. R. Hafer, Lexington: Lexington Books, 1986, 33-67.
"The 1980-83 Dollar and Six Possible Meanings of `Overvaluation'," in Floating Exchange Rates in an Interdependent World, Richard Cooper, et al., General Accounting Office: Washington, D.C., 1984.
"Tests of Monetary and Portfolio-Balance Models of Exchange Rate Determination," in Exchange Rate Theory and Practice, edited by J. Bilson and R. Marston, University of Chicago Press, Chicago, 1984.
"Why Money Announcements Move Interest Rates: An Answer from the Foreign Exchange Market" (with Charles Engel), Sixth West Coast Academic/Fede-ral Reserve Economic Research Seminar, Federal Reserve Bank of San Francisco, November 1983.
"The Portuguese Economy: Recent Developments and Current Situation" (with Abel, et al.), in Portuguese, International Conference on the Portuguese Economy, October 11-13, 1976; Gulbenkian Foundation, Lisbon, 1977.
COMMENTS, REVIEWS, AND DISCUSSION

"Comment on Desai and Hines: 'Excess Capital Flows and the Burden of Inflation in Open Economies,'" Feb. 20, 1997, Federal Reserve Bank of New York; forthcoming in Costs and Benefits of Achieving Price Stability, edited by M. Feldstein.
"Comments on Brad De Long's 'Cross-Country Variations in National Economic Growth Rates: The Role of "Technology" '," Conference Proceedings, Chatham MA, June 5-7, 1996. In Technology and Growth, edited by Jeffrey Fuhrer and Jane Sneddon Little, Federal Reserve Bank of Boston, 1996.
Review of New Dimensions in Regional Integration, Jaime de Melo and Arvind Panagariya, editors (Cambridge, UK, and New York: Cambridge University Press) 1993; paperback edition 1995; for the Journal of Comparative Economics 1996, 23, 335-338.
"A Comment on Tax Policy and the Activities of Multinational Corporations," in Fiscal Policy: Lessons from Economic Research, edited by Alan Auerbach (Cambridge, MA: MIT Press), 1997, 447-452.
Contributions in The World Economy in Transition: What Leading Economists Think, edited by Randall Hinshaw, Edgar Elgar: Cheltenham, UK, 1996.
"Concerted Interventions and the Dollar: An Analysis of Daily Data," in The International Monetary System in Crisis and Reform: Essays in Memory of Rinaldo Ossola, edited by P.Kenen, F.Papadia and F.Saccomani, Cambridge University Press, Cambridge UK, 1994, 242-247; and (in Italian), in Il Sistema Monetario Internationazionale tra Crisi e Riforme: Saggi in Memoria di Rinaldo Ossola, Bologna: Societa Editrice il Mulino, 434-443.
"'Excessive Deficits': Sense and Nonsense in the Treaty of Maastricht; Comments on Buiter, Corsetti and Roubini," Centre for Economic Policy Research, London; Economic Policy 16, April 1993, 92-97.
"The Issues" and "International Policy Coordination Reconsidered," in International Monetary Issues after the Cold War: A Conversation Among Leading Economists, Claremont Monetary Conference, Randall Hinshaw, editor, Johns Hopkins Press, Baltimore, 1993.
"Trade Policy Issues Between South Korea and the United States," in The Impact of Recent Economic Developments on U.S./Korean Relations and the Pacific Basin, Joint Korea-U.S. Academic Symposium Vol. I, L.Krause and C.Ow-Taylor, eds., U.C. San Diego and Korea Economic Institute of America, 1991, 112-115.
"Thoughts on the Financial, Monetary, and Economic Integration of Portugal into Europe in 1992," in Portugal and the Internal Market of the EEC, Luis Miguel Beleza and Jose da Silva Lopes, eds., Banco de Portugal, Lisbon, 1991, 187-191.
"Commentary on Dornbusch: The Dollar in the 1990s" in Monetary Policy Issues in the 1990s, Jackson Hole, Federal Reserve Bank of Kansas City, 1989, 275-281.
"Zen and the Art of Modern Macroeconomics: The Search for Perfect Nothingness," in Monetary Policy For a Volatile Global Economy, W. Haraf and T. Willett, eds., American Enterprise Institute, Washington, D.C., 1990.
"Does Debt Management Matter? Comment" in Does Debt Management Matter? , by J.Agell, M.Persson, and B.Friedman, FIEF Studies in Labor Markets and Economic Policy, Oxford University Press, Oxford, 1992, 81-91.
Review of Francis Diebold, "Empirical Modeling of Exchange Rate Dynamics" (with James Stock), in Journal of International Economics 27, no.3/4 (November 1989), 185-189.
"Comments on the Theory and Practice of International Policy Coordination," in Macroeconomic Policies in an Interdependent World, R. Bryant, ed. Brookings Institution, Washington, D.C., 1989.
"Comment on Italian Portfolio Demand." In High Public Debt: The Italian Ex-pe-rience, F. Giavazzi and L. Spaventa, eds., Cambridge University Press: Cambridge, 1988.
"Expectations and Commodity Price Dynamics: Reply," American Journal of Agricultural Economics, 69, no. 4 (November 1987).
Review of "International Asset Substitutability: Theory and Evidence for Canada," Journal of International Economics 23 (1987).
"Comment on Summers: Tax Policy and International Competitiveness," in International Aspects of Fiscal Policies, edited by Jacob Frenkel, University of Chicago Press: Chicago, 1988.
"Comments on Overshooting, Agricultural Commodity Markets, and Public Policy," American Journal of Agricultural Economics; 68, no. 2 (May 1986).
"Comments on Mussa," in Structural Adjustment and the Real Exchange Rate in Developing Countries, edited by L. Ahamed and S. Edwards, University of Chicago Press: Chicago (1986).
"Comments on Blundell-Wignall and Masson," in The European Monetary System, Policy Coordination and Exchange Rate Systems, edited by M. Artis and C. Wyplosz.
"Europe and the Dollar: Comments on Williamson, and Giavazzi and Giovannini." In Europe and the Dollar, Rudiger Dornbusch and Alberto Giovannini, eds., Istituto Bancario San Paolo di Torino, Torino, Italy, 1985.
"Monetary Targets, Real Exchange Rates and Macroeconomic Stability: Comment," European Economic Review, 28 (1985).
"The Secular Inflation Term in Open-Economy Phillips Curves" (with Charles Engel), European Economic Review 24 (1984), 161-164.
"A Comment on International Portfolio Diversification," Exchange Rate Theory and Practice, edited by J. Bilson and R. Marston, University of Chicago Press: Chicago (1984).
"An Accounting Framework and Some Issues for Modelling Exchange Rates: Comment," in Exchange Rates and International Macro-economics, Jacob Frenkel, editor. University of Chicago Press: Chicago, (1983).
"Comments on `Effects of U.S. Monetary Stabilization Programs on Expected Real Interest Rates and Real Exchange Rates'," Fifth West Coast Academic/Fede-ral Reserve Economic Research Seminar, Federal Reserve Bank of San Francisco, 1982.
"The Economic Consequences of the April 25th Revolution: Comment," Economia, Lisbon, 3, no. 3 (October 1979).
UNPUBLISHED RESEARCH

"ASEAN in a Regional Perspective" (with Shang-Jin Wei), written for the Southeast Asia and Pacific Department, International Monetary Fund, May 1996. CIDER Working Paper No. C96-074, U.C. Berkeley, November 1996.
"Country Funds and Asymmetric Information" (with Sergio Schmukler), CIDER Working Paper No. C97-087, U.C. Berkeley, May.
"Trade and Growth: An Empirical Investigation" (with David Romer), NBER Working Paper No. 5476, March 1996. Revised, December 1996.
"Open Regionalism in a World of Continental Trade Blocs" (with Shang-Jin Wei), National Bureau of Economic Research Working Paper No 5272, September 1995.
"The New Regionalism and Asia: Impact and Options" (with Shang-Jin Wei), Conference on the Emerging Global Trading Environment and Developing Asia, Asian Development Bank, Manila, May 29-31, 1995. Pacific Basin Working Paper No. PB95-10, Federal Reserve Bank of San Francisco, June 1995. Forthcoming in volume edited by Arvind Panagariya, M.G. Quibria, and Narhari Rao.
"More Survey Data on Exchange Rate Expectations: More Currencies, More Horizons, More Tests" (with Menzie Chinn), AEA meetings, Washington, D.C., January 6, 1995.
"Trade and Growth in East Asian Countries: Cause and Effect?" (with David Romer and Teresa Cyrus), Pacific Basin Working Paper Series No. 95-03, Federal Reserve Bank of San Francisco, July 1995. Revised, NBER Working Paper No. 5732, August 1996.
"The Welfare Implications of Continental Trading Blocs in a Model with Transport Costs," (with Ernesto Stein), U.C.Berkeley, February 1993; revised May 1994, Pacific Basin Working Paper Series No. PB94-03, Federal Reserve Bank of San Francisco.
"Monitoring, Investment, and the Transition to Public Debt Markets," (with Robin Wells), January 1993.
"Overcoming Obstacles to Macroeconomic Policy Coordination, With an Analysis of International Nominal Targeting (INT)" University of Siena, Italy, July 1992.
"A True Cross-Country Study of the Absolute Demand for Money" (with Richard Stern), U.C. Berkeley, September 1991.
"Are the Forecasts of Exchange Rate Volatility Implicit in Options Prices Excessively Variable?" (with Shang-Jin Wei), NBER Working Paper 3910, November 1991.
"Credibility, the Optimal Speed of Trade Liberalization, Real Interest Rates, and the Latin American Debt" (with Ken Froot and Alejandra Mizala-Salces), Country Policy Department, Trade and Adjustment Policy Division, World Bank, Dec. 1984. U.C. Berkeley Working Paper No. 8750, Aug. 1987.
"Are Asset-Demand Functions Determined by CAPM?" (with Bill Dickens), NBER Working Paper No. 1113. Revised as Finance Working Paper No. 140, IBER, U.C. Berkeley, June 1984.
"Is There Trade with Other Planets?" Univ. of Michigan, Oct. 1978.
"Exchange Rates Since Floating: Theory and Evidence," Ph.D. Thesis, M.I.T., June 1978.
"Pegging to Minimize Short-Run Exchange Uncertainty: The Exchange Rate Policies of Small Countries in a System of Generalized Floating," International Monetary Fund DM/75/109, December 1975.
POLICY ARTICLES, TESTIMONY, AND ADDRESSES

"Determinants of Long-Term Growth," Background Paper for the Morning Session of the Meeting of the Asia-Pacific Economic Cooperation (APEC) Senior Economic Advisers, Vancouver, Canada, November 20, 1997.
"Trade Blocs: Barriers or Stepping Stones for Global Trade and Investment," Keynote Speech before the International Federation of Associations of Business Economists (IFABE), Vancouver, Canada, November 19, 1997.
"Notes on the Global Outlook," Presented at the Institute of International Finance, Washington, D.C., November 17, 1997.
"Fast-track and the Continuing Importance of Trade Liberalization," Symposium on Freer Trade: In Whose Interest?, The Carter Center, Atlanta, Georgia, October 20, 1997.
"How to Gauge the Importance of Trade to the U.S. Economy," address to the National Economists Club, Washington, D.C., Oct. 7, 1997.
Keynote speech on "Preventing Bank Crises: Lessons from Recent Global Bank Failures," conference sponsored by the Federal Reserve Bank of Chicago and the World Bank, Lake Bluff, IL, June 11, 1997.
"Perspectives on East Asian Growth," remarks on The 1997-1998 Pacific Economic Outlook," The Asia Foundation and the U.S. National Committee for Pacific Economic Cooperation, Washington, DC, June 3, 1997.
"How to Gauge the Importance of Trade to the U.S. Economy," address to Conference of Business Economists, Washington, DC, May 8, 1997.
"Aviation, Trade, and the Shrinking World," plenary session of Global Air and Space '97 convention, Crystal City, VA, May 6, 1997.
"The Second Clinton Administration's Policies Toward Korea and East Asia," Address to the Korea-US Twenty-First Century Council, Washington, D.C., May 1, 1997.
"Statement before the Senate Banking Committee," as Nominee for Member of the President's Council of Economic Advisers, Washington, DC, March 6, 1997.
"The World Over the Next Twenty-five Years: Global Trade Liberalization, and the Relative Growth of Different Regions," The World in 2020: An international panel on economic prospects a quarter of a century ahead, Prometeia, Bologna, Nov. 1995. CIDER Working Paper No. C96-061, Jan. 1996. In Lo Scenario Mondiale e il Futuro Dell'Economia Italiana, edited by Paolo Onofri, Il Mulino, 1997 (in Italian).
"The Dollar's Demise? Future of the Dollar as the World's Principal Reserve Asset," H.W.Brock, editor, Strategic Economic Decisions, Inc., Menlo Park, Ca., August 1997.
"Recent Exchange Rate Experience, The Tobin Tax, and Other Proposals for Reform," Federal Reserve Bank of Dallas, Sept. 14-15, 1995. Published in Part I, Exchange Rates, Capital Flows and Monetary Policy in a Changing World Economy, edited by W.Gruben, D.Gould and C.Zarazaga, Kluwer Academic Publishers, Boston, 1997.
"Exchange Rate Crises in Emerging Markets: An Empirical Treatment" (with Andrew Rose), written for the International Economics Department of the World Bank, October 5, 1995.
"Sustainability of Currency Arrangements and Causes of Major Devaluations in Eight Latin American and Southeast Asian Countries," JETRO New York, June 1995.
"Lessons from the Mexican Crisis," for presentation at Council on Foreign Relations, New York, April 10; Federal Reserve System Meeting, Washington, D.C., April 28; and the Federal Reserve Bank of Atlanta's Financial Markets conference, Coral Gables, Fla., March 2-4, 1995.
"Still the Lingua Franca: The Exaggerated Death of the Dollar," Foreign Affairs, 74, no. 4, July/August 1995, 9-16. Reprinted (in Japanese) in Chuokoron, Japan.
"Regional Trading Arrangements and Guatemala," Cuarto Ciclo de Jornadas Economicas, Banco de Guatemala, April 20, 1995. To be published (in Spanish) in Banca Central, Guatemala.
"The Integration of Secondary Equity Markets in Europe, and the Barriers Posed by Separate Currencies," June 1995. Appears as Chapter 10 ["Exchange Rates and the Single Currency"], in The European Equity Markets: The State of the Union and an Agenda for the Millennium, Benn Steil, European Capital Markets Institute, Copenhagen, 1996.
"What Dollar Bashing?" The International Economy, May/June 1995, 14-15.
"A Proposal to Introduce the ECU First in the East," (with Charles Wyplosz), Institute for International Economics, Washington, DC, March 23, 1995. CIDER Working Paper No. C95-055, U.C. Berkeley, June 1995. Forthcoming in European Parliamentary Yearbook 1995/96.
"The 'Obvious Peso Blunder' at Treasury," Testimony before Committee on Banking, Finance and Urban Affairs, U.S. Senate, March 9, 1995.
"International Differences in Interest Rates: Do They Disappear as Financial Markets Become Globally Integrated?" in H.W.Brock, editor, Forecast and Risk Assessment, Strategic Economic Decisions, Inc., Menlo Park, Ca., January 1995.
"Clinton's Dollar Policy and The Effectiveness of Foreign Exchange Intervention," Revue d'Economie Financiere, December 1994, 125-137 (in French).
"Why Do We Need the Data in the U.S. Balance of Payments Capital Account, Anyway?" August 1992; input into Following the Money: U.S. Finance in the World Economy, Report by National Research Council Panel on International Capital Transactions, National Academy of Sciences, Washington, D.C., 1995.
"The Power of The Yield Curve to Predict Interest Rates (or Lack Thereof)" in H.W.Brock, editor, Forecast and Risk Assessment, Strategic Economic Decisions, Inc., Menlo Park, Ca., February 1994, III.1-III.21. Reprinted in Financial Markets and Monetary Policy, J.Frankel, MIT Press, 1995.
"Advantages of Liberalizing a Nation's Gold Market," World Gold Council, 1994.
"Can Regional Economic Arrangements in the Pacific Be Compatible with an Open Multilateral Trading System?" NBR Analysis, 4, no.4, November 1993, special edition in conjunction with the Asia-Pacific Economic Cooperation Ministerial Meeting and Leaders Conference, Seattle, p.15-17.
"A Pacific Economic Bloc: Is There Such an Animal?" (with Shang-Jin Wei), FRBSF Weekly Letter no. 93-39, Federal Reserve Bank of San Francisco, November 12, 1993.
"Why Do Interest Rates Differ Across Countries?" Academic Consultants Meeting, Board of Governors of the Federal Reserve System, April 22, 1993.
"Issues in Pacific Asia: An Economist's Views," Defense Intelligence College Workshop on Asian Politics, Monterey, Ca., March 18-19, 1993; in Memoranda to Policymakers, NBR Analysis 4, no.1 (June 1993), National Bureau of Asian Research, May 1993, 5-13. Reprinted in Venture Japan, October 1993.
"The Truth About Risk Assessment," Chapter II in H.W.Brock, editor, Forecast and Risk Assessment, Strategic Economic Decisions, Inc., Menlo Park, Ca., January 1992.
"Review of the Efficient Market Hypothesis -- a Verdict 20 Years Later," in H.W.Brock, editor, Forecast and Risk Assessment, Strategic Economic Decisions, Inc., Menlo Park, Ca., November 1991.
"The 1991 U.S. Economic Report of the President" (in Japanese), in Ekonomisuto, Japan, April 1991, pp. 28-32.
"The Cost of Capital in Japan: Update," Business Economics, 26, no. 2, April 1991, pp. 25-31. Japanese translation, Kinyu Journal, no.8, Aug. 1991, pp. 35-43. "Convertibility and the Czech Crown," Institute of Economic Studies, Karlova University, Prague, August 17, 1990. Revised, UC Berkeley Economics Working Paper No. 91-159, March 7, 1991.
"The Structural Impediments Initiative: Japan Again Agrees To Make Its Economy More Efficient," The International Economy, IV, no. 5 (October 1990), 70-72.
"A Proposal to Make Foreign Exchange Earnings Available to the Public," (with P.Edenholm, W.Maloney and R.Tomescu) Viitorul, Bucharest, Romania, June 25, 1990, p.3.
"A Proposal for the Privatization of Agriculture in Romania," (with R. Tomescu) Viitorul, Bucharest, Romania, June 21, 1990, p.3.
"The Structural Impediments Initiative" (in Japanese), Ekonomisuto, Tokyo, May 1990, 10-13.
"International Nominal Targeting (INT): A Proposal for Coordination in the 1990s" (in Japanese), condensed version, Kinyu Journal, special issue on Reform of the International Monetary System and International Policy Coordination, edited by Jeffrey Frankel and Akira Hattori, March 1990.
"Why Has the U.S. Trade Balance Been So Slow to Improve?" Kinyu Journal, Japan, September 1989.
"The World's Key Currencies," Fourth Nikkei Teleforum, March 1989.
"Overcoming Obstacles to International Macroeconomic Policy Coor-dina-tion," Interna-tional Policy Coor-dination and Exchange Rate Fluctua-tion, NBER, Madison Hotel, Washing-ton, D.C., Feb. 16, 1989.
"Tax Policy, Trade Policy and American Competitiveness," in From the Southwest to the World, Federal Reserve Bank of Dallas, July 1989. Also abridged and translated into Japanese in Economist, The Mainichi Newspapers, December 20, 1988, 51-55.
"Implications of the U.S. Debt to Japan" (in Japanese), Kinyu Journal, February 1989.
"To Coordinate or Not to Coordinate? A Proposal for Policy Coordination: International Nominal Targeting (INT)." In International Payments Imbalances in the 1980's, N. Fieleke, ed., Federal Reserve Bank of Boston: Boston, Ma., 1989. Also abridged in Japanese in Sekaikeizaihoron, Japan, April 1989.
"What Fate Lies in the Stars for the U.S. Trade Deficit?," (with B. Eichengreen) New York Times, Aug. 14, 1988, and Kinyu Journal, Japan, Oct. 1988.
"Interest Rate Effects of Bringing Down the Dollar," Testimony Before Committee on Banking, Finance and Urban Affairs, U.S. Congress, November 7, 1985.
"Will Exchange Rate Movements Impede the Economic Recovery?" Journal of Economic Forecasting 1, no. 3 (September 1984).
"The United States in the World Economy: Challenges of Recovery," Chapter 2, Economic Report of the President, Council of Economic Advisers, Washington, D.C., February 1984.
JOURNAL SERIES EDITED

Proceedings of International Seminar on Macroeconomics (with G. Tabellini), European Economic Review vol. 39, no. 5, 1995.
Special issue on "The U.S. Economic Report of the President," Economist, Tokyo, April 1991.
Series on "Japan as Superpower," Kinyu Journal, Fall 1990-Spring 1991.
Series on "Monetary Policy," Kinyu Journal, Fall 1991-Winter 1992.

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