Publications in professional journals and books
"The Marginal Income Tax Rate Schedule from 1930 to 1990," with Mark Rush and
Timothy J. Schmidt, Journal of Monetary Economics, August 1996.
"The Distribution of Exchange Rates in the EMS," with Charles Engel, International
Journal of Finance & Economics, vol. 1, no. 1, January 1996.
"The Foreign Exchange Risk Premium: Is It Real?" with Anne Sibert, Journal
of Money, Credit, and Banking, April 1995.
"Review of 'Profit-Making Speculation in Foreign Exchange Markets' by Surajaras
and Sweeney," Journal of Finance, Fourth Quarter 1993.
"The Dollar's International Role," Contemporary Policy Issues, April
1993.
"Monetary Transmission Channels in Major Foreign Industrial Countries: A
Comment," Operating Procedures and the Conduct of Monetary Policy: Conference
Proceedings, March 1993 (Special Issue Editors: Marvin Goodfriend and David H.
Small).
"Exchange-Rate Management and Monetary Policy Mismanagement: A Study of Germany,
Japan, United Kingdom, and the United States after Plaza; A Comment," Carnegie-Rochester
Conference Series on Public Policy, vol. 36, July 1992.
"Discount Rate Policy under Alternative Operating Regimes: An Empirical
Investigation," with Douglas Pearce, International Review of Economics and
Finance, vol. 1, no. 1, 1992.
"Cointegration: How Short is the Long Run?" with Mark Rush, Journal of
International Money and Finance, December 1991.
"Is the Budget Deficit 'Too Large?" with Mark Rush, Economic Inquiry,
July 1991.
"A Note on Physical Depreciation and the Capital Accumulation Process," with
Bruce C. Petersen, Journal of Development Economics, vol. 34, 1991.
"Exchange Rates During the Reagan Years," Ronald Tracy and Anandi Sahu
(editors), The Economic Legacy of the Reagan Years, Praeger Publishers, 1991.
"Interpreting an Error Correction Model: Partial Adjustment, Forward Looking
Behavior, and Dynamic International Money Demand," with Ian Domowitz, Journal of
Applied Econometrics, January-March 1990.
"The Probability of Technical Success and R&D Appraisal," with James
Hodge, Resource and Energy, vol.11, 1989.
"Market Efficiency and Cointegration: An Application to the Sterling and
Deutschemark Exchange Markets," with Mark Rush, Journal of International Money
and Finance, March 1989.
"Does the Exchange Rate Follow a Random Walk? A Monte Carlo Study of Four Tests
for a Random Walk," Journal of International Money and Finance, June 1986.
"Intertemporal Asset Pricing and the Term Structure of Interest and Exchange
Rates: The Eurocurrency Market," with Leonardo Leiderman, European Economic
Review, April 1986.
"Competition and Collusion, Side-by-Side: The Corrugated Container Antitrust
Litigation," with Leon Moses, Regulation and Anti-Trust, Ronald Griesen,
editor, Lexington Books, Lexington, Mass., 1986.
"The Reaction of Exchange Rates to Economic News," with Douglas Pearce, Economic
Inquiry, October 1985.
"Conditional Variance and the Risk Premium in the Foreign Exchange Market,"
with Ian Domowitz, Journal of International Economics, August 1985.
Expectations and the Foreign Exchange Market. Garland Publishing Company, New
York, 1984.
"A Re-examination of Purchasing Power Parity: A Multi-Country and Multi-Period
Study," Journal of International Economics, November 1984.
"Discussion of 'Risk Averse Speculation in the Forward Foreign Exchange Market: An
Econometric Analysis of Linear Models' by Lars Peter Hanson and Robert J. Hodrick,"
in Jacob A. Frenkel, ed., Exchange Rates and International Macroeconomics, the
University of Chicago Press, Chicago, 1983.
"Exchange Rate Determination and the Demand for Money," Review of
Economics and Statistics, November 1982.
"Expectations and the Forward Exchange Rate," International Economic
Review, October 1981.
"The Term Structure of the Forward Premium," Journal of Monetary
Economics, vol. 8, July 1981.
"Country-Specific and Time-Specific Factors in the Demand for International
Reserves," with Jacob A. Frenkel, Economic Letters, November 1980.
Federal Reserve Bank of Kansas City Economic Review articles
"Social Security and Medicare: The Impending Fiscal Challenge," First
Quarter 2006. (Summary |
Article
PDF 263K)
"Economic Policy for the
Information Economy--A Summary of the Bank's 2001 Economic Symposium," Fourth
Quarter 2001. (Summary |
Article
PDF 122K)
"The Discount Window: Time for
Reform?" with Gordon H. Sellon, Second Quarter 2000.
(Summary |
Article
PDF 232K)
"The Effects of Budget Deficit
Reduction on the Exchange Rate," Third Quarter 1996.
(Summary |
Article
PDF 131K)
"The U.S. Current Account: The
Other Deficit," Third Quarter 1995.
(Summary | Article
PDF 108K)
"Should We Throw Sand in the
Gears of Financial Markets?" Second Quarter 1994.
(Full
Publication 898K)
"Exchange Rate Regimes and Volatility," with Charles Engel, Third Quarter
1993. (Full
Publication 938K)
"Is
Purchasing Power Parity a Useful Guide to the Dollar?" Third Quarter 1992.
(Full
Publication 900K)
"Europe 1992: Implications for U.S. Firms," with Thomas Bennett, April 1989.
(Full
Publication 920K)
"Has the Dollar Fallen Enough?" with Richard Roberts, July/August 1987.
(Full Publication 883K)
"Interest Rates and Exchange Rates--What is the Relationship?" November 1986.
(Full Publication 526K)
"The U.S. Dollar - Recent Developments, Outlook, and Policy Options," with J.
Gregg Whittaker, November 1985. (Full Publication
1.10MB)
"Is the United States Too Dependent on Foreign Capital?" with Bryon Higgins,
June 1985. (Full Publication 771K)
"Costs and Benefits of Reducing Inflation," with Bryon Higgins, January 1985.
(Full Publication 729K)
"Exchange Rate Volatility and Federal Reserve Policy," July/August 1984.
(Full Publication 725K)
