PrefaceIntroduction 1Jeffrey A. Frankel1: A Test of the International CAPM Using Business Cycles Indicators asInstrumental Variables 23Bernard Dumas2: An Exploratory Investigation of the Fundamental Determinants of NationalEquity Market Returns 59Wayne Ferson, Campbell R. Harvey.3: Tests of CAPM on an International Portfolio of Bonds and Stocks 149Charles M. Engel4: International Equity Transactions and U.S. Portfolio Choice 185Linda L. Tesar,...
Includes papers that fall into three categories: productivity in the international economy, a view of demand stimulus through the lens of the high level of unemployment that most advanced countries have experienced in the recent global recession, and nominal and real exchange rates.
Leading American and European economists discuss monetary and fiscal policy from an international macroeconomic perspective in a companion volume to the NBER Macroeconomics Annual: cutting-edge research on macroeconomic issues and topical questions concerning the eastward expansion of the European Monetary Union.
Leading American and European economists discuss monetary and fiscal policy from an international macroeconomic perspective in a companion volume to the NBER Macroeconomics Annual: cutting-edge research on macroeconomic issues and topical questions concerning the eastward expansion of the European Monetary Union.The NBER International Seminar on Macroeconomics brings together leading American and European economists to discuss a broad range of...
Regional economic arrangements such as free trade areas (FTAs), customs unions, and currency blocs have become increasingly prevalent in the world economy. Both pervasive and controversial, regionalization has some economists optimistic about the opportunities it creates and others fearful that it may corrupt fragile efforts to encourage global free trade. Including both empirical and theoretical studies, this volume addresses several importan...
In this second collection of his writings on financial markets (the first, On Exchange Rates, covered international finance), Jeffrey Frankel turns his attention to domestic markets, with special attention to how national monetary policy is handled.