Purchasing Power Parity

"A Panel Project on Purchasing Power Parity: Mean-Reversion Within and Between Countries," with Andrew Rose, Journal of International Economics 40, no.1-2, February 1996, 209-224. NBER WP no. 5006.

"Zen and the Art of Modern Macroeconomics: The Search for Perfect Nothingness," 1990, in Monetary Policy For a Volatile Global Economy, W. Haraf and T. Willett, eds. (American Enterprise Institute, Washington, D.C.).  Reprinted in J. Frankel, On Exchange Rates (MIT Press), 1993.

The best statement of my Zen point (that one needs 100 years of data to reject a random walk in the RER), including a paragraph showing calculation of a priori power to reject, is the paper, "International...Goods Markets," as reprinted in my collection, On Exchange Rates, 1993, page 52.

"International Capital Mobility and Crowding Out in the U.S. Economy:  Imperfect Integration of Financial Markets or of Goods Markets?" 1986 in How Open Is the U.S. Economy?, edited by R. Hafer (Lexington:  Lexington Books), FRB St. Louis, 33-67.  NBER Working Paper 1773.

"The Theory of Trade in Middle Products: Extension," 1984, American Economic Review, vol.74, no.3, June, 485-487.

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