In an open economy, the scope for activist stabilization policy depends on the nature of the lincages between domestic and international markets for goods and assets. Tgo

Maurice Obstfeld

Robert E. Cumby

English

Research Papers in Economics

3.; and Obstfeld,M. &quot;Two-Step Two-Stage LeastSquares Estimationin Models with Rational Expectations,&quot;

A Heteroskedasticity—Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity,&quot;

A Model of International Asset Pricing,&quot;

A Monetary Approach to the Exchange Rate: Doctrinal Aspects and Empirical Evidence,&quot;

A Note on Exchange-Rate Expectationsand NominalInterest Differentials:A Test of the Fisher Hypothesis,&quot;

A Note on Unit Roots and the Empirical Modeling of Exchange Rates,&quot;

A Tract on Monetary Reform.

AModel of Exchange Rate Dynamics,&quot;

Contracting and Spurious Deviations from Purchasing Power Tarity,' in The Economics of Exchange Rates,

Covered Interest Arbitrage: Unexploited Profits?&quot;

Covered Interest Arbitrage: Unexploited Profits?Comment,&quot;

D.W.&quot;Central Bank Operations in Foreignand Domestic Assets under Fixed andFlexible Exchange Rates,&quot; in The Effects of Exchanc'e Rate Adjustments,edited by

Doctrinal Perspectives and Evidence from the 1920's,&quot;

Econometrics: Statistical Foundationsand ApnlicatioflS.

Exchange Rate Dynamics and MonetaryPolicy,&quot;

Exchange Rate Economics: WhereDo We Stand?&quot;

Expectations andExchange Rate Dynamics,&quot;

FederalReserve Bank of Boston Conference Series no. 20. Boston: Federal Reserve Bank of Boston,

Flexible Exchange Rates, Prices, and the Role of 'News': Lessons from the 1970s,&quot;

Fluctuations in the Dollar: A Model of Nominal and Real Exchange Rate Determination,&quot;

Forward Exchange Rates as OptimalPredictors of Future Spot Rates: An Econometric Analysis,&quot;

Interest Arbitrage in the Eurocurrency Markets,&quot;

Interest Rates and Inflation: The Message in the Entrails,&quot;

International Asset Pricing with Time-Varying Risk Prcmia.&quot;

International Investment and Interest Rate Linkages under Flexible Exchange Rates,&quot; in The Political Economy of Monety Reform, edited by R.Z.

Large Sanle Propertiesof Generalized Method of Moments Estimators,&quot;

Macroeconomic Theory.

MonetaryPolicy under Exchange Rate Flexibility,&quot;in Managed ExchangeRate Flexibility: The Recent Experience.Federal Reserve Bankof Boston ConferenceSeries no. 20. Boston: Federal Reserve Bankof

On a Measure of Lack of Fit in Time Series Models,&quot;

On Some Parity Conditions Frequently Encountered in International Economics,&quot;

On the Mark: A Theory of Floating Exchange Rates Based on Real Interest Differentials,&quot;

Purchasing Power Parity and Exchange Rates: Another Look at the Evidence,&quot;

Purchasing Power Parity underFixed and Flexible Exchange Rates,&quot;

Rate: A Multi—Country Empirical Study.&quot; Parts I and II. Working Paper,

Rational Expectations and the Natural Rate Hypothesis: Some Consistent Estimates,&quot;

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Relative Prices, Employment, and the Exchange Rate in an Economy with Foresight,&quot; Econometrica 50, 1982, forthcoming.(a) ____&quot;CanWe Sterilize? Theory and Evidence,&quot;

Risk Averse Speculation in the Forward Foreign Exchange Market: An Econometric Analysis of Linear Models,&quot; inExchange national Macroeconomics, edited by J.A.

series to the

Short—Term Interest Rates as Predictors of Inflation,&quot;

Short—Term Interest Rates as Predictors of Inflation: On Testing the Hypothesis that the Real Rate of Interest is Constant,&quot;

Some Evidence on the Equality of Expected Real Interest Rates Across Countries.&quot;

Some Joint Tests of the Efficiency of Markets for Forward Foreign Exchange,&quot;

Testing the Efficiency of the Canadian—U.S. Exchange Market under the Assumption of No Risk Premium,&quot;

Tests of Rational Expectations and No Risk Premium in Forward Exchange Markets.&quot;

The 'Peso Problem' in Testing the Efficiency of Forward Exchange Markets,&quot;

The Real Interest Rate: An Empirical Investigation,&quot; in The Costs and Consequences of Inflation, edited by

The Term Structureof the Forward Premium,&quot;

The Theory of Interest.

The'Speculative Efficiency' Hypothesis,&quot;

Transaction Costs and Interest Arbitrage: Tranquil versus Turbulent Periods,&quot;

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W.J.&quot;On the Structure of Moving Average Processes,&quot;

International Interest-Rate and Price-Level Linkages Under Flexible Exchange Rates: A Review of Recent Evidence

International Interest-Rate and Price-Level Linkages Under Flexible Exchange Rates: A Review of Recent Evidence

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