Two studies examine the psychological consequences the introduction of the Euro has for the evaluation and estimation of product prices. Research on comparison processes suggests that a single currency increases the comparability of prices. If this is indeed the case, then a reference price from another European country should be more likely to influence evaluation and estimation of a target pr...

We show that if A is a d-dimensional abelian variety in a smooth quadric of dimension 2d then d = 1 and A is an elliptic curve of bidegree (2, 2) on a quadric. This extends a result of Van de Ven which says that A only can be embedded in P when d = 1 or 2. Mathematics Subject Classifications (1991): Primary, 14K05; secondary, 14E25, 14C99.

We characterise the probability distributions of various categories gross capital flows conditional on information contained in financial asset prices a panel emerging market economies, with focus ‘tail’ events. Our framework, based quantile regression methodology, allows for separate role push- and pull-type factors, because it is high-frequency data, can quantify likelihood different outturns...

Gravity-based cross-sectional evidence indicates that currency unions stimulate trade; crosssectional evidence indicates that trade stimulates output. This paper estimates the effect that currency union has, via trade, on output per capita. We use economic and geographic data for over 200 countries to quantify the implications of currency unions for trade and output, pursuing a two-stage approa...

Over the past three years, cross-border inflows into emerging market (EM) local currency bonds have surged. The returns on these bonds have moved more closely with those on international assets regarded as “safe”, particularly following the euro area debt crisis. This paper first demonstrates that domestic factors have tended to dictate the dynamics of the EM local currency government yield. Th...

Comparable economies to that of a new Palestinian state have mostly opted for a pegged exchange rate regime, but generally not a currency union or a currency board. The issue of a new Palestinian currency would bring only relatively small steady state seigniorage, but the transitional seigniorage gains would be more significant. Gravity models suggest the new state would do up to a third of its...

The recent sharp appreciation of the Canadian dollar vs. the US dollar poses difficulties for the Canadian economy and reignites the debate as to whether Canada should fix the Canadian dollar to the US dollar by implementing a unilateral peg or forming a monetary union. We compare the welfare of different combinations of monetary and currency policies in an open-economy macroeconomic model that...

We have inactivated, by gene targeting, the endogenous (2-microglobulin gene in a mouse embryonic stem cell line. A cloned fragment of the fi2-microglobulin gene with the coding sequence disrupted by the insertion of the neomycinresistance gene was used to transfect the embryonic stem cells. G418-resistant colonies were selected and then screened using the polymerase chain reaction to identify ...

We propose a novel, risk-based transmission mechanism for the effects of currency manipulation: policies that systematically induce a country’s currency to appreciate in bad times lower its risk premium in international markets and, as a result, lower the country’s risk-free interest rate and increase domestic capital accumulation and wages. Currency manipulations by large countries also have e...