Articles by Jeffrey Frankel Published in Books   

NEW   Biographical essay, condensed as "Become an Economist, See the World," in Eminent Economists II, Lall Ramrattan & Michael Szenberg, eds. (Cambridge University Press, 2014).

"Mauritius: African Success Story," forthcoming, in a book on African Successes, edited by Sebastian Edwards, Simon Johnson, and David Weil, expected 2013 (University of Chicago Press). 
CID WP 234, April 2012.  African Successes Project, NBER.  

A Solution to Fiscal Procyclicality:  The Structural Budget Institutions Pioneered by Chile,”  in Fiscal Policy and Macroeconomic Performance, edited by Luis Felipe Céspedes & Jordi Galí,  Series on Central Banking Analysis, and Economic Policies  (Central Bank of Chile, Santiago), 2013, vol.17,  pp. 323-391.   NBER WP No.16945, April 2011. CB of Chile WP 602, Jan.2011.  CID WP Jan.2011.    Data. In Stata.  Data explanationData for figures.

The Natural Resource Curse: A Survey of Diagnoses and Some Prescriptions,”
Commodity Price Volatility and Inclusive Growth in Low-Income Countries (IMF), 2012, R.Arezki, C.Patillo, M.Quintyn and M.Zhu. 
CID WP 233 April 2012.

"Choosing an Exchange Rate Regime,”  in  The Handbook of Exchange Rates, edited by Jessica James, Ian W. Marsh and Lucio Sarno (John Wiley), 2012.

The Natural Resource Curse: A Survey,”
  Chapter 2 in Beyond the Resource Curse, B.Shaffer & T.Ziyadov, ed. (U.Penn.Press), 2012; proofs & notes

How Can Commodity Producers Make Fiscal and Monetary Policy Less Procyclical? Beyond the Curse: Policies to Harness the Power of Natural Resources, R.Arezki, T.Gylfason & A.Sy, eds. (IMF, 2011).  HKS RWP 11-015.

"Monetary Policy in Emerging Markets: A Survey,”  published in Handbook of Monetary Economics, edited by Benjamin.Friedman & Michael Woodford (North Holland), 2011. NBER WP No. 16125, 2010.  HKS RWP 11-003.

"Determination of Agricultural and Mineral Commodity Prices" (with Andrew Rose), Chapter 1 in  Inflation in an Era of Relative Price Shocks  (Reserve Bank of Australia), 2010:  pp. 9-51.  Data.      

 “The Estimated Effects of the Euro on Trade:  Why are They Below Historical Evidence on Effects of Monetary Unions Among Smaller Countries?” in Europe and the Euro, Alberto Alesina & Francesco Giavazzi, eds. (University of Chicago Press), 2010. WCFIA WP 2009-008;

New Estimation of the RMB Regime (incl. appendix tables) in China’s Emerging Financial Markets: Challenges and Opportunities, J.Tatom, G.Yago, and J. Barth, eds. (Springer), 2009.    RWP08-077, Harvard University.   

Global Environment and Trade Policy," March 2009,    Proofs, June;  in Post-Kyoto International Climate Policy, edited by Joe Aldy and Rob Stavins (Cambridge University Press), 2009.    For the Harvard Project on International Climate Agreements.

"An Elaborated Proposal for Global Climate Policy Architecture: Specific Formulas and Emission Targets for All Countries in All Decades,” in Post-Kyoto International Climate Policy, edited by Joe Aldy and Rob Stavins (Cambridge University Press), 2009.   NBER WP 14876 ,  April 2008, includes 450 ppm case.

 “Addressing the Leakage/Competitiveness Issue In Climate Change Policy Proposals,” in Climate Change, Trade and Investment: Is a Collision Inevitable?.    Revised, March 2009;   proofs ; (Brookings Institution Press, Washington, DC), 2009, edited by Lael Brainard and Isaac Sorkin,.69-91.  

Should Central European Countries Join the Euro? A Review and Update of Trade Estimates and Consideration of Endogenous OCA Criteria,” July 21, 2008; for Common Currency and Its Future Lesson for the New Member States, National Bank of Poland, Warsaw, October 15, 2008.    RWP08-059.

 “Formulas for Quantitative Emission Targets,” Chapter 2  in  Architectures for Agreement: Addressing Global Climate Change in the Post Kyoto World, edited by Joe Aldy and Robert Stavins, Cambridge University Press, 2007, p. 32-56.

The Effect of Monetary Policy on Real Commodity Prices"Chapter 7 in Asset Prices and Monetary Policy, John Campbell, ed., (U.Chicago Press), 2008, 291-327.   NBER WP 12713, Dec. 2006. 

 “Foreign Exchange,”   Entry for the Concise Encyclopedia of Economics, edited by David Henderson (Liberty Fund, Inc.: Indianapolis), 2008.

"Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?" with Menzie Chinn.   In G7 Current Account Imbalances: Sustainability and Adjustment, edited by Richard Clarida (University of Chicago Press), 2007.    [Data on turnover in major FX markets, 1979-2001 Excel03.  ExcelWorkbook.]

"The World Trading System and Implications of External Opening"  in The Washington Consensus Reconsidered: Towards a New Global Governance, edited by Narcis Serra and Joseph Stiglitz (Oxford University Press), 2007.  Panel of Fundacio CIDOB forum, Barcelona, Spain, 2004.  CFIA DP 04-07.

 “On the Yuan: The Choice Between Adjustment Under a Fixed Exchange Rate and Adjustment under a Flexible Rate,”   published with abstract, in Understanding the Chinese Economy, edited by Gerhard Illing (CESifo Economic Studies, Munich), 2006. Revised from  "On the Renminbi: The choice between adjustment under a fixed exchange rate and adjustment under a flexible rate,"   NBER WP 11274, 2005.

"Twin Deficits and Twin Decades,"  In The Macroeconomics of Fiscal Policy (MIT Press: Cambridge MA) edited by Richard Kopcke, Geoffrey Tootell and Robert Triest, 2006, pp. 321-335.  To be reprinted in Recent Developments in Public Finance, edited by Vito Tanzi and Howell H. Zee, forthcoming (Edward Elgar Publishing), Spring 2011.    Presented at a conference of the Federal Reserve Bank of Boston, 2004.

"Trade and Growth in East Asian Countries: Cause and Effect?" with David Romer and Teresa Cyrus, Pacific Basin Working Paper Series No.95-03, Fed.Res.Bank SF.  NBER WP No.5732. In NICs After Asian Crisis, edited by H.Singer, N.Hatti and R.Tandon, New World Order Series, vol.23,  BR Publishing Corp. (India) Ltd., 2006.  

“Managing Macroeconomic Crises: Policy Lessons,” with Shang-Jin Wei, World Bank, Washington DC. NBER WP 10907.   In Managing Economic Volatility and Crises: A Practitioner’s Guide, edited by Joshua Aizenman and Brian Pinto (Cambridge University Press), 2005.  Paperback edition, 2010. Tables and Figures.    Russian translation of summary, ADB, 2009.

 "Real Convergence and Euro Adoption in Central and Eastern Europe: Trade and Business Cycle Correlations as Endogenous Criteria for Joining EMU,"    in  Euro Adoption in the Accession Countries – Opportunities and Challenges  edited by Susan Schadler (IMF: Washington DC), 2005.    KSG RWP04-039, Aug. 2004

"Real Convergence and Euro Adoption in Central and Eastern Europe: Trade and Business Cycle Correlations as Endogenous Criteria for Joining EMU," Conference on Euro Adoption in the Accession Countries – Opportunities and Challenges, Czech National Bank, Prague, Feb. 2-3, 2004.

"Experience of and Lessons from Exchange Rate Regimes in Emerging Economies," written for the Asian Development Bank, in a study coordinated by Takatoshi Ito and Yung Chul Park.   In Monetary and Financial Cooperation in East Asia, Macmillan Press, 2003. Also available as KSG Working Paper Number:RWP03-011, Harvard University.

"The Environment and Globalization" in Globalization: What's New edited by Michael Weinstein, Council on Foreign Relations (Columbia University Press: New York), 2005, pp. 129-169.   NBER Working Paper #W10090.  At Neemrana, India, Jan. 2003.  Reprinted in Economics of the Environment: Selected Readings, Fifth Edition, edited by R.Stavins (W.W.Norton: New York), 2005.

"You're Getting Warmer:  The Most Feasible Path for Addressing Global Climate Change Does Run Through Kyoto," Fondazione Eni Enrico Mattei, Milan, Italy, 2001.  In Trade and Environment: Theory and Policy in the Context of EU Enlargement and Transition Economies, edited John Maxwell and Rafael Reuveny, (Edward Elgar Publishers, Ltd., UK), 2005; pp. 37-55.

"The Role of Industrial Country Policies in Emerging Market Crises,"with Nouriel Roubini [summary] NBER WPr No. 8634.    In Economic and Financial Crises in Emerging Market Economies, edited by Martin Feldstein (University of Chicago Press: Chicago), 2003.

"Coping with Crises in Emerging Markets: Adjustment versus Financing," in Key Issues in Reform of the International Monetary System, edited by Peter Kenen and Alexander Swoboda (International Monetary Fund, Washington, D.C.), 2001.   Reprinted in Perspectives in Global Finance, edited by Dilip Das (Routledge, London and New York), 2003. 

"Survey Data on Exchange Rate Expectations:  More Currencies, More Horizons, More Tests," with Menzie Chinn,  in Monetary Policy, Capital Flows and Financial Market Developments in the Era of Financial Globalization:  Essays in Honour of Max Fry, edited by David Dickinson and William Allen, Routledge, London and New York, 2002.

"Assessing the Efficiency Gains from Further Liberalization," Efficiency, Equity and Legitimacy: The Multilateral Trading System at the Millennium, in honor of Raymond Vernon, edited by R.Porter, P.Sauve, A.Subramanian, and A.Zampetti, [Cited in Washington Post Editorial.]  Brookings Institution Press, Washington, D.C. 2001.

"Globalization of the Economy," in Governance in a Globalizing World, edited by Joseph Nye and John Donahue (Brookings Institution Press, Washington, D.C.), 2000.    Reprinted in International Politics: Enduring Concepts and Contemporary Issues, Robert Art and Robert Jervis, eds., Longman, 7th ed., 2005.   And in International Political Economy, edited by Jeffry Frieden, David Lake and J. Lawrence Broz: (Norton: New York, Fifth edition), 2009.    NBER WP 7858.

"Verifiability and the Vanishing Intermediate Exchange Rate Regime," with Sergio Schmukler and Luis Servén; in Brookings Trade Forum 2000, edited by Susan Collins and Dani Rodrik; Brookings Institution Press, Washington DC.

"Impacts of the Euro on Members and Non-Members," and "Keynote Address," The European Conference Centre, Luxembourg, 3-4 December 1998. In The Euro as a Stabilizer in the International Economic System, Robert Mundell and Armand Clesse, editors, Kluwer Academic Publishers, Norwell MA, 2000, 93-109 and 418-422.

" Survey Data on Exchange Rate Expectations: More Currencies, More Horizons, More Tests" with Menzie Chinn, AEA meetings, Washington, D.C., January 6, 1995. Forthcoming, Monetary Policy, Capital Flows and Financial Market Developments in the Era of Financial Globalisation: Essays in Honour of Max Fry, edited by Bill Allen and David Dickinson, Routledge, 2002.

"The Integration of Secondary Equity Markets in Europe, and the Barriers Posed by Separate Currencies," June 1995. Appears as Chapter 10 ["Exchange Rates and the Single Currency"], in The European Equity Markets: The State of the Union and an Agenda for the Millennium, edited by Benn Steil, Royal Institute of International Affairs, London, for the European Capital Markets Institute, Copenhagen, 1996.

"Crises, Contagion, and Country Funds: Effects on East Asia and Latin America" with Sergio Schmukler, Center for Pacific Basin Monetary and Economic Studies WP No. PB96-04, Federal Reserve Bank of San Francisco, September 1996. In Managing Capital Flows and Exchange Rates: Lessons from the Pacific Rim, Reuven Glick, editor;  Cambridge University Press, 1998.

"ASEAN in a Regional Perspective" with Shang-Jin Wei, CIDER Working Paper No. C96-074, U.C. Berkeley. In Macroeconomic Issues Facing ASEAN Countries, edited by John Hicklin, David Robinson and Anoop Singh (Washington, DC: International Monetary Fund), 1997.

"Regionalization of World Trade and Currencies: Economics and Politics" with Shang-Jin Wei, in The Regionalization of the World Economy, J. Frankel, editor, University of Chicago Press, Chicago, 1997.

"Open Versus Closed Regional Trade Blocs" with Shang-Jin Wei, Regionalism versus Multilateral Trade Arrangements, NBER East Asia Seminar on Economics, Volume 6, Takatoshi Ito and Anne Krueger, editors, University of Chicago Press, 1997.

"The New Regionalism and Asia: Impact and Options" with Shang-Jin Wei, Asian Development Bank, Manila, May 29-31, 1995.  In The Global Trading System and Developing Asia,  edited by Arvind Panagariya, M.G. Quibria, and Narhari Rao, Oxford University Press, Hong Kong, 1997.

"The SDR, Reserve Currencies, and the Future of the International Monetary System" with Barry Eichengreen, in The Future of the SDR in Light of Changes in the International Financial System, edited by Michael Mussa, James Boughton, and Peter Isard, International Monetary Fund, 1996.

"How Well Do Foreign Exchange Markets Function: Might a Tobin Tax Help?," conference on New and Innovative Sources of Financing Development, October 10, 1995. In The Tobin Tax: Coping with Financial Volatility, Mahbub ul Haq, Inga Kaul, and Isabelle Grunberg, eds., Oxford University Press, New York, 1996, 41-81.

"Continental Trading Blocs: Are They Natural, or SuperNatural?" with Ernesto Stein and Shang-Jin Wei, NBER Working Paper No.4588. In The Regionalization of the World Economy, J. Frankel, ed., University of Chicago Press, Chicago, 1997.

"A Survey of Empirical Research on Nominal Exchange Rates" with Andrew Rose, NBER Working Paper no. 4865. Handbook of International Economics, edited by Gene Grossman and Kenneth Rogoff, North-Holland, Amsterdam, 1996.

"APEC and Regional Trading Arrangements in the Pacific" with S.J. Wei and E. Stein, in Wendy Dobson and Frank Flatters, eds., Pacific Trade and Investment: Options for the 90's (International and Development Studies Institute, Queen's University: Kingston, ONT.), 1995, 289-312; revised version of Asia Pacific Economic Cooperation WP No. 94-1, Institute for International Economics, Washington, D.C..    Reprinted in Asia Pacific Economic Cooperation: Critical Perspectives on the World Economy, P. Drysdale, ed., Routledge, UK, 2007 (January).

"European Integration and the Regionalization of World Trade and Currencies: The Economics and the Politics" with Shang-Jin Wei, Political Economy of European Integration Research Group Working Paper No. 1.36, University of California, Dec. 1994. In Monetary and Fiscal Policy in an Integrated Europe, edited by Barry Eichengreen, Jeffry Frieden, and Jurgen von Hagen, Springer-Verlag Press, New York and Heidelberg, 1995.

"Recent Changes in the Financial Systems of Asian and Pacific Countries,"  in Financial Stability in a Changing Environment, Kuniho Sawamoto, Zenta Nakajima, and Hiroo Taguchi, eds., MacMillan Press, 1995, 161-200.

"The Internationalization of Equity Markets: Introduction" in The Internationalization of Equity Markets, J.Frankel, ed., the University of Chicago Press, Chicago, 1994.

"Emerging Currency Blocs" (with Shang-Jin Wei), in The International Monetary System: Its Institutions and its Future, edited by Hans Genberg (Springer, Berlin), 1995, 111-143.

"Monetary Regime Choices for a Semi-Open Country," in Capital Controls, Exchange Rates and Monetary Policy in the World Economy, edited by Sebastian Edwards,  Cambridge University Press, 1995: 35-69.

"Is There a Currency Bloc in the Pacific?"  in Exchange Rates, International Trade and the Balance of Payments, edited by Adrian Blundell-Wignall (Reserve Bank of Australia, Sydney, 1993): 275-308.
Revised as "Is a Yen Bloc Emerging?"  in Volume 5, Economic Cooperation and Challenges in the Pacific, edited by Robert Rich (Korea Economic Institute of America: Washington, D.C., 1995).

"Financial Links Around the Pacific Rim: 1982-1992" with Menzie Chinn, Chapter 2 in Exchange Rate Policy and Interdependence: Perspectives from the Pacific Basin, edited by R. Glick and M. Hutchison,  (Cambridge University Press, Cambridge UK and New York), 1994, 17-47.

"Is Japan Establishing a Trade Bloc in East Asia and the Pacific?", Chapter 14 in The Structure of the Japanese Economy: Changes on the Domestic and International Fronts, edited by Mitsuaki Okabe, Macmillan Press, 1994, 387-415.      Reprinted in Asia Pacific Economic Cooperation: Critical Perspectives on the World Economy, P. Drysdale, ed., Routledge, UK, 2007 (January).

"Yen Bloc or Dollar Bloc? Exchange Rate Policies of the East Asian Economies" with Shang-Jin Wei, in Macroeconomic Linkages: Savings, Exchange Rates, and Capital Flows, NBER - East Asia Seminar on Economics, Volume 3, Takatoshi Ito and Anne Krueger, editors, University of Chicago Press, 1994.

"Foreign Exchange Policy, Monetary Policy and Capital Market Liberalization in Korea," in Korean-U.S. Financial Issues, U.S.-Joint Korea-U.S. Academic Symposium Volume 3, edited by Chwee Huay Ow-Taylor, Korea Economic Institute of America, Washington, D.C., 1993, 91-107.

"Is Japan Creating a Yen Bloc in East Asia and the Pacific?" in Regionalism and Rivalry: Japan and the U.S. in Pacific Asia, edited by Jeffrey Frankel and Miles Kahler (University of Chicago Press, Chicago), 1993, 53-85. Reprinted in Asia Pacific Regionalism: Readings in International Economic Relations, P.Drysdale and R.Garnaut, eds. (Harper Educational Publishers, Australia), 1994, 227-249.    And in Asia Pacific Economic Cooperation: Critical Perspectives on the World Economy, P. Drysdale, ed. (Routledge, UK), 2007 (January).

"Trade Blocs and Currency Blocs" with Shang-Jin Wei, in The Monetary Future of Europe, Guillermo de la Deheza, et al, eds. (Centre for Economic Policy Research: London), 1993.  NBER WP 4335..

"The Evolving Japanese Financial System, and the Cost of Capital," Chapter 9 in Restructuring Japan's Financial Markets, edited by Ingo Walter and Takato Hiraki (Irwin Press and New York University, NY), 1993, 235-285.

"Financial and Currency Integration in the European Monetary System: The Statistical Record" (with Steve Phillips and Menzie Chinn), in Adjustment and Growth in the European Monetary Union, edited by Francisco Torres and Francesco Giavazzi, (Cambridge University Press, Cambridge, UK), 1993: 270-306.

"The Japanese Financial System and the Cost of Capital," in Japanese Capital Markets, edited by Shinji Takagi, 1993 ( Basil Blackwell Inc., Cambridge, Ma.): 21-77.

"Liberalization of Korea's Foreign Exchange Markets, and the Role of Trade Relations with the United States," in Shaping a New Economic Relationship: The Republic of Korea and the United States, edited by Jongryn Mo and Ramon Myers, Hoover Institution Press, Stanford, CA, 1993: 120-142.

 "Foreign Exchange Intervention: An Empirical Assessment," with Kathryn Dominguez, chapter 16 in Frankel, On Exchange Rates, MIT Press, 1993.  Condensed from "Does Foreign Exchange Intervention Matter? Disentangling the Portfolio and Expectation Effects for the Mark," NBER WP 3299, 1990.

"On the Dollar," In The New Palgrave Dictionary of Money and Finance (MacMillan Press Reference Books, London), 1992.

"Chartists, Fundamentalists, and Trading in the Foreign Exchange Market," 1990 (with Ken Froot), as extended for chapter in Frankel, On Exchange Rates (MIT Press: Cambridge) 1993.

"International Nominal Targeting (INT): A Proposal for Overcoming Obstacles to Policy Coordination," in special issue of Rivista di Politica Economica, 79, 12, Rome, Dec. 1989, 257-294.  And in M. Baldassarri, J. McCallum and R. Mundell, eds., Global Disequilibrium in the World Economy (Macmillan Press, UK, and St.Martin's Press, NY), 1992.

"Is a Yen Bloc Forming in Pacific Asia?" in Finance and the International Economy, The AMEX Bank Review Prize Essays, edited by Richard O'Brien (Oxford University Press, UK), 1991, 4-20. Appears in Japanese translation in Monthly Review of the Research Institute of Overseas Investment, Tokyo, February 1992.

"The Making of Exchange Rate Policy in the 1980s," in American Economic Policy in the 1980s, edited by Martin Feldstein (University of Chicago Press, Chicago), 1994, pp. 293-341.

"Japanese Finance in the 1980s: A Survey," in Trade with Japan: Has the Door Opened Wider?, edited by Paul Krugman ( University of Chicago Press, Chicago), 1991, pp. 225-68. Reprinted in Japanese Economy, vol. 2, edited by Peter Drysdale and Luke Gower (Routledge Press), 1998. To be reprinted also in The Economic Development of Northeast Asia, Heather Smith (Edward Elgar Publishing, Ltd.)

"The Obstacles to Macroeconomic Policy Coordination in the 1990s and an Analysis of International Nominal Targeting (INT)" in International Trade and Global Development: Essays in Honour of Jagdish Bhagwati, edited by K.A. Koekkoek and L.B.M. Mennes (Routledge House, London), 1991, 211-236.

"International Nominal Targeting (INT): A Proposal for Coordination in the 1990s" (in Japanese), expanded version in International Macroeconomic Policy Coordination in the 1990's (Sen Kyuhyaku Kyuzyunendaino Kokusai Seisaku Kyocho), edited by Jeffrey Frankel and Akira Hattori (Dobunkan Press, Japan), 1992, 109-158.

"Quantifying International Capital Mobility in the 1980's." In National Saving and Economic Performance, D. Bernheim and J. Shoven, eds., University of Chicago Press: Chicago, 1991, 227-260. Reprinted in Dilip Das, ed., International Finance: Contemporary Issues, Routledge, London, 1993.

"International Financial Integration, Relations among Interest Rates and Exchange Rates, and Monetary Indicators," in International Financial Integration and the Conduct of U.S. Monetary Policy, edited by C.Pigott (Federal Reserve Bank of  New York: NY), 1991, 17-49. Reprinted in Dilip Das, ed. (International Finance, Routledge, London), 1993.

"Chartists, Fundamentalists, and the Demand for Dollars" with Ken Froot, in Private Behaviour and Government Policy in Interdependent Economies, edited by A. Courakis and M. Taylor (Clarendon Press, Oxford, U.K.), 1990, 73-126.  

"Monetary and Portfolio-Balance Models of Exchange Rate Determination," Economic Interdependence and Flexible Exchange Rates, edited by J. Bhandari and B. Putnam (MIT Press, Cambridge), 1983. Reprinted with "Update", in International Economic Policies and Their Theoretical Foundations, edited by J. Letiche (Academic Press, London), second edition, 1992.

"Obstacles to Coordination, and a Consideration of Two Proposals to Overcome Them: International Nominal Targeting (INT) and the Hosomi Fund," in International Policy Coordination and Exchange Rate Fluctuations, W. Branson, J. Frenkel and M. Goldstein, eds. (University of Chicago Press: Chicago), 1990.

"U.S. Borrowing From Japan." In Structural Change in the American Financial System, G. Luciani, editor (Fondazione Adriano Olivetti: Rome), 1989. Reprinted in Dilip Das, ed., International Finance (Routledge, London), 1993.

"Are Exchange Rates Excessively Variable?" with Richard Meese, in Stanley Fischer, ed. NBER Macroeconomics Annual 1987 (MIT Press, Cambridge).

"International Capital Flows; and Domestic Economic Policies," in The United States in the World Economy, edited by Martin Feldstein (University of Chicago Press: Chicago), 1988, 559-627.

"Ambiguous Macroeconomic Policy Multipliers in Theory and in Twelve Econometric Models," In Empirical Macroeconomics for Interdependent Economies, eds., Ralph Bryant, et al. (Brookings Institution Press: Washington, D.C.), 1988, 17-26.

"The Implications of Conflicting Models for Coordination Between Monetary and Fiscal Policy-Makers," In Empirical Macroeconomics for Interdependent Economies, eds., Ralph Bryant, et al. (Brookings Institution Press: Washington, D.C.), 1988.

"Macroeconomics and Protectionism" with Rudiger Dornbusch, in U.S. Trade Policies in a Changing World Economy, edited by Robert Stern  (MIT Press: Cambridge, MA.), 1987.

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