{"title":"A Poole Analysis in the New Open Economy Macroeconomic Framework","authors":"Mathias Hoffmann, B. Kempa","doi":"10.1111/j.1467-9396.2009.00810.x","DOIUrl":"https://doi.org/10.1111/j.1467-9396.2009.00810.x","url":null,"abstract":"This paper evaluates simple monetary policy rules in the tradition of the Poole analysis within a general two-country model for a large economy and a small open economy. The results for the large economy resemble those of the original Poole scenario and also extend to the welfare measure. In particular, an interest rate rule is preferable to a money supply rule when liquidity shocks dominate, whereas a money supply rule fares better with real shocks. For the small open economy, the stabilization properties of the large-economy case continue to hold for domestic shocks, but a money supply rule performs better than an interest rate rule using the welfare measure. If shocks originate in the foreign economy, a money supply rule turns out to be superior both in terms of its stabilization properties as well as in terms of welfare.","PeriodicalId":205178,"journal":{"name":"NBER: International Finance & Macro Economics (Topic)","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133033109","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Financing Japanese Investments in the United States: Case Studies of a Large and a Medium-Sized Firm","authors":"Mitsuru Misawa","doi":"10.2307/3665331","DOIUrl":"https://doi.org/10.2307/3665331","url":null,"abstract":"The volume of Japanese direct investment in the United States is steadily increasing. The 400-million-dollar plant constructed by N Motor Company to manufacture trucks in Tennessee is a recent case. Another case concerns a medium-sized enterprise that supplies components to larger firms, which has recently committed itself to an almost 10-million-dollar project in the United States. Indeed, there has been quite a large increase in the variety and number of Japanese investment activities in the American market. The financial aspect of these investments is of much interest since a range of techniques, including institutional financing, leasing, and tax-saving schemes, is being used. The purpose of this paper is to describe two examples that will shed some light on the financial techniques used in Japanese direct investment and to assess the potential for their continued use by both Japanese and American enterprises.","PeriodicalId":205178,"journal":{"name":"NBER: International Finance & Macro Economics (Topic)","volume":"2003 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1985-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128680838","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}