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The Cost of Ending the Draft: Comment
Invited Doctoral Dissertations: Discussion
Industrial Organization: Retrospect and Prospect: Discussion
Planning in Free Enterprise Economies: Discussion
Economics of Imperialism: Discussion
Money Within the General Framework of the Economic System: Discussion
The Economy of Cities: Discussion
National Communications Policy: Discussion
Reserve Policies of Central Banks: Comment
Helmut A. Hagemann has provided a useful analysis of reserve policies of central banks in his recent article in this Review. However, I am afraid that the unavailability of data has led him into wishful thinking about the value of the dependent variables in his exercise. I refer specifically to the use of (FIR)j, foreign exchange of country i, relative to total reserves of country i as a proxy for (D/R) i;1 dollar-denominated foreign exchange of country i, relative to total reserves of country i. Let us consider what distortions may arise from using (FIR), where (DIR)i ought to be. Let: