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February

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"Have Regional Trade Blocs Diverted U.S. Exports?"
by Howard J. Wall
 

May

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"What Drives Large Current Account Deficits?"
by Cletus C. Coughlin and Patricia S. Pollard
 

August

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Cover Page (PDF 69k)
"International Interest Rates Linkages"
by Christopher J. Neely
 

November

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Cover Page (PDF 48k)
"The Tobin Tax"
by Frank A. Schmid
 


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