A careful basic theoretical and econometric analysis of the factors determining the real exchange rates of Canada, the U.K., Japan, France and Germany with respect to the United States is conducted. The resulting conclusion is that real exchange rates are almost entirely determined by real factors relating to growth and technology such as oil and commodity prices, international allocations of world investment across countries, and underlying terms of trade changes. Unanticipated money supply shocks, calculated in five alternative ways have virtually no effects. A Blanchard-Quah VAR analysis...

The tiny Sun studio at 706 Union Avenue in Memphis, Tennessee, may not have looked like much from the outside, but inside musical miracles were being performed daily by its enigmatic owner, Sam Phillips. Phillips began more or less as a talent scout for other record labels, such as the legendary Chess Records in Chicago. However, after discovering a wealth of talent in his own backyard in the Mid-South area, Phillips began his own record label-Sun Records-with an emblematic rising sun and rooster logo. A white man who loved and understood African-American music, Phillips recorded soon-to-be...