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Public Infrastructure and Regional Economic Development: A Simultaneous Equations Approach


An analysis of how central-bank exchange-market intervention can affect both the level of exchange rates and the risk premium in asset returns, showing how the risk premium is related to the conditional variances of intervention and other exogenous processes.


Suggested citation: Duffy-Deno, Kevin, and Randall Eberts, 1989. “Public Infrastructure and Regional Economic Development: A Simultaneous Equations Approach,” Federal Reserve Bank of Cleveland, Working Paper no. 89-09.

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