ABSTRACT. Bhuiyan assumes that the money demand function is a function of the contemporaneous values of the ex ante real interest rate, inflationary expectations and income level. Duarte studies the implications of nontraded goods for the nature of relative price differentials across countries under a fixed exchange rate regime, and turns to the implications of the presence of nontraded goods for the optimal response of monetary policy to country-specific shocks. Sousa and Zaghini investigate to what extent a global monetary aggregate can be useful for analyzing international liquidity conditions.