Three surveys of exchange rate expectations allow us to measure directly the expected rates of return on yen versus … dollars. Expectations of yen appreciation against the dollar have been (1) consistently large, (2) variable, and (3) greater …-term horizons expectations exhibit bandwagon effects, while at longer-term horizons they show the reverse. A 10 percent yen …

The survey data on the yen/dollar exchange rate, collected twice a month for eight years from 1985 to 1993, shows the … includes sub-periods of sharp yen appreciations and of relative calm, and with respect to different specifications. Third, the …. Although the history of the yen/dollar exchange rate fluctuations in the past two decades shows mean reversion over several …

The survey data on the yen/dollar exchange rate, collected twice a month for eight years from 1985 to 1993, shows the … includes sub-periods of sharp yen appreciations and of relative calm, and with respect to different specifications. Third, the …. Although the history of the yen/dollar exchange rate fluctuations in the past two decades shows mean reversion over several …

Three surveys of exchange rate expectations allow us to measure directly the expected rates of return on yen versus … dollars. Expectations of yen appreciation against the dollar have been (1) consistently large, (2) variable, and (3) greater …-term horizons expectations exhibit bandwagon effects, while at longer-term horizons they show the reverse. A 10 percent yen …

a special emphasis on the first year of the euro. A contribution is made as to how to measure these roles, both for … identification of changes in the role of the euro during 1999 compared to the aggregate of euro predecessor currencies, net of intra … -euro area assets/liabilities, before stage 3 of EMU. A number of key factors determining the currency distribution of …

economies (EMEs) on configurations between the US dollar, the euro and the yen. Given the difficulty that fixed or managed US … have a statistically but also an economically significant impact on the euro, and to a lesser extent the yen against the US … the appreciation of the euro against the US dollar in recent years. Interestingly, EME policy-makers appear to have become …