The paper first surveys recent estimates of the appropriate yen dollar exchange rate that have been proposed in the … literature. Most of the more careful estimates suggest that the yen was substantially undervalued against the dollar in early … presented that Japanese exporters adjust prices asymmetrically in response to yen depreciations and appreciations. ; Next, we …

We quantify the effect of refinancing risk on euro area money market spreads, a major factor driving spreads during the …

This paper examines the available data that may shed light on the carry trade in Japanese yen. We define an individual … or a sector to be engaged in the carry trade if it has a short position in yen and a long position in other currencies …. The tendency of large yen movements to be skewed toward appreciations is consistent with the existence of substantial …

have on official holdings of dollar reserves. A wide range of projections are presented for the effect of EMU on the … the effect of EMU on the currency composition of reserves. It is argued that official dollar holdings could decline on the …This paper analyzes official reserve-holding behavior in the EU countries in an attempt to assess the effect EMU might …

widely argued that flexible exchange rate regimes encourage banks to match dollar-denominated liabilities with a … corresponding amount of dollar-denominated assets, ameliorating currency mismatches. Does the behavior of dollar deposits and credit …

EMU. To do this, the paper examines the variability of exchange rates, the transmission of monetary policy between … countries, the role of the dollar in ERM exchange rate crises, and ERM members' credibility as measured by the realignment … interest rates and weakness of the U.S. dollar. …

decline in U.S. price competitiveness associated with the appreciation of the dollar over the first half of the decade was the …, drawing on average policy multipliers from a group of international macro models, the rise in the dollar and the growth gap … in the dollar since early 1985 than conventional macro trade equations would predict. Analysis of the pricing behavior of …