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 … order of 35 percent or more from current dollar holdings, although the range of uncertainty is quite large. …

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 …

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 …

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 …

recent dollar depreciation. The analysis employs a static, fairly stylized macroeconomic model in which the EMS is …-improving for member countries before the depreciation of the dollar began. However, the inflationary consequences of the dollar …