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This paper models an economy in which it is costly to move resources between the tradeable and nontradeable sectors. The economy is subject to capital flows that are unpredictable and are perceived as having only limited persistence. The model shows that both the fact that capital flows are...
Persistent link: https://www.econbiz.de/10012476468
-employee dataset to examine this decline from 1994 to 2007. We propose a different approach to analyze deindustrialization and generate …
Persistent link: https://www.econbiz.de/10012456560
We investigate whether productivity differences explain why some manufacturers sell only to the domestic market while others serve foreign markets through exports and/or FDI. When overseas production offers no cost advantages, our model predicts that investors should be more productive than...
Persistent link: https://www.econbiz.de/10012468642
Intraday movements in the yen/dollar rate are examined over the 1980-86 period using opening and closing quotes in the … and U.S. stock prices suggests that intraday yen/dollar rate movements do contain at least some relevant information …
Persistent link: https://www.econbiz.de/10012476358
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 …
Persistent link: https://www.econbiz.de/10012476853
It has been a well-known puzzle why the yen has not been used more in trade invoicing among Japanese exporters. Despite … the yen's status as an only fully convertible currency in Asia, two patterns stand out as puzzling features of an … excessively small share of yen invoicing: First, a strong tendency of Japanese exporters to choose importer's currency in their …
Persistent link: https://www.econbiz.de/10012462424
Market impacts of Japanese macroeconomic announcements within minutes on the dollar/yen foreign exchange are analyzed …-term business survey conducted by Bank of Japan), GDP, industrial production (preliminary), PPI, CPI (Tokyo area), the unemployment …
Persistent link: https://www.econbiz.de/10012463629
during the period of Japan's bubble economy and subsequent stagnation. The yen experienced epic gyrations over that period … the price of oil. Since the mid-1990s, the yen's real exchange rate has generally followed a depreciating trend and Japan … fukyo, or recession induced by a strong yen, occurred in the late 1980s and the early 1990s at critical phases of the …
Persistent link: https://www.econbiz.de/10012463831
This paper studies the linkage between exchange rates and investment. emphasizing the role of producer exposure through export sales and through imported inputs into production. For two-digit United States manufacturing sectors we present time series of export shares and imported input shares....
Persistent link: https://www.econbiz.de/10012474575
The view that the strength of the dollar in the early 1980s was associated with persistent restructuring of United States industry is supported by correlations between exchange rate patterns and data on business formation, business failure and sectoral investment in new plant and equipment....
Persistent link: https://www.econbiz.de/10012475788