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Realignment of the yen-dollar exchange rate: aspects of the adjustment process in Japan

Loopesko, Bonnie E.; Johnson, Robert A. - Federal Reserve Board (Board of Governors of the … - 1987

presented that Japanese exporters adjust prices asymmetrically in response to yen depreciations and appreciations. ; Next, we …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 …

Persistent link: https://www.econbiz.de/10005368234

What can the data tell us about carry trades in Japanese yen?

Gagnon, Joseph E.; Chaboud, Alain P. - Federal Reserve Board (Board of Governors of the … - 2007

This paper examines the available data that may shed light on the carry trade in Japanese yen. We define an individual … on bank loans and bond holdings by currency reveal a large apparent yen carry position of the Japanese official sector … 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 …

Persistent link: https://www.econbiz.de/10005712617

Capital inflows, financial intermediation, and aggregate demand.

Kamin, Steven B.; Wood, Paul R. - Federal Reserve Board (Board of Governors of the … - 1997

In trying to explain the balance-of-payments and banking crises of 1994-95 that erupted in Mexico, observers have pointed to various effects of the substantial capital inflows that took place in the preceding half decade. It has been argued that these inflows contributed to rapid monetary...

Persistent link: https://www.econbiz.de/10005368419

Government budget deficits and trade deficits: are present value constraints satisfied in long-term data?

Ahmed, Shaghil; Rogers, John H. - Federal Reserve Board (Board of Governors of the … - 1995

We undertake tests of whether long term data from the U.S. and U.K. are consistent with the intertemporal government budget constraint and the intertemporal external borrowing constraint being satisfied in expected value terms, both individually and simultaneously. An historical perspective is...

Persistent link: https://www.econbiz.de/10005368127

The GATT's contribution to economic recovery in post-war Western Europe

Irwin, Douglas A. - Federal Reserve Board (Board of Governors of the … - 1993

By freeing Europe's regional and international trade from tariffs and other trade barriers, the General Agreement on Tariffs and Trade (GATT) has often been hailed as a key factor in promoting the post-war economic recovery in Western Europe and in preventing a return to the disaster of the...

Persistent link: https://www.econbiz.de/10005368148

Anticipations of foreign exchange volatility and bid-ask spreads

Wei, Shang-Jin - Federal Reserve Board (Board of Governors of the … - 1991

The paper studies the effect of the market's perceived exchange rate volatility on bid-ask spreads. The anticipated volatility is extracted from currency options data. An increase in the perceived volatility is found to widen bid-ask spreads. The direction of the effect is consistent with an...

Persistent link: https://www.econbiz.de/10005368165

The transmission of domestic shocks in the open economy

Erceg, Christopher J.; Gust, Christopher; … - Federal Reserve Board (Board of Governors of the … - 2007

This paper uses an open economy DSGE model to explore how trade openness affects the transmission of domestic shocks. For some calibrations, closed and open economies appear dramatically different, reminiscent of the implications of Mundell-Fleming style models. However, we argue such stark...

Persistent link: https://www.econbiz.de/10005368202

Mercantilism as strategic trade policy: the Anglo-Dutch rivalry for the East India trade

Irwin, Douglas A. - Federal Reserve Board (Board of Governors of the … - 1990

This paper provides a reinterpretation of seventeenth-century mercantilist trade doctrine and policy in light of recent theories of strategic trade policy. Mercantilist economic thought, like strategic export-promotion theories, emphasized the use of government policy to capture rents that arise...

Persistent link: https://www.econbiz.de/10005368203

The dynamics of uncertainty or the uncertainty of dynamics: stochastic J-curves

Marquez, Jaime - Federal Reserve Board (Board of Governors of the … - 1988

This paper characterizes the statistical distribution of the response of the U.S. trade account to a dollar depreciation. To accomplish this task, the paper builds and estimates an econometric model of U.S. bilateral trade. Given an exchange-rate shock, this distribution is generated empirically...

Persistent link: https://www.econbiz.de/10005368239

Why has trade grown faster than income?

Rose, Andrew K. - Federal Reserve Board (Board of Governors of the … - 1990

Trade of the OECD countries has grown faster than income during the postwar period. This paper tests a number of different hypotheses for the observed growth in the trade/income ratio. For small open economies, increases in real output and international reserves, as well as declines in tariff...

Persistent link: https://www.econbiz.de/10005368240