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. …

dollars. Expectations of yen appreciation against the dollar have been (1) consistently large, (2) variable, and (3) greater … than the forward premium, implying that investors were willing to accept a lower expected return on dollar assets. At short …

Recent attention has focused on measures of the dollar's effective exchange rate amid disappointment by some observers … with the response of the U.S. trade balance to the depreciation of the dollar since February 1985. In particular, these … observers suggest that the traditional indexes, which include only currencies of industrial countries, overstate the dollar …

U.S. dollar has risen (fallen) against other major currencies such as the euro, the peso has risen (fallen) against the … dollar. Very few other currencies display this behavior. In this paper, we attempt to explain the unusual pattern of the peso …'s correlation with the dollar by developing some general empirical models of exchange rate correlations. Based on a study of 29 …

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. …

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 …

This paper attempts to review the different elements of the international role of the dollar and, where possible, to … provide quantitative information about the current scale of dollar use and how it may be changing, including in response to … European monetary union. The paper considers the exchange value of the dollar, the dollar as reserve asset, the dollar as …