Branson, William H. - 1982
four countries -- the U.S., the U.K., Germany, and Japan -- are estimated, and the correlations among their residuals are … which policy in the U.S. and to a lesser extent Japan, drives exchange rates, and policy in Germany and the U.K. reacts. It … consequence. In Japan, interest rates are varied in response to movement in the current-account and relative price levels, and the …