Because many authors have proposed stimulating the ailing Japanese economy by monetary expansion and yen depreciation, we explore the repercussions of depreciating the yen against the dollar on the other East Asian economies - which largely peg to the dollar. Since 1980, economic integration...

We document that during the Global Recession, US monetary policy easings triggered the “exorbitant duty� of the United States, the issuer of the world’s dominant currency, by causing a dollar appreciation and a transfer of wealth from the United States to the rest of the...

A stronger US fiscal condition predicts a higher excess return on the dollar against foreign currencies in the following year, and more so against foreign currencies with higher dollar betas. Through the lens of a no-arbitrage model, I use these findings to refine our understanding of the...