cuts and appreciation expectation shocks. For both China and Japan - at different points of time - self-fulfilling runs … into yuan and yen have triggered monetary policy expansions, which are identified as the breeding ground for overinvestment … monetary policy and a fixed exchange rate regime are recommended. …

Given buoyant capital inflows and managed exchange rates the majority of emerging market central banks have continued … stability. To contain domestic inflation these central banks absorb rather then provide liquidity in their regular monetary … surplus liquidity is less efficient, because absorbing liquidity raises the costs of monetary policy operations. By …

emerging market economies. Expansionary monetary policies in response to the burst of bubbles are argued to have contributed to …

to historical records. The paper discusses the exit options from unconventional monetary policies and unsustainable … government debt. First, the paper sheds light on the probability of a coordinated monetary policy exit between the US and the … euro area. Second, it discusses the options for a coordination of the supranational monetary policy with national fiscal …

While up to the late 1990s Japanese foreign exchange intervention was fully sterilized, Japanese monetary authorities … volatility at the turn of the millennium when Japanese foreign exchange intervention started to remain unsterilized …

We use realized volatility to study the influence of central bank interventions on the yen/dollar exchange rate …. Realized volatility is a technical innovation that allows specifying a system of equations for returns, realized volatility … Japanese monetary authorities did not have the desired effect with respect to the exchange rate level and we measure an …

/dollar exchange rate and the volatility in the yen/dollar markets. Using newly released data on Japanese foreign exchange intervention … effect on the same day, but at the cost of higher exchange rate volatility. Testing for the robustness of this finding we … unsuccessful and coincided with increased exchange rate volatility. Since 1999 official Japanese currency purchases seem to have …