An argument that despite complaints about the persistent U.S.-Japanese trade imbalance, enacting policies to restrict Japan's access to our markets will have few lasting effects on either country's overall trade balance, and that trade imbalances are instead appropriate reflections of domestic...

A discussion of the price and quantity effects on the U.S. consumer of the Japanese auto industry's voluntary export restraint program.

The effectiveness of Japanese interventions over the past decade depended in large part on the frequency and size of the transactions. Prior to June 1995, Japanese interventions only had value as a forecast that the previous day's yen appreciation or depreciation would moderate during the...

An illustration of the cost and employment effects of Japanese voluntary export restraints on new-car imports to the U.S.

A vast literature on the effects of sterilized intervention by the monetary authorities in the foreign exchange markets concludes that intervention systematically moves the spot exchange rate only if it is publicly announced, coordinated across countries, and consistent with the underlying...