for the bulk of the real exchange rate variations for Japan, Italy, Germany, France, and the UK vis-à-vis the US dollar … over short horizons. For Canada, however, transitory shocks are dominant over the short horizon. In sum, while for Japan …, France, and Italy, around 15% of the variation in real exchange rate is due to transitory shocks, for Canada, Germany and the …

(the United States, the United Kingdom, Germany, Japan, Canada, Australia, and New Zealand) under alternative exchange rate …

This paper analyzes the relationship between the real exchange rate and the business cycle in Japan during the floating …