United States relative to Japan. High productivity growth in the traded sector of the Japanese economy results in a …Real exchange rates between the yen and dollar based on general price indexes overestimate the competitiveness of the … continuous fall in the prices of traded goods relative to nontraded goods in Japan. In order to keep U.S. traded goods …

United States relative to Japan. High productivity growth in the traded sector of the Japanese economy results in a …Real exchange rates between the yen and dollar based on general price indexes overestimate the competitiveness of the … continuous fall in the prices of traded goods relative to nontraded goods in Japan. In order to keep U.S. traded goods …

This study investigates the time-series properties of five real yen exchange rates by testing for stationarity in the … stationary around a constant mean. These findings suggest that the behavior of the real yen exchange rate is unique among the six … currencies in the sample, a difference that may originate in the exceptional productivity performance of the Japanese traded …

(Japan) if it is profitable to do so and where the technology transfer is the engine of economic growth. In this model, among … multiple equilibria, the equilibrium with low labor cost in Japan was chosen during the rapid growth period. Then, the firms in …, during the other periods, the equilibrium with high labor cost in Japan was chosen, which caused stagnation. The model is …

, highlight instead the importance of total factor productivity surge induced by an undervaluation in increasing growth. …