The international monetary environment -- The foreign exchange market -- International monetary arrangements -- The balance of payments -- International parity conditions -- Forward-looking instruments -- The eurocurrency market -- Exchange rates, interest rates, and interest parity -- Prices...

This paper tries to clarify the question of whether foreign exchange market interventions conducted by the Bank of Japan are important for the dollar-yen exchange rate in the long run. Our strategy relies on a re-examination of the empirical performance of a monetary exchange rate model. This is...