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Implicit bands in the Yen/Dollar exchange rate


Ledesma-Rodríguez, Francisco; Navarro-Ibáñez, Manuel; Pérez-Rodríguez, Jorge; Sosvilla-Rivero, Simon


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Abstract This paper attempts to identify implicit exchange rate regimes for the Yen/Dollar exchange rate. To that end, we apply a sequential procedure that considers both the dynamics of exchange rates and central bank interventions to data covering the period from 1971 to 2003. Our results suggest that implicit bands existed in two subperiods: April-December 1980 and March-October 1987, the latter coinciding with the Louvre Accord. Furthermore, the study of the credibility of such implicit bands indicates the high degree of confidence attributed by economic agents to the evolution of the Yen/Dollar exchange rate within the detected implicit band rate, thus lending further support to the relevance of such implicit bands.
Thesaurusschlagwörter rate of exchange; Japan; United States of America
Klassifikation Volkswirtschaftslehre; Wirtschaftspolitik
Freie Schlagwörter exchange rate regimes; implicit fluctuation bands; exchange rates; Wechselkurspolitik; Yen; US-Dollar
Sprache Dokument Englisch
Publikationsjahr 2009
Seitenangabe 31 S.
Zeitschriftentitel Applied Economics (2009)
DOI http://dx.doi.org/10.1080/00036840802600384
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)