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Implicit bands in the Yen/Dollar exchange rate

[journal article]

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

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 impl... view more

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.... view less

Keywords
rate of exchange; Japan; United States of America

Classification
Political Economy
Economic Policy

Free Keywords
exchange rate regimes; implicit fluctuation bands; exchange rates; Wechselkurspolitik; Yen; US-Dollar

Document language
English

Publication Year
2009

Page/Pages
31 p.

Journal
Applied Economics (2009)

DOI
https://doi.org/10.1080/00036840802600384

Status
Postprint; peer reviewed

Licence
PEER Licence Agreement (applicable only to documents from PEER project)


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© 2007 - 2025 Social Science Open Access Repository (SSOAR).
Based on DSpace, Copyright (c) 2002-2022, DuraSpace. All rights reserved.