Monetary policy, intervention, and exchange rates in Japan
Center for Pacific Basin Monetary and Economic Studies, Economic Research Dept., Federal Reserve Bank of San Francisco, 1993 - Monetary policy - 38 pages
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accumulation of foreign appreciation and depreciation Bank of Japan base money BOJ's Bretton Woods Bretton Woods system broad money growth broad money supply call money rate Center for Pacific cointegrating contemporaneous declines dependent variable domestic monetary control episodes of sharp episodes of yen exchange market intervention Exchange Rate Policy external considerations FABOJ FEFSA floating exchange rate foreign asset changes foreign exchange intervention foreign exchange market foreign exchange reserves foreign reserves Frankel growth rates I I I impact indicate INST instrumental variables interest rates international reserves intervention and sterilization Japanese monetary authorities lagged dependent long-run multiplier marginal significance levels measure of intervention Michael Hutchison Monetary and Economic monetary base growth monetary policy money aggregates money multiplier offset Pacific Basin Monetary Plaza Agreement policy response Q-msl reserve holdings sample period seasonally adjusted sharp yen appreciation statistic sterilization policy stylized facts Takagi trend U.S. dollar VECM yen value yen-denominated