Exchange Rate as Monetary Policy Channel (in Japanese)

Akira Terai, Yasuyuki Iida and Koichi Hamada

Economic Analysis, 2004, vol. 172, 37-56

Abstract: In this paper, we focus on a monetary approach to exchange rate. We analyzed the factors determining the exchange rate by time series model. We obtained the following results. The monetary base and expected inflation rate have a significant effect on exchange rates. However, sterilized intervention and the intervention index compiled by "Foreign Exchange Intervention Operations" have no significant effect on exchange rates.

Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:esj:esriea:172b

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