EMPIRICAL-EVIDENCE ON THE INSULATION PROPERTIES OF FIXED AND FLEXIBLE EXCHANGE-RATES - THE JAPANESE EXPERIENCE
成果类型：
Article
署名作者：
HUTCHISON, M; WALSH, CE
署名单位：
Federal Reserve System - USA
刊物名称：
JOURNAL OF INTERNATIONAL ECONOMICS
ISSN/ISSBN：
0022-1996
DOI：
10.1016/0022-1996(92)90019-G
发表日期：
1992
页码：
241-263
关键词：
摘要：
This paper investigates whether Japanese output stability since the mid-1970s is attributable to the change in exchange rate regime or to the changing nature of underlying disturbances. We decompose foreign and domestic influences on output movements using restrictions on the long-run dynamics to identify the disturbances. We find that the flexible exchange rate regime is more effective in insulating the economy from foreign disturbances than is the fixed rate regime. However, in the case of Japan, it is primarily the changing nature of the fundamental disturbances to the economy that is responsible for greater output stability since the mid-1970s.