Working Paper
Realignment of the yen-dollar exchange rate: aspects of the adjustment process in Japan
Johnson, Robert A.; Loopesko, Bonnie E. (1987)
The paper first surveys recent estimates of the appropriate yen dollar exchange rate that have been proposed in the literature. Most of the more careful estimates suggest that the yen was substantially undervalued against the dollar in early 1985 when it began its steep ascent and some of the estimates suggest that further appreciation from today's strong level is warranted. ; We then turn to the adjustment process. First, we present evidence that a narrowing of Japan's record trade surplus has already started to occur, particularly in real terms. Next, we show that external adjustment has ...
International Finance Discussion Papers , Paper 311

Working Paper
The yen-dollar relationship: a recent historical perspective
Johnson, Manuel H.; Loopesko, Bonnie E. (1986)
This paper explores the interaction between exchange rate alignment and external balance for Japan and the United States. The analysis highlights the influence of current account developments on the yen-dollar exchange rate, as well as the reverse, and the interaction between the capital account and the exchange rate. We first sketch the broad outlines of the factors driving medium-run swings in the yen-dollar exchange rate over the floating rate period. After a brief consideration of the implications of financial liberalization for the yen-dollar exchange rate, the paper takes a more ...
International Finance Discussion Papers , Paper 288

Discussion Paper
Relationships among exchange rates, intervention, and interest rates : an empirical investigation
Loopesko, Bonnie E. (1983)
Staff Studies , Paper 133