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Yen/Dollar Exchange Rate Expectations in the 1980-90's

Author

Listed:
  • Naoko Hara

    (Bank of Japan)

  • Koichiro Kamada

    (Bank of Japan)

Abstract

This paper examines survey expectations of the yen/dollar exchange rate. We fit simple mechanisms on the survey expectations and test their rationality. We present the puzzling fact that in the 1990's the short-horizon expectations have lost their destabilizing property observed in the late 1980's and instead become static unlike the actual movement of the spot exchange rate.

Suggested Citation

  • Naoko Hara & Koichiro Kamada, 1999. "Yen/Dollar Exchange Rate Expectations in the 1980-90's," Bank of Japan Working Paper Series Research and Statistics D, Bank of Japan.
    • Handle: RePEc:boj:bojwps:99-e-1r
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    File URL: http://www.boj.or.jp/en/research/wps_rev/wps_1999/data/cwp99e01.pdf
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    Cited by:

    1. Kawakami, Kei, 2013. "Conditional forecast selection from many forecasts: An application to the Yen/Dollar exchange rate," Journal of the Japanese and International Economies, Elsevier, vol. 28(C), pages 1-18.

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