兼松セミナー (Kanematsu Seminar)

日時:
(Date&Time)
3月7日(金)午後1時30分から (Friday, March 7, 1:30pm〜)
報告者:
(Speaker)
Gunther SCHNABL
所属:
(Affiliation)
Tuebingen University
Catholic University Leuven
論題:
(Topic)
Fear of Floating in Japan? A Bank of Japan Monetary Policy Reaction Function
概要:
(Abstract)
Although, the Japanese yen is widely regarded as a free-floating currency, the Japanese monetary authorities have greatly interfered in the yen/dollar foreign exchange market. A Taylor-rule type monetary policy reaction function with an exchange rate term is estimated for the Bank of Japan and Federal Reserve to assess the interaction between Japanese foreign exchange and monetary policy. It is found that?in contrast to monetary policy a la Greenspan?the exchange rate has played an important role for the Bank of Japan monetary policy since 1986. Further, the Calvo-Reinhart criteria of exchange stabilization are applied to Japan and five other benchmark economies. While high foreign exchange reserves indicate active intervention there is evidence for higher?instead of reduced?exchange rate volatility. I conclude that Japan’s pervasive but unsuccessful discretionary foreign exchange intervention characterizes Japan as a dirty floater.
会場:
(Place)
神戸大学経済経営研究所 調査室 (兼松記念館1階)
Seminar Room at RIEB (Kanematsu Memorial Hall 1st Floor)
対象:
(Intended Audience)
教官、院生、および同等の知識をお持ちの方
Faculty, graduate students, and people with equivalent knowledge
備考:
(Note)

論文のコピーは開催日の1週間前に研究助成室にご用意いたします。なおこの論文は< http://www.uni-tuebingen.de/uni/w04/bibliothek/DiskBeitraege/247.pdf >でダウンロードできます。
Copies of the paper will be available one week before the seminar at Research Assistant Room. Paper is available to download from < http://www.uni-tuebingen.de/uni/w04/bibliothek/DiskBeitraege/247.pdf >.