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Synchronized business cycles in East Asia and fluctuations in the yen/dollar exchange rate,” mimeo

By Ronald Mckinnon and Gunther Schnabl


Should the Japanese yen be depreciated to revive the Japanese economy? Since the bursting of the stock-and land-market bubbles in 1990-91, the Japanese economy has fallen into its deepest postwar recession. Because fiscal policy and monetary policy are at their limits in combating recession and deflation, a possible foreign exchang

Year: 2003
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