著者
脇田 成
出版者
日本経済学会
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.42, no.3, pp.275-286, 1991-09-20 (Released:2007-10-19)
参考文献数
17

Using survey data in the Tokyo foreign exchange market we consider the two popular hypothesis that explain the drastic appreciation of the yen after the G5. One hypothesis is that the long-term expected rate is drastically changed and the other is that the coordinated monetary policy moves the expectations of market participants. Standard tests of rational expectations do not give the affirmative evidence on these hypothesis.