"Numerous empirical studies have examined the predictability of movements in real and nominal exchange rates.2 The stylized facts suggested by this literature are largely based on the behavior of exchange rates against the dollar. In particular, the DM and yen exchange rates against the U.S. dollar have been scrutinized extensively. By contrast, the behavior of the yen/DM cross rate has not received much attention.3 The present paper focuses on the behavior of the real and nominal yen/DM exchange rates after the advent of generalized floating in 1973."
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Fonds monétaire international. European I Department.
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Kaufkraftparität / Wechselkurs / Yen / US-Dollar / Theorie.
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Parités de pouvoir d'achat Modèles économétriques.
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