Monetary Approach for Determining Exchange Rates and Recent Monetary Policy of Japan
本文检验了基于经济基本面的货币方法是否适用于日元兑美元汇率决定，发现货币基础变量不显著，而实际收入和价格影响汇率，且日本非常规量化货币政策对汇率有超过一年的影响。
This article examines whether or not the monetary approach, or one of the main exchange rate determination theory models that consider economic fundamentals is suitable for determination of exchange rates for the Japanese yen against the US dollar. This monetary approach to exchange rate determination finds the point at which the available amount of money supply is equal to the demand to hold the money in the long run. This method has been used in the past.The monetary approach model for determination of exchange rates is appropriate for the case between Japan and the United States. However, when monetary base is used for estimation considering Japan’s recent monetary policy, this variable is not significant. Instead, other variables, namely, real incomes and prices for both countries impact the exchange rate. Also, the unconventional Japanese quantitative monetary policy is examined empirically and was found to affect the exchange rate for more than one year.