\u4ee5\u4e0b\u306e\u901a\u308a\u3001\u7814\u7a76\u4f1a\u3092\u958b\u50ac\u3044\u305f\u3057\u307e\u3059\u3002\u95a2\u5fc3\u306e\u3042\u308b\u65b9\u306f\u3054\u53c2\u52a0\u304f\u3060\u3055\u3044\u3002
\n\u65e5\u6642\uff1a\u3000\u3000\u3000\u3000\u3000\uff11\uff11\u6708\uff11\uff18 \u65e5\uff08\u6708\u66dc\u65e5\uff09\u3000\uff11\uff18 \uff1a\uff11\uff15 \u00a0?\uff11\uff19\uff1a\uff13\uff10<\/p>\n
\u4f1a\u5834\uff1a\u3000\u3000\u3000\u3000\u3000\uff11\u53f7\u9928\uff12\u968e\u3000\u7b2c\uff12\u4f1a\u8b70\u5ba4<\/p>\n
\u7814\u7a76\u90e8\u4f1a\u540d\uff1a\u3000\u300c\u5973\u6027\u3068\u7d4c\u6e08\u5b66\u300d\u7814\u7a76\u90e8\u4f1a<\/p>\n
\u30c6\u30fc\u30de\uff1a\u3000\u3000\u3000\u3000A dynamic econometric system for the Yen-Dollar rate<\/p>\n
\u767a\u8868\u8005\uff1a \u3000\u3000\u3000\u9ad8\u57a3\u3000\u52dd\u5f66\u00a0\u00a0 \u00a0\u00a0 \u65e9\u7a32\u7530\u5927\u5b66\u7d4c\u6e08\u5b66\u7814\u7a76\u79d1\u3000\u535a\u58eb\u5f8c\u671f\u8ab2\u7a0b<\/p>\n
\u5831\u544a\u8a00\u8a9e\uff1a\u3000\u3000\u65e5\u672c\u8a9e<\/p>\n
\u6982\u8981\uff1a<\/p>\n
The main objective of this paper is to attempt\u00a0 constructing a data-congruent, simultaneous equation system based on international linkages between real exchange rates\u00a0 and economic\u00a0 fundamentals,\u00a0 as well as analyzing\u3000 the\u00a0 effect\u00a0 of the\u00a0 zero\u00a0 interest\u3000 rate\u00a0 policy\u00a0 on\u00a0 the\u00a0 model.\u00a0 This paper utilises\u00a0 Johansen\u2019s theorem and exploits the statistical properties of exogeneity as analytical tools throughout\u00a0 this\u00a0 paper. The\u00a0 result\u00a0 from rigorous\u00a0 co-integration\u00a0 analysis\u00a0 shows that the zero lower bound interest rate made one of the co-integrating relationships,\u00a0 estimated\u00a0 before\u00a0 quantitative\u00a0 easing,\u00a0 powerless\u00a0 to\u00a0 explain\u00a0 the long-run relationship of the real Yen-Dollar rate, due to the presence of the interest rate term structure in the co-integrating relationship. Following the above analysis, this paper finds two alternative co-integrating relationships which explain Japan-US long-run economic linkage based on macroeconomic theories. The first co-integrating relationship is based on the modified UIP relationship, which is the combination of the UIP and PPP with the short-term interest rate differential and a modified current account position.\u00a0 The second co-integrating relationship incorporates the Fisher equation in addition to the modified UIP. Moreover,\u00a0 we\u00a0 find\u00a0 that\u00a0 the\u00a0 modified\u00a0 current\u00a0 account\u00a0 position which was introduced by Kurita (2007) still plays an important role in the co- integrating space although its effect looks becoming weaker over the time.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u4ee5\u4e0b\u306e\u901a\u308a\u3001\u7814\u7a76\u4f1a\u3092\u958b\u50ac\u3044\u305f\u3057\u307e\u3059\u3002\u95a2\u5fc3\u306e\u3042\u308b\u65b9\u306f\u3054\u53c2\u52a0\u304f\u3060\u3055\u3044\u3002 \u65e5\u6642\uff1a\u3000\u3000\u3000\u3000\u3000\uff11\uff11\u6708\uff11\uff18 \u65e5\uff08\u6708\u66dc\u65e5\uff09\u3000\uff11\uff18 \uff1a\uff11\uff15 \u00a0?\uff11\uff19\uff1a\uff13\uff10 \u4f1a\u5834\uff1a\u3000\u3000\u3000\u3000\u3000\uff11\u53f7\u9928\uff12\u968e\u3000\u7b2c\uff12\u4f1a\u8b70\u5ba4 \u7814\u7a76\u90e8\u4f1a\u540d\uff1a\u3000\u300c\u5973\u6027\u3068\u7d4c\u6e08\u5b66\u300d\u7814\u7a76\u90e8\u4f1a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[106,17],"class_list":["post-1775","post","type-post","status-publish","format-standard","hentry","category-news","tag-events","tag-student"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fpse\/gse\/wp-json\/wp\/v2\/posts\/1775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fpse\/gse\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fpse\/gse\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/gse\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/gse\/wp-json\/wp\/v2\/comments?post=1775"}],"version-history":[{"count":3,"href":"https:\/\/www.waseda.jp\/fpse\/gse\/wp-json\/wp\/v2\/posts\/1775\/revisions"}],"predecessor-version":[{"id":2921,"href":"https:\/\/www.waseda.jp\/fpse\/gse\/wp-json\/wp\/v2\/posts\/1775\/revisions\/2921"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fpse\/gse\/wp-json\/wp\/v2\/media?parent=1775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/gse\/wp-json\/wp\/v2\/categories?post=1775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/gse\/wp-json\/wp\/v2\/tags?post=1775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}