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Economic Perspectives, 18, 3rd, No. 5, September 1994
Interest rate shocks and the dollar
This article examines the relationship between shocks to short-term interest rates in the United States, Germany, and Japan and movements in the yen/dollar and mark/dollar exchange rates since 1979. The evidence indicates that much of the dollar's recent depreciation against the yen is consistent with the behavior of the U.S. federal funds rate and shortterm interest rates in Japan since 1991.


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