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Title: Implicit bands in the yen/dollar exchange rate
Authors: Ledesma Rodríguez,Francisco 
Navarro Ibáñez,Manuel 
Pérez Rodríguez, Jorge Vicente 
Sosvilla Rivero,Simón Javier 
UNESCO Clasification: 530406 Dinero y operaciones bancarias
Keywords: Foreign exchange intervention
Intervención extranjera
Issue Date: 2011
Journal: Applied economics (Print) 
Abstract: This article attempts to identify implicit exchange rate regimes for the yen/dollar exchange rate. To that end, we apply a sequential procedure that considers both the dynamics of exchange rates and central bank interventions to data covering the period from 1971 to 2003. Our results suggest that implicit bands existed in two subperiods: April–December 1980 and March–October 1987, the latter coinciding with the Louvre Accord. Furthermore, the study of the credibility of such implicit bands indicates the high degree of confidence attributed by economic agents to the evolution of the yen/dollar exchange rate within the detected implicit band rate, thus lending further support to the relevance of such implicit bands.
ISSN: 0003-6846
DOI: 10.1080/00036840802600384
Source: Applied Economics [ISSN 0003-6846], v. 43 (10), p. 1241-1255
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