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Abstract

Accelerated Japanese monetary expansion failed to appreciably influence imports of US crops despite notable increases m the nominal yen/dollar exchange rate, according to COMGEM, a US macroeconomic model that incorporates non-U S macroeconomic linkages and an Armington model of foreign demands for US crops Expansionary monetary poltitcs also led to higher Japanese inflatwn and raised real national income, offsetttng the negative import effects of higher nominal exchange rates COMGEM stimulated three 1986-90 Japanese monetary expansion rates given unchanged US macroeconomic patterns, to determine the influences of Japanese monetary shocks on imports of US crops

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