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Exchange-rate Management And Monetary-policy Mismanagement: A Study Of Germany, Japan, United Kingdom, And United States After Plaza

W. Poole
Published 1992 · Economics

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Abstract The focus of this paper is the effect of the Plaza Agreement in September, 1985 on domestic monetary policies in Germany, Japan, United Kingdom, and United States. Monetary policy became much more expansionary in three of the four countries, the exception being Germany. Efforts by Japan and the United Kingdom to limit dollar depreciation spread U.S. expansion to these other two countries, inducing a classic cycle in interest rates, economic activity, and inflation. Analysis of daily exchange rates and interest rates suggests that market participants did not understand the expansionary implications of the Plaza agreement and subsequent policy actions.
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