{"_buckets": {"deposit": "a8fd2766-710f-4a15-8063-663f9bcbd308"}, "_deposit": {"id": "42640", "owners": [], "pid": {"revision_id": 0, "type": "depid", "value": "42640"}, "status": "published"}, "_oai": {"id": "oai:repository.dl.itc.u-tokyo.ac.jp:00042640"}, "item_8_biblio_info_7": {"attribute_name": "\u66f8\u8a8c\u60c5\u5831", "attribute_value_mlt": [{"bibliographicIssueDates": {"bibliographicIssueDate": "2013-09", "bibliographicIssueDateType": "Issued"}, "bibliographicVolumeNumber": "017", "bibliographic_titles": [{"bibliographic_title": "JSPS Grants-in-Aid for Scientific Research (S) Understanding Persistent Deflation in Japan Working Paper Series"}]}]}, "item_8_description_5": {"attribute_name": "\u6284\u9332", "attribute_value_mlt": [{"subitem_description": "In an influential paper, Engel and West (2005) claim that the near random-walk behavior of nominal exchange rates is an equilibrium outcome of a variant of present-value models when economic fundamentals follow exogenous  rst-order integrated processes and the discount factor approaches one. Subsequent empirical studies further con rm this proposition by estimating a discount factor that is close to one under distinct identi cation schemes. In this paper, I argue that the unit market discount factor implies the counterfactual joint equilibrium dynamics of random-walk exchange rates and economic fundamentals within a canonical, two-country, incomplete market model. Bayesian posterior simulation exercises of a two-country model based on post-Bretton Woods data from Canada and the United States reveal difficulties in reconciling the equilibrium random-walk proposition within the two-country model; in particular, the market discount factor is identi ed as being much lower than one.", "subitem_description_type": "Abstract"}]}, "item_8_description_6": {"attribute_name": "\u5185\u5bb9\u8a18\u8ff0", "attribute_value_mlt": [{"subitem_description": "2012\uff5e2016\u5e74\u5ea6\u79d1\u5b66\u7814\u7a76\u8cbb\u88dc\u52a9\u91d1[\u57fa\u76e4\u7814\u7a76(S)]\u300c\u9577\u671f\u30c7\u30d5\u30ec\u306e\u89e3\u660e\u300d(\u7814\u7a76\u4ee3\u8868\u8005 \u6771\u4eac\u5927\u5b66\u7d4c\u6e08\u5b66\u7814\u7a76\u79d1\u30fb\u6e21\u8fba\u52aa, \u8ab2\u984c\u756a\u53f7\uff1a24223003)", "subitem_description_type": "Other"}]}, "item_8_publisher_20": {"attribute_name": "\u51fa\u7248\u8005", "attribute_value_mlt": [{"subitem_publisher": "UTokyo Price Project"}]}, "item_8_relation_25": {"attribute_name": "\u95a2\u4fc2URI", "attribute_value_mlt": [{"subitem_relation_type_id": {"subitem_relation_type_id_text": "http://www.price.e.u-tokyo.ac.jp/researchdata/", "subitem_relation_type_select": "URI"}}]}, "item_8_text_34": {"attribute_name": "\u8cc7\u6e90\u30bf\u30a4\u30d7", "attribute_value_mlt": [{"subitem_text_value": "Working Paper"}]}, "item_8_text_4": {"attribute_name": "\u8457\u8005\u6240\u5c5e", "attribute_value_mlt": [{"subitem_text_value": "Graduate School of Economics, Hitotsubashi University"}]}, "item_creator": {"attribute_name": "\u8457\u8005", "attribute_type": "creator", "attribute_value_mlt": [{"creatorNames": [{"creatorName": "Kano, Takashi"}], "nameIdentifiers": [{"nameIdentifier": "98064", "nameIdentifierScheme": "WEKO"}]}]}, "item_files": {"attribute_name": "\u30d5\u30a1\u30a4\u30eb\u60c5\u5831", "attribute_type": "file", "attribute_value_mlt": [{"accessrole": "open_date", "date": [{"dateType": "Available", "dateValue": "2017-06-16"}], "displaytype": "detail", "download_preview_message": "", "file_order": 0, "filename": "wp017.pdf", "filesize": [{"value": "271.3 kB"}], "format": "application/pdf", "future_date_message": "", "is_thumbnail": false, "licensetype": "license_free", "mimetype": "application/pdf", "size": 271300.0, "url": {"label": "wp017.pdf", "url": "https://repository.dl.itc.u-tokyo.ac.jp/record/42640/files/wp017.pdf"}, "version_id": "c9e1b86d-f346-40b1-83bc-92d928402a9f"}]}, "item_keyword": {"attribute_name": "\u30ad\u30fc\u30ef\u30fc\u30c9", "attribute_value_mlt": [{"subitem_subject": "Exchange rates", "subitem_subject_scheme": "Other"}, {"subitem_subject": "Present-value model", "subitem_subject_scheme": "Other"}, {"subitem_subject": "Economic fundamentals", "subitem_subject_scheme": "Other"}, {"subitem_subject": "Random walk", "subitem_subject_scheme": "Other"}, {"subitem_subject": "Two-country model", "subitem_subject_scheme": "Other"}, {"subitem_subject": "Incomplete markets", "subitem_subject_scheme": "Other"}, {"subitem_subject": "Cointegrated TFPs", "subitem_subject_scheme": "Other"}, {"subitem_subject": "Debt elastic risk premium", "subitem_subject_scheme": "Other"}, {"subitem_subject": "JEL Classi cation Number: E31, E37, and F41", "subitem_subject_scheme": "Other"}]}, "item_language": {"attribute_name": "\u8a00\u8a9e", "attribute_value_mlt": [{"subitem_language": "eng"}]}, "item_resource_type": {"attribute_name": "\u8cc7\u6e90\u30bf\u30a4\u30d7", "attribute_value_mlt": [{"resourcetype": "technical report", "resourceuri": "http://purl.org/coar/resource_type/c_18gh"}]}, "item_title": "Exchange Rates and Fundamentals : Closing a Two-country Model", "item_titles": {"attribute_name": "\u30bf\u30a4\u30c8\u30eb", "attribute_value_mlt": [{"subitem_title": "Exchange Rates and Fundamentals : Closing a Two-country Model"}]}, "item_type_id": "8", "owner": "1", "path": ["9/7435/7439", "62/377/7438"], "permalink_uri": "http://hdl.handle.net/2261/55355", "pubdate": {"attribute_name": "\u516c\u958b\u65e5", "attribute_value": "2015-05-11"}, "publish_date": "2015-05-11", "publish_status": "0", "recid": "42640", "relation": {}, "relation_version_is_last": true, "title": ["Exchange Rates and Fundamentals : Closing a Two-country Model"], "weko_shared_id": null}