Dollar and Yen: Resolving Economic Conflict between the United States and Japan
Ronald I. McKinnon, Kenichi OhnoISBN: 0262133350; 9780262133357;
"This book boldly challenges some of the basic assumptions and presumptions of international economics, such as the trade balance-exchange rate relationship, and the endogeneity of exchange rate with respect to other macro variables. These views should generate some serious debates about our basic theories and policy frameworks. The topics will be of great interest to policy makers and academic economists alike." -- Shang-Jin Wei, Associate Professor of Public Policy, Kennedy School of Government, Harvard University From the mid-1950s to the early 1990s, Japan grew faster than any other major industrial economy, displacing the United States in dominance of worldwide manufacturing markets. In the 1970s and 1980s, many books appeared linking the apparent decline of the United States in the world economy to "unfair" Japanese practices that closed the Japanese market to a wide range of foreign goods. Dollar and Yen analyzes the friction between the United States and Japan from...