Exchange-Rate Modelling in the EPA World Economic Model

Are World Financial Markets More Open? If So, Why and With What Effects?

“…60. Amano, 1983, also reports the successful use of nominal interest rates to account for real exchange rates in the Japanese Economic Planning Agency World Model. 61.…”

Macroeconomic Implications of Alternative Exchange-Rate Models

“…One of the difficulties in applying partial models of the exchange rate in a macroeconomic context (as emphasized by Amano, 1981) is that it is not always clear how they should be made consistent with an overall model. Mindful of this problem at the outset, we trimmed down each partial model until its estimated form could reasonably be regarded as a renormalization of a particular equation in a structural model.…”

“…The structure of the paper is as follows: Section 2 contains the specification and 2• Examples include the Japanese EPA World Economic Model (e.g. Amano, 1981), the U.S. Federal Reserve MCM Model (e.g. Hooper, Haas, and Symansky, 1981), the Mark III International Transmission Model (Darby, 1980), the Project LINK model (Hickman, 1981), the IMF's MERM model (Artus and McGuirk, 1981), and the WEXRAM model (Armington, 1980;Richard, 1980).…”