"Does this analysis mean that cries of “currency war” are misleading and should be ignored by policymakers? There can be exceptions, but the answer is usually yes.As for policymakers in Japan, they are targeting domestic price stability, just as U.S. and euro area central bankers do. The depreciation of the yen versus other currencies is a natural side-effect of these efforts. The yen’s weakness mostly reflects relative growth prospects, especially versus the United States.The bottom line: when you hear someone complain about a “currency war,” beware the motives of those seeking protection from competition."
Dienstag, 9. Dezember 2014
Cecchetti und Schoenholtz stellen ein paar Dinge klar.