Dollar and yen : resolving economic conflict between the United States and Japan / Ronald McKinnon and Kenichi Ohno.

Includes bibliographical references (pages [247]-256) and index.

1. Introduction: The Syndrome of the Ever-Higher Yen -- 2. Policy Causes and Postwar Origins of Japan-U.S. Economic Conflict: Differential Productivity Growth and the Saving Shortage in the United States -- 3. Exchange-Rate Fluctuations and Their Consequences: Price Diffusion and Endaka Fukyo -- 4. Balancing International Competitiveness in the Longer Run: Wage Adjustment versus Yen Appreciation -- 5. The Transfer Problem and Macroeconomic Fluctuations: Endaka Fukyo, Bubbles, and Credit Crunches -- 6. The Exchange Rate and the Trade Balance in Theory: Insular versus Open Economies -- 7. The Exchange Rate and the Japan-U.S. Trade Balance in Practice: A Critique of the Modern Elasticities Approach -- 8. Monetary and Exchange-Rate Regimes, Inflation Persistence, and the Volatility of Long-term Interest Rates -- 9. Price Deflation and Purchasing Power Parity: A Causality Analysis of Yen Appreciation and Japanese Monetary Policy --

10. Overcoming the Syndrome: Toward a U.S.-Japan Commercial Compact and Monetary Accord -- 11. Is the Syndrome Over? The Fall of the Yen, 1995-96, and Its Implications for the Transition.