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Author:Kasa, Kenneth 

Journal Article
Understanding trends in foreign exchange rates

FRBSF Economic Letter

Journal Article
Borrowing constraints and asset market dynamics: evidence from the Pacific Basin

This paper estimates a linearized, stochastic version of Kiyotaki and Moore's (1997) credit cycle model, using land price data from Hong Kong, Japan, and Korea. It is shown that the welfare costs of borrowing constraints are positively related to the persistence of (detrended) land price fluctuations. When the residual demand curve for land is inelastic and the steady state share of land held by the constrained sector is less than 30 percent, welfare costs are less than 1 percent GDP in all countries. However, the strained sector becomes more important and as the elasticity of ...
Economic Review

Journal Article
Post-1997 Hong Kong: a view from the financial markets

FRBSF Economic Letter

Working Paper
Monetary policy in Japan: a structural VAR analysis

This paper studies the objectives and operating procedures of the Bank of Japan (BOJ) during the period 1975-94. To do this we adapt Bernanke and Mihov's (1995) structural VAR model, which nests several alternative hypotheses concerning central bank behavior. In particular, the model separately identifies the anticipated and unanticipated components of monetary policy, and is capable of distinguishing between interest rate targeting and various types of reserve targeting. ; Three main results emerge from the analysis. First, no single target can explain the BOJ's behavior. Instead, the ...
Pacific Basin Working Paper Series , Paper 95-12

Working Paper
Interpreting the dynamics in U.S. international trade

Working Papers in Applied Economic Theory , Paper 94-01

Journal Article
International trade and U.S. labor market trends

FRBSF Economic Letter

Journal Article
Japanese trade deficits?

FRBSF Economic Letter

Journal Article
The role of relative performance in bank closure decisions

This paper studies a banking industry subject to common and idiosyncratic shocks. We compare two types of regulatory closure rules: (1) an absolute closure rule, which closes banks when their assetliability ratios fall below a given threshold, and (2) a relative closure rule, which closes banks when their assetliability ratios fall sufficiently below the industry average. There are two main results: First, relative closure rules imply forbearance during bad times, defined as adverse realizations of the common shock. This forbearance occurs for incentive reasons, not because of ...
Economic Review

Journal Article
Finite horizons and the twin deficits

This paper uses Blanchard's (1985) model to study the relationship between budget deficits and trade deficits. The model is applied to annual post-war data from the U.S., Japan, and Germany. I find that in all three countries there is a significant link between trade deficits and budget deficits, holding constant expected changes in GNP and government expenditure. However, the implied planning horizons are quite different across countries. In particular, the implied planning horizon in the U.S. is only about 3 to 4 years, whereas in Japan it is 71 years and in Germany it is 31 years.
Economic Review

Working Paper
A dynamic model of export competition, policy coordination and simultaneous currency collapse

This paper offers a game-theoretic interpretation of the recent currency crisis in Asia. Specifically, we argue that the 'price wars during booms' logic of Rotemberg and Saloner (1986) can be used to explain the nearly simultaneous devaluation of several Asian currencies during the summer of 1997. The idea is as follows. Since each of these countries relies heavily on exports to the U.S. pressures for competitive devaluations naturally arise. ; We view the historical tendency of these countries to peg to the dollar as a way to avoid these pressures. However, it must be in the ...
Pacific Basin Working Paper Series , Paper 97-08

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Huh, Chan Guk 2 items

Popper, Helen 2 items

Spiegel, Mark M. 2 items

Cho, In-Koo 1 items

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