@article{oai:omu.repo.nii.ac.jp:00000903,
 author = {Kaneko, Kunihiko},
 journal = {Journal of economics, business and law},
 month = {Mar},
 note = {application/pdf, In this paper we examine the exchange rate movement of a small open economy under the deflationary process. To focus on the effects of price level expectation on the exchange rate, we assume that the expectations of price level and deflation rate are exogenously given. The time path of the future price level expected by the residents affects the current exchange rate in a simple model with perfect foresight. We show that the exchange rate continues to depreciate during the persistent deflationary process. We also show that the exchange rate, under the deflationary process with price level bottom, depreciates with an initial jump and then smoothly approaches the steady-state level with zero inflation., Journal of economics, business and law. 2004, 6, p.81-90},
 pages = {81--90},
 title = {Exchange Rate under the Deflationary Process},
 volume = {6},
 year = {2004}
}