Why the model/history might be a less useful guide this time around My earlier discussion of the model estimates suggested that it is hard to be very precise about whether the level of the exchange rate is in line with fundamental determinants. To emphasise this point, let me come back to the effect of the resources boom on the exchange rate.
Andreas Dombret: Twenty-five years of Bundesbank’s representative office in Tokyo Welcoming remarks by Dr Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, at the opening of the enlarged office of the Deutsche Bundesbank in Tokyo, Tokyo, 6 September 2012. * 1.