Fundamentals at Odds? The U.S. Current Account Deficit and The Dollar

Fundamentals at Odds? The U.S. Current Account Deficit and The Dollar

The real effective exchange rate of the dollar is close to its minimum level for the past 4decades (as of September 2008). At the same time, however, the U.S. trade and currentaccount deficits remain large and, absent a significant correction in coming years, wouldcontribute to a further accumulatio...

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1. Verfasser: Gian Maria Milesi-Ferretti
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Sprache:eng
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Adjustment Process
Balance of payments
Budget deficits
Current Account
Dollar, American
Foreign exchange rates
Real Effective Exchange Rate
Terms Of Trade
U.s. Dollar
United States
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creator Gian Maria Milesi-Ferretti
description The real effective exchange rate of the dollar is close to its minimum level for the past 4decades (as of September 2008). At the same time, however, the U.S. trade and currentaccount deficits remain large and, absent a significant correction in coming years, wouldcontribute to a further accumulation of U.S. external liabilities. The paper discusses thetension between these two aspects of the dollar assessment, and what factors can helpreconcile them. It focuses in particular on the terms of trade, adjustment lags, andmeasurement issues related to both the real effective exchange rate and the current accountbalance.
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subjects Adjustment Process
Balance of payments
Budget deficits
Current Account
Dollar, American
Foreign exchange rates
Real Effective Exchange Rate
Terms Of Trade
U.s. Dollar
United States
title Fundamentals at Odds? The U.S. Current Account Deficit and The Dollar
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