Fundamentals at odds? : the U.S. current account deficit and the dollar / prepared by Gian Maria Milesi-Ferretti.
The real effective exchange rate of the dollar is close to its minimum level for the past 4 decades (as of September 2008). At the same time, however, the U.S. trade and current account deficits remain large and, absent a significant correction in coming years, would contribute to a further accumula...
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