LEADER 05404oam 22011174 450 001 9910812130803321 005 20200520144314.0 010 $a1-4623-3661-2 010 $a1-4527-0669-7 010 $a1-4518-7118-X 010 $a9786612842115 010 $a1-282-84211-0 035 $a(CKB)3170000000055152 035 $a(EBL)1608083 035 $a(SSID)ssj0000944124 035 $a(PQKBManifestationID)11559074 035 $a(PQKBTitleCode)TC0000944124 035 $a(PQKBWorkID)10983807 035 $a(PQKB)10498692 035 $a(OCoLC)466114297 035 $a(MiAaPQ)EBC1608083 035 $a(IMF)WPIEE2008260 035 $a(IMF)WPIEA2008260 035 $a(EXLCZ)993170000000055152 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFundamentals at Odds? The U.S. Current Account Deficit and The Dollar /$fGian Milesi-Ferretti 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (31 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/260 300 $aDescription based upon print version of record. 311 $a1-4519-1571-3 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. The Current Account Balance and The International Investment Position; III. Some stylized Facts on the dollar and the U.S. current account; A. Two Dollar Cycle Episodes; B. A Comparison Between 2 Adjustment Episodes; IV. Reconciling Prices and Quantities; A. Is the REER Mismeasured? The WARP Argument; B. Is The U.S. Current Account Deficit Overstated?; C. Adjustment Lags; D. The Terms of Trade and Oil Prices; E. External Adjustment and Shift in Relative Prices; V. Conclusions; Tables; 1. Historical Patterns of U.S. Dollar Real Depreciations (1973-2008) 327 $a2. Historical Patterns of U.S. Dollar Nominal Depreciations (1976-2008)3. The U.S. Current Account Balance and Oil Prices during the Adjuntment Episodes; 4. Cumulative Financial Flows and Changes in the U.S. International Investment Position; Figures; 1. Real Effective Exchange Rate, January 1973-September 2008; 2. Current Account Balance and Non-Oil Balance on Goods and Services (ratio of GDP, 1970Q1-2008Q2); 3. Real Effective Exchange Rate and ""WARP"" Index; 4. Lagged ""WARP"" Index and Non-Oil Balance of Goods and Services 327 $a5. Non-Oil Trade Balance and Real Exchange Rate: Cross-Correlation (1978Q1-2008Q2)6. Terms of Trade and Oil Prices, 1973-2008; References 330 3 $aThe real effective exchange rate of the dollar is close to its minimum level for the past 4decades (as of September 2008). At the same time, however, the U.S. trade and currentaccount deficits remain large and, absent a significant correction in coming years, wouldcontribute to a further accumulation of U.S. external liabilities. The paper discusses thetension between these two aspects of the dollar assessment, and what factors can helpreconcile them. It focuses in particular on the terms of trade, adjustment lags, andmeasurement issues related to both the real effective exchange rate and the current accountbalance. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/260 606 $aForeign exchange rates$zUnited States 606 $aBalance of payments$zUnited States 606 $aBudget deficits$zUnited States 606 $aDollar, American 606 $aBalance of payments$2imf 606 $aBalance of trade$2imf 606 $aCurrency$2imf 606 $aCurrent Account Adjustment$2imf 606 $aCurrent account balance$2imf 606 $aCurrent account deficits$2imf 606 $aEmpirical Studies of Trade$2imf 606 $aExports and Imports$2imf 606 $aExternal position$2imf 606 $aForeign Exchange$2imf 606 $aForeign exchange$2imf 606 $aInternational economics$2imf 606 $aInternational finance$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aReal effective exchange rates$2imf 606 $aShort-term Capital Movements$2imf 606 $aTrade balance$2imf 607 $aUnited States$2imf 615 0$aForeign exchange rates 615 0$aBalance of payments 615 0$aBudget deficits 615 0$aDollar, American. 615 7$aBalance of payments 615 7$aBalance of trade 615 7$aCurrency 615 7$aCurrent Account Adjustment 615 7$aCurrent account balance 615 7$aCurrent account deficits 615 7$aEmpirical Studies of Trade 615 7$aExports and Imports 615 7$aExternal position 615 7$aForeign Exchange 615 7$aForeign exchange 615 7$aInternational economics 615 7$aInternational finance 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aReal effective exchange rates 615 7$aShort-term Capital Movements 615 7$aTrade balance 676 $a332.450973 700 $aMilesi-Ferretti$b Gian$01612464 801 0$bDcWaIMF 906 $aBOOK 912 $a9910812130803321 996 $aFundamentals at Odds? The U.S. Current Account Deficit and The Dollar$93954394 997 $aUNINA