Chinn, Menzie David (contributor); Yi, Chae-u (contributor) - 2005
(the United States) and two surpluses (Japan
and the Euro area)—are subjected to a minimalist structural interpretation … movement (real
appreciation) as the surpluses adjust down. For the Euro area, less than half a percentage point of
its … surpluses in Japan and the Euro area— we
find that a substantial part (nearly 2 percentage points of GDP) of the U.S. current …