Croke, Hilary; Kamin, Steven B.; Leduc, Sylvain - Federal Reserve Board (Board of Governors of the … - 2005
Much has been written about prospects for U.S. current account adjustment, including the possibility of what is sometimes referred to as a "disorderly correction": a sharp fall in the exchange rate that boosts interest rates, depresses stock prices, and weakens economic activity. This paper...