China keeps its exchange rate tightly fixed to the dollar. Its productivity growth and trade surplus have been high … reduce China's trade surplus but could cause serious deflation in China. To show this, we consider international adjustment … between China and the United States from both an asset-market and a labor-market perspective, and compare this to Japan …

Significant differences exist between official Chinese and U.S. trade statistics on the magnitudes of the China … U.S. imports of goods from China according to U.S. official statistics include Chinese re-exports through Hong Kong … because the U.S. applies its rules of origin with regard to imports. Third, similarly, U.S. exports of goods to China …

Acemoglu et al. (2014) explore the contribution of the swift rise of import penetration from China to U.S. employment … exposure they find that the increase in U.S. imports from China caused significant reductions in U.S. manufacturing employment …. This paper extends their analysis and contributes to the literature by closely examining the impact of the China trade …

and the circumstances in which significant imbalances emerge at the global (US-China) level. Increasing external …