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The author constructs a measure of foreign activity that takes into account the composition of foreign demand for Canadian exports. It has a number of interesting features. First, the foreign activity measure captures both the composition of demand in the United States (by including components...
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friction between the US, on the one hand, and the Federal Republic of Germany and Japan, on the other. Against this background … on to point out, in terms of this general analysis, what the US is doing and what Germany and Japan would like it to do. …
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