Glick, Reuven; Hutchison, Michael M. - Federal Reserve Bank of San Francisco - 1988
Since the fiscal expansion and real appreciation of the dollar in the early 1980s, widespread attention has focused on … the economy. In this paper we take a critical look at this view. ; We argue that the association of a dollar appreciation … analyzing the empirical support for the "two-tiered" hypothesis, we show that the negative association between dollar …
