Explaining the U.S. Trade Deficit
Conventional theory makes the curious assumption that, in international trade, movements in the real exchange rate negate cost differences so as to make all countries equally competitive. But quite the contrary, it is absolute cost advantages that determine competition between countries, just as they determine the relative price of two sets of goods within one country
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- Anwar M. Shaikh & Rania Antonopoulos, 1998.
"Explaining Long-Term Exchange Rate Behavior in the United States and Japan,"
Economics Working Paper Archive
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- Kenneth Rogoff, 1996. "The Purchasing Power Parity Puzzle," Journal of Economic Literature, American Economic Association, vol. 34(2), pages 647-668, June.
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