In the mirror image to the experience of the United States, we found that compared with periods of U.
That was demonstrated when President Reagan leveled the playing field via the Plaza Accord in 1985, and the U.
A Congressional Budget Office study showed that NAFTA had virtually no effect on the U.
To get a better handle on how these trade and private capital flows have affected the dollar, we construct in Figure 2 a modified basic-balance-of-payments flow indicator by subtracting the underlying trend in the U.
It supplies most of the tactical vehicles to the British military, and the aerospace sector is the lone bright spot in the U.
Sugisaki downplayed a possible negative impact a weak yen may have on the U.
The rise in the dollar also led, of course, to a deterioration in the U.
The global economic slowdown has not yet bottomed out, and the U.
economy than has been true on average, and, therefore, positive deviations are generally associated with U.
Applying this simple multiplier reveals that the deterioration in the U.
A sizable contingent of economists believe that the "twin deficits" concept aptly characterizes the recent relationship between federal budgetary policy and the U.
A stronger yen means a lower dollar, which may help the U.
So VAT proponents maintain that a VAT would improve the U.
manufacturing unit Labor costs now lower relative to a trade-weighted average for the 13 competitors, it might be expected that the U.