The Dollar Joins the Currency Wars
Until recently, US policymakers were not overly concerned about the dollar’s strength; America’s growth prospects were stronger than in Europe and Japan. But things look different today, and officials’ exchange-rate jitters are becoming increasingly pronounced.
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NEW YORK – In a world of weak domestic demand in many advanced economies and emerging markets, policymakers have been tempted to boost economic growth and employment by going for export led-growth. This requires a weak currency and conventional and unconventional monetary policies to bring about the required depreciation.