First, I Think The Science Of Monetary

First, I Think The Science Of Monetary Economics Has Clearly Gotten Better.

And Finally, No Matter How Good The Science Gets, There Are Problems That Inevitably Depend On Judgment, On Art, On A Feel For Financial Markets.

To Finance This Trade Deficit, The U.s. Has To Borrow From The Rest Of The World Or Sell American Assets Like Stocks, Businesses, And Real Estate To The Rest Of The World.

The Only Way That We Can Reduce Our Financial Dependence On The Inflow Of Funds From The Rest Of The World Is To Reduce Our Trade Deficit.

Although Economists Have Studied The Sensitivity Of Import And Export Volumes To Changes In The Exchange Rate, There Is Still Much Uncertainty About Just How Much The Dollar Must Change To Bring About Any Given Reduction In Our Trade Deficit.