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Economic Perspectives, 11, No. 1, January 1987
The international value of the dollar: An inflation-adjusted index
The value of the dollar relative to a number of major currencies has declined markedly since early 1985. Yet, measures of U.S. international trade continued to deteriorate in 1986. The current account deficit during the first half of 1986 was running at an annual rate of nearly $140 billion, compared with a deficit of $118 billion in 1985, and a $6 billion surplus as recently as 1981.


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