Chinn, Menzie David (contributor); Yi, Chae-u (contributor) - 2005
(the United States) and two surpluses (Japan
and the Euro area)—are subjected to a minimalist structural interpretation … Japan, a little more than 1 percentage point
(of GDP) of the current account surplus is found to require an exchange rate … surpluses in Japan and the Euro area— we
find that a substantial part (nearly 2 percentage points of GDP) of the U.S. current …