The Dollar Rescue Operations And Their Domestic Implications Hearings Before T
The Dollar Rescue Operations And Their Domestic Implications Hearings Before T
United States Congress Joint Economic Committee
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BACKGEOUND OF EXCHANGE BATE MOVEMENT If I may, Mr. Chairman, I would like to elaborate a bit on the reasons for the rather sizeable movement of exchange rates in the past year As the year progressed, the consensus view on the causes of the dollar's depreciation shifted. In, the autumn of 1977, much tof the blame, if that is the right word, was placed on remarks made by Secretary Blumenthal, who was accused of "talking down the dollar. " Theii market talk focussed on the voracious American appet...ite for oil, for in 1977 our oil imports increased in value l)y $10 billion, accounting for half of the increase in the U. S. Trade deficit in that year. More recently, the blame has shifted to the U. S. Inflation rate, which has worsened in 1978 while inflation abated in other industrial countries. There could be some degree of merit in all of these alleged explanations but what was not adequately appreciated was that sluggish expansion in Europe and Japan was holding down U. S. Exports. For a while in 1977, industrial pro- duction was actually falling in Western Europe and Japan.
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