1. International Trade, Exchange Rates, and Macroeconomic Policy
Chapter 6
International Trade, Exchange Rates, and Macroeconomic Policy

2. Figure 6-1 The U.S. Current Account Balance and Its Net International Investment Position, 1975–2001
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3. Figure 6-2 Foreign Exchange Rates of the Dollar Against Four Major Currencies, Quarterly, 1970–2002
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4. Figure 6-3 Determination of the Price in Swiss Francs of the Dollar
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5. Figure 6-4 Nominal and Real Effective Exchange Rates of the Dollar, 1970–2001
Source: Federal Reserve System Board of Governors, G-10 Index, ; Major Currencies Index,
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6. Figure 6-5 U.S. Real Exports, Real Imports, and Real Net Exports, 1960–2001
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7. Figure 6-6 U.S. Real Net Exports and the Real Exchange Rate of the Dollar, 1970–2001
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8. Figure 6-7 The U.S. Real Corporate Bond Rate and the Real Exchange Rate of the Dollar, 1970–2001
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9. Figure 6-8 Effect of an Increase in the Money Supply with Fixed Exchange Rates
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10. Figure 6-9 Effect of a Fiscal Policy Stimulus with Fixed Exchange Rates
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11. Figure 6-10 Effect of a Monetary and Fiscal Policy Stimulus with Flexible Exchange Rates
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12. Figure 6-11 The BP Line in a Small and Large Open Economy
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