The U.S. and many other major economies remain stuck in sluggish ... enormous currency appreciation was a chronically overvalued exchange rate and two decades of deflation in Japan.

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do ... economy, but that this effect ...

and tariffs do nothing to promote US exports. The first best policy is directly to reduce the distortion of an overvalued exchange rate by discouraging excessive accumulation of foreign holdings ...

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily ... argues for a ...