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 ...

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.

How does one determine whether a currency is fundamentally undervalued or overvalued? This question lies at the core of international economics ... than one product? To do this, economists usually ...