Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

In other words, the decline you show here has exports going down with IP in 2001, which makes it look highly correlated. Yet a goodly part of that is that IP is physical, and this is nominal; but far more importantly, it’s a function of which exchange rate you quote the numbers in. I’m merely indicating that I assume—but I don’t know—that if you use SDRs and constant prices, that wouldn’t do violence to the conclusion that you came to. Is that right?

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