First, I Think The Science Of Monetary

Even If The Dollar Does Decline During The Coming Months, The Delays In The Response Of Exports And Imports To The More Competitive Dollar Will Mean That The Increase In Aggregate Demand From This Source May Not Happen For A Year Or More.

After All, An Overvalued Dollar Gives Us The Ability To Buy Foreign Goods At Lower Prices. And The Existing Volume Of Exports Brings More Yen And Euros Than They Would If The Dollar Were More Competitive.

First, I Think The Science Of Monetary Economics Has Clearly Gotten Better.

Inflation Is Lower And More Stable And The Real Business Cycle Fluctuations Are More Modest.

We Pay Some Price When Necessary To Bring Down Inflation But That Price Is Temporary And Is Not Large Relative To The Permanent Gain From Reduced Inflation.