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Policy proposals using monetary easing and direct purchases of other currencies are unlikely to work. The article comes as central bankers gather in Jackson Hall, Wyoming, this week for the Federal Reserve's annual central bank meeting.
"One should not place too much emphasis on the view that relaxation of monetary policy can depreciate a country's currency to the extent that it can sustainably improve its trade balance through expenditure switching. Monetary policy alone is unlikely to trigger the large-scale and sustained devaluation needed to achieve this result, "said IMF Chief Economist Gopinat and IMF researchers Gustavo Adler and Luis Cubeddu in the article.
U.S. President Trump has stepped up complaints in recent days about the damage to U.S. exports caused by the strengthening of the U.S. dollar. As the stock market rebounded, a key index measuring the value of the dollar against other major currencies rose. On Wednesday, he again called on Twitter for the Fed to cut interest rates.
"We are competing with many countries where interest rates are much lower than ours, and we should be lower than them. Yesterday,'the dollar hit a record high in the United States'. No inflation. Wake up, Federal Reserve, "Trump tweeted.
IMF researchers point out that one reason why exchange rate fluctuations in the United States have limited impact on trade balance is that many U.S. imports from China and other countries are denominated in dollars, not in local currencies.


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