47.6 percent (relative to the average of currencies of 15 nations belonging to the Organization for Economic Cooperation and Development),
The dollar's strength, Sinai contends, promoted a surge of imported goods in the United States and a slackening of exports (down $57.5 billion since 1982). Faced with competition from manufacturers abroad, many U.S. businesses (especially in the auto and electronics industries) sought to lower their overhead and production costs by, among other things, raising...