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President-elect Joe Biden with Janet Yellen, his nominee for Secretary of the Treasury, at conference President-elect Joe Biden, accompanied by Janet Yellen, his nominee for Secretary of the Treasury, at a news conference at The Queen theater in Wilmington, Del., Dec. 1, 2020 (AP photo by Andrew Harnik).

Biden Won’t Say It Out Loud, but He Might Want a Weak U.S. Dollar

Tuesday, Jan. 5, 2021

Editor’s Note: Guest columnist Daniel McDowell is filling in this week.

“The exchange rate is the most important price in any economy, for it affects all other prices,” as Harvard political economist Jeffry Frieden put it. Since the U.S. dollar is the most widely used currency for cross-border exchange and investment, it is fair to say its value is the most important price in the global economy. Though American presidents have limited control over the dollar’s value, their words and their policy choices still carry weight. After four years of an unconventional dollar policy under President Donald Trump, what should the world expect from Joe Biden’s incoming administration? ...

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