Causes of Appreciation and Volatility of the Dollar with Comment by Jacob Frenkel
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In 1981 real interest rates in the United States increased spectacularly, and the dollar appreciated in real terms by about 20 percent. Since the end of 1981, long-term real interest rates have remained in the range of 5-10 percent, with nominal long rates above short rates. The dollar appreciated
1981年，美国实际利率（real interest rates）显著上升，美元实际汇率升值约20%。自1981年底以来，长期实际利率一直维持在5%-10%的区间内，且长期名义利率高于短期利率。美元升值
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美国国家经济研究局创建时间：
1985-12-01
