@article {1318123,
	title = {The Exposure of U.S. Manufacturing Industries to Exchange Rates},
	journal = {International Review of Economics and Finance},
	year = {2018},
	abstract = {Safe asset demand and currency manipulation increase the dollar and the U.S. current account\&nbsp;deficit. Deficits in manufacturing trade cause dislocation and generate protectionism. Dynamic\&nbsp;OLS results indicate that U.S. export elasticities exceed unity for automobiles, toys, wood,\&nbsp;aluminum, iron, steel, and other goods. Elasticities for U.S. imports from China are close to one or\&nbsp;higher for footwear, radios, sports equipment, lamps, and watches and exceed 0.5 for iron, steel,\&nbsp;aluminum, miscellaneous manufacturing, and metal tools. Elasticities for U.S. imports from other\&nbsp;countries are large for electrothermal appliances, radios, furniture, lamps, miscellaneous\&nbsp;manufacturing, aluminum, automobiles, plastics, and other categories. Stock returns on many of\&nbsp;these sectors also fall when the dollar appreciates. Several manufacturing industries are thus\&nbsp;exposed to a strong dollar. Policymakers could weaken the dollar and deflect protectionist pressure\&nbsp;by promoting the euro, the yen, and the renminbi as alternative reserve currencies.},
	url = {https://www.sciencedirect.com/science/article/pii/S1059056017309061},
	author = {Willem Thorbecke}
}
