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May 6, 2026The Journal of Economic PerspectivesOpen Access

Retrospectives: The Great Dollar-Shortage Debate

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Authors

HDHarris DellasFederal Reserve Bank of St. LouisGTGeorge S. TavlasHoover Institution

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Implication

Retrospectives highlight the role of capital flows and technological gap in post-WWII dollar shortage debate, suggesting lingering effects.

Key Points

  • To analyze differing views on the dollar shortage debate and its implications for current economic frameworks.
  • Examines historical economic theories regarding the dollar shortage debate post-World War II.
  • Discusses perspectives from Kindleberger and Friedman on capital flows and exchange rates.
  • Explores the intertemporal approach to current account determination.
  • Highlights the significance of capital flows and technological gaps in the dollar shortage.
  • Indicates that theoretical debates persist in understanding current account deficits.

Cite This Study

Dellas et al. (2026) studied this question.

synapsesocial.com/papers/69fa8eac04f884e66b530ffchttps://doi.org/10.1257/jep.20251468
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