Figure 3.18 shows the U.S. balance of trade. The arithmetic scale shows that growth has been…

Figure 3.18 shows the U.S. balance of trade. The arithmetic
scale shows that growth has been exponential. Yet, although exports and imports
are increasing in absolute terms, the log graph suggests that the growth rate
in both series may be slowing, because the log graph is slightly concave. On
the log graph, the recently increasing trade deficit is not relatively as
large. Regardless how it is displayed, the trade deficit remains a concern for
policymakers, for fear that foreigners may no longer wish to purchase U.S. debt
instruments to finance the trade deficit (see The Wall Street Journal,
»

Figure 3.18 shows the U.S. balance of trade. The arithmetic
scale shows that growth has been exponential. Yet, although exports and imports
are increasing in absolute terms, the log graph suggests that the growth rate
in both series may be slowing, because the log graph is slightly concave. On
the log graph, the recently increasing trade deficit is not relatively as
large. Regardless how it is displayed, the trade deficit remains a concern for
policymakers, for fear that foreigners may no longer wish to purchase U.S. debt
instruments to finance the trade deficit (see The Wall Street Journal, July 24,
2005, p. Cl).

Figure 3.18

»

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