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Federal Reserve Bank of Richmond
Richmond Fed Economic Brief
Should We Worry about Trade Imbalances?
Thomas A. Lubik
Timothy Sablik

Trade imbalances are a perennial concern for policymakers and the public. But what does it mean for a country to have a trade surplus or deficit? The United States has run persistent trade deficits since the late 1970s, while Germany has had trade surpluses since the 1990s. Is either position inherently good or bad? The answer to this fundamental question of economic policy is a resounding "no" — up to a point.

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Thomas A. Lubik & Timothy Sablik, "Should We Worry about Trade Imbalances?" , Federal Reserve Bank of Richmond, Richmond Fed Economic Brief, issue October, pages 1-6, 2017.
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Keywords: Trade; trade imbalances
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