IN AN experience we have all had, Donald Trump, unable to sleep, reportedly rang his National Security Advisor at 3:00 in the morning to ask whether America should want a strong dollar or a weak one. Look, there are no stupid questions. This one is actually more interesting than you might think. There are a few ways to answer it.
One way is to ask what it would mean if there were a random rise in the dollar (caused, say, by noise trading). Tyler Cowen takes this approach.
