Similarly for exports, the staff’s model also controls for changes in a trade-weighted aggregate of foreign GDP, with the estimates in figure 2 showing only the effects from a change in the value of the dollar.
2  BIS central bankers’ speeches  U.S. aggregate demand from the dollar’s appreciation is likely to total almost 2-1/2 percent of GDP after three years – in the absence of policy action to boost private demand or government spending.