There has also been an indirect effect in that the rising US dollar has affected the investment preferences of many market participants in an extrapolative way which I will discuss later. The US dollar in 2000 has risen against the currencies of all other industrial countries, although its rise against the Yen has been relatively small.
Hamilton, James D., Ethan S. Harris, Jan Hatzius, and Kenneth D. West (2015). “The Equilibrium Real Funds Rate: Past, Present, and Future,” NBER Working Paper Series 21476. Cambridge, Mass. : National Bureau of Economic Research, August. International Monetary Fund (2015). World Economic Outlook: Adjusting to Lower Commodity Prices (PDF). Washington: IMF, October. Kiley, Michael T. (2015).