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Question 3. (IIP) This question asks you to compute valuation effects for the United States in 2015, using the same methods mentioned in the chapter. Use the bea.gov website to collect the data needed for this question: look under the International heading. Visit the BEAs balance of payments data page and obtain the U.S. balance of payments for 2015 in billions of dollas. Be sure to get the correct year, and annual data, not quarterly. Visit the BEAs net international investment position data page and obtain the U.S. net international investment position for end 2014 to end 2015 (b) What was the U.S. financial account for 2015? c) What was the U.S. change in external wealth for 2015? (d) What was the U.S. total valuation effect for 2015? (e) Does the answer to part (d) equal the answer to part (c) plus the answer to part (b)? Why? (f) What do the BEA data indicate was the U.S. valuation effect due to exchange rate changes for 2015?

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