Dallas S. Batten and Mack Ott examine whether policymakers can do anything to reduce the dollar’s currently high exchange rate. While many commentators on U.S. economic policy have argued that the high value of the dollar is to blame for a variety of domestic and international ills, few have gone on to offer constructive proposals for U.S. policymakers. Batten and Ott first explain the procedures through which central banks attempt to alter their currencies’ exchange rates; they then assess the likelihood that U.S. monetary authorities can do anything substantive to lower the dollar’s value.