The real exchange rate and the balance of trade in US tourism

► The real exchange rate, income, and US tourism export revenue and import spending. ► Quarterly data for the floating exchange period, 1973 to 2010 ► Vector autoregressions and dynamic adjustments to exchange rate and income ► Depreciation raises US tourism export revenue, no effect on import spending ► US tourists going abroad respond to income, foreign tourists coming to US do not.