Marquez, Jaime - Federal Reserve Board (Board of Governors of the … - 2005
Explanations of the persistent deficit in U.S. net exports of goods rest on macroeconomic developments and an asymmetry … macroeconomic developments are not applicable to the equally persistent surplus in U.S. net exports of services unless the income … elasticities for services exhibit the reversed asymmetry. There have been surprisingly few attempts to demonstrate the existence of …