Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - Federal Reserve Bank of San Francisco - 2007
different methodologies, we find that positive productivity differentials raise U.S. consumption and investment relative to the … demand
e�ects, boosting US consumption and investment, relative to the rest of the
world, thus raising real imports; net …, such
as the real value of the dollar, US trade �ows and International Investment
Position, as well as the relative value of …