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Fundamentals at Odds? The US Current Account Deficit and The Dollar
Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2008
In mid-2008, the real effective exchange rate of the dollar was close to its minimum level for the past 4 decades. At the same time, however, the U.S. trade and current account deficits remain large and, absent a significant correction in coming years, would contribute to a further accumulation...
Persistent link: https://www.econbiz.de/10005662389
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Productivity Spillovers, Terms of Trade and the 'Home Market Effect'
Corsetti, Giancarlo; Martin, Philippe; Pesenti, Paolo - C.E.P.R. Discussion Papers - 2005
This paper analyses the welfare implications of international spillovers related to productivity gains, changes in …-equilibrium model with monopolistic competition, drawing a distinction between productivity gains that enhance manufacturing efficiency …
Persistent link: https://www.econbiz.de/10005123889
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Productivity, External Balance and Exchange Rates: Evidence on the Transmission Mechanism among G7 Countries
Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - C.E.P.R. Discussion Papers - 2006
This paper investigates the international transmission of productivity shocks in a sample of five G7 countries. For … each country, using long-run restrictions, we identify shocks that increase permanently domestic labour productivity in … fall when its output grows, thus providing a mechanism to contain differences in national wealth when productivity levels …
Persistent link: https://www.econbiz.de/10005662111
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The Valuation Channel of International Adjustment
Ghironi, Fabio; Lee, Jaewoo; Rebucci, Alessandro - C.E.P.R. Discussion Papers - 2015
losses on equity positions feature persistent, anticipated dynamics in response to productivity shocks. The separation of …
Persistent link: https://www.econbiz.de/10011266533
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Global Imbalances: In Midstream?
Blanchard, Olivier J; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2010
Before the crisis, there were strong arguments for reducing global imbalances. As a result of the crisis, there have been significant changes in saving and investment patterns across the world and imbalances have narrowed considerably. Does this mean that imbalances are a problem of the past?...
Persistent link: https://www.econbiz.de/10008468701
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International Business Cycles and the Dynamics of the Current Account
Elliott, Graham; Fatás, Antonio - C.E.P.R. Discussion Papers - 1995
This paper analyses the transmission of productivity shocks across countries and how the responses of investment and … quickly to the other two economies, while European and Japanese shocks have little impact on other countries' productivity. We … find that productivity increases lead to domestic investment booms and current account deficits. Investment in other …
Persistent link: https://www.econbiz.de/10005123648
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A Portfolio Theory of International Capital Flows
Devereux, Michael B; Saito, Makoto - C.E.P.R. Discussion Papers - 2006
Recent global imbalances and large gross external financial movements have raised interest in modeling the relationship between international financial market structure and capital flows. This paper constructs a model in which the composition of national portfolios is an essential element in...
Persistent link: https://www.econbiz.de/10005123673
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Varieties and the Transfer Problem: the Extensive Margin of Current Account Adjustment
Corsetti, Giancarlo; Martin, Philippe; Pesenti, Paolo - C.E.P.R. Discussion Papers - 2008
Most analyses of the macroeconomic adjustment required to correct global imbalances ignore net exports of new varieties of goods and services and do not account for firms' net entry in the product market. In this paper we revisit the macroeconomics of trade adjustment in the context of the...
Persistent link: https://www.econbiz.de/10005124064
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The 'Great Moderation' and the US External Imbalance
Fogli, Alessandra; Perri, Fabrizio - C.E.P.R. Discussion Papers - 2006
The early 1980s marked the onset of two striking features of the current world macro-economy: the fall in US business cycle volatility (the “great moderation”) and the large and persistent US external imbalance. In this paper we argue that an external imbalance is a natural consequence of...
Persistent link: https://www.econbiz.de/10005124267
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Current Account Theory and the Dynamics of US Net Foreign Liabilities
Corsetti, Giancarlo; Konstantinou, Panagiotis T - C.E.P.R. Discussion Papers - 2005
liabilities, net output and consumption all increase – consistent with the effect of productivity gains raising domestic return to …
Persistent link: https://www.econbiz.de/10005497809