German unifikation hit the West German economy in a prosperous and appeared as a huge demand shock at least for the first few quarters. This combination resulted in a major increase of imports from the main trading partners of West Germany, which may have helped to cushion recessionary trends...

Us external adjustment: progress, prognosis, and interpretation / William R. Cline -- A sectoral assessment of the US current account deficit: performance and prospects / Allen J. Lenz -- Comments / Peter Hooper, Robert Z. Lawrence -- Reply / Cline -- Surprises and lessons from Japanese external...