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The effects of the saving and banking glut on the US economy
Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2013
We use a quantitative equilibrium model with houses, collateralized debt, and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one-fourth and one-third of the increase...
Persistent link: https://www.econbiz.de/10010333616
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The effects of the saving and banking glut on the US economy
Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2013
We use a quantitative equilibrium model with houses, collateralized debt, and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one-fourth and one-third of the increase...
Persistent link: https://www.econbiz.de/10010202659
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The Effects of the Saving and Banking Glut on the U.S. Economy
Justiniano, Alejandro - 2013
We use a quantitative equilibrium model with houses, collateralized debt, and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one-fourth and one-third of the increase...
Persistent link: https://www.econbiz.de/10013074008
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Money Shocks in a Small Open Economy with Dollarization, Factor Price Rigidities, and Nontradeables
Sarajevs, Vadims - 2007
The impact of an unanticipated monetary shock in a small open economy with dollarization, factor price rigidities, and nontradeables is re-examined in an optimizing intertemporal general equilibrium model. The framework of an earlier study is extended to incorporate foreign real money balances...
Persistent link: https://www.econbiz.de/10012729029
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Consumption Smoothing and the Current Account : Evidence for France, 1970-94
Agenor, Pierre-Richard - 2006
This paper estimates a simple consumption-smoothing model of the French current account, and examines its capacity to predict recent developments in France`s external performance. The model views the current account as a buffer through which private agents can smooth consumption over time in...
Persistent link: https://www.econbiz.de/10012781844
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Are Australia's Current Account Deficits Excessive?
Cashin, Paul Anthony - 2006
This paper compares the evolution of the Australian current account balance over the period 1954-94 against an optimal current account derived from a consumption-smoothing model. The findings indicate that the Australian current account was not used to smooth consumption optimally in the period...
Persistent link: https://www.econbiz.de/10012782021
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Current-account imbalances, real exchange-rate misalignments, and output gaps
Camba-Crespo, Alfonso; García-Solanes, José; … - In: Economics : the open-access, open-assessment journal 16 (2022) 1, pp. 57-72
This study analyzes the relationships between domestic and foreign output gaps, current-account imbalances, and real effective exchange-rate (REER) misalignments. We first set up a theoretical framework based on the elasticities and absorption approaches of the balance of payments to derive and...
Persistent link: https://www.econbiz.de/10013252558
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Current Account Adjustment and Retained Earnings
Fischer, Andreas M. - 2020
This paper develops a formal strategy to calculate current accounts with retained earnings (RE) on equity investment and analyzes their adjustment during the global financial crisis. RE are the part of companies' profits which are reinvested and not distributed to shareholders as dividends....
Persistent link: https://www.econbiz.de/10012851058
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Current Account Deficit Sustainability in Selected Transition Economies
Aristovnik, Aleksander - 2014
higher level of external deficit, with the exception of countries such as Baltic States, Hungary, Macedonia, Moldova and …
Persistent link: https://www.econbiz.de/10013063838
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Channels for Narrowing the US Current Account Deficit and Implications for Other Economies
Brook, Anne-Marie - 2004
US current account deficit could occur. The shocks considered include dollar depreciation, fiscal consolidation, and an … to materially reduce the US external deficit. In part, this is because second-round effects, including domestic policy … deficit involves risks to growth in the rest of the world, particularly in Japan where the authorities have limited room to …
Persistent link: https://www.econbiz.de/10012444349