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Investigating the effect of exchange rate changes on transpacific rebalancing
Thorbecke, Willem; Komoto, Ginalyn - 2010
evidence from a gravity model indicating that the exports from the People's Republic of China (PRC) to the United States (US …
Persistent link: https://www.econbiz.de/10010279818
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External imbalances and the US current account: how supply-side changes affect an exchange rate adjustment
Engler, Philipp; Fidora, Michael; Thimann, Christian - 2007
The influential work of Obstfeld and Rogoff argues that a closing-up of the US current account deficit involves a large exchange rate adjustment. However, the Obstfeld-Rogoff model works exclusively via demand-side channels and abstracts from possible supply-side changes. We extend the framework...
Persistent link: https://www.econbiz.de/10011604807
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Global rebalancing in a three-country model
Engler, Philipp - 2009
This paper extends the model of Engler et al. (2007) on the adjustment of the US current account to a three-country world economy. This allows an analysis of the differential impact of a reversal of the US current account on Europe and Asia. In particular, the outcomes under different exchange...
Persistent link: https://www.econbiz.de/10003824997
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The U.S. Current Account Deficit and the Expected Share of World Output
Rogers, John H. - 2007
We investigate the possibility that the large current account deficits of the U.S. are the outcome of optimizing behavior. We develop a simple long-run world equilibrium model in which the current account is determined by the expected discounted present value of its future share of world GDP...
Persistent link: https://www.econbiz.de/10012731787
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External Imbalances and the US Current Account : How Supply-Side Changes Affect an Exchange Rate Adjustment
Engler, Philipp; Fidora, Michael; Thimann, Christian - 2021
The influential work of Obstfeld and Rogoff argues that a closing-up of the US current account deficit involves a large exchange rate adjustment. However, the Obstfeld-Rogoff model works exclusively via demand-side channels and abstracts from possible supply-side changes. We extend the framework...
Persistent link: https://www.econbiz.de/10013317053
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U.S. Dollar Currency Premium in Corporate Bonds
Caramichael, John; Gopinath, Gita; Liao, Gordon - 2022
We isolate a U.S. dollar currency premium by comparing corporate bonds issued in the dollar and the euro by firms o utside t he U .S. a nd e uro a rea. We make s everal empirical observations that dissect the perceived advantage of borrowing in the dollar. First, while the dollar dominates...
Persistent link: https://www.econbiz.de/10013306776
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The U.S. Current Account and the Dollar
Blanchard, Olivier J.; Giavazzi, Francesco; Sá, Filipa - 2005
There are two main forces behind the large U.S. current account deficits. First, an increase in the U.S. demand for foreign goods. Second, an increase in the foreign demand for U.S. assets. Both forces have contributed to steadily increasing current account deficits since the mid-1990s. This...
Persistent link: https://www.econbiz.de/10014067277
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Emerging economies' supply shocks and Japan's price deflation: International transmissions in a three-country DSGE model
Hirakata, Naohisa; Iwasaki, Yuto; Kawai, Masahiro - 2014
countries and analyze the impact of a supply shock in an emerging economy, the People's Republic of China (PRC), on inflation …
Persistent link: https://www.econbiz.de/10010397229
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Investigating the effect of exchange rate changes on transpacific rebalancing
Thorbecke, Willem; Komoto, Ginalyn - 2010
evidence from a gravity model indicating that the exports from the People's Republic of China (PRC) to the United States (US …
Persistent link: https://www.econbiz.de/10008732314
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Global imbalances, current account rebalancing and exchange rate adjustments
Arslan, Yavuz; Kilinc̦, Mustafa; Turhan, M. Ibrahim - 2011
rates. We set up a two-country two-sector model for the US-China with two asymmetries. First, we assume that the size of … China initially is one third of the US but its size becomes half of the US in the next ten years consistent with the fast … growth expectations in China. Secondly, we assume that China initially runs a net export surplus against the US. Then we …
Persistent link: https://www.econbiz.de/10009407603