Optimum currency area : currency area composition and exchange-rate regimes-theory and evidence reconciled -- Measuring the sacrifice ratio : some international evidence / with Kai Leitemo -- Regional labor market adjustment in Norway

Halving the US current account deficit as a share of GDP is likely to impose a burden of $2,350 per capita on the United States, which explains why US policymakers want to postpone adjustment. The rest of the world relies on the economic stimulus of a widening US external deficit, which explains...