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The current account in developed countries is highly persistent and volatile in comparison to output growth. The standard intertemporal current account model with rational expectations (RE) fails to account for the observed current account dynamics together with persistent changes in...
Persistent link: https://www.econbiz.de/10012013647
Persistent link: https://www.econbiz.de/10012204005
Persistent link: https://www.econbiz.de/10012134527
The current account in developed countries is highly persistent and volatile in comparison to their output growth. The standard intertemporal current account model with rational expectations (RE) fails to explain the observed current account and consumption dynamics. The RE model extended with...
Persistent link: https://www.econbiz.de/10012908417
The current account in developed countries is highly persistent and volatile in comparison to output growth. The standard intertemporal current account model with rational expectations (RE) fails to account for the observed current account dynamics together with persistent changes in...
Persistent link: https://www.econbiz.de/10012852875
The current account in developed countries is highly persistent and volatile in comparison to output growth. The standard intertemporal current account model with rational expectations (RE) fails to account for the observed current account dynamics together with persistent changes in...
Persistent link: https://www.econbiz.de/10012915090
The composition of Japan's current account balance has changed over time, with an increasing income balance primarily reflecting a growing net foreign asset position and higher corporate saving. A comparison of Japan's income balance with peer countries highlights: (i) relatively high yields on...
Persistent link: https://www.econbiz.de/10013243059
Financial capital and fixed capital tend to flow in opposite directions between poor and rich countries. Why? What are the implications of such two-way capital flows for global trade imbalances and welfare in the long run? This paper introduces frictions into a standard two-country neoclassical...
Persistent link: https://www.econbiz.de/10013104777
This paper makes three contributions. First, I construct annual time series of gross domestic investment and national saving in the United States for the 1897-1949 period using historical component series. I compare the qualitative and quantitative properties of the newly constructed series with...
Persistent link: https://www.econbiz.de/10014087784
This paper studies the effect of demographic change on national saving, global interest rates, and international capital flows, focusing on the role of the public pension system. We develop a small open economy overlapping generations model to illustrate the channels through which demographic...
Persistent link: https://www.econbiz.de/10012895118