, such as the terms of trade (the Harberger-Laursen-Metzler effect-HLM), supply shocks (productivity), demand shocks (real … positively, as the improvements in the productivity and in the public saving (lower consumption). …

, such as the terms of trade (the Harberger-Laursen-Metzler effect-HLM), supply shocks (productivity), demand shocks (real … positively, as the improvements in the productivity and in the public saving (lower consumption). …

, such as the terms of trade (the Harberger-Laursen-Metzler effect- HLM), supply shocks (productivity), demand shocks (real … positively, as the improvements in t he productivity and in the public saving (lower consumption). …

recommendations to reduce the trade imbalances through productivity-enhancing reforms in advanced economies are likely to yield only …

recommendations to reduce the trade imbalances through productivity-enhancing reforms in advanced economies are likely to yield only …

Deficits" discussion of the 1980s. In contrast, during the 1990s productivity growth has been identified as the primary cause … importance of budget deficits and productivity shocks for the determination of the current account. Using a sample of 21 OECD … current account, while country-specific productivity shocks appear to play a key role. …