We study the panel dynamic ordinary least square (DOLS) estimator of a homogeneous cointegration vector for a balanced panel of "N" individuals observed over "T" time periods. Allowable heterogeneity across individuals include individual-specific time trends, individual-specific fixed effects...

We study the evolution of the U.S. current account in a two-country dynamic stochastic endowment model in which a single non-state contingent bond is the only internationally traded asset. The paper focuses on the world 'saving glut' as the primary cause of continual deterioration in the current...