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The expectations-driven U.S. current account: conference paper
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| Personen und Körperschaften: | , , |
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| Titel: | The expectations-driven U.S. current account: conference paper/ Krause, Michael; Hoffmann, Mathias; Laubach, Thomas |
| Format: | E-Book |
| Sprache: | Englisch |
| veröffentlicht: |
[Kiel, Hamburg]
ZBW
2013
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| Gesamtaufnahme: |
Verein für Socialpolitik: Jahrestagung des Vereins für Socialpolitik 2013 ; D02-V1
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| Schlagwörter: | |
| Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Zusammenfassung: | Since 1991, survey expectations of long-run output growth for the U.S. relative to the rest of the world exhibit a pattern strikingly similar to that of the U.S. current account, and thus also to global imbalances. We show that this finding can to a large extent be rationalized in a two-region stochastic growth model simulated using expected trend growth filtered from observed productivity. In line with the intertemporal approach to the current account, a major part of the buildup of the U.S. current account deficit appears to be driven by the optimal response of households and firms to improved growth prospects. |
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| Umfang: | Online-Ressource (29 S.); graph. Darst |
| Format: | Systemvoraussetzungen: Acrobat Reader. |