| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w15244
|
| 来源ID | Working Paper 15244
|
| Trending Current Accounts |
| Horag Choi; Nelson C. Mark
|
| 发表日期 | 2009-08-13
|
| 出版年 | 2009
|
| 语种 | 英语
|
| 摘要 | Trending current accounts pose a challenge for intertemporal open-economy macro models. This paper shows that a two-country representative-agent business cycle model is able to explain the historical time-paths of the US and Japanese current accounts, both of which display trends but in opposite directions. Households have a state-dependent subjective discount factor such that they become relatively impatient (patient) when societal consumption is abnormally high (low). We present agents in the model with historical observations on the exogenous state variables, run the economy, and compare the current account implied by the model with the data. We find that the model generates national saving behavior that matches the current account's trend. Investment dynamics are important for explaining current account fluctuations around the trend, but not for the trend itself. The model also accounts for the timing of cyclical current account fluctuations around the trend. |
| 主题 | International Economics
; International Finance
; International Macroeconomics
|
| URL | https://www.nber.org/papers/w15244
|
| 来源智库 | National Bureau of Economic Research (United States)
|
| 引用统计 |
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572920
|
推荐引用方式
GB/T 7714 |
Horag Choi,Nelson C. Mark. Trending Current Accounts. 2009.
|
|
文件名：
|
w15244.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
