A quantitative assessment of the decline in the US current account

• 成果类型: Article
• 署名作者: Chen, Kaiji; Imrohoroglu, Ayse; Imrohoroglu, Selahattin
• 署名单位: University of Southern California; University of Hong Kong
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2009.10.014
• 发表日期: 2009
• 页码: 1135-1147
• 关键词: Neoclassical growth model; Current account balance; total factor productivity

摘要

Low frequency changes in the U.S. current account can be understood in terms of the influence of differences in productivity growth rates across time and across countries using standard growth theory. In particular, the secular decline is primarily driven by the increase in the U.S. TFP growth rate relative to its trading partners. Differences in population growth rates or fiscal policy have no significant effects on the low frequency changes in the U.S. current account. (C) 2009 Elsevier B.V. All rights reserved.