GLOBAL VERSUS COUNTRY-SPECIFIC PRODUCTIVITY SHOCKS AND THE CURRENT ACCOUNT

• 成果类型: Article
• 署名作者: GLICK, R; ROGOFF, K
• 署名单位: Princeton University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(94)01181-9
• 发表日期: 1995
• 页码: 159-192
• 关键词: current account; PRODUCTIVITY; INVESTMENT

摘要

This paper develops an analytically tractable empirical model of investment and the current account, and applies it to data from the G-7 countries. The distinction between global and country-specific shocks turns out to be quite important for explaining current account behavior; overall the model performs surprisingly well. One apparent puzzle, however, is that the current account responds by much less than investment to country-specific shocks, despite the near unit root behavior of these shocks. We show theoretically that this apparent anomaly can be explained if the shocks have very slow mean reversion.