Endogenous discounting, the world saving glut and the US current account
成果类型：
Article
署名作者：
Choi, Horag; Mark, Nelson C.; Sul, Donggyu
署名单位：
University of Auckland; University of Notre Dame; National Bureau of Economic Research
刊物名称：
JOURNAL OF INTERNATIONAL ECONOMICS
ISSN/ISSBN：
0022-1996
DOI：
10.1016/j.jinteco.2007.11.001
发表日期：
2008
页码：
30-53
关键词：
摘要：
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 account and departs from the standard framework by introducing a three-parameter model of the subjective discount factor that depends on societal (per capita) variables that are external to household choices. When agents in the model are presented with U.S. and rest-of-world endowment data as the realization of the exogenous state vector, endogenously driven short-run international differences in subjective discounting that display increasing relative U.S. impatience create saving and current account imbalances that matches patterns observed in the data. (C) 2007 Elsevier B.V. All rights reserved.
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