The U.S. current account and the dollar:
Saved in:
| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
National Bureau of Economic Research
2005
|
| Series: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11137 |
| Subjects: | |
| Links: | http://papers.nber.org/papers/w11137.pdf |
| Abstract: | "There are two main forces behind the large U.S. current account deficits. First, an increase in the U.S. demand for foreign goods. Second, an increase in the foreign demand for U.S. assets. Both forces have contributed to steadily increasing current account deficits since the mid-1990s. This increase has been accompanied by a real dollar appreciation until late 2001, and a real depreciation since. The depreciation has accelerated recently, raising the questions of whether and how much more is to come, and if so, against which currencies, the euro, the yen, or the renminbi. Our purpose in this paper is to explore these issues. Our theoretical contribution is to develop a simple portfolio model of exchange rate and current account determination, and to use it to interpret the past and explore alternative scenarios for the future. Our practical conclusions are that substantially more depreciation is to come, surely against the yen and the renminbi, and probably against the euro"--National Bureau of Economic Research web site. |
| Physical Description: | 36 S. graph. Darst. |
Staff View
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| illustrated | Illustrated |
| indexdate | 2024-12-20T12:08:05Z |
| institution | BVB |
| language | English |
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| physical | 36 S. graph. Darst. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
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| publisher | National Bureau of Economic Research |
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| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Blanchard, Olivier 1948- Verfasser (DE-588)115601929 aut The U.S. current account and the dollar Olivier Blanchard ; Francesco Giavazzi ; Filipa Sa Cambridge, Mass. National Bureau of Economic Research 2005 36 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11137 "There are two main forces behind the large U.S. current account deficits. First, an increase in the U.S. demand for foreign goods. Second, an increase in the foreign demand for U.S. assets. Both forces have contributed to steadily increasing current account deficits since the mid-1990s. This increase has been accompanied by a real dollar appreciation until late 2001, and a real depreciation since. The depreciation has accelerated recently, raising the questions of whether and how much more is to come, and if so, against which currencies, the euro, the yen, or the renminbi. Our purpose in this paper is to explore these issues. Our theoretical contribution is to develop a simple portfolio model of exchange rate and current account determination, and to use it to interpret the past and explore alternative scenarios for the future. Our practical conclusions are that substantially more depreciation is to come, surely against the yen and the renminbi, and probably against the euro"--National Bureau of Economic Research web site. Ökonometrisches Modell Depreciation Foreign exchange rates Econometric models Giavazzi, Francesco 1949- Verfasser (DE-588)128615249 aut Sá, Filipa Verfasser (DE-588)129996467 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11137 (DE-604)BV002801238 11137 http://papers.nber.org/papers/w11137.pdf kostenfrei Volltext |
| spellingShingle | Blanchard, Olivier 1948- Giavazzi, Francesco 1949- Sá, Filipa The U.S. current account and the dollar National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Ökonometrisches Modell Depreciation Foreign exchange rates Econometric models |
| title | The U.S. current account and the dollar |
| title_auth | The U.S. current account and the dollar |
| title_exact_search | The U.S. current account and the dollar |
| title_full | The U.S. current account and the dollar Olivier Blanchard ; Francesco Giavazzi ; Filipa Sa |
| title_fullStr | The U.S. current account and the dollar Olivier Blanchard ; Francesco Giavazzi ; Filipa Sa |
| title_full_unstemmed | The U.S. current account and the dollar Olivier Blanchard ; Francesco Giavazzi ; Filipa Sa |
| title_short | The U.S. current account and the dollar |
| title_sort | the u s current account and the dollar |
| topic | Ökonometrisches Modell Depreciation Foreign exchange rates Econometric models |
| topic_facet | Ökonometrisches Modell Depreciation Foreign exchange rates Econometric models |
| url | http://papers.nber.org/papers/w11137.pdf |
| volume_link | (DE-604)BV002801238 |
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