Search Results
Working Paper
Disaggregation and the labor productivity index
Journal Article
More or less equal?
Journal Article
Productivity slowdown: II
Journal Article
Productivity slowdown: I
Journal Article
An intersectoral analysis of the secular productivity slowdown
Working Paper
Cyclically Adjusted Current Account Balances
The Great Financial Crisis coincided with a sizable reduction in global external imbalances, defined as the absolute value of the sum of individual country current account surpluses and deficits relative to global GDP. Although current account balances should not respond to a downturn that is uniform across countries, one that hits countries with current account deficits harder than those with surpluses might result in a decline in the global balance. This paper quantifies the cyclical portion of the current account balance for 35 countries using estimates of the severity of the cycle in each ...
Working Paper
Have Global Value Chains Contributed to Global Imbalances?
Global value chains (GVCs) have grown rapidly over the past several decades. Over the same period, the aggregate value of current account imbalances has risen substantially. This paper looks at whether these developments are related. While there is a sizable literature that has documented the rise of global production networks, there have been few attempts to assess the potential effect on global imbalances. The paper uses measures of GVCs developed in the literature in panel regressions to assess the effect on global imbalances over the period 1995-2011. It is argued that these variables ...