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Keywords:Balance of payments 

Working Paper
Financial integration, entrepreneurial risk and global dynamics

How does financial integration impact capital accumulation, current-account dynamics, and cross-country inequality? This paper investigates this question within a two-country, general-equilibrium, incomplete-markets model that focuses on the importance of idiosyncratic entrepreneurial risk---a risk that introduces, not only a precautionary motive for saving, but also a wedge between the interest rate and the marginal product of capital. Our contribution is then to show that this friction provides a simple explanation for the emergence of global imbalances, a simple resolution to the empirical ...
Finance and Economics Discussion Series , Paper 2010-54

Journal Article
The 1957-58 recession in world trade

Federal Reserve Bulletin , Issue Oct

Working Paper
The present-value model of the current account has been rejected: Round up the usual suspects

Tests of the present-value model of the current account are frequently rejected by the data. Standard explanations rely on the "usual suspects" of nonseparable preferences, shocks to fiscal policy and the world real interest rate, and imperfect international capital mobility. The authors confirm these rejections on postwar Canadian data, then investigate their source by calibrating and simulating alternative versions of a small open economy, real business cycle model. Monte Carlo experiments reveal that, although each of the suspects matters in some way, a "canonical" RBC model moves closest ...
FRB Atlanta Working Paper , Paper 2003-7

Journal Article
Dollars and deficits

FRBSF Economic Letter

Journal Article
Export crowding out

FRBSF Economic Letter

Speech
Global imbalances: recent developments and prospects

a speech at the Bundesbank Lecture, Berlin, Germany
Speech , Paper 317

Journal Article
Persistent macroeconomic imbalances in the Euro area: causes and consequences

In this paper, the authors document a growing divergence between current account imbalances in northern and southern euro area countries from 1992 to 2007. The imbalance occurred without a concomitant rise in productivity and growth in the southern (deficit) countries. The authors argue that systematic monitoring of external imbalances and implementation of better coordinated policies to prevent the emergence of unsustainably large imbalances in the euro area is advisable because (i) country heterogeneity and the absence of optimal currency area characteristics may lead to the emergence of ...
Review , Volume 94 , Issue Jan , Pages 1-20

Journal Article
Summary of U.S. balance of payments, 1969

Review , Volume 52 , Issue Apr

Working Paper
Implications for future U.S. net investment payments of growing U.S. net international indebtedness

In the 1980s, the United States developed a large and persistent current account deficit, financed by borrowing from abroad. The purpose of this paper is to explore the sustainability of these large deficits from one of several possible perspectives. Simulations of a model of the U.S. current account are used to examine the future servicing burden implied by the accumulating U.S. indebtedness to foreigners (or more precisely by the negative net international investment position).
International Finance Discussion Papers , Paper 358

Journal Article
The Japan - U.S. bilateral trade

Economic Review , Issue Spr , Pages 3-13

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