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Keywords:Balance of trade 

Conference Paper
Comments on \\"Understanding global imbalances\\" by Richard Cooper

In short, Cooper tells us not to worry about our current account or its underlying causes. I have a much darker and, I believe, more accurate view of our current account deficit. While I agree with much of what Cooper says, I disagree most strongly with his central thesis that the current account portends no major problem. To the contrary, the current account is symptomatic of a longterm generational policy that has been slowly, but surely driving our nation broke. When the last straw hits the camel?s back, which could happen any day now, we?re going to see the bond and stock markets crash, ...
Conference Series ; [Proceedings] , Volume 51

Conference Paper
The U.S. current account deficit: collateral for a total return swap

Proceedings , Issue Feb

Journal Article
The evolution and implications of the U.S. current account deficit

The global economy has focused increasing attention on the U.S. current account deficit. Placing this economic measurement in perspective is central to understanding its potential effects.
EconSouth , Volume 7 , Issue Q1

Journal Article
The trade balance effects of foreign direct investment in U.S. manufacturing

With the rise in foreign direct investment in U.S. manufacturing during the 1980s, the affiliates of foreign multinationals have become potentially important sources of improved U.S. international competitiveness. This article describes the growing foreign presence in the U.S. manufacturing sector and identifies the channels through which foreign investment is most likely to influence exports and imports. The author presents estimates of the long-term trade balance effects of increased foreign ownership of U.S. manufacturing firms.
Quarterly Review , Volume 16 , Issue Sum , Pages 63-76

Working Paper
Implications of the U.S. current account deficit

In 1988, the United States recorded a current account deficit of about $135 billion. The consensus forecast seems to be for little change in the current account in the near term. In this paper, the implications of the U.S. current account deficit and of the consequent buildup in U.S. external debt are examined. The analytical framework for thinking about the U.S. current account is first surveyed, and the results from the empirical literature on the causes of the deficits in the 1980s are then reported. The sustainability of the U.S. external position is discussed next. It is concluded that, ...
International Finance Discussion Papers , Paper 350

Journal Article
Should we worry about the large U.S. current account deficit?

Is the large current account deficit a problem for the U.S.? Economic theory offers some scenarios in which a current account deficit is a rational response to economic conditions or a response that may even enhance economic welfare. At the same time, recent research suggests that under certain circumstances, a large current account deficit may make the U.S. economy vulnerable to severe disruptions. This Economic Letter explores some recent theories and some data to understand how the current account deficit could be either an optimal outcome or a threatening one.
FRBSF Economic Letter

Conference Paper
The revived Bretton Woods system: does it explain developments in non-China developing Asia?

Proceedings , Issue Feb

Conference Paper
The unsustainable U.S. current account position revisited

Proceedings , Issue Feb

Journal Article
Budget deficits and trade deficits: is there a link?

Review , Volume 60 , Issue Oct , Pages 9-15

Conference Paper
The effects of globalization on inflation and their implications for monetary policy

Policymakers here and abroad cannot lose sight of a fundamental truth: In a world of separate currencies that can fluctuate against each other over time, each country?s central bank determines its inflation rate. If the FOMC were to allow the U.S. economy to run beyond its sustainable potential for some time, inflation would eventually rise. And, this pickup would become self-perpetuating if it became embedded in inflation expectations. Thus, while a better understanding of the implications of globalization will aid in our understanding of inflation dynamics, it is also clear that such ...
Conference Series ; [Proceedings] , Volume 51



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