Current account adjustment
some new theory and evidence
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Author
Contributions
- Wei, Shang-Jin. - Contributor
- National Bureau of Economic Research. - Contributor
Publication
2007 - National Bureau of Economic Research, Cambridge, Mass, Massachusetts
Language
English
Word Count
15,250 words, Guess
Page Count
61 pages
Identifiers
- OCLC Control Number174146174
- Open LibraryOL17635437M
Description
This paper aims to provide a theory of current account adjustment that generalizes the textbook version of the intertemporal approach to current account and places domestic labor market institutions at the center stage. In general, in response to a shock, an economy adjusts through a combination of a change in the composition of goods trade (i.e., intra-temporal trade channel) and a change in the current account (i.e., intertemporal trade channel). The more rigid the labor market, the slower the speed of adjustment of the current account towards its long-run equilibrium. Three pieces of evidence are provided that are consistent with the theory.
Subjects
Topics
Series Statement
- NBER working paper series -- no. 13388.
- Working paper series (National Bureau of Economic Research) -- working paper no. 13388.
Links
Other Editions
- Current account adjustment: some new theory and evidence
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