2 edition of current account and macroeconomic adjustment in the 1970s. found in the catalog.
current account and macroeconomic adjustment in the 1970s.
Written in English
Taken from Brookings papers on economic activity, no.2, 1981, pp. 201-268.
|Series||Brookings papers on economic activity -- no.2|
The current account deficit of the United States is more than 6 percent of its gross domestic product—an all-time high. And the rest of the world, including other G7 countries such as Japan and Germany, must collectively run current account surpluses to finance this deficit. In trade terms, the Australian economy has had persistently large current account deficits for more than 50 years. One single factor that undermines balance of payments is Australia's narrow export base.  [needs update]Dependent upon commodities, the Australian government has endeavoured to redevelop the Australian manufacturing sector.
Keynes did not lay out an explicit theory of price level. Early Keynesian models assumed wage and other price levels were fixed. These assumptions caused little concern in the s when inflation was stable, but by the mids inflation increased and became an issue for macroeconomic models. In A.W. Phillips set the basis for a price level theory when he made the empirical observation. 1 Accordingly, optimal reserves balance the macroeconomic adjustment costs incurred in consistent with the importance of current account adjustments in allowing for smoother Table 1 reports the regression results for Column (1) presents the baseline.
Economic crises struck developing countries during the early s' in large part as a consequence of governments' decision to borrow to finance their budget and current account deficits. t Export-processing zones are industrial areas set aside for MNCs with special rules or subsidies. Current Account Dynamics and Monetary Policy Andrea Ferrero, Mark Gertler, Lars E.O. Svensson. NBER Working Paper No. Issued in April NBER Program(s):Economic Fluctuations and Growth, International Finance and Macroeconomics, Monetary Economics We explore the implications of current account adjustment for monetary policy within a simple two-country DSGE model.
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JEFFREY D. SACHS Harvard University The Current Account and Macroeconomic Adjustment in the s DURING THE PAST DECADE, the behavior of international capital flows, current account. The current account and macroeconomic adjustment in the s — First published in Edition Notes Taken from Brookings papers on economic activity, no.2,pp.
The Current Account and Macroeconomic Adjustment in the s (Brookings Papers on Economic Activity,No. 1) Abstract DURING THE PAST DECADE, the behavior of. Jeffrey D. Sachs, "The Current Account and macroeconomic Adjustment in the s," Brookings Papers on Economic Activity, Economic Studies Program, The.
The Current Account and Macroeconomic Adjustment in the s Article (PDF Available) in Brookings Papers on Economic Activity (1) February. The Current Account and Macroeconomic Adjustment in the s DURING THE PAST DECADE, the behavior of international capital flows, current account balances, and exchange rates have puzzled economists and preoccupied policymakers.
The period has been marked by widely fluctuating exchange rates, huge OPEC surpluses, burgeoning debt of less. The Current Account and Macroeconomic Adjustment in the s Author(s): Jeffrey D.
Sachs, Richard N. Cooper and Stanley Fischer Source: Brookings Papers on Economic Activity, Vol. No. 1 (), pp. Published by: Brookings Institution Press.
Macroeconomic adjustments to changes in the economic environment are to a large extent conditioned by the intertemporal choices of economic agents. When agents face an intertemporal budget constraint, a decision to alter current indebtedness implies changes in future consumption possibilities and will be based on expectations of the entire.
current account may just reflect the (possibly rapid) unwinding of those imbalances rather than playing any causal role per se in the macroeconomic adjustment that accompanies the reversal of the current account. In other words, the current account can be regarded as purely a by-product of other.
Such intense external shocks may have lasting effects and require significant economic adjustments. At the global level, our forecasts imply a more limited narrowing in current account balances than after the global financial crisis a decade ago, which partly reflects the smaller, precrisis global imbalances this time than during the housing.
Sri Lanka’s Macroeconomic Challenges A Tale of Two Deficits This paper provides a narrative of Sri Lanka’s history of twin fiscal and current account deficits and examines the macroeconomic outcomes and policies to deal with the imbalances. Fiscal dominance has been a persistent feature of Sri Lanka’s macroeconomic landscape.
"Global Current Account Imbalances and Exchange Rate Adjustments," Working PaperHarvard University OpenScholar. Lane, Philip R. & Milesi-Ferretti, Gian Maria, " The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, ," Journal of International Economics, Elsevier, vol.
After almost three decades of remarkable progress since the end of the Second World War, economic conditions started to deteriorate in the s. Economic. Yukongdi, C. Rowley, in Business Networks in East Asian Capitalisms, VOC Framework. VOC emphasised the role of the firm as a focal point of analysis and central actor in economic adjustment, focusing on the firm’s relationship to five spheres of corporate governance: industrial relations, skills formation, interfirm relations, and employer-employee relations to resolve.
Michael Connolly and Stephen Ross (), \uA Fisherian Approach to Trade, Capital Movements, and Tariffs\u -- Jeffrey D. Sachs (), \uThe Current Account and Macroeconomic Adjustment in the s\u -- Maurice Obstfeld (), \uAggregate Spending and the Terms of Trade: Is There a Laursen-Metzler Effect?\u -- Current account balance (% of GDP) International Monetary Fund, Balance of Payments Statistics Yearbook and data files, and World Bank and OECD GDP estimates.
License: CC BY Stefanie Walter's Financial Crises and the Politics of Macroeconomic Adjustment is an important book that deserves to be read widely. It is one of the few works by a comparative political economist to address core issues of macroeconomic adjustment during the Global Financial Crisis.
Adjustment of the Current Account to Changes in the World Interest Rate Adjustment of the Current Account to a Temporary Increase in Productivity Adjustment of the Current Account to an Anticipated Future Productivity Increase Equilibrium in the Production Economy: An Algebraic Approach The Current Account in the Macroeconomic Adjustment Process.
Sachs, Jeffrey D. This paper provides a formal analysis of the current account balance in a dynamic model with optimizing agents. Two analytical ideas are stressed. First, an economy's current account balance depends as much on fixture economic trends as on the current economic.
area countries in light of the current economic environment. However, in our view, the exclusive the s and s. However, from the s onward, evidence suggests developed countries (), any adjustment to a more balanced current account will in the end be automatically brought about by changes in exchange rates and in private.
Search the world's most comprehensive index of full-text books. My library.GDP (Y) = C + I + G + (X-M) Macroeconomic – Balance of Payments (BoP) We looked at the Balance of Trade a while ago.
A country also maintains its Balance of Payments (BoP). BoP is simply an overall record of the receipts and payments of a country with the other countries.
Typically transactions made by consumers, corporates and the governments of one country with the others’ are recorded.Proof outline. (1) Find a K⁄ candidate; show it is unique. (2) If K0 > K⁄, show that K⁄ Kt+1 > Kt 8t > 0.
(3) We have concluded that Kt is a monotonic sequence, and that it is also bounded. Now use a math theorem: a monotone bounded sequence has a limit.
The proof of this theorem establishes not.