Title of article
A structuraldecompositionoftheU.S.tradebalance:Productivity, demographicsandfiscalpolicy
Author/Authors
Andrea Ferrero، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2010
Pages
13
From page
478
To page
490
Abstract
The USexternaldeficitshavebeenthemoststrikingmanifestationofglobalimbalances.
This paperinvestigatesthecontributionofproductivitygrowth,demographicsand
fiscalpolicyinaccountingfortheevolutionoftheUSexternalimbalancesagainst
industrializedcountriesduringthelastthreedecades.Productivitygrowthplaysa
dominantrole.Demographicsexplainanon-negligibleandnearlypermanent
componentoftheUStradedeficit.Furthermore,theinternationaldemographic
transitioniscrucialforlargeUSexternalimbalancestobeconsistentwiththe
persistentdeclineofworldrealinterestratesobservedinthedata.Fiscalpolicyisof
minorimportance
Keywords
Global imbalancesProductivity growthDemographic trendsFiscal policyWorld realinterestrates
Journal title
Journal of Monetary Economics
Serial Year
2010
Journal title
Journal of Monetary Economics
Record number
846406
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