Travel Hysteresis in the US Current Account After the Mid-1980s

Following the real appreciation of the US dollar in the first half of the 1980s, travel expenditures in the current account soared. Employing standard regression techniques as well as Markov-switching regime analysis we show that such expenditures did not return to their pre- appreciation levels thereafter. The permanent increase suggests the presence of travel hysteresis in the US current account after the mid- 1980s.

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Year of publication:	2005-11-20
Authors:	Meurer, Roberto ; Moura, Guilherme ; Silva, Sergio Da
Institutions:	EconWPA

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Extent:	application/pdf
Series:	Economic History.
Type of publication:	Book / Working Paper
Notes:	Type of Document - pdf
Classification:	F31 - Foreign Exchange ; F32 - Current Account Adjustment; Short-Term Capital Movements
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005076555