Obstfeld, Maurice; Rogoff, Kenneth - C.E.P.R. Discussion Papers - 2005
current account adjustment. As the analysis of our earlier papers (2000a,b) showed, and the model of this paper reinforces …, adjustments to large current account shifts depend mainly on the flexibility and global integration of goods and factor markets … what kinds of shifts are needed to help close the US current account imbalance. For example, faster growth abroad helps …