Obstfeld, Maurice; Rogoff, Kenneth - Institute of Business and Economic Research (IBER), … - 2000
The US current account deficit has been persistently large and has brought the country's ratio of foreign debt to GDP …-term constraint on ongoing deficits, the sheer size of the US economy makes it likely that its current account will have to approach … US current account gap. If current-account adjustment is gradual, then the medium-term depreciation of the dollar would …