The influential work of Obstfeld and Rogoff argues that a closing-up of the US current account deficit involves a large …

We argue that a chronic US current account deficit is an integral and sustainable feature of a successful international …

The influential work of Obstfeld and Rogoff argues that a closing-up of the US current account deficit involves a large … global imbalances. 6 ECB Working Paper Series No 761 June 2007 1 The US current account deficit and its adjustment … relating to global imbalances: the US current account deficit is unlikely to close up without a substantial change in its own …

large swings in real exchange rates that do not represent long-run equilibrium movements. How do we calculate equilibrium … real exchange rates for purposes of calculating GDP shares? We considered several ways of smoothing the wide swings in U ….S. real exchange rates: moving averages over 5-year windows, HP-filtering, quadratic detrending, etc. Ultimately, none of …

economy of a sudden, disorderly adjustment. The size of the US current account deficit is not only unprecedented in American … in the US current account deficit recorded in the nineties reflects an internal American shortfall in savings. Whereas … sector budget. The start of the new millennium brought notable changes in the way the US current account deficit was financed …