Hoffmann, Mathias; Krause, Michael; Laubach, Thomas - 2013
pattern strikingly similar to that of the U.S. current account, and thus also to global imbalances. We show that this finding … filtered from observed productivity. In line with the intertemporal approach to the current account, a major part of the … buildup of the U.S. current account deficit appears to be driven by the optimal response of households and firms to improved …