Ghironi, Fabio; Yi, Chae-u; Rebucci, Alessandro - 2009
quantities in the definition of net foreign assets, we can characterize the first-order dynamics of both valuation effects and … losses on equity positions feature persistent, anticipated dynamics in response to productivity shocks. The separation of … the current account in the dynamics of macroeconomic aggregates. Specifically, we disentangle the roles of excess returns …