This Working Paper presents an overview of structural budget balance models and the adjustments most relevant for Australia. Three models (the OECD model, the IMF model and Treasury’s previously published model in the Australian Government’s 2009-10 Budget and McDonald et al (2010)) are...

A little-remarked aspect of the widening of United States trade and current account deficits since the late 1990s has been their limited effect on United States net foreign liabilities and, especially, net income. This has been possible because the United States has enjoyed both higher yields...