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Current account adjustment : some new theory and evidence

Author: Jiandong Ju; Shang-Jin Wei; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2007.
Series: Working paper series (National Bureau of Economic Research), no. 13388.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper aims to provide a theory of current account adjustment that generalizes the textbook version of the intertemporal approach to current account and places domestic labor market institutions at the center stage. In general, in response to a shock, an economy adjusts through a combination of a change in the composition of goods trade (i.e., intra-temporal trade channel) and a change in the current account  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jiandong Ju; Shang-Jin Wei; National Bureau of Economic Research.
OCLC Number: 173283878
Description: 1 online resource (1 volume).
Series Title: Working paper series (National Bureau of Economic Research), no. 13388.
Responsibility: Jiandong Ju, Shang-Jin Wei.

Abstract:

This paper aims to provide a theory of current account adjustment that generalizes the textbook version of the intertemporal approach to current account and places domestic labor market institutions at the center stage. In general, in response to a shock, an economy adjusts through a combination of a change in the composition of goods trade (i.e., intra-temporal trade channel) and a change in the current account (i.e., intertemporal trade channel). The more rigid the labor market, the slower the speed of adjustment of the current account towards its long-run equilibrium. Three pieces of evidence are provided that are consistent with the theory.

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