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Net foreign asset position and consumption dynamics in the international economy

Author: Fabio Ghironi; Talan Behçet İşcan; Alessandro Rebucci; International Monetary Fund. Research Department,
Publisher: Washington, D.C. : International Monetary Fund, Research Dept., ©2005.
Series: IMF working paper, WP/05/82.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
We examine the effect of non-zero, long-run foreign asset positions on consumption dynamics in response to productivity shocks in a two-country, dynamic, general equilibrium model, with different discount factors across countries populated by overlapping generations of households. We then compare the model results to those of a VAR for the United States versus the rest of the G-7. In the data, we find that permanent  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Ghironi, Fabio.
Net foreign asset position and consumption dynamics in the international economy.
Washington, D.C. : International Monetary Fund, Research Dept., ©2005
(OCoLC)60381547
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Fabio Ghironi; Talan Behçet İşcan; Alessandro Rebucci; International Monetary Fund. Research Department,
ISBN: 1282591002 9781282591004
OCLC Number: 647421830
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (33 pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: IMF working paper, WP/05/82.
Responsibility: prepared by Fabio Ghironi, Talan B. İşcan, and Alessandro Rebucci.

Abstract:

We examine the effect of non-zero, long-run foreign asset positions on consumption dynamics in response to productivity shocks in a two-country, dynamic, general equilibrium model, with different discount factors across countries populated by overlapping generations of households. We then compare the model results to those of a VAR for the United States versus the rest of the G-7. In the data, we find that permanent worldwide productivity shocks lead to net foreign asset and consumption dynamics that are consistent with interpreting the United States as the impatient economy in our model and are not consistent with symmetric models with equal discount factors.

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