| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6020 |
| DP6020 A Survey of the Literature on the WTO Dispute Settlement System | |
| Henrik Horn; Petros C. Mavroidis | |
| 发表日期 | 2006-12-24 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | The early 1980s marked the onset of two striking features of the current world macro-economy: the fall in US business cycle volatility (the ?great moderation?) and the large and persistent US external imbalance. In this paper we argue that an external imbalance is a natural consequence of the great moderation. If a country experiences a fall in volatility greater than that of its partners, its relative incentives to accumulate precautionary savings fall and this results in an equilibrium permanent deterioration of its external balance. To assess how much of the current US imbalance can be explained by this channel, we consider a standard two country business cycle model in which households are subject to country specific shocks they cannot perfectly insure against. The model suggests that a fall in business cycle volatility like the one observed for the US relatively to other major economies can account for about 20% of the current total US external imbalance. |
| 主题 | International Macroeconomics |
| 关键词 | Business cycle volatility Current account Net foreign asset position Precautionary saving |
| URL | https://cepr.org/publications/dp6020 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534858 |
| 推荐引用方式 GB/T 7714 | Henrik Horn,Petros C. Mavroidis. DP6020 A Survey of the Literature on the WTO Dispute Settlement System. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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