| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7122 |
| DP7122 Rollover Risk and Market Freezes | |
| Douglas M Gale; Viral Acharya; Tanju Yorulmazer | |
| 发表日期 | 2009-01-23 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | The joint dynamics of US net output, consumption, and (valuation-adjusted) foreign assets and liabilities, characterized empirically following Lettau and Ludvigson [2004], is shown to be strikingly consistent with current account theory. While US consumption is virtually insulated from transitory shocks, these contribute considerably to the variation in net output and, even more so, in gross foreign positions, arguably smoothing temporary variations in returns. A single permanent shock ? naturally interpreted as a productivity shock ? raises consumption swiftly while causing net output to adjust only gradually. This leads to persistent, procyclical external deficits but, interestingly, moves gross assets and liabilities in the same direction. |
| 主题 | International Macroeconomics |
| 关键词 | Consumption smoothing Current account International adjustment mechanism Intertemporal approach to the current account Net foreign wealth Permanent-transitory decomposition |
| URL | https://cepr.org/publications/dp7122 |
| 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/535959 |
| 推荐引用方式 GB/T 7714 | Douglas M Gale,Viral Acharya,Tanju Yorulmazer. DP7122 Rollover Risk and Market Freezes. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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