| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13571 |
| 来源ID | Working Paper 13571 |
| Endogenous Discounting, the World Saving Glut and the U.S. Current Account | |
| Horag Choi; Nelson C. Mark; Donggyu Sul | |
| 发表日期 | 2007-11-02 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We study the evolution of the U.S. current account in a two-country dynamic stochastic endowment model in which a single non-state contingent bond is the only internationally traded asset. The paper focuses on the world `saving glut' as the primary cause of continual deterioration in the current account and departs from the standard framework by introducing a three-parameter model of the subjective discount factor that depends on societal (per capita) variables that are external to household choices. When agents in the model are presented with U.S. and rest-of-world endowment data as the realization of the exogenous state vector, endogenously driven short-run international differences in subjective discounting that display increasing relative U.S. impatience create saving and current account imbalances that matches patterns observed in the data. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w13571 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571246 |
| 推荐引用方式 GB/T 7714 | Horag Choi,Nelson C. Mark,Donggyu Sul. Endogenous Discounting, the World Saving Glut and the U.S. Current Account. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13571.pdf（454KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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