Download e-book for kindle: Brookings Papers on Economic Activity 2005 (Brookings Papers by William C. Brainard, George L. Perry

By William C. Brainard, George L. Perry

ISBN-10: 0815713509

ISBN-13: 9780815713500

Brookings Papers on financial job (BPEA) offers educational and enterprise economists, executive officers, and contributors of the monetary and company groups with well timed study on present fiscal matters.

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Extra resources for Brookings Papers on Economic Activity 2005 (Brookings Papers on Economic Activity)

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This reduces the valuation effects. 16. Lane and Milesi-Ferretti (2004) give a similar computation for a number of countries, although not for the United States. 17. This is also the question taken up by Obstfeld and Rogoff in this volume. Their focus, relative to ours, is on the required adjustments in both the terms of trade and the real exchange rate, starting from a micro-founded model with nontraded goods, exportables, and importables. Olivier Blanchard, Francesco Giavazzi, and Filipa Sa 21 Take the actual current account deficit of about 6 percent.

3. Obstfeld (2004). We limit our analysis of valuation effects to those originating from exchange rate movements. Valuation effects can and do also arise from changes in asset prices, particularly stock prices. The empirical analysis of a much richer menu of possible valuation effects has recently become possible, thanks to the data on gross financial flows and gross asset positions assembled by Lane and Milesi-Ferretti. 4 Brookings Papers on Economic Activity, 1:2005 The Case of Perfect Substitutability To see how imperfect substitutability of assets matters, it is best to start from the well-understood case of perfect substitutability.

16. Lane and Milesi-Ferretti (2004) give a similar computation for a number of countries, although not for the United States. 17. This is also the question taken up by Obstfeld and Rogoff in this volume. Their focus, relative to ours, is on the required adjustments in both the terms of trade and the real exchange rate, starting from a micro-founded model with nontraded goods, exportables, and importables. Olivier Blanchard, Francesco Giavazzi, and Filipa Sa 21 Take the actual current account deficit of about 6 percent.

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Brookings Papers on Economic Activity 2005 (Brookings Papers on Economic Activity) by William C. Brainard, George L. Perry


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