The US Dollar and the Trade Deficit: What Accounts for the Late 1990s?^* Export

@article{citeulike:3874752, abstract = {Based on a version of the IMF's global economy model set up to analyse macroeconomic interdependence between the United States and the rest of the world, this paper asks to what extent accelerating productivity growth in the United States may have contributed to the US real exchange rate appreciation and the trade balance deterioration witnessed in the second half of the 1990s. The paper concludes that productivity is only part of this story. A portfolio preference shift in favour of US assets, possibly triggered by faster productivity growth, and some uncertainty and learning about the persistence of both shocks are needed to match the data more satisfactorily.}, address = {International Monetary Fundarebucci@imf.orgbhunt@inf.org}, author = {Hunt, Benjamin and Rebucci, Alessandro}, citeulike-article-id = {3874752}, citeulike-linkout-0 = {http://dx.doi.org/10.1111/j.1468-2362.2005.00165.x}, citeulike-linkout-1 = {http://www3.interscience.wiley.com/cgi-bin/abstract/118711592/ABSTRACT}, doi = {10.1111/j.1468-2362.2005.00165.x}, journal = {International Finance}, keywords = {deficit, finance, trade, us}, number = {3}, pages = {399--434}, posted-at = {2009-01-12 00:08:07}, priority = {2}, title = {The US Dollar and the Trade Deficit: What Accounts for the Late 1990s?^*}, url = {http://dx.doi.org/10.1111/j.1468-2362.2005.00165.x}, volume = {8}, year = {2005} }

TY - JOUR ID - citeulike:3874752 L3 - citeulike-article-id:3874752 N2 - Based on a version of the IMF's global economy model set up to analyse macroeconomic interdependence between the United States and the rest of the world, this paper asks to what extent accelerating productivity growth in the United States may have contributed to the US real exchange rate appreciation and the trade balance deterioration witnessed in the second half of the 1990s. The paper concludes that productivity is only part of this story. A portfolio preference shift in favour of US assets, possibly triggered by faster productivity growth, and some uncertainty and learning about the persistence of both shocks are needed to match the data more satisfactorily. IS - 3 JF - International Finance AD - International Monetary Fundarebucci@imf.orgbhunt@inf.org EP - 434 TI - The US Dollar and the Trade Deficit: What Accounts for the Late 1990s?^* VL - 8 SP - 399 KW - deficit KW - finance KW - trade KW - us AU - Hunt, Benjamin AU - Rebucci, Alessandro PY - 2005/// UR - http://dx.doi.org/10.1111/j.1468-2362.2005.00165.x ER -