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By William C. Brainard, George L. Perry

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

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

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S. current account deficits of the past decade. S. S. S. goods toward foreign goods. S. S. S. bonds in the 2000s. Both forces have contributed to steadily increasing current account deficits since the mid-1990s, accompanied by a real dollar appreciation until late 2001 and a real depreciation since. The depreciation accelerated in late 2004, raising the issues of whether and how much more is to come and, if so, against which currencies: the euro, the yen, or the Chinese renminbi. S. current account and the dollar and explore what might happen in alternative future scenarios.

In the Ramsey model the saving rate falls to keep the capital-to-labor ratio and the rate of return to capital unchanged. Baker, DeLong, and Krugman find the assumption of perfect familial altruism in the Ramsey model implausible, particularly when many of the future members of society are expected to be immigrants unrelated to today’s members. They show that if there is less than perfect altruism, so that current generations give less weight to future generations than to themselves, then, when William C.

In the long run the favorable portfolio shift leads to a depreciation. Again the degree of substitutability between assets plays an important role in the adjustment. This is shown in figure 5, which plots the path of Olivier Blanchard, Francesco Giavazzi, and Filipa Sa 15 Figure 4. Adjustment of Exchange Rate and Net Debt to an Increase in s Exchange rate (E) Portfolio balance D B Current account balance A C Net debt (F) Source: Authors’ model described in the text. adjustment for three different values of αR and α*R.

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