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Global Rebalancing with Gravity

其他書名	Measuring the Burden of Adjustment
出版	National Bureau of Economic Research, 2008
URL	http://books.google.com.hk/books?id=W4TCnQEACAAJ&hl=&source=gbs_api

註釋We use a forty-two country model of production and trade to assess the implications of eliminating current account imbalances for relative wages, relative GDP's, real wages, and real absorption. How much relative GDP's need to change depends on flexibility of two forms: factor mobility and the adjustment in sourcing of imports, with more flexibility requiring less change. At the extreme, US GDP falls by 30 percent relative to the world's. Because of the pervasiveness of nontraded goods, however, most domestic prices move in parallel with relative GDP, so that changes in real GDP are small.