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Dominant Drivers of Current Account Dynamics
Lukas BoerMr. Jaewoo Lee
出版International Monetary Fund, 2024-04-26
主題Business & Economics / Economics / MacroeconomicsBusiness & Economics / Economics / General
ISBN9798400274961
URLhttp://books.google.com.hk/books?id=yooFEQAAQBAJ&hl=&source=gbs_api
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註釋We estimate shocks that explain most of the variation in the current account at business cycle frequencies and over the long run. We then explore, using a standard open-economy macro model, which macroeconomic shocks are behind the empirical dominant drivers of the current account at business-cycle frequency. Rather than financial shocks or aggregate shocks to supply or demand, shocks to the relative demand between home and foreign goods are found to play a pivotal role in current account dynamics.