The Great Moderation and the U.S. External Imbalance

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Alessandra Fogli; Fabrizio Perri;
  • Journal: Monetary and Economic Studies,volume 24,issue S1 December,pages209-225
  • Subject: Business cycle volatility; Precautionary saving; Current account; Net foreign asset position
    • jel: jel:F41 | jel:F34 | jel:F32

The early 1980s marked the onset of two striking features of the current world macroeconomy: the fall in U.S. business cycle volatility (the ggreat moderation h) and the large and persistent U.S. external imbalance. In this paper, we argue that an external imbalance is ... View more
  • References (2)

    Fogli, Alessandra, and Fabrizio Perri, “The Great Moderation and the U.S. External Imbalance,” Monetary and Economic Studies, 24 (S-1), Institute for Monetary and Economic Studies, Bank of Japan, 2006, pp. 209-225 (this issue).

    Hurst, E., A. Kennickell, A. Lusardi, and F. Torralba, “Precautionary Savings and the Importance of Business Owners,” CFS Working Paper No. 16, Center for Financial Studies, 2006.

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