What Drives US Foreign Borrowing? Evidence on the External Adjustment to Transitory and Permanent Shocks

The joint dynamics of US net output, consumption, and (the market value of) foreign assets and liabilities, characterized empirically following Lettau and Ludvigson (2004), is shown to be consistent with current account theory. US consumption is virtually insulated from transitory shocks, while thes...

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Veröffentlicht in:	The American economic review 2012-04, Vol.102 (2), p.1062-1092
Hauptverfasser:	Corsetti, Giancarlo, Konstantinou, Panagiotis Th
Format:	Artikel
Sprache:	eng
Schlagworte:	Approximation Banking Borrowing Budget constraints Capital markets Consumer economics Consumption Current accounts Determinism Economic fluctuations Economic shock Economics Equilibrium Foreign assets Foreign direct investment Foreign enterprises Foreign investment Government spending Hypotheses International economics International lending Monetary policy Present value Shorter Papers Stock market fluctuations Stocks Studies U.S.A Volatility
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