International Macroeconomics

《International Macroeconomics》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、InternationalMacroeconomicsSchmitt-Groh´e1Uribe2Woodford3Lastupdated:May4,20161ColumbiaUniversity.E-mail:stephanie.schmittgrohe@columbia.edu.2ColumbiaUniversity.E-mail:martin.uribe@columbia.edu.3ColumbiaUniversity.E-mail:michael.woodford@columbia.edu.iiContents

2、1GlobalImbalances11.1Balance-of-PaymentsAccounting................11.2TheU.S.CurrentAccount....................71.3TradeBalancesandCurrent-AccountBalancesAcrossCountries101.4ImbalancesinMerchandiseTrade................141.5TheCurrentAccountandtheNetInternationa

3、lInvestmentPosition151.6ValuationChangesandtheNetInternationalInvestmentPosition181.7TheNegativeNIIPAndPositiveNIIParadox:DarkMatter?261.7.1DarkMatter.......................271.7.2ReturnDifferentials...................291.8WhoLendsandWhoBorrowsAroundtheWorld?...

4、...311.9Exercises.............................342CurrentAccountSustainability412.1CanaCountryRunaPerpetualTradeBalanceDeficit?...412.2CanaCountryRunaPerpetualCurrentAccountDeficit?.452.3Savings,Investment,andtheCurrentAccount........47iiiivCONTENTS2.3.1CurrentAcc

5、ountDeficitsAsDeclinesintheNetInternationalInvestmentPosition2.3.2CurrentAccountDeficitsAsReflectionsofTradeDeficits482.3.3TheCurrentAccountAsTheGapBetweenSavingsandInvestment492.3.4TheCurrentAccountAstheGapBetweenNationalIncomeandDomesticAbsorption2.3.5FourWaysofV

6、iewingtheCurrentAccount......522.4Appendix:PerpetualTrade-BalanceandCurrent-AccountDeficitsinInfinite-HorizonEconomies2.5Exercises.............................583ATheoryofCurrentAccountDetermination613.1ASmallOpenEconomy.....................613.1.1TheIntertempora

7、lBudgetConstraint.........643.1.2TheLifetimeUtilityFunction..............663.1.3TheOptimalIntertemporalAllocationofConsumption683.1.4Equilibrium........................713.2TemporaryVersusPermanentOutputShocks.........753.2.1TemporaryOutputShocks...............

8、773.2.2PermanentOutputShocks................803.3Terms-of-TradeShocks.....................823.4ImperfectInformation,Terms-of-TradeShocks,AndTheCurrentAccount843.5WorldIntere