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Structural Change And Prospects For Sustained Improvement In U.S. External Balance

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  • CATHERINE L. MANN

Abstract

Projections from many macroeconometric models have suggested that the improving trend in U.S. external balance since 1987 would peter out by the end of 1990. Because the 1980s decade was a turbulent period in the international environment, one might question the reliability of these projections since the economic relationships underlying the models could have changed. This review finds insufficient evidence of structural change or of sufficiently important omitted variables to justify seriously questioning the projections. However, this study also considers model and parameter uncertainty and concludes that continued improvement in U.S. external balance is within the realm of statistical probability-but, then, so is substantial worsening. Copyright 1991 Western Economic Association International.

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Bibliographic Info

Article provided by Western Economic Association International in its journal Contemporary Economic Policy.

Volume (Year): 9 (1991)
Issue (Month): 2 (04)
Pages: 50-58

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Handle: RePEc:bla:coecpo:v:9:y:1991:i:2:p:50-58

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Cited by:
  1. Catherine L. Mann, 2002. "Perspectives on the U.S. Current Account Deficit and Sustainability," Journal of Economic Perspectives, American Economic Association, vol. 16(3), pages 131-152, Summer.
  2. Mann, Catherina L., 2003. "A fizetési mérleg hiánya és a hiány fenntarthatósága az Egyesült Államokban
    [Perspectives on the US current account deficit and sustainability]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(10), pages 891-910.

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