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Travel hysteresis in the US current account after the mid-1980s

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  • Sergio Da Silva

    ()
    (Federal University of Santa Catarina, Brazil)

  • Guilherme Moura

    ()
    (University of Kiel, Germany)

  • Roberto Meurer

    ()
    (Federal University of Santa Catarina, Brazil)

Abstract

Following the real appreciation of the US dollar in the first half of the 1980s, travel expenditures in the current account soared. Employing standard regression techniques as well as Markov-switching regime analysis we show that such expenditures did not return to their pre-appreciation levels thereafter. The permanent increase suggests the presence of travel hysteresis in the US current account after the mid-1980s.

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File URL: http://www.accessecon.com/pubs/EB/2005/Volume14/EB-05N10001A.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 14 (2005)
Issue (Month): 2 ()
Pages: 1-10

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Handle: RePEc:ebl:ecbull:eb-05n10001

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  1. Baldwin, Richard & Krugman, Paul, 1989. "Persistent Trade Effects of Large Exchange Rate Shocks," The Quarterly Journal of Economics, MIT Press, vol. 104(4), pages 635-54, November.
  2. Richard Baldwin, 1988. "Hysteresis In Import Prices: The Beachhead Effect," NBER Working Papers 2545, National Bureau of Economic Research, Inc.
  3. McCausland, W David, 2002. "Exchange Rate Hysteresis: The Effects of Overshooting and Short-Termism," The Economic Record, The Economic Society of Australia, vol. 78(240), pages 60-67, March.
  4. Sergio Da Silva & Guilherme Moura & Roberto Meurer, 2005. "Travel hysteresis in the Brazilian current account," Economics Bulletin, AccessEcon, vol. 6(24), pages 1-17.
  5. Dixit, Avinash K, 1989. "Hysteresis, Import Penetration, and Exchange Rate Pass-Through," The Quarterly Journal of Economics, MIT Press, vol. 104(2), pages 205-28, May.
  6. repec:ebl:ecbull:v:6:y:2005:i:24:p:1-17 is not listed on IDEAS
  7. Roberts, Mark A. & McCausland, W. David, 1999. "Multiple international debt equilibria and irreversibility," Economic Modelling, Elsevier, vol. 16(2), pages 179-188, April.
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