Sergio Da Silva () (Federal University of Santa Catarina, Brazil) Guilherme Moura () (University of Kiel, Germany) Roberto Meurer () (Federal University of Santa Catarina, Brazil)
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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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Find related papers by JEL classification: N1 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations F3 - International Economics - - International Finance
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