The U.S. trade deficit and the "new economy"

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The U.S. trade deficit and the "new economy"

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Michael R. Pakko

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Michael Pakko

Abstract

Amidst the overall strength and longevity of the U.S. economic expansion of the 1990s, a growing current account deficit is one indicator that often is viewed with concern. In this article, Michael Pakko discusses some basic economic principles about current accounts and how they relate to the U.S. experience during the 1990s. He suggests that recent deficits should not be thought of as a source of weakness in an otherwise vigorous economy, but rather, that they are reflective of the same forces underlying recent economic strength.

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Article provided by Federal Reserve Bank of St. Louis in its journal Review.

Volume (Year): (1999)
Issue (Month): Sep ()
Pages: 11-20
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Handle: RePEc:fip:fedlrv:y:1999:i:sep:p:11-20:n:v.81no.5

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Gary Burtless, 1995. "International Trade and the Rise in Earnings Inequality," Journal of Economic Literature, American Economic Association, vol. 33(2), pages 800-816, June. [Downloadable!] (restricted)
David, Paul A, 1990. "The Dynamo and the Computer: An Historical Perspective on the Modern Productivity Paradox," American Economic Review, American Economic Association, vol. 80(2), pages 355-61, May. [Downloadable!] (restricted)
Greenwood, Jeremy & Hercowitz, Zvi & Krusell, Per, 1997. "Long-Run Implications of Investment-Specific Technological Change," American Economic Review, American Economic Association, vol. 87(3), pages 342-62, June. [Downloadable!] (restricted)
Other versions:
- Greenwood, J. & Hercowitz, Z. & Krusell, P., 1996. "Long-Run Implications of Investment-Specific Technological Change," RCER Working Papers 420, University of Rochester - Center for Economic Research (RCER).
- Greenwood, J. & Hercowitz, Z. & Krusell, P., 1995. "Long-Run Implications of Investment-Specific Technological Change," UWO Department of Economics Working Papers 9510, University of Western Ontario, Department of Economics.
Donald S. Allen, 1997. "Where's the productivity growth (from the information technology revolution)?," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 15-25. [Downloadable!]
Dale W. Jorgenson, 1966. "The Embodiment Hypothesis," Journal of Political Economy, University of Chicago Press, vol. 74, pages 1. [Downloadable!] (restricted)

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