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The Current Account in the Eacroeconomic Adjustment Process

  • Jeffrey D. Sachs
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    This paper provides a formal analysis of the current account balance in a dynamic model with optimizing agents. Two analytical ideas are stressed. First, an economy's current account balance depends as much on fixture economic trends as on the current economic environment. A shift in fiscal policy, for example, will have one effect on the current account if it is perceived to be temporary and another if it is seen to be permanent. Second, temporary disturbances in the economy have permanent effects, by altering the entire future path of the economy's international indebtedness.

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    File URL: http://www.nber.org/papers/w0796.pdf
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    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0796.

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    Date of creation: Nov 1981
    Date of revision:
    Publication status: published as Scandanavian Journal of Economics Volume 84, No. 2, 1982
    Handle: RePEc:nbr:nberwo:0796
    Note: ITI IFM
    Contact details of provider: Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
    Phone: 617-868-3900
    Web page: http://www.nber.org
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