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A Simple Model of the Relationship Between Productivity, Saving and the Current Account

  • Jean-Marc Fournier
  • Isabell Koske

This paper uses a simple dynamic stochastic general equilibrium model to explore the qualitative impact of productivity shocks on current account positions via their impact on the saving behaviour of households. The analysis shows that the direction of the impact is ambiguous from a theoretical point of view. This impact depends in particular on consumer’s willingness to shift consumption over time relative to their willingness to shift consumption between different types of goods, on whether they believe the shock to be temporary or permanent, and on the sector in which the shock occurs. Un modèle simple reliant la productivité, l'épargne et la balance courante Cet article explore l’effet qualitatif de chocs de productivité sur la balance courante, via leur impact sur le comportement d’épargne des ménages, avec un modèle d’équilibre général stochastique simple. Cette analyse montre que le sens de l’effet est théoriquement ambigu. Cet effet dépend de la propension des consommateurs à modifier le niveau de leur consommation au cours du temps comparée à leur propension à modifier leur panier de biens, de la croyance par les agents que le choc est permanent ou temporaire, ou encore du secteur dans lequel le choc se produit.

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Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 816.

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Date of creation: 23 Nov 2010
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Handle: RePEc:oec:ecoaaa:816-en
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