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Travel Hysteresis in the US Current Account After the Mid-1980s

  • Roberto Meurer

    (Federal University of Santa Catarina)

  • Guilherme Moura

    (University of Kiel)

  • Sergio Da Silva

    (Federal University of Santa Catarina)

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://128.118.178.162/eps/eh/papers/0511/0511002.pdf
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Paper provided by EconWPA in its series Economic History with number 0511002.

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Date of creation: 20 Nov 2005
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Handle: RePEc:wpa:wuwpeh:0511002
Note: Type of Document - pdf
Contact details of provider: Web page: http://128.118.178.162

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  1. Baldwin, Richard, 1988. "Hyteresis in Import Prices: The Beachhead Effect," American Economic Review, American Economic Association, vol. 78(4), pages 773-85, September.
  2. 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.
  3. Richard Baldwin & Paul R. Krugman, 1986. "Persistent Trade Effects of Large Exchage Rate Shocks," NBER Working Papers 2017, National Bureau of Economic Research, Inc.
  4. repec:ebl:ecbull:v:6:y:2005:i:24:p:1-17 is not listed on IDEAS
  5. Roberto Meurer & Guilherme Moura & Sergio Da Silva, 2005. "Travel Hysteresis in the Brazilian Current Account," International Trade 0509007, EconWPA.
  6. 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.
  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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