Transcription of International Macroeconomics
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International Macroeconomics Schmitt-Groh e1 Uribe2 Woodford3. Last updated: May 4, 2016. 1. Columbia University. E-mail: 2. Columbia University. E-mail: 3. Columbia University. E-mail: ii Contents 1 Global Imbalances 1. Balance-of-Payments Accounting .. 1. The Current Account .. 7. Trade Balances and Current-Account Balances Across Countries 10. Imbalances in Merchandise Trade .. 14. The Current Account and the Net International Investment Position 15. Valuation Changes and the Net International Investment Position 18. The Negative NIIP And Positive NII Paradox: Dark Matter? 26. Dark Matter .. 27. Return Differentials .. 29. Who Lends and Who Borrows Around the World? .. 31. Exercises .. 34. 2 Current Account Sustainability 41. Can a Country Run a Perpetual Trade Balance Deficit? .. 41. Can a Country Run a Perpetual Current Account Deficit? . 45. savings , Investment, and the Current Account .. 47.
5.3 The Consumption-Saving Decision of Households . . . . . . . 177 5.3.1 Effect of a Temporary Increase in Productivity on Consumption181 5.3.2 Effect of an Anticipated Future Productivity Increase on Consumption182
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