Extending the theory of generational accounts, I show that the conventional current account is not related to the real effects of a country's fiscal policy. For any international array of fiscal policies, a country can implement its own policy so that the conventional government and current account deficits are zero in every period. I argue that economists should develop a new measure of the current account. This measure is forward looking and keeps track of expected transfers between countries. 1
This paper presents a set of generational accounts that can be used to assess the fiscal burden curr...
Current account imbalances are always a concern for macro policymakers as they can lead to balance o...
This paper provides a formal analysis of the current account balance in a dynamic model with optimiz...
Since the conventional current account uses cash-flow accounting, it is potentially devoid of econom...
This paper examines the relationship between fiscal policy and the current account, drawing on a lar...
This paper examines the empirical link between fiscal policy and the current account focusing on mic...
This article presents a new framework for analyzing the simultaneous determination of current accoun...
This Working Paper should not be reported as representing the views of the IMF. The views expressed ...
This paper illustrates the technique of generational accounting, a new way to evaluate fiscal policy...
We consider the origins of global current account imbalances. We first discuss how the expansion of ...
The relationship between the fiscal policy and the current account balance is an open question for o...
We investigate the possibility that the large current account deficits of the U.S. are the outcome o...
Internal and external balance are the twins goals of traditional Keynesian macroeconomic policy. New...
The current accounts data of industrial countries exhibits some strong patterns that are inconsisten...
This paper uses cross-section and panel data to examine the determinants of the current account. The...
This paper presents a set of generational accounts that can be used to assess the fiscal burden curr...
Current account imbalances are always a concern for macro policymakers as they can lead to balance o...
This paper provides a formal analysis of the current account balance in a dynamic model with optimiz...
Since the conventional current account uses cash-flow accounting, it is potentially devoid of econom...
This paper examines the relationship between fiscal policy and the current account, drawing on a lar...
This paper examines the empirical link between fiscal policy and the current account focusing on mic...
This article presents a new framework for analyzing the simultaneous determination of current accoun...
This Working Paper should not be reported as representing the views of the IMF. The views expressed ...
This paper illustrates the technique of generational accounting, a new way to evaluate fiscal policy...
We consider the origins of global current account imbalances. We first discuss how the expansion of ...
The relationship between the fiscal policy and the current account balance is an open question for o...
We investigate the possibility that the large current account deficits of the U.S. are the outcome o...
Internal and external balance are the twins goals of traditional Keynesian macroeconomic policy. New...
The current accounts data of industrial countries exhibits some strong patterns that are inconsisten...
This paper uses cross-section and panel data to examine the determinants of the current account. The...
This paper presents a set of generational accounts that can be used to assess the fiscal burden curr...
Current account imbalances are always a concern for macro policymakers as they can lead to balance o...
This paper provides a formal analysis of the current account balance in a dynamic model with optimiz...