search query: @author Chinn, M. D. / total: 4
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| Author: | Chinn, M. D. |
| Title: | Why current account deficits still matter |
| Journal: | World Economy
1992 : MAR, VOL. 15:2, p.221-230 |
| Index terms: | NATIONAL DEBT USA CONSUMPTION EQUILIBRIUM ANALYSIS |
| Language: | eng |
| Abstract: | The question of what, if anything, to do about the United States' recent swing into net indebtedness is widely discussed. The interesting aspect of the debate is the sharp contrast between those who almost uniformly call for actions to reduce the deficit and those who prescribe no action arguing that debt serves as an instrument to smooth consumption over time. The study attempts to answer the question and at the same time "nest" the conflicting views of whether current trade deficits are either good or bad. The neoclassical approach is discussed, then the conventional ad hoc partial equilibrium literature is assessed. Finally, policy implications are drawn. |
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