The Resource Current account rebalancing and real exchange rate adjustment between the U.S. and emerging Asia, Isabelle Méjean, Pau Rabanal, and Damiano Sandri

Current account rebalancing and real exchange rate adjustment between the U.S. and emerging Asia, Isabelle Méjean, Pau Rabanal, and Damiano Sandri

Label
Current account rebalancing and real exchange rate adjustment between the U.S. and emerging Asia
Title
Current account rebalancing and real exchange rate adjustment between the U.S. and emerging Asia
Statement of responsibility
Isabelle Méjean, Pau Rabanal, and Damiano Sandri
Creator
Contributor
Author
Issuing body
Subject
Language
eng
Summary
A reduction in the U.S. current account deficit vis-a-vis emerging Asia involves a shift in demand from U.S. to emerging Asia tradable goods and a change in international relative prices. This paper quantifies the required adjustment in the terms of trade and real exchange rates in a three-country open economy model of the U.S., China, and other emerging Asia. We compare scenarios where both Chinese and other emerging Asian export prices change by the same proportion to the case where export prices remain constant in one country and increase in the other. Our results are robust to different assumptions about elasticities of substitution and to introducing a high degree of vertical fragmentation in production in the model
Member of
Cataloging source
DJB
Government publication
international or intergovernmental publication
Index
no index present
LC call number
  • HG3881.5.I58
  • HG3883.U7
LC item number
  • W67 No. 10/46eb
  • M45 2011eb
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
Series statement
IMF working paper
Series volume
WP/11/46
Label
Current account rebalancing and real exchange rate adjustment between the U.S. and emerging Asia, Isabelle Méjean, Pau Rabanal, and Damiano Sandri
Publication
Bibliography note
Includes bibliographical references
http://library.link/vocab/branchCode
  • net
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Contents
  • Cover Page; Title Page; Copyright Page; Contents; I Introduction; II The model; A Simplified version with two countries and only tradable goods; B Three country version of Obstfeld and Rogoff (2007); 1 U.S. households; 2 Chinese and OEA households; 3 Market clearing; III Calibration; A Trade elasticities; B Other parameters; 1 Calibration; IV Rebalancing and relative prices; A Exchange rate adjustment; 1 Responses to a reduction in the U.S. current account deficit; B Robustness; 2 Sensitivity to lower U.S. elasticity between domestic and foreign goods; C Change in home bias
  • 3 Change in home bias required to accommodate a reduction in the U.S. deficitV Introducing input-output linkages; A Evidence; B Extension of the model; 4 Shares of domestic and imported intermediate inputs in tradable production; C Exchange rate adjustment with input-output linkages; 5 Sensitivity to one-way IO linkages with a unilateral Chinese appreciation; 6 Sensitivity to two-way IO linkages with a unilateral Chinese appreciation; VI Concluding remarks; I System of equations; Footnotes
Control code
ocn742337544
Extent
1 online resource (30 pages)
Form of item
online
Isbn
9781455222018
Media category
computer
Media MARC source
rdamedia
Media type code
c
http://library.link/vocab/recordID
.b37130171
Specific material designation
remote
System control number
  • (OCoLC)742337544
  • imf1283558637

Library Locations

    • Deakin University Library - Geelong Waurn Ponds CampusBorrow it
      75 Pigdons Road, Waurn Ponds, Victoria, 3216, AU
      -38.195656 144.304955
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