Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/25850 
Kompletter Metadatensatz
Erscheint in der Sammlung:
DublinCore-FeldWertSprache
dc.contributor.authorStein, Jerome L.en
dc.date.accessioned2006-10-11-
dc.date.accessioned2009-07-28T08:12:54Z-
dc.date.available2009-07-28T08:12:54Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/25850-
dc.description.abstractThe Pessimists and the Optimists disagree whether the US external deficits and the associated buildup of US net foreign liabilities are problems that require urgent attention. A warning signal should be that the debt ratio deviates significantly from the optimal ratio. The optimal debt ratio or debt burden should take into account the vulnerability of consumption to shocks from the productivity of capital, the interest rate and exchange rate. The optimal debt ratio is derived from inter-temporal optimization using Dynamic Programming, because the shocks are unpredictable, and it is essential to have a feedback control mechanism. The optimal ratio depends upon the risk adjusted net return and risk aversion both at home and abroad. On the basis of alternative estimates, we conclude that the Pessimists' fears are justified on the basis of trends. The trend of the actual debt ratio is higher than that of the optimal ratio. The Optimists are correct that the current debt ratio is not a menace, because the current level of the debt ratio is not above the corresponding level of the optimum ratio.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1805en
dc.subject.jelC61en
dc.subject.jelF32en
dc.subject.jelF34en
dc.subject.jelF37en
dc.subject.ddc330en
dc.subject.stwLeistungsbilanzen
dc.subject.stwZahlungsbilanzungleichgewichten
dc.subject.stwAuslandsverschuldungen
dc.subject.stwKontrolltheorieen
dc.subject.stwDynamische Optimierungen
dc.subject.stwUSAen
dc.titleUnited States current account deficits: a stochastic optimal control analysis-
dc.typeWorking Paperen
dc.identifier.ppn51858013Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

Datei(en):
Datei
Größe
266.84 kB





Publikationen in EconStor sind urheberrechtlich geschützt.