My da|ra Login

Detailed view

metadata language: English

Replication data for: What Drives US Foreign Borrowing? Evidence on the External Adjustment to Transitory and Permanent Shocks

Version
V0
Resource Type
Dataset
Creator
  • Corsetti, Giancarlo
  • Konstantinou, Panagiotis T.
Publication Date
2012-04-01
Description
  • Abstract

    The joint dynamics of US net output, consumption, and (the market value of) foreign assets and liabilities, characterized empirically following Lettau and Ludvigson (2004), is shown to be consistent with current account theory. US consumption is virtually insulated from transitory shocks, while these contribute to variations in net output and gross foreign positions—consumption is smoothed against temporary fluctuations in returns. A single permanent shock—naturally interpreted as a supply shock—raises consumption swiftly while causing net output to adjust gradually. This leads to persistent, procyclical external deficits, while moving gross assets and liabilities in the same direction. (JEL E21, E23, F32, F34)
Availability
Download
Relations
  • Is supplement to
    DOI: 10.1257/aer.102.2.1062 (Text)
Publications
  • Corsetti, Giancarlo, and Panagiotis Th Konstantinou. “What Drives US Foreign Borrowing? Evidence on the External Adjustment to Transitory and Permanent Shocks.” American Economic Review 102, no. 2 (April 2012): 1062–92. https://doi.org/10.1257/aer.102.2.1062.
    • ID: 10.1257/aer.102.2.1062 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-10-11

Corsetti, Giancarlo; Konstantinou, Panagiotis T. (2012): Replication data for: What Drives US Foreign Borrowing? Evidence on the External Adjustment to Transitory and Permanent Shocks. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E112506