Replication data for: An Equilibrium Model of "Global Imbalances" and Low Interest Rates
Principal Investigator(s): View help for Principal Investigator(s) Ricardo J. Caballero; Emmanuel Farhi; Pierre-Olivier Gourinchas
Version: View help for Version V1
Name | File Type | Size | Last Modified |
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CFG_AER_Data.xls | application/vnd.ms-office | 3 MB | 10/12/2019 04:16:AM |
LICENSE.txt | text/plain | 14.6 KB | 10/12/2019 04:16:AM |
README_CFG.pdf | application/pdf | 12 KB | 10/12/2019 04:16:AM |
prog_UR_exch_final.gau | text/plain | 11.4 KB | 10/12/2019 04:16:AM |
prog_UR_final.gau | text/plain | 6.7 KB | 10/12/2019 04:16:AM |
prog_UR_inv_final.gau | text/plain | 9.2 KB | 10/12/2019 04:16:AM |
Project Citation:
Caballero, Ricardo J., Farhi, Emmanuel, and Gourinchas, Pierre-Olivier. Replication data for: An Equilibrium Model of “Global Imbalances” and Low Interest Rates. Nashville, TN: American Economic Association [publisher], 2008. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113231V1
Project Description
Summary:
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The sustained rise in US current account deficits, the stubborn decline in long-run
real rates, and the rise in US assets in global portfolios appear as anomalies
from the perspective of conventional models. This paper rationalizes these
facts as an equilibrium outcome when different regions of the world differ in
their capacity to generate financial assets from real investments. Extensions of
the basic model generate exchange rate and foreign direct investment excess
returns broadly consistent with the recent trends in these variables. The framework
is flexible enough to shed light on a range of scenarios in a global equilibrium
environment. (JEL: E44, F21, F31, F32)
Scope of Project
JEL Classification:
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E44 Financial Markets and the Macroeconomy
F21 International Investment; Long-term Capital Movements
F31 Foreign Exchange
F32 Current Account Adjustment; Short-term Capital Movements
E44 Financial Markets and the Macroeconomy
F21 International Investment; Long-term Capital Movements
F31 Foreign Exchange
F32 Current Account Adjustment; Short-term Capital Movements
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