Bibliograph

International macroeconomic fluctuations, capital mobility and the current account, a cointegrated approach, Mathias Hoffmann

Type

Label

International macroeconomic fluctuations, capital mobility and the current account, a cointegrated approach, Mathias Hoffmann

Language

eng

Bibliography note

Includes bibliographical references

resource.dissertationNote

Thesis (Ph. D.)--European University Institute (ECO), 1999.

Illustrations

illustrationscharts

Index

no index present

Literary Form

non fiction

Main title

International macroeconomic fluctuations, capital mobility and the current account

Nature of contents

theses

Oclc number

1038728076

resource.otherEventInformation

Defence date: 6 September 1999

Responsibility statement

Mathias Hoffmann

Series statement

EUI PhD thesesEUI theses

Sub title

a cointegrated approach

Summary

In this thesis cointegrated vectorautoregressions are used to explore the empirics of the intertemporal approach to the current account recently popularized by Sachs (1981), Obstfeld (1986), Obstfeld and Rogo? (1995a, b), Razin (1995), and Obstfeld and Rogo? (1996). The theoretical framework will be given throughout by quadratic models that allow for simple closed-form solutions. These models are not of particular theoretical interest but rather serve to motivate an important reduced-form implication that should also survive in more complicated model settings: the current account should be an order of magnitude less persistent than its driving forces, savings and investment. This prediction can be formalized as a cointegrating restriction in VAR-approximations of the data dynamics

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