The Welfare Cost of a Current Account Imbalance: A "Clean" Effect
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According to the existing open-economy macroeconomics literature, a current account surplus is associated with a welfare loss only when distortions exist in either savings or investment, and bilateral imbalances do not matter when holding a country's overall imbalance constant. We propose a new
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美国国家经济研究局创建时间：
2020-06-01
