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Full-Text Articles in Social and Behavioral Sciences
Sustainable Balance Of Trade Deficits, Eric O'N. Fisher
Sustainable Balance Of Trade Deficits, Eric O'N. Fisher
Economics
This paper analyzes a model of overlapping generations in which there are two currencies. There are two agents born in each period, and these agents have completely heterogeneous preferences and endowments. The paper shows that there are monetary equilibria in which one country can sustain a trade deficit whose present value is arbitrarily close to that of its trading partner's entire stream of resources. Hence, there may be no limit to the present value of a country's trade deficit, even if the equilibrium for the world economy satisfies an intertemporal efficiency criterion.
The Causal Relationship Between Social Security And The Federal Budget, Mark W. Crain, Michael L. Marlow
The Causal Relationship Between Social Security And The Federal Budget, Mark W. Crain, Michael L. Marlow
Economics
No Abstract