Brookings Papers on Economic Activity

Articles from No. 1, Spring

Asset Returns and Economic Growth
IT IS DIFFICULT to see how real U.S. GDP growth can be as rapid in the next half-century as it has been in the last. The baby boom is long past, and no similar explosion of fertility to boost the rate of labor force growth from natural increase has...
Editors' Summary
THE BROOKINGS PANEL ON Economic Activity held its seventy-ninth conference in Washington, D.C., on March 31 and April 1, 2005. This issue of Brookings Papers on Economic Activity includes the papers and discussions presented at the conference. The...
Global Current Account Imbalances and Exchange Rate Adjustments
THIS IS THE third in a series of papers we have written over the past five years about the growing U.S. current account deficit and the potentially sharp exchange rate movements any future adjustment toward current account balance might imply. (1)...
International Investors, the U.S. Current Account, and the Dollar
TWO MAIN FORCES underlie the large U.S. current account deficits of the past decade. The first is an increase in U.S. demand for foreign goods, partly due to relatively faster U.S. growth and partly to shifts in demand away from U.S. goods toward foreign...
Is It 1958 or 1968? Three Notes on the Longevity of the Revived Bretton Woods System
IT IS NOW widely accepted that the broad outlines of the current international monetary system are as we described them almost two years ago and labeled "the Revived Bretton Woods system." This system's main features are --the emergence of a macroeconomically...
Is the U.S. Current Account Deficit Sustainable? If Not, How Costly Is Adjustment Likely to Be?
MANY ANALYSTS IN academia, the private sector, and applied research institutions express increasing concern about the growing U.S. current account deficit. There is a general sense that current global imbalances are unsustainable and that adjustment...

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