NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Losing our Marbles in the New Century? The Great Rebalancing in Historical Perspective

Christopher M. Meissner, Alan M. Taylor

NBER Working Paper No. 12580
Issued in October 2006

---- Acknowledgements -----

Paper prepared for the session "Global Imbalances: Lessons from History," Federal Reserve Bank of Boston Conference, Chatham, Mass., June 2006. Taylor thanks the John Simon Guggenheim Memorial Foundation for its support. The paper was prepared whilst Taylor was a Visiting Professor at London Business School, and Taylor thanks LBS for its support. Meissner thanks the Bank of England staff for valuable conversations. We also thank Michael Bordo and Maurice Obstfeld for helpful discussions. Michael Edelstein, Niall Ferguson, Philip Lane, Gian Maria Milesi-Ferreti, and Helene Rey generously helped us with data. We have received helpful comments from Luis Catao, Michael Edelstein, Marcus Miller, Federico Sturzenegger, Gian Maria Milesi-Ferreti, seminar participants at the Bank of England, Birkbeck College, and many of the conference participants. In particular, we thank our discussants John Helliwell and Suzanne Berger for their thoughtful responses. The usual disclaimer applies. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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