Endogenous Discounting, the World Saving Glut and the U.S. Current Account
---- Acknowledgements -----
We have benefitted from the comments by seminar participants at Brandeis University, City University of Hong Kong, the Dallas Fed, the University of Kentucky, the Philadelphia Fed and the St. Louis Fed. The comments of two anonymous referees and Charles Engel (the editor) led to a substantially revised and improved paper. Mark thanks the NSF for support. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.