NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Decomposing the U.S. External Returns Differential

Stephanie E. Curcuru, Tomas Dvorak, Francis E. Warnock

NBER Working Paper No. 15077
Issued in June 2009

---- Acknowledgements -----

This paper, a much-revised and updated version of a paper previously circulated as “The Stability of Large External Imbalances: The Role of Returns Differentials,” will also be released as Federal Reserve Board International Finance Discussion Paper 977. The views in this paper are solely the responsibility of the author(s) and should not be interpreted as reflecting the views of the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of Dallas, or of any other person associated with the Federal Reserve System. We thank for helpful comments two anonymous referees, Carol Bertaut, Ricardo Caballero, Charles Engel (the editor), Kristin Forbes, Gian-Maria Milesi-Ferretti, Cedric Tille, Charles Thomas, Ralph Tryon, Eric van Wincoop, Jon Wongswan, and seminar participants at the Dallas Fed, the European University Institute, Harvard, the IMF Conference on International Macro-Finance, and UNC. Warnock thanks the Darden School Foundation for its generous 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.

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