Trending Current Accounts
---- Acknowledgements -----
This paper has benefitted from comments of seminar participants at the University of Washington, Purdue University, the CEPR's Brussels International Macroeconomics conference, and Sydney-Melbourne Conference on Macroeconomic Theory. We also thank Theo Eicher for useful suggestions and Alan Taylor for some of the current account data. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.