NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Current Account Fact and Fiction

David Backus, Espen Henriksen, Frederic Lambert, Christopher Telmer

NBER Working Paper No. 15525
Issued in November 2009

---- Acknowledgements -----

This paper was written in 2005, before concerns about "global imbalances'' were overwhelmed by the global financial crisis. We welcome comments, including advice on data and measurement issues and references to papers we inadvertently overlooked. We thank Richard Clarida, Gian Luca Clementi, Nouriel Roubini, and Gian Luca Violante for useful comments, as well as participants at the SED (June 2005) and the NBER Summer Institute (July 2005). 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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