Current Account Deficits During Heightened Risk: Menacing or Mitigating?
---- Acknowledgments ----
Thanks to participants at the Royal Economic Society Annual Conference at Sussex University in Brighton on March 22, 2016 and Morten Ravn, Kenny Turnbull, and Martin Weale for helpful comments. This paper builds on the Hahn lecture at the conference. Further thanks to Abigail Whiting for assistance in preparing this paper. The views in this paper do not represent the official views of the Bank of England, Monetary Policy Committee, or the National Bureau of Economic Research. Any errors are our own.