External imbalances and the US current account: how supply-side changes affect an exchange rate adjustment

The influential work of Obstfeld and Rogoff argues that a closing-up of the US current account deficit involves a large exchange rate adjustment. However, the Obstfeld-Rogoff model works exclusively via demand-side channels and abstracts from possible supply-side changes. We extend the framework to allow for endogenous supply-side changes and show that this fundamentally alters the mechanism of the adjustment process. Allowing for such an extension attenuates quite significantly the implied exchange rate adjustment. The paper also provides some empirical evidence of variations in the supply-side structure and correlations with the exchange rate and the current account. The policy implications are that measures to foster a supply-side reaction would facilitate the external adjustment by alleviating an exclusive reliance on demand and exchange rate changes, with the latter being potentially destabilising for the global financial system. JEL Classification: E2, F32, F41dollar adjustment, global imbalances, sectoral adjustment, US current account deficit

System description document for the Anthrobot-2: A dexterous robot hand

The Anthrobot-2 is an anatomically correct, fully functioning robot hand. The number of fingers, the proportions of the links, the placement and motion of the thumb, and the shape of the palm follow those of the human hand. Each of the finger and thumb joints are servo-controlled. The Anthrobot-2 also includes a two-degree-of-freedom wrist. The entire package, including wrist, hand, and actuators, will mount on the ends of a variety of industrial manipulators. A patent has been applied for on the design. The Anthrobot-2 will be useful in tasks where dexterous manipulation or telemanipulation are required

External imbalances and the US current account: how supply-side changes affect an exchange rate adjustment

The influential work of Obstfeld and Rogoff argues that a closing-up of the US current account deficit involves a large exchange rate adjustment. However, the Obstfeld-Rogoff model works exclusively via demand-side channels and abstracts from possible supply-side changes. We extend the framework to allow for endogenous supply-side changes and show that this fundamentally alters the mechanism of the adjustment process. Allowing for such an extension attenuates quite significantly the implied exchange rate adjustment. The paper also provides some empirical evidence of variations in the supply-side structure and correlations with the exchange rate and the current account. The policy implications are that measures to foster a supply-side reaction would facilitate the external adjustment by alleviating an exclusive reliance on demand and exchange rate changes, with the latter being potentially destabilising for the global financial system

PLENARY PANEL: A 360-DEGREE VIEW OF SCIENCE AND AGRICULTURAL POLICY; EDITED TRANSCRIPT

Agricultural and Food Policy,

1994 Ruby Yearbook

A digitized copy of the 1994 Ruby, the Ursinus College yearbook.https://digitalcommons.ursinus.edu/ruby/1097/thumbnail.jp