RDP 2005-09: The US Current Account Deficit: A Re-Examination of the Role of Private Saving Equation

( Y 0 W ) ρ [ Y 0 ( Y 0 W ) ρ + β Y 1 ( Y 1 W ) ρ + β 2 Y 2 ( Y 2 W ) ρ + ... ] = ( Y 0 W ) ρ [ γ 0 ( Y 0 W ) 1 ρ + β γ 1 ( Y 1 W ) 1 ρ + β 2 γ 2 ( Y 2 W ) 1 ρ + ... ] MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceaqabeaadaqada qaaiaadMfadaqhaaWcbaGaaGimaaqaaiaadEfaaaaakiaawIcacaGL PaaadaahaaWcbeqaaiabeg8aYbaakmaadmaabaGaamywamaaBaaale aacaaIWaaabeaakmaabmaabaGaamywamaaDaaaleaacaaIWaaabaGa am4vaaaaaOGaayjkaiaawMcaamaaCaaaleqabaaccaGae8NeI0Iaeq yWdihaaOGaey4kaSIaeqOSdiMaamywamaaBaaaleaacaaIXaaabeaa kmaabmaabaGaamywamaaDaaaleaacaaIXaaabaGaam4vaaaaaOGaay jkaiaawMcaamaaCaaaleqabaGae8NeI0IaeqyWdihaaOGaey4kaSIa eqOSdi2aaWbaaSqabeaacaaIYaaaaOGaamywamaaBaaaleaacaaIYa aabeaakmaabmaabaGaamywamaaDaaaleaacaaIYaaabaGaam4vaaaa aOGaayjkaiaawMcaamaaCaaaleqabaGae8NeI0IaeqyWdihaaOGaey 4kaSIaaiOlaiaac6cacaGGUaaacaGLBbGaayzxaaaabaGaeyypa0Za aeWaaeaacaWGzbWaa0baaSqaaiaaicdaaeaacaWGxbaaaaGccaGLOa GaayzkaaWaaWbaaSqabeaacqaHbpGCaaGcdaWadaqaaiabeo7aNnaa BaaaleaacaaIWaaabeaakmaabmaabaGaamywamaaDaaaleaacaaIWa aabaGaam4vaaaaaOGaayjkaiaawMcaamaaCaaaleqabaGaaGymaiab =jHiTiabeg8aYbaakiabgUcaRiabek7aIjabeo7aNnaaBaaaleaaca aIXaaabeaakmaabmaabaGaamywamaaDaaaleaacaaIXaaabaGaam4v aaaaaOGaayjkaiaawMcaamaaCaaaleqabaGaaGymaiab=jHiTiabeg 8aYbaakiabgUcaRiabek7aInaaCaaaleqabaGaaGOmaaaakiabeo7a NnaaBaaaleaacaaIYaaabeaakmaabmaabaGaamywamaaDaaaleaaca aIYaaabaGaam4vaaaaaOGaayjkaiaawMcaamaaCaaaleqabaGaaGym aiab=jHiTiabeg8aYbaakiabgUcaRiaac6cacaGGUaGaaiOlaaGaay 5waiaaw2faaaaaaa@92FB@