Imbalances Looking for a Policy

Wynne Godley

Economics Policy Note Archive from Levy Economics Institute

Abstract: The latest batch of numbers from the United States makes for a disturbing read. The growth rate of GDP has been adequate, but the current account deficit was 6.3 percent of GDP in the fourth quarter of 2004, and the terrible trade figures for January and February promise an even bigger deficit in the first quarter of 2005 (BEA 2005). Let no one suppose that this deterioration is a temporary effect that will automatically turn around soon.

Date: 2005-04
New Economics Papers: this item is included in nep-mac and nep-pke
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