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Chapter 4: US adjustment needs

GiancarloCorsetti, Michael Devereux (), LuigiGuiso, JohnHassler, GillesSaint-Paul, Hans-WernerSinn, Jan-EgbertSturm and XavierVives
Authors registered in the RePEc Author Service: Jan-Egbert Sturm (), John Hassler (), Gilles Saint-Paul (), Luigi Guiso (), Giancarlo Corsetti (), Xavier Vives () and Hans-Werner Sinn ()

EEAG Report on the European Economy, 2010, 101-110

Abstract: The US economy is arguably following an unsustainable trajectory. The main indicators of this are a large current account deficit, a large federal budget deficit and trend-wise increasing costs of Social Security and Medicare. In this chapter, we will discuss these observations and to what extent the financial and economic crisis may have changed the outlook. Before this, we need to define what we mean by sustainability. An often used definition of sustainability is that the inter-temporal budget restriction is satisfied.

Date: 2010
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