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Slides Chapter5 Uncertainty

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  Slides for Chapter 5:Uncertainty and the Current Account International Macroeconomics  Schmitt-Groh´e Uribe Woodford Columbia UniversityMay 1, 2016 1  International Macroeconomics, Chapter 5   Schmitt-Groh´e, Uribe, Woodford Real Per Capita U.S. GDP Growth 1947Q2-2015Q4 1950 1960 1970 1980 1990 2000 2010−3−2−101234Year        1       0       0      ×        l     n                    y        t      y        t    −        1               ←  1984std  ln  y t y t − 1   = 0.012 std  ln  y t y t − 1   = 0.006 2  International Macroeconomics, Chapter 5   Schmitt-Groh´e, Uribe, Woodford U.S. Current Account To GDP Ratio 1947Q1-2015Q4 1950 1960 1970 1980 1990 2000 2010−7−6−5−4−3−2−101234Year        1       0       0      ×                    c     a        t      y        t               ←  1984mean  ca t y t   = 0.004 mean  ca t y t   = -0.03 3  International Macroeconomics, Chapter 5   Schmitt-Groh´e, Uribe, Woodford U.S. Summary Statistics Statistic 1947Q1-1983Q4 1984Q1-2015Q4 Std. Dev. Output Growth 1.2% 0.6%Average CA/GDP 0.4% -2.8% 4
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