Current Account Dynamics under Information Rigidity and Imperfect Capital Mobility

Shibata, Akihisa; Shintani, Mototsugu; Tsuruga, Takayuki

Current Account Dynamics under Information Rigidity and Imperfect Capital Mobility

Shibata, Akihisa; Shintani, Mototsugu; Tsuruga, Takayuki

Institute of Social and Economic Research Discussion Papers, 2018, 1036, 1-43

アクセス数:633件（2025-07-12 09:16 集計）

固定URL: https://hdl.handle.net/11094/70078

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タイトル	Current Account Dynamics under Information Rigidity and Imperfect Capital Mobility
著者	NRID 1000000216003 1000000216003 著者名 Shibata, Akihisa
	NRID 1000000252718 1000000252718 著者名 Shintani, Mototsugu
	NRID 1000040511720 1000040511720 ORCID 0000-0002-8177-2330 0000-0002-8177-2330 researchmap permalink 7000008934 7000008934 Scopus Author ID 16424964300 16424964300 著者名 Tsuruga, Takayuki
キーワード等	Capital mobility
	Imperfect information
	Inattentiveness
	Permanent income hypothesis
抄録	The current account in developed countries is highly persistent and volatile in comparison to output growth. The standard intertemporal current account model with rational expectations (RE) fails to account for the observed current account dynamics together with persistent changes in consumption. The RE model extended with imperfect capital mobility by Shibata and Shintani (1998) can account for persistent changes in consumption, but only at the cost of the explanatory power for the volatility of the current account. This paper replaces RE in the intertemporal current account model with sticky information (SI) in which consumers are inattentive to shocks to their income and infrequently adjust their consumption. The SI model can better explain a persistent and volatile current account than the RE model but it overpredicts the persistence of changes in consumption. The SI model extended with imperfect capital mobility almost fully explains current account dynamics and the persistence of changes in consumption, if high degrees of information rigidity and imperfect capital mobility are taken into account.
出版者	The Institute of Social and Economic Research, Osaka University
収録物名	Institute of Social and Economic Research Discussion Papers
巻(号)	1036
ページ	1-43
刊行年月	2018-07
言語	英語
ハンドルURL	https://hdl.handle.net/11094/70078
関連情報 (references)	URI https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2018/DP1036.pdf
アクセス権	metadata only access
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Institute of Social and Economic Research Discussion Papers

資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers. 2018, 1036, p. 1-43
DC.title	Current Account Dynamics under Information Rigidity and Imperfect Capital Mobility
DC.creator	Shibata, Akihisa
	Shintani, Mototsugu
	Tsuruga, Takayuki
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2018-07
DC.relation' scheme='DCTERMS.URI	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2018/DP1036.pdf
DC.subject	Capital mobility
	Imperfect information
	Inattentiveness
	Permanent income hypothesis
DCTERMS.abstract	The current account in developed countries is highly persistent and volatile in comparison to output growth. The standard intertemporal current account model with rational expectations (RE) fails to account for the observed current account dynamics together with persistent changes in consumption. The RE model extended with imperfect capital mobility by Shibata and Shintani (1998) can account for persistent changes in consumption, but only at the cost of the explanatory power for the volatility of the current account. This paper replaces RE in the intertemporal current account model with sticky information (SI) in which consumers are inattentive to shocks to their income and infrequently adjust their consumption. The SI model can better explain a persistent and volatile current account than the RE model but it overpredicts the persistence of changes in consumption. The SI model extended with imperfect capital mobility almost fully explains current account dynamics and the persistence of changes in consumption, if high degrees of information rigidity and imperfect capital mobility are taken into account.
DC.format	70078
citation_title	Current Account Dynamics under Information Rigidity and Imperfect Capital Mobility
citation_author	Shibata, Akihisa
	Shintani, Mototsugu
	Tsuruga, Takayuki
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2018-07
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	1036
citation_firstpage	1
citation_lastpage	43
citation_public_url	https://hdl.handle.net/11094/70078
citation_abstract_html_url	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2018/DP1036.pdf

Current Account Dynamics under Information Rigidity and Imperfect Capital Mobility

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