WORKING PAPER SERIES
NO. 509 / AUGUST 2005
PRODUCTIVITY SHOCKS,
BUDGET DEFICITS AND
THE CURRENT ACCOUNT
by Matthieu Bussière
Marcel Fratzscher
and Gernot J. Müller
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WORKING PAPER SERIES
NO. 509 / AUGUST 2005
This paper can be downloaded without charge from
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PRODUCTIVITY SHOCKS,
BUDGET DEFICITS AND
THE CURRENT ACCOUNT 1
by Matthieu Bussière 2,
Marcel Fratzscher 2
and Gernot J. Müller 3
1 The views expressed in the paper are those of the authors and do not necessarily reflect those of the European Central Bank.We would
like to thank for helpful comments and advice Robert Anderton, Luca Guerrieri, Chris Gust, Sylvain Leduc, Jaime Marquez, Benoit
Mercereau, Gian-Maria Milesi-Ferretti, as well as seminar participants at the European Central Bank and at the “Verein für
Socialpolitik” 2004 Annual Congress in Dresden.We are also greatful to Reuven Glick for sharing with us the Glick and Rogoff (1995)
data.We are solely responsible for any remaining error.
2 European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany; e-mail: matthieu.bussiere@ecb.int
and marcel.fratzscher@ecb.int
3 Goethe University Frankfurt, Mertonstr. 17, D-60325 Frankfurt am Main, Germany; e-mail: gernot.mueller@wiwi.uni-frankfurt.de
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