Current account imbalances.

• Position: Conferences

NBER Research Associate Richard H. Clarida of Columbia University organized an NBER Conference on "G7 Current Account Imbalances: Sustainability and Adjustment", which was held on June 1 and 2. These papers were discussed:

Richard H. Clarida, and Manuela Goretti and Mark Taylor, University of Warwick, "Are There Thresholds of Current Account Adjustment in the G7?"

Discussant: Robert E. Cumby, NBER and Georgetown University

Pierre-Olivier Gourinchas, NBER and University of California, Berkeley, and Helene Rey, NBER and Princeton University, "From World Banker to World Venture Capitalist: The U. S. External Adjustment and the Exorbitant Privilege"

Discussant: Jose De Gregorio, Central Bank of Chile

Philip R. Lane, Trinity College Dublin, and Gian Maria Milesi-Ferretti, International Monetary Fund, "A Global Perspective on External Positions"

Discussant: Richard Portes, NBER and London Business School

Harold Faruqee and Douglas Laxton, International Monetary Fund; Dirk Muir, Norges Bank; and Paolo Pesenti, Federal Reserve Bank of New York, "Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing"

Discussant: Lars E.O. Svensson, NBER and Princeton University

Aart Kraay, World Bank, and Jaume Ventura, NBER and Universitat Pompeu Fabra, "The Dot-Com Bubble, the Bush Deficits, and the U.S. Current Account"

Discussant: Joseph Gagnon, Federal Reserve Board

Michael P. Dooley, NBER and University of California, Santa Cruz; David Folkerts-Landau, Deutsche Bank; and Peter Gather, NBER and Brown University, "Direct Investment, Rising Real Wages, and the Absorption of Excess Labor in the Periphery" (NBER Working Paper No. 10626)

Discussant: Shang-Jin Wei, NBER and IMF

Menzie D. Chinn...