Income distribution and current account imbalances
构建了一个三国存量流量一致模型，研究个人和功能性收入分配变化对经常账户的影响。模拟显示美国收入不平等加剧可解释其家庭债务上升和经常账户恶化，而德国和中国的功能性收入分配变化则解释了其国内需求疲弱和经常账户盈余。
We develop a three-country, stock-flow-consistent macroeconomic model to study the effects of changes in both personal and functional income distribution on national current account balances. The model is calibrated for the USA, Germany and China. Simulations suggest that a substantial part of the increase in household debt and the decrease in the current account in the USA since the early 1980s can be explained by the interplay of rising (top-end) household income inequality and institutions. On the other hand, the weak domestic demand and increasing current account balances of Germany and China since the mid-1990s are strongly related to shifts in the functional income distribution at the expense of the household sector.