A New Way of Thinking about the Current Account
扩展了代际账户理论，指出传统经常账户与财政政策的实际效果无关，并建议开发一种前瞻性的新衡量指标来追踪国家间的预期转移。
Extending the theory of generational accounts, the author shows that the conventional current account is not related to the real effects of a country's fiscal policy. For any international array of fiscal policies, a country can implement its own policy so that the conventional government and current account deficits are zero in every period. The author argues that economists should develop a new measure of the current account. This measure is forward looking and keeps track of expected transfers between countries. Copyright 1995 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.