The Effect of Consumption and Economic Shock on the Current Account of China:Experimental Analyze Based on the Intertemporal Model of Optional Consumption
用最优消费跨期模型分析中国消费与经常账户失衡的关系，发现经常账户盈余主要由未来消费倾斜主导，GDP、投资和政府支出的暂时冲击长期被经常账户完全吸收，短期吸收77.9%，而GDP的持久冲击仅27.8%被经常账户吸收。
The paper introduces the intertemporal model of optional consumption to analyze the relationship between consumption and current account imbalance in China,and how current account response to the shock of net output.It is found that the deficit of consumption smoothing component of the current account is caused by the increase of expected net output.The surplus of consumption tilting component of the current account is caused by the increase in expected expenditures.Current account surplus is caused by the dominating of tilting consumption on future.Temporal shock from GDP,investment and government expenditure will be absorbed by current account completely in the long term and 77.9%in the short term.Persistent shock from investment and government expenditure will be absorbed by current account completely.And only 27.8 percent of persistent shock from GDP will be absorbed by current account,and the other 72.2%percent will be absorbed by consumption.