% WARNING: This file may contain UTF-8 (unicode) characters.
% While non-8-bit characters are officially unsupported in BibTeX, you
% can use them with the biber backend of biblatex
%    usepackage[backend=biber]{biblatex}

@techreport{NBERw13952,
 title = "Resolving the Global Imbalance: The Dollar and the U.S. Saving Rate",
 author = "Feldstein, Martin S",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "13952",
 year = "2008",
 month = "April",
 doi = {10.3386/w13952},
 URL = "http://www.nber.org/papers/w13952",
 abstract = {The large trade and current account deficits of the United States cannot continue indefinitely because doing so would constitute a permanent gift to the U.S. economy. The process that will cause this gift to shrink and that will eventually cause it to reverse is a fall in the dollar. The dollar will fall as private investors and governments become unwilling to accept the risk of increasing amounts of dollars in their portfolios, especially in a context in which they realize that the dollar must fall to reduce the trade imbalance. Although a more competitive dollar is the mechanism that will cause the U.S. trade deficit to decline, the fundamental requirement for a lower trade deficit is an increase in the U.S. national saving rate.  So a rise will be driven by higher household savings of the coming years as the two primary forces that depressed savings in recent years are reversed: the exceptionally rapid rise in household wealth and the high level of mortgage refinancing with equity withdrawal.},
}