{"id":"https://openalex.org/W2129057047","doi":"https://doi.org/10.17016/ifdp.2002.0733","title":"Productivity Shocks, Habits, and the Current Account","display_name":"Productivity Shocks, Habits, and the Current Account","publication_year":2002,"publication_date":"2002-01-01","ids":{"openalex":"https://openalex.org/W2129057047","doi":"https://doi.org/10.17016/ifdp.2002.0733","mag":"2129057047"},"language":"en","primary_location":{"id":"doi:10.17016/ifdp.2002.0733","doi":"https://doi.org/10.17016/ifdp.2002.0733","is_oa":true,"landing_page_url":"https://doi.org/10.17016/ifdp.2002.0733","pdf_url":null,"source":{"id":"https://openalex.org/S4210204989","display_name":"International Finance Discussion Paper","issn_l":"1073-2500","issn":["1073-2500","2767-4509"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"public-domain","license_id":"https://openalex.org/licenses/public-domain","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Finance Discussion Papers","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://doi.org/10.17016/ifdp.2002.0733","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5076669400","display_name":"Joseph W. Gruber","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1317239608","display_name":"Federal Reserve","ror":"https://ror.org/05fk5tr28","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608"]},{"id":"https://openalex.org/I2802905149","display_name":"Federal Reserve Board of Governors","ror":"https://ror.org/00v448643","country_code":"US","type":"government","lineage":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Joseph W. Gruber","raw_affiliation_strings":["Board of Governors of the Federal Reserve System (U.S.)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Board of Governors of the Federal Reserve System (U.S.)","institution_ids":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5076669400"],"corresponding_institution_ids":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"],"apc_list":null,"apc_paid":null,"fwci":2.6842,"has_fulltext":false,"cited_by_count":24,"citation_normalized_percentile":{"value":0.9219932,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":96},"biblio":{"volume":"2002.0","issue":"733","first_page":"1","last_page":"25"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.45210000872612,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.45210000872612,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.448199987411499,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.050999999046325684,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/habit-formation","display_name":"habit formation","score":0.8090000152587891},{"id":"https://openalex.org/keywords/technology-shocks","display_name":"productivity shocks","score":0.7419999837875366},{"id":"https://openalex.org/keywords/current-account","display_name":"current account","score":0.5989999771118164},{"id":"https://openalex.org/keywords/habit-persistence","display_name":"habit persistence","score":0.7490000128746033},{"id":"https://openalex.org/keywords/g7-countries","display_name":"G7 countries","score":0.7919999957084656}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6396254897117615},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.6234773993492126},{"id":"https://openalex.org/C44670240","wikidata":"https://www.wikidata.org/wiki/Q1299714","display_name":"Habit","level":2,"score":0.6113726496696472},{"id":"https://openalex.org/C30772137","wikidata":"https://www.wikidata.org/wiki/Q5164762","display_name":"Consumption (sociology)","level":2,"score":0.5911418199539185},{"id":"https://openalex.org/C204983608","wikidata":"https://www.wikidata.org/wiki/Q2111958","display_name":"Productivity","level":2,"score":0.5725568532943726},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.5389829874038696},{"id":"https://openalex.org/C2781300812","wikidata":"https://www.wikidata.org/wiki/Q178061","display_name":"Shock (circulatory)","level":2,"score":0.48430290818214417},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.48124954104423523},{"id":"https://openalex.org/C52092804","wikidata":"https://www.wikidata.org/wiki/Q56872446","display_name":"Current account","level":3,"score":0.47646045684814453},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.22281354665756226},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.1947234869003296},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.1899157464504242},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.16088730096817017},{"id":"https://openalex.org/C2776988154","wikidata":"https://www.wikidata.org/wiki/Q66100","display_name":"Exchange rate","level":2,"score":0.09447982907295227},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.07579737901687622},{"id":"https://openalex.org/C77805123","wikidata":"https://www.wikidata.org/wiki/Q161272","display_name":"Social psychology","level":1,"score":0.06544062495231628},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C36289849","wikidata":"https://www.wikidata.org/wiki/Q34749","display_name":"Social science","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.0},{"id":"https://openalex.org/C126322002","wikidata":"https://www.wikidata.org/wiki/Q11180","display_name":"Internal medicine","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.17016/ifdp.2002.0733","doi":"https://doi.org/10.17016/ifdp.2002.0733","is_oa":true,"landing_page_url":"https://doi.org/10.17016/ifdp.2002.0733","pdf_url":null,"source":{"id":"https://openalex.org/S4210204989","display_name":"International Finance Discussion Paper","issn_l":"1073-2500","issn":["1073-2500","2767-4509"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"public-domain","license_id":"https://openalex.org/licenses/public-domain","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Finance Discussion Papers","raw_type":"journal-article"},{"id":"doi:10.2139/ssrn.325860","doi":"https://doi.org/10.2139/ssrn.325860","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.325860","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.395.6167","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.395.6167","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://www.federalreserve.gov/pubs/ifdp/2002/733/ifdp733.pdf","raw_type":"text"},{"id":"pmh:oai:RePEc:fip:fedgif:733","doi":null,"is_oa":false,"landing_page_url":"http://www.federalreserve.gov/pubs/ifdp/2002/733/default.htm","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"}],"best_oa_location":{"id":"doi:10.17016/ifdp.2002.0733","doi":"https://doi.org/10.17016/ifdp.2002.0733","is_oa":true,"landing_page_url":"https://doi.org/10.17016/ifdp.2002.0733","pdf_url":null,"source":{"id":"https://openalex.org/S4210204989","display_name":"International Finance Discussion Paper","issn_l":"1073-2500","issn":["1073-2500","2767-4509"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"public-domain","license_id":"https://openalex.org/licenses/public-domain","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Finance Discussion Papers","raw_type":"journal-article"},"sustainable_development_goals":[{"score":0.6452000141143799,"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":27,"referenced_works":["https://openalex.org/W1507358949","https://openalex.org/W1973291846","https://openalex.org/W1985368128","https://openalex.org/W1987785042","https://openalex.org/W1993635875","https://openalex.org/W2000321490","https://openalex.org/W2000885315","https://openalex.org/W2018616699","https://openalex.org/W2041628855","https://openalex.org/W2042421457","https://openalex.org/W2045082471","https://openalex.org/W2056011035","https://openalex.org/W2058747356","https://openalex.org/W2068778876","https://openalex.org/W2098150133","https://openalex.org/W2107766957","https://openalex.org/W2110907605","https://openalex.org/W2113951213","https://openalex.org/W2135814741","https://openalex.org/W2163683534","https://openalex.org/W2891159187","https://openalex.org/W2924566176","https://openalex.org/W3022469685","https://openalex.org/W3124105941","https://openalex.org/W3150416717","https://openalex.org/W4240979370","https://openalex.org/W4300765762"],"related_works":["https://openalex.org/W2110907605","https://openalex.org/W7135640090","https://openalex.org/W3124820402","https://openalex.org/W2032158867","https://openalex.org/W1574099218","https://openalex.org/W4413844426","https://openalex.org/W1568472012","https://openalex.org/W1567069085","https://openalex.org/W1987785042","https://openalex.org/W3124289123"],"abstract_inverted_index":{"Empirical":[0],"work":[1],"regarding":[2],"Intertemporal":[3],"Current":[4],"Account":[5],"(ICA)":[6],"models":[7],"has":[8],"centered":[9],"around":[10],"two":[11],"distinct":[12],"testing":[13,64],"methodologies,":[14],"present":[15,50,107],"value":[16,51,108],"tests":[17],"and":[18,27,59,98,122,164],"a":[19,82,152],"productivity":[20],"shock":[21],"approach":[22,62],"as":[23,87,89,151],"formulated":[24],"in":[25,45,105,160],"Glick":[26,58,163],"Rogoff":[28,60,165],"(1995).":[29],"In":[30],"previous":[31],"work,":[32],"Gruber":[33,128],"(2001),":[34],"I":[35],"have":[36],"tested":[37],"an":[38,73,156],"ICA":[39],"model":[40,138],"that":[41],"allows":[42],"for":[43,141],"habits":[44,121],"aggregate":[46],"consumption":[47],"via":[48],"the":[49,56,65,94,106,113,118,125,137,142,161],"method.":[52],"This":[53],"paper":[54,146],"applies":[55],"alternative":[57],"style":[61],"to":[63,75,90,155],"model.":[66],"The":[67,110,130,145],"benefits":[68],"of":[69,84,101,112,117,120,127,132],"doing":[70],"such":[71],"are":[72,103,115],"ability":[74],"separate":[76],"country-specific":[77],"from":[78],"worldwide":[79],"output":[80],"changes,":[81],"distinction":[83],"considerable":[85],"importance,":[86],"well":[88],"impose":[91],"restrictions":[92],"on":[93],"relationship":[95],"between":[96],"investment":[97],"output,":[99],"neither":[100],"which":[102],"possible":[104,153],"framework.":[109],"results":[111,126],"test":[114],"supportive":[116],"existence":[119],"coincide":[123],"with":[124],"(2001).":[129],"degree":[131],"habit":[133,149],"persistence":[134],"implied":[135],"by":[136],"is":[139],"estimated":[140],"G-7":[143],"countries.":[144],"also":[147],"proposes":[148],"formation":[150],"solution":[154],"empirical":[157],"puzzle":[158],"identified":[159],"original":[162],"paper.":[166]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":2}],"updated_date":"2026-11-03T10:50:19.383937","created_date":"2016-06-24T00:00:00"}