Data and Codes for the paper: “The End of Privilege: A Reexamination of the Net Foreign Asset Position of the United States” (by Andy Atkeson, Jonathan Heathcote and Fabrizio Perri)

Principal Investigator(s):  View help for Principal Investigator(s) Andrew Atkeson, University of California-Los Angeles; Jonathan Heathcote, Federal Reserve Bank of Minneapolis; Fabrizio Perri, Federal Reserve Bank of Minneapolis

Version:  View help for Version V1

Name File Type Size Last Modified
data_figures_AHP.m text/x-matlab 35.4 KB 04/03/2025 10:42:PM
dynamic_valuation_taxes_AER.m text/x-matlab 36.1 KB 01/22/2025 01:05:PM
hpfilter.m text/x-matlab 2.3 KB 01/22/2025 01:05:PM
master_AHP.xlsx application/vnd.openxmlformats-officedocument.spreadsheetml.sheet 1.8 MB 01/22/2025 01:05:PM
paper_counterfac_plots.m text/x-matlab 2.5 KB 01/22/2025 01:05:PM
paper_gtsens_plot.m text/x-matlab 1.7 KB 01/22/2025 01:05:PM
paper_plots.m text/x-matlab 10.6 KB 01/22/2025 01:05:PM
readme.docx application/vnd.openxmlformats-officedocument.wordprocessingml.document 28 KB 04/03/2025 10:35:PM
readme.pdf application/pdf 293.5 KB 04/03/2025 10:41:PM

Project Citation: 

Atkeson, Andrew, Heathcote, Jonathan, and Perri, Fabrizio. Data and Codes for the paper: “The End of Privilege: A Reexamination of the Net Foreign Asset Position of the United States” (by Andy Atkeson, Jonathan Heathcote and Fabrizio Perri). Nashville, TN: American Economic Association [publisher], 2025. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2025-06-06. https://doi.org/10.3886/E209797V1

Project Description

Summary:  View help for Summary
The U.S. net foreign asset position declined sharply between 2007 and 2022, and was negative 65 percent of U.S. GDP by the third quarter of 2023. This deterioration primarily reflects a U.S.-specific rise in corporate asset values that inflated the value of U.S. equity liabilities to the rest of the world. To interpret these trends we develop an international macro finance model of flows, stocks, asset valuations, the current account, and the net foreign asset position. We find that the welfare impact of rising asset values for a representative U.S. household has been quite negative given extensive foreign ownership of U.S. corporate equity.


Scope of Project

Subject Terms:  View help for Subject Terms Current account; Equity Markets; global imbalances
JEL Classification:  View help for JEL Classification
      F30 International Finance: General
      F40 Macroeconomic Aspects of International Trade and Finance: General


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V1 [2025-06-06]

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