The J-curve refers to a) the transition path to a stronger current account that comes from a real depreciation of the currency (as implied by the simple model) b) the fact that, empirically, when there is a real depreciation of the currency the CA tends to initially fall, contrary to the implications of our simple model, and then returns to its initial rate in a J-shaped path, before rising to a higher rate. c) The fact that, empirically, the CA moves in the way that is predicted by the simple AA-DD. d) None of the above