Arbeitspapier
Domestic versus foreign drivers of trade (im)balances: How robust is evidence from estimated DSGE models
Estimated DSGE models tend to ascribe a significant and often predominant part of a country's trade balance (TB) dynamics to domestic drivers ("shocks"), suggesting foreign factors to be only of secondary importance. This paper revisits the result based on more agnostic approaches to shock transmission and using "agnostic structural disturbances". We estimate multi-region models for Germany and Spain as countries with very distinct TB patterns since 1999. Results suggest that domestic drivers remain dominant when theory-based restrictions on shock transmission are relaxed, although the transmission of foreign shocks is strengthened.
- Sprache
-
Englisch
- ISBN
-
978-92-76-19936-6
- Erschienen in
-
Series: JRC Working Papers in Economics and Finance ; No. 2020/5
- Klassifikation
-
Wirtschaft
International Finance: General
Current Account Adjustment; Short-term Capital Movements
Open Economy Macroeconomics
Macroeconomic Issues of Monetary Unions
- Thema
-
Agnostic structural disturbances
open economy DSGE model
trade balance
Germany
Spain
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Cardani, Roberta
Hohberger, Stefan
Pfeiffer, Philipp Ludwig
Vogel, Lukas
- Ereignis
-
Veröffentlichung
- (wer)
-
Publications Office of the European Union
- (wo)
-
Luxembourg
- (wann)
-
2020
- DOI
-
doi:10.2760/117627
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Cardani, Roberta
- Hohberger, Stefan
- Pfeiffer, Philipp Ludwig
- Vogel, Lukas
- Publications Office of the European Union
Entstanden
- 2020
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