National Bank of Belgium paper studies effect of shocks on US trade balance


A working paper, published by the National Bank of Belgium on August 2, finds there is a significant impact from shocks to the marginal efficiency of investment (MEI) on the US trade balance.

Authors Punnoose Jacob and Gert Peersman use a dynamic stochastic general equilibrium model incorporating data from the US and 16 other OECD countries over the period 1980–2005. The paper finds that a positive shock to the MEI improves the efficiency with which investment is integrated into the capital

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