Grüning, Patrick; Theobald, Thomas; Treeck, Till van - Institut für Makroökonomie und Konjunkturforschung … - 2015
Germany entered the euro with a current account deficit but over the entire past decade has run large and persistent … current account surpluses. Besides joining the common currency, the increase of Germany’s current account since the late 1990s … distribution of income. We present a dynamic stochastic general equilibrium (DSGE) model in which a current account surplus arises …