Uribe, Martín (contributor); Yue, Vivian Z. (contributor) - 2003
trade balance-to-output ratio
explained by US-interest-rate shocks is about two thirds smaller. (6) The fact that country … volatility of output, investment, and
the trade balance-to-output ratio explained jointly by US-interest-rate shocks and country … domestic investment, tby
t
denotes the trade balance to output ratio, R
us
t
denotes the gross real US interest rate, andR
t …