Hoffmann, Mathias; Krause, Michael; Laubach, Thomas - Deutsche Bundesbank - 2011
This paper examines to what extent the build-up of 'global imbalances' since the mid-1990s can be explained in a purely real open-economy DSGE model in which agents' perceptions of long-run growth are based on filtering observed changes in productivity. We show that long-run growth estimates...