Engel, Charles; Wang, Jiang - 2008
"Data for OECD countries document: 1. imports and exports are about three times as volatile as GDP; 2. imports and … exports are pro-cyclical, and positively correlated with each other; 3. net exports are counter-cyclical. Standard models fail … to replicate the behavior of imports and exports, though they can match net exports relatively well. Inspired by the fact …
