macroeconomic variables to the identified shock based on sign restrictions is regime dependent. …

Deficits discussion of the 1980s. In contrast, during the 1990s productivity growth has been identified as the primary cause of … importance of budget deficits and productivity shocks for the determination of the current account. Using a sample of 21 OECD … current account, while country-specific productivity shocks appear to play a key role …

monetary policy shock depends on the degree of economic regulation in different markets. In particular, financial (product … for 19 OECD countries. Our empirical results support the theory. We therefore conclude that following a monetary policy …

. We find that a contractionary oil price shock has a negative effect on the current account which lasts for approximately …