domestic product fluctuations and external balances. We produce a model that replicates these facts. A productivity shock in a … shock in the large country will have correlated, negative net exports. The trade balances of all other countries will …

domestic and foreign goods. Moreover, while the first mechanism is inefficient from the standpoint of world welfare, the second …

focus on small, open, natural resource-dependent economies. A quarterly panel data series for 45 countries is constructed …

labeled as "jobless growth." For the first time for Morocco, this paper uses quarterly panel data to investigate the question …