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Euro Area and U.S. External Adjustment: The Role of Commodity Prices and Emerging Market Shocks

Met dank overgenomen van Europese Commissie (EC), gepubliceerd op dinsdag 6 augustus 2019.


The paper uses an estimated macroeconomic multi-region model with commodities to analyse the evolution of euro area and United States trade balances after the Global Financial Crisis.


Massimo Giovannini, Stefan Hohberger, Robert Kollmann, Marco Ratto, Werner Roeger and Lukas Vogel. European Commission

Information and identifiers

Discussion Paper 106. August 2019. Brussels. PDF. 40pp. Tab. Graph. Bibliogr. Free.

KC-BD-18-033-EN-N (online)

ISBN 978-92-79-77443-0 (online)

ISSN 2443-8022 (online)

doi :10.2765/621986 (online)

JEL classification: F2, F3, F4.


European Economy Discussion Papers are written by the staff of the European Commission’s Directorate-General for Economic and Financial Affairs, or by experts working in association with them, to inform discussion on economic policy and to stimulate debate. The views expressed in this document are solely those of the author(s) and do not necessarily represent the official views of the European Commission.

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