Unité mixte de recherche 7235

How macroeconomic imbalances interact? Evidence from a panel VAR analysis

Blaise Gnimassoun, Valérie Mignon

[en]This paper aims at investigating the interactions between three key macroeconomic imbalances, namely current-account discrepancies (external imbalances), output gaps (internal imbalances), and exchange-rate misalignments. To this end, we rely on the estimation of a panel VAR model for a sample of 22 industrialized countries over the 1980-2011 period. Our findings show that macroeconomic imbalances strongly interact through a causal relationship. We evidence that if current-account disequilibria threaten the stability of the global economy, their origin can be found in internal imbalances and exchange-rate misalignments: positive output-gap shocks as well as currency overvaluation deepen current-account deficits. In addition, while variations in external imbalances mainly result from exchange-rate misalignments in the euro area, they are mostly explained by output gaps for non-eurozone members.[/en]

AGENDA

lundi 27 juin 2022

Law, Institutions and Economics in Nanterre (LIEN)

Miriam Buiten (St Gallen Univ)

En distanciel à 11H30

From intermediaries to moderators of the internet: Should online platforms be liable?

jeudi 30 juin 2022

Doctorants

Zoltán Szücs | Gagnie Pascal Yebarth

Salle 401-402

Le rôle de la police municipale dans la satisfaction des attentes de la population parisienne en termes de tranquillité publique | Politiques publiques et externalités dans les jeux stratégiques de marché

vendredi 1 juillet 2022

Colloques et Workshops

9th Workshop on Economic Analysis of Litigation

lundi 4 juillet 2022

Colloques et Workshops

Webinar conjoint sur l’environnement et la santé dans les villes maritimes

lundi 18 juillet 2022

Colloques et Workshops

Workshop “Sustainability, Public Action, and Well-Being”

jeudi 1 septembre 2022

Professeurs invités

Stéphane Méchoulan

vendredi 16 septembre 2022

Colloques et Workshops

Tables rondes de macro-finance contemporaine

lundi 19 septembre 2022

Colloques et Workshops

Valeur, valeurs

Inscription aux Newsletters