The canonical predictions of intert

The canonical predictions of intertemporal open-economy macro models are tested by a structural VAR
analysis of G7 countries. The analysis is distinguished from the previous literature in that it adopts min-
imal assumptions for identification. Consistent with a large set of theoretical models, permanent shocks
have large long-term effects on the real exchange rate, but relatively small effects on the current account;
temporary shocks have large effects on the current account and exchange rate in the short run, but not on
either variable in the long run. The signs of some impulse responses point toward models that differentiate
tradables and nontradables

Results (English) 3:

跨期的开放经济宏观模型的典型预测是通过G7国家结构VAR
分析测试。分析是区别于以往的文献中，采用最小
识别动物的假设。与一大套理论模型相一致，永久冲击对实际汇率有较大的影响，但相对较小的影响，目前的帐户，临时冲击有很大的影响，在短期内的帐户和汇率，但不是在长期运行的。一些脉冲响应模型，区分指向
贸易品和非贸易品的标志