Bank of Italy paper aims to improve on EC current account model
Researchers offer alternative model to evaluate role of cyclical factors
Modelling of current account imbalances by the European Commission (EC) overstates their size in some eurozone countries - and understates others - a working paper published by the Bank of Italy argues.
In Adjusting the external adjustment: cyclical factors and the Italian current account, Silvia Fabiani, Stefano Federico and Alberto Felettigh present a new approach to current account modelling.
The authors seek to "evaluate the role played by cyclical factors" in the recent sharp reversal of
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