A Unified Theory: Terms of Trade, Real GDP Growth Rate Differentials, the Trade Balance, Capital Flows, and the Relative Stock Market Performance
Abstract
The analysis presented here outlines and tests a broad-based global framework with multiple uses in the understanding of the interrelationships among macroeconomic variables in a global economy. Among the many applications of the framework is the one that focuses on the impact of policy changes on the overall equilibrium values of the different variables or how the different shocks have a differential impact on the relative performance of the different variables. Once the shocks are identified and their impact on the relative magnitude of the changes in the equilibrium conditions is ...
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