Domestic versus foreign drivers of trade (im)balances: How robust is evidence from estimated DSGE models?

Estimated DSGE models tend to ascribe a significant and often predominant part of a country's trade balance (TB) dynamics to domestic drivers ("shocks"), suggesting foreign factors to be only of secondary importance. This paper revisits the result based on more agnostic approaches to shock transmission and using "agnostic structural disturbances". We estimate multi-region models for Germany and Spain as countries with very distinct TB patterns since 1999.

Financial spillover and global risk in a multi-region model of the world economy.

This paper estimates a three-region DSGE model (EA, US, RoW) with international financial linkages in the form of cross-border equity holding and allowing for region-specific as well as global financial shocks, which match empirical measures of financial tightness and global stock market valuation. Spillover from financial shocks increases with international financial integration and is practically zero under full home bias in normal times. The global risk captures international synchronisation of financial cycles.

Activation of annexin A1 signalling in renal fibroblasts exerts antifibrotic effects.

Aim: The anti-inflammatory protein annexin A1 (AnxA1) and its formyl peptide receptor 2 (FPR2) have protective effects in organ fibrosis. Their role in chronic kidney disease (CKD) has not yet been elucidated. Our aim was to characterize the AnxA1/FPR2 system in models of renal fibrosis.