Bems, Rudolfs; Dedola, Luca; Smets, Frank - C.E.P.R. Discussion Papers - 2007
: US technology developments, changes in the US government fiscal position and the Fed’s monetary policy. Estimating …-factor productivity shock; an investment-specific technology shock; a monetary policy shock; and a fiscal revenue and spending shock … improvements and fiscal and monetary policy easing also play an important role in the increase of the external deficit since 2000 …