Project

The German Current Account Balance and Capital Market Imbalances in the Eurozone Against the Background of the German Private Sector’s Investment and Saving Behaviour: Causes and Implications for Economic Policy

Client: Deutsche Bundesbank, Bavarian headquarters
Project period: August 2017 - July 2020
Research Areas:
ifo Center for Macroeconomics and Surveys
Project team: Dr. Christian Grimme, Prof. Dr. Eric Mayer, Thorsten Klug

Tasks

  • Analysis of the impact and causes of Germany’s current account surplus 
  • Deduction of economic policy implications against the background of a falling wage ratio, lasting weakness in investments and a higher tendency to save in the private sector

Methods

  • Identification of exogenous economic drivers and transmission mechanisms using dynamic stochastic general equilibrium models (DSGE): stimuli response experiments as well as variance decompositions
  • Micro- and macroeconometric estimations

Data and other sources

  • Nationale Statistiken
  • Eurostat, OECD sowie IWF

Publication