1 above. Exchange rate shocks (euro depreciation) in recent years have also contributed to the surplus, as have trade shocks, notably higher demand for DE goods and services (preference shift). Positive trade shocks cannot explain the persistent upward trend in DE TB, however, given that the ...
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In fact, in GMM, it is not necessary to assume a specific probability density function, such as in a maximum likelihood estimator. In the second step, the residual of the first moment of the profit distribution (𝑢̂𝑖𝑡u^it) are then raised to power two and three to compute ...