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5.2. CALIBRATING A TWO-COUNTRY MODEL 1590.10.080.060.040.020-0.02-0.04-0.06-0.08-0.173 75 77 79 81 83 85 87 89 91 93 95 97Figure 5.4: Simulated current account to GDP ratio.Table 5.4: Calibrated Open-Economy ModelStd. AutocorrelationsDev. 1 2 3 4 6y t 0.022 0.66 0.40 0.15 0.07 0.04c t 0.017 0.63 0.42 0.18 0.12 -0.04i t 0.114 0.05 -0.13 -0.09 -0.10 0.03ex t 0.038 0.09 -0.09 -0.09 -0.10 -0.00yt ∗ 0.021 0.65 0.32 0.07 -0.15 -0.27c ∗ t 0.017 0.63 0.42 0.18 0.12 -0.04i ∗ t 0.116 0.03 -0.15 -0.07 -0.08 0.00Cross correlations at k6 4 1 0 -1 -4 -6ex t y t−k 0.00 0.18 0.41 0.44 0.21 0.15 0.15yt ∗ y t−k 0.10 0.06 0.27 0.18 0.06 0.28 0.05