4  It may be useful to note that exports in 2014 amounted to about 13-1/2 percent of GDP and imports to 16-1/2 percent of gross domestic product. 5  These estimates are consistent with recent analysis by Gopinath (2015) and Bussière, Delle Chiaie, and Peltonen (2014).
6  In the staff’s trade model, imports are specified to depend on GDP in addition to the exchange rate. The estimates shown in figure 2 simply show the effects arising through the latter channel.