An alternative estimate from the Federal Reserve Bank of New York’s DSGE model, which explicitly includes a financial sector, suggests the tightening in financial conditions since mid-2015 is equivalent to an increase in the federal funds rate of roughly 100 basis points. 11  Imports and exports each account for a little under one-half of Sweden’s GDP.
4  BIS central bankers’ speeches  Even in the much larger United States economy, with imports accounting for a little over 15 percent of gross domestic product (GDP), spillovers can be quite strong, in part reflecting the international role of U.S. financial markets and the dollar.