{"text_format":"1","workbook":"xlsx","n_sheets":6,"sheets":["Please read","Data","Sheet4","RiskSerializationData","Simulations","Nonlinear_1 (2)"],"not_rendered":{"charts":2,"images":2,"macros":1,"external_links":0,"defined_names":115,"comments":1,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Please read","index":0,"n_rows":15,"n_cols":3,"rows_kept":15,"cut":false,"hidden":false,"merged":[]}
[]
[]
["Software",null,"These excels use the program \"@risk\" from Palisade (www.palisade.com) to run. Were one to open this in Excel and see a lot of #NAME? it  means that @risk is not in the computer or loaded incorrectly"]
[]
["Data",null,"The data are all from WEO (forecasts). They are in the \"Data\" worksheet. They are current as of March 2017"]
[]
["Simulations",null,"The inputs for the simulation are:"]
[null,null,"a) forecasts (these are automatic, once the data from WEO are pulled into the Data worksheet)"]
[null,null,"b) the correlation matrix (Cells AQ24 to AV29); using the \"Define Correlations\" algorithm in @risk (see the picture below)"]
[null,null,"c) the foreign currency composition of A and L (from Benetrix, Lane and Shambaugh 2015)"]
[null,null,"d) the elasticity of NX to the exchange rate (cells AA2 to AA7)"]
[]
[]
[]
["To Implement",null,"Once @risk is available (it loads  in Excel), you can run the program by \"Start simulation\" (change iterations to whatever is needed). The output of the simulations are in  Excel reports (you can choose what to output) "]

{"sheet":"Data","index":1,"n_rows":48,"n_cols":43,"rows_kept":48,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"country=","United States"]
[null,null,"ifs_code=",111]
[null,null,"Year=",2013]
[]
[null,"t","ifs_code","Country","Year","Y (Nominal Billions USD) ","X (Nominal Billions USD)","Q (Nominal Billions USD)",null,null,null,null,null,null,null,null,null,"nfa GM","Potential Output (Constant Prices, LCU, Billions)","Long Term Bond Yield","Growth Rate Potential Output","Trade Balance (% of GDP)",null,null,null,null,"trade balance + sib","trade balance","sib","sib/gdp","pib","pib/gdp","assets","assets/gdp","liabilities","liabilities/gdp","yield on assets","yield on liabilities","yield on assets in $","yield on liabilities in $","pcpi","inflation","NGDP_R"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Return, FA","Return, FL"]
[null,{"$f":"B9-1","v":-31},{"$f":"$D$3","v":111},{"$f":"$D$2","v":"United States"},{"$f":"+E9-1","v":1982},3345,275.23599999999999,299.39,1982,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,{"$error":"#N/A"},null,{"$error":"#REF!"},6918.1234964596197,6.8424755620722912,"n.a.",{"$error":"#REF!"},1982,{"$error":"#REF!"},{"$error":"#REF!"},1982,-1.2167414050822122E-2,-7.2209267563527642E-3,-16.545999999999999,-4.9464872944693572E-3,35.164000000000001,1.0512406576980568E-2,"",null,"",null,null,null,96.52,61.356000000000002,96.533333333333303,null,6491.2749999999996]
[null,-30,111,"United States",1983,3638.125,266.11,323.87900000000002,1983,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,{"$error":"#N/A"},null,{"$error":"#REF!"},7129.3287404695593,7.9454696132596716,3.0529267671793425E-2,{"$error":"#REF!"},1983,{"$error":"#REF!"},{"$error":"#REF!"},1983,-2.0636454217488404E-2,-1.5878783714138464E-2,-17.309000000000001,-4.7576705033499402E-3,36.164000000000001,9.9402851743686654E-3,"",null,"",null,null,null,96.031000000000006,59.646999999999998,99.5833333333333,3.1106442734159856E-2,6792]
[null,-29,111,"United States",1984,4040.7,291.09399999999999,400.166,1984,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,{"$error":"#N/A"},null,{"$error":"#REF!"},7358.2058021364901,8.070132496513521,3.2103592077008969E-2,{"$error":"#REF!"},1984,{"$error":"#REF!"},{"$error":"#REF!"},1984,-3.2026134085678226E-2,-2.699334273764447E-2,-20.335999999999999,-5.0327913480337563E-3,37.164000000000001,9.1974162892568129E-3,"",null,"",null,null,null,115.64,80.572000000000003,103.933333333333,4.2754853377952706E-2,7285.0249999999996]
[null,-28,111,"United States",1985,4346.75,289.07299999999998,410.95400000000001,1985,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,{"$error":"#N/A"},null,{"$error":"#REF!"},7615.3962197866795,7.0954308317293773,3.4952870926158841E-2,{"$error":"#REF!"},1985,{"$error":"#REF!"},{"$error":"#REF!"},1985,-3.3100592396618167E-2,-2.8039569793523903E-2,-21.998999999999999,-5.0610226030942656E-3,38.164000000000001,8.7798930235233226E-3,"",null,"",null,null,null,105.04600000000001,79.325000000000003,107.6,3.4670979772120525E-2,7593.8]
[null,-27,111,"United States",1986,4590.125,310.03800000000001,448.572,1986,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,{"$error":"#N/A"},null,{"$error":"#REF!"},7893.429283728,5.7385718711273146,3.6509336601413089E-2,{"$error":"#REF!"},1986,{"$error":"#REF!"},{"$error":"#REF!"},1986,-3.5438686310285669E-2,-3.0180877427085317E-2,-24.134,-5.2578088832003489E-3,39.164000000000001,8.5322295144467739E-3,"",null,"",null,null,null,102.798,87.305999999999997,109.691666666667,1.9252751915680655E-2,7860.5]
[null,-26,111,"United States",1987,4870.2250000000004,348.86500000000001,500.55399999999997,1987,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,{"$error":"#N/A"},null,{"$error":"#REF!"},8158.3695408833501,4.805955012788389,3.3564658354704457E-2,{"$error":"#REF!"},1987,{"$error":"#REF!"},{"$error":"#REF!"},1987,-3.5922570312459885E-2,-3.1146199610900923E-2,-23.262,-4.7763707015589622E-3,40.164000000000001,8.2468469115903262E-3,"",null,"",null,null,null,113.60299999999999,99.311999999999998,113.616666666667,3.5156809497323138E-2,8132.6]
[null,-25,111,"United States",1988,5252.625,431.15,545.71900000000005,1988,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,{"$error":"#N/A"},null,{"$error":"#REF!"},8416.736722359361,4.7457893257056529,3.1668972603076773E-2,{"$error":"#REF!"},1988,{"$error":"#REF!"},{"$error":"#REF!"},1988,-2.6623830941672033E-2,-2.1811760786273542E-2,-25.276,-4.8120701553984908E-3,41.164000000000001,7.8368434830203941E-3,"",null,"",null,null,null,141.667,122.983,118.27500000000001,4.0182212376524085E-2,8474.5]
[null,-24,111,"United States",1989,5657.7,487.005,580.14400000000001,1989,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,{"$error":"#N/A"},null,{"$error":"#REF!"},8672.5722695084096,3.7080724652995176,3.0396049631612243E-2,{"$error":"#REF!"},1989,{"$error":"#REF!"},{"$error":"#REF!"},1989,-2.1087897909044313E-2,-1.6462343355073617E-2,-26.17,-4.6255545539706953E-3,42.164000000000001,7.4524983650600075E-3,"",null,"",null,null,null,166.38499999999999,146.56200000000001,123.941666666667,4.6798603293343177E-2,8786.375]
[null,-23,111,"United States",1990,5979.5749999999998,535.23500000000001,616.09299999999996,1990,0.17277780000000001,0.20489840000000001,0.36752450000000003,5.6144170000000007E-2,-4.5992470000000008E-2,null,0.148754,null,{"$error":"#REF!"},8957.00905394437,3.1307839709546421,3.2797280391194006E-2,{"$error":"#REF!"},1990,{"$error":"#REF!"},{"$error":"#REF!"},1990,-1.798020762345149E-2,-1.352236571997173E-2,-26.655999999999999,-4.4578419034797621E-3,43.164000000000001,7.2185732263580615E-3,"",null,"",null,null,null,176.89500000000001,148.346,130.65833333333299,5.2774748767847157E-2,8955.0249999999996]
[null,-22,111,"United States",1991,6174.05,578.34500000000003,609.48,1991,0.16573899999999997,0.23087510000000003,0.39560250000000002,5.9948790000000002E-2,-5.8937190000000084E-2,null,0.17092599999999999,null,{"$error":"#REF!"},9210.9638588123817,3.6425032421280061,2.8352634605876448E-2,{"$error":"#REF!"},1991,{"$error":"#REF!"},{"$error":"#REF!"},1991,-3.4393955345356757E-3,-5.0428810910180498E-3,9.9,1.6034855564823738E-3,44.164000000000001,7.1531652642916723E-3,"",null,"",null,null,null,155.33199999999999,131.20099999999999,136.166666666667,4.1293852053548186E-2,8948.4249999999993]
[null,-21,111,"United States",1992,6539.3,616.88,656.09,1992,0.15761049999999999,0.2178052,0.40052409999999999,6.0018079999999994E-2,-8.5126479999999949E-2,null,0.15778700000000001,null,{"$error":"#REF!"},9468.9143541811991,3.9683843329258348,2.8004723427725642E-2,{"$error":"#REF!"},1992,{"$error":"#REF!"},{"$error":"#REF!"},1992,-1.1598642056489233E-2,-5.9960546235835691E-3,-36.637,-5.6025874329056627E-3,45.164000000000001,6.9065496306944165E-3,"",null,"",null,null,null,139.08000000000001,114.845,140.308333333333,2.9962756243801181E-2,9266.5499999999993]
[null,{"$f":"B20-1","v":-20},{"$f":"$D$3","v":111},{"$f":"$D$2","v":"United States"},{"$f":"+E20-1","v":1993},6878.7,642.85699999999997,713.17499999999995,1993,0.1598096,0.28914059999999997,0.42106990000000005,6.4962119999999998E-2,-3.7081820000000099E-2,null,0.22417899999999999,null,{"$error":"#REF!"},9714.1592359544993,2.9036831581237266,2.59000000000007E-2,{"$error":"#REF!"},1993,{"$error":"#REF!"},{"$error":"#REF!"},1993,-1.6010292642505121E-2,-1.0222571125357988E-2,-39.811999999999998,-5.787721517147135E-3,46.164000000000001,6.7111518164769506E-3,"",null,"",null,null,null,141.60499999999999,116.288,144.47499999999999,2.9264100328090237E-2,9521]
[null,-19,{"$f":"$D$3","v":111},{"$f":"$D$2","v":"United States"},1994,7308.7749999999996,703.25699999999995,801.74900000000002,1994,0.16296160000000001,0.2916378,0.4152612,7.261724E-2,-3.3279040000000037E-2,null,0.21902099999999999,null,{"$error":"#REF!"},9979.3557830960599,4.484395224087212,2.7300000000000324E-2,{"$error":"#REF!"},1994,{"$error":"#REF!"},{"$error":"#REF!"},1994,-1.8985124046095286E-2,-1.3475856077112797E-2,-40.265999999999998,-5.5092679689824906E-3,47.164000000000001,6.4530649801095262E-3,"",null,"",null,null,null,169.447,152.30000000000001,148.22499999999999,2.5624907389589779E-2,9905.4500000000007]
[null,-18,111,"United States",1995,7664.05,794.38400000000001,890.77300000000002,1995,0.17420660000000002,0.348024,0.49033890000000002,8.6924279999999993E-2,-5.5032579999999998E-2,null,0.2611,null,{"$error":"#REF!"},10267.7591652275,3.7745803114636405,2.8899999999996373E-2,{"$error":"#REF!"},1995,{"$error":"#REF!"},{"$error":"#REF!"},1995,-1.7544509756590838E-2,-1.2576770767414097E-2,-38.073,-4.9677389891767407E-3,48.164000000000001,6.2844057645761705E-3,"",null,"",null,null,null,213.661,192.77,152.38333333333401,2.7667886348898385E-2,10174.75]
[null,-17,111,"United States",1996,8100.1750000000002,851.59799999999996,955.66800000000001,1996,0.19332750000000001,0.3892794,0.55902529999999995,8.2010349999999996E-2,-5.8428749999999918E-2,null,0.30726900000000001,null,{"$error":"#REF!"},10594.273906681699,3.5016604688468354,3.1799999999996498E-2,{"$error":"#REF!"},1996,{"$error":"#REF!"},{"$error":"#REF!"},1996,-1.8158743483937083E-2,-1.2847870570697553E-2,-43.018999999999998,-5.3108729132395286E-3,49.164000000000001,6.0694984984892304E-3,"",null,"",null,null,null,229.529,207.214,156.858333333334,2.8943786599806565E-2,10561]
[null,-16,111,"United States",1997,8608.5249999999996,934.45699999999999,1042.7270000000001,1997,0.20881720000000001,0.42978969999999994,0.67213489999999998,7.4687980000000001E-2,-0.10821597999999999,null,0.35510199999999997,null,{"$error":"#REF!"},10943.8849456023,4.0149342559632331,3.300000000000991E-2,{"$error":"#REF!"},1997,{"$error":"#REF!"},{"$error":"#REF!"},1997,-1.781141368585212E-2,-1.257706749994919E-2,-45.06,-5.2343461859029284E-3,50.164000000000001,5.82724682799899E-3,"",null,"",null,null,null,261.358,248.74799999999999,160.52500000000001,2.3106631137975953E-2,11034.85]
[null,-15,111,"United States",1998,9089.15,933.17200000000003,1099.317,1998,0.21013699999999999,0.48768539999999999,0.76161649999999992,6.7229369999999997E-2,-0.13102346999999992,null,0.420456,null,{"$error":"#REF!"},11330.204084182,3.7171594507607315,3.5299999999994336E-2,{"$error":"#REF!"},1998,{"$error":"#REF!"},{"$error":"#REF!"},1998,-2.4131189385146024E-2,-1.8279487080750122E-2,-53.186999999999998,-5.8517023043959003E-3,51.164000000000001,5.6291292365072644E-3,"",null,"",null,null,null,266.24200000000002,261.97800000000001,163.00833333333301,1.535163056419897E-2,11525.875]
[null,-14,111,"United States",1999,9660.625,969.86699999999996,1228.4860000000001,1999,0.21481169999999999,0.5753722,0.85721429999999998,5.3093009999999996E-2,-0.12012341000000004,null,0.52227900000000005,null,{"$error":"#REF!"},11734.6923699873,3.4435272566160622,3.5700000000000287E-2,{"$error":"#REF!"},1999,{"$error":"#REF!"},{"$error":"#REF!"},1999,-3.1826408746846106E-2,-2.677042116840268E-2,-48.844000000000001,-5.0559875784434239E-3,52.164000000000001,5.3996506437212913E-3,"",null,"",null,null,null,300.30399999999997,288.36399999999998,166.583333333333,2.1694360468086593E-2,12065.9]
[null,-13,111,"United States",2000,10284.75,1075.3209999999999,1447.837,2000,0.23730440000000003,0.50929950000000002,0.86633819999999995,4.8627919999999998E-2,-0.16836222000000001,null,0.46067200000000003,null,{"$error":"#REF!"},12148.9270106479,2.6624833249954269,3.5300000000004106E-2,{"$error":"#REF!"},2000,{"$error":"#REF!"},{"$error":"#REF!"},2000,-4.1803349619582403E-2,-3.6220228979800199E-2,-57.420999999999999,-5.5831206397822016E-3,53.164000000000001,5.1692068353630374E-3,"",null,"",null,null,null,358.822,339.64299999999997,172.19166666666601,3.3112512769156943E-2,12559.65]
[null,-12,111,"United States",2001,10621.825000000001,1005.653,1367.16,2001,0.2428708,0.4361546,0.8685518000000001,4.9263269999999998E-2,-0.23878967000000006,null,0.38689099999999998,null,{"$error":"#REF!"},12557.1309582056,2.2008712432851079,3.3599999999994301E-2,{"$error":"#REF!"},2001,{"$error":"#REF!"},{"$error":"#REF!"},2001,-4.0016381365725766E-2,-3.4034358502423083E-2,-63.54,-5.9820228633026802E-3,54.164000000000001,5.0993120297124078E-3,"",null,"",null,null,null,298.20400000000001,268.476,177.041666666667,2.7776912285312427E-2,12682.25]
[null,-11,111,"United States",2002,10977.525,978.70399999999995,1397.6610000000001,2002,0.27359250000000002,0.36613639999999997,0.8279531,5.4153670000000001E-2,-0.24237787000000011,null,0.31198300000000001,null,{"$error":"#REF!"},12917.520616706099,3.0151637640229136,2.8699999999999726E-2,{"$error":"#REF!"},2002,{"$error":"#REF!"},{"$error":"#REF!"},2002,-4.4022946884657521E-2,-3.8164977989118685E-2,-64.305999999999997,-5.8579688955388391E-3,55.164000000000001,5.0251764400445461E-3,"",null,"",null,null,null,287.50900000000001,262.33,179.86666666666699,1.5830725898625886E-2,12908.775]
[null,-10,111,"United States",2003,11510.674999999999,1020.417,1514.308,2003,0.26660630000000002,0.47970940000000001,0.91014499999999998,5.8759040000000005E-2,-0.22258833999999994,null,0.42094999999999999,null,{"$error":"#REF!"},13257.2514089255,1.7170014825798705,2.6300000000002433E-2,{"$error":"#REF!"},2003,{"$error":"#REF!"},{"$error":"#REF!"},2003,-4.900703043044826E-2,-4.2907214390120477E-2,-70.212999999999994,-6.0998160403277829E-3,56.164000000000001,4.8792968266413569E-3,"",null,"",null,null,null,326.69299999999998,283.93900000000002,184,2.2719921943492594E-2,13271.1]
[null,-9,111,"United States",2004,12274.924999999999,1161.549,1771.433,2004,0.30595719999999998,0.54546460000000008,0.99346050000000008,7.6973769999999997E-2,-0.21901247000000001,null,0.46849099999999999,null,{"$error":"#REF!"},13586.031243866901,1.6065942028987399,2.4800000000003708E-2,{"$error":"#REF!"},2004,{"$error":"#REF!"},{"$error":"#REF!"},2004,-5.6855418668545842E-2,-4.9685354493000981E-2,-88.012,-7.1700641755448611E-3,57.164000000000001,4.6569734641963194E-3,"",null,"",null,null,null,420.59,356.46300000000002,188.90833333333401,2.6326130977497364E-2,13773.475]
[null,-8,111,"United States",2005,13093.7,1286.0229999999999,2000.2660000000001,2005,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},null,{"$error":"#REF!"},null,{"$error":"#REF!"},13912.095993719699,0.92417001191017834,2.3999999999999355E-2,{"$error":"#REF!"},2005,{"$error":"#REF!"},{"$error":"#REF!"},2005,-6.2095893444939175E-2,-5.4548599708256651E-2,-98.822000000000003,-7.5472937366825267E-3,58.164000000000001,4.4421362945538693E-3,"",null,"",null,null,null,543.98,476.34899999999999,195.26666666666699,3.3104257139041415E-2,14234.25]
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[null,null,null,null,null,null,null,null,null,null,null,0.2,0.1,null,null,null,null,null,"NFA valuation","No NFA Valuation",null,null,null,null,null,null,"Elasticity of NX to REER"]
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[null,null,"ifs_code=",{"$f":"Data!D3","v":111},null,null,null,null,null,null,null,null,"e_m =",{"$f":"Data!#REF!","v":{"$error":"#REF!"}},null,"REER_0=",null,null,100,100,null,null,null,null,null,"Period 2",{"$f":"AA2","v":-0.15},null,null,null,null,null,null,null,null,null,"ACCORDING TO MITALI'S DERIVATION, WE DO NOT NEED THE \"R\" DENOMINATOR ANYMORE (SEE COLUMN AR AND AS)",null,null,null,null,null,null,null,null,null,null,null,"Fx composition of the stocks of A and L:"]
[null,null,"Year=",{"$f":"Data!D4","v":2013},null,null,null,null,null,null,null,null,null,null,null,"REER_1=",null,null,{"$f":"S3*(1+S2)","v":90.011704367915996},{"$f":"T3*(1+T2)","v":100},null,null,null,null,null,"Period 3",{"$f":"AA3","v":-0.15},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"A/GDP","L/GDP"]
[null,null,null,null,null,null,null,null,null,null,null,null,"tb ss, with val",{"$f":"BN54","v":{"$error":"#NAME?"}},null,null,null,null,null,null,null,null,null,null,null,"Period 4",{"$f":"AA4","v":-0.15},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2016,{"$f":"Data!AH42","v":1.2879812161063271},{"$f":"Data!AJ42","v":1.7247095443505611}]
[null,null,null,null,null,null,null,null,null,null,null,null,"tb ss, w/o val",{"$f":"BO54","v":{"$error":"#NAME?"}},null,"nfa=",null,null,null,null,null,null,null,null,null,"Period 5",{"$f":"AA5","v":-0.15},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"A, FC",0.68,null,null,null,null,null,null,null,null,null,null,null,null,"1*(B45<=$G$3)"]
[null,null,null,null,null,null,null,null,null,null,null,null,"nfa ss, with val",{"$f":" (-((AP52)/(1-AP52))*N5)","v":{"$error":"#NAME?"}},null,null,"ER Solution:",null,{"$f":"_xll.RiskOutput()+S2","v":{"$error":"#NAME?"}},{"$f":"_xll.RiskOutput()+T2","v":{"$error":"#NAME?"}},null,null,null,null,null,"Period 6",-0.15,null,null,null,null,null,null,null,null,null,{"$f":"AVERAGE(AK12:AK43)","v":0.10944002231786606},{"$f":"AVERAGE(AL12:AL43)","v":7.7662695765830431E-2},null,{"$f":"CORREL(AK12:AK43,AN12:AN43)","v":{"$error":"#DIV/0!"}},{"$f":"CORREL(AL12:AL43,AN12:AN43)","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,"L, FC",0.16,null,null,null,null,null,null,null,null,null,null,null,null,"($D$7-(($D$7-$D$8)/$G$3)*B45)*BK46"]
[null,null,null,null,null,null,null,null,null,null,null,null,"r/1-r",{"$f":"D8/(1-D8)","v":0},null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(AA2:AA7)","v":-0.9},null,null,null,null,null,null,null,null,null,{"$f":"AVERAGE(AK12:AK43)","v":0.10944002231786606},{"$f":"AVERAGE(AL12:AL43)","v":7.7662695765830431E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,"nfa ss, w/o val",{"$f":" (-((AP52)/(1-AP52))*N6)","v":{"$error":"#NAME?"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"STDEV(AK12:AK43)","v":8.4656205927387346E-2},{"$f":"STDEV(AL12:AL43)","v":6.4850787375718491E-2},null,{"$f":"STDEV(AN12:AN42)","v":{"$error":"#DIV/0!"}},null,null,null,null,null,null,null,null,"NFA/GDP (Local Currency, Assets)","NFA/GDP (Foreign Currency, Assets)","NFA/GDP (Local Currency, Liab.)","NFA/GDP (Foreign Currency, Liab.)","Sum: NFA/GDP ",null,"NETFX"]
[null,"t","ifs_code","Country","Year","Y (Nominal Billions USD) ","X (Nominal Billions USD)","Q (Nominal Billions USD)","NFA (Nominal MM USD)","A (Nominal MM USD)","L (Nominal MM USD)","Exchange Rate (End of Period) [LCU/USD]","Exchange Rate (Period Average) [LCU/USD]","GDP Deflator (LCU)","X Deflator\n(USD)","M Deflator\n(USD)",null,null,null,null,null,null,null,null,null,null,null,"Nominal A [USD]","Nominal L [USD]","x","∆%x","q","∆%q","q*","∆%q*",null,"r_FA (Nominal, USD)","r_FL (Nominal, USD)","RL = (1+r_L)","g","G=(1+g)","G/R_L",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"nfa GM","Potential Output (Constant Prices, LCU, Billions)","Long Term Bond Yield","Growth Rate Potential Output","Trade Balance (% of GDP)","path of delta","counter","delta * rho","path of alpha"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"AR1","I if SC","variable"]
[null,{"$f":"B13-1","v":-31},{"$f":"$D$3","v":111},{"$f":"$D$2","v":"United States"},{"$f":"+E13-1","v":1982},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IFERROR(F12,\"n.a.\")","v":0},{"$f":"IFERROR(G12/T12*100,\"n.a.\")","v":"n.a."},{"$f":"IFERROR(W12/#REF!-1,\"n.a.\")","v":"n.a."},{"$f":"IFERROR(H12/U12*100,\"n.a.\")","v":"n.a."},null,null,{"$f":"IFERROR(J12,\"n.a.\")","v":0},{"$f":"IFERROR(K12,\"n.a.\")","v":0},{"$f":"+W12/V12","v":{"$error":"#VALUE!"}},null,{"$f":"+Y12/V12","v":{"$error":"#VALUE!"}},{"$f":"+AF12/#REF!-1","v":{"$error":"#VALUE!"}},{"$f":"+AF12*(1-BM12*($D$7))","v":{"$error":"#VALUE!"}},null,null,0.18137130287261782,0.22676733934298099,{"$f":"1+AL12","v":1.226767339342981},null,null,null,null,null,null,0.73,1,"nx",null,null,null,null,null,null,{"$error":"#N/A"},null,{"$f":"AJ12","v":0},6918.1234964596197,6.8424755620722912,{"$f":"IFERROR(BF12/#REF!-1,\"n.a.\")","v":"n.a."},{"$f":"AD12-AF12","v":{"$error":"#VALUE!"}},null,null,null,0]
[null,-30,111,"United States",1983,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,"n.a.",{"$f":"IFERROR(W13/W12-1,\"n.a.\")","v":"n.a."},"n.a.",null,null,0,0,{"$error":"#VALUE!"},{"$f":"+AD13/AD12-1","v":{"$error":"#VALUE!"}},{"$error":"#VALUE!"},{"$f":"+AF13/AF12-1","v":{"$error":"#VALUE!"}},{"$error":"#VALUE!"},{"$f":"+AH13/AH12-1","v":{"$error":"#VALUE!"}},null,0.19269944878425682,0.14902661143440721,1.1490266114344072,{"$f":"+V13/V12-1","v":{"$error":"#DIV/0!"}},{"$f":"1+AN13","v":{"$error":"#DIV/0!"}},{"$f":"AO13/AM13","v":{"$error":"#DIV/0!"}},null,null,null,0.28999999999999998,1,"rg",null,null,null,null,null,null,{"$error":"#N/A"},null,0,7129.3287404695593,7.9454696132596716,{"$f":"IFERROR(BF13/BF12-1,\"n.a.\")","v":3.0529267671793425E-2},{"$error":"#VALUE!"},null,null,null,{"$f":"BM12","v":0}]
[null,-29,111,"United States",1984,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,"n.a.","n.a.","n.a.",null,null,0,0,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},null,6.2916044603369192E-2,9.1492300115078473E-2,1.0914923001150785,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,null,null,0.66,1,"ryol",null,null,null,null,null,null,{"$error":"#N/A"},null,0,7358.2058021364901,8.070132496513521,3.2103592077008969E-2,{"$error":"#VALUE!"},null,null,null,0]
[null,-28,111,"United States",1985,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,0.19995794828560931,0.14285097902613675,1.1428509790261367,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,null,null,0.67,1,"ryoa",null,null,null,null,null,null,{"$error":"#N/A"},null,0,7615.3962197866795,7.0954308317293773,3.4952870926158841E-2,{"$error":"#DIV/0!"},null,null,null,0]
[null,-27,111,"United States",1986,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,0.19867517744208207,0.10698193623747132,1.1069819362374713,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,"nx",{"$f":"RiskNormal(0,0.005,RiskCorrmat(NewMatrix4,1))","v":{"$error":"#NAME?"}},0.7,1,"agdp",null,null,null,null,null,null,{"$error":"#N/A"},null,0,7893.429283728,5.7385718711273146,3.6509336601413089E-2,{"$error":"#DIV/0!"},null,null,null,0]
[null,-26,111,"United States",1987,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,0.1152755247340127,3.8081705380436759E-2,1.0380817053804368,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,"rg",{"$f":"RiskNormal(0,0.014,RiskCorrmat(NewMatrix4,2))","v":{"$error":"#NAME?"}},null,null,null,"Data from Benetrix Lane and Shambaugh",null,null,null,null,null,{"$error":"#N/A"},null,0,8158.3695408833501,4.805955012788389,3.3564658354704457E-2,{"$error":"#DIV/0!"},null,null,null,0]
[null,-25,111,"United States",1988,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,0.15057766590873189,8.8768318414955472E-2,1.0887683184149555,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,"ryol",{"$f":"RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,3))","v":{"$error":"#NAME?"}},null,null,null,null,null,null,null,null,null,{"$error":"#N/A"},null,0,8416.736722359361,4.7457893257056529,3.1668972603076773E-2,{"$error":"#DIV/0!"},null,null,null,0]
[null,-24,111,"United States",1989,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,0.15543932070821809,0.15065208542410358,1.1506520854241036,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,"ryoa",{"$f":"RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,4))","v":{"$error":"#NAME?"}},null,null,null,null,null,null,null,null,null,{"$error":"#N/A"},null,0,8672.5722695084096,3.7080724652995176,3.0396049631612243E-2,{"$error":"#DIV/0!"},null,null,null,0]
[null,-23,111,"United States",1990,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,1.4058227572975257E-2,2.4736154496874052E-2,1.0247361544968741,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,"agdp",{"$f":"RiskNormal(0,0.064,RiskCorrmat(NewMatrix4,5))","v":{"$error":"#NAME?"}},null,null,null,0.17277780000000001,0.20489840000000001,0.36752450000000003,5.6144170000000007E-2,{"$f":"AW20+AX20-(AY20+AZ20)","v":-4.5992470000000008E-2},null,0.148754,null,0,8957.00905394437,3.1307839709546421,3.2797280391194006E-2,{"$error":"#DIV/0!"},null,null,null,0]
[null,-22,111,"United States",1991,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,0.10852581736352551,0.11122079634801207,1.1112207963480121,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,null,null,null,null,null,0.16573899999999997,0.23087510000000003,0.39560250000000002,5.9948790000000002E-2,-5.8937190000000084E-2,null,0.17092599999999999,null,0,9210.9638588123817,3.6425032421280061,2.8352634605876448E-2,{"$error":"#DIV/0!"},null,null,null,0]
[null,-21,111,"United States",1992,null,null,null,null,null,null,null,null,null,null,null,"nx","g","rL","rA","a",null,null,null,null,null,null,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,2.019918202046167E-2,4.2224256717579678E-2,1.0422242567175797,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,null,"Defining the correlation matrix of innovations",null,null,null,0.15761049999999999,0.2178052,0.40052409999999999,6.0018079999999994E-2,-8.5126479999999949E-2,null,0.15778700000000001,null,0,9468.9143541811991,3.9683843329258348,2.8004723427725642E-2,{"$error":"#DIV/0!"},null,null,null,0]
[null,{"$f":"B24-1","v":-20},{"$f":"$D$3","v":111},{"$f":"$D$2","v":"United States"},{"$f":"+E24-1","v":1993},null,null,null,null,null,null,null,null,null,null,null,5.0000000000000001E-3,null,null,null,null,null,null,null,null,null,null,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,0.213818026364474,4.6034973662132828E-2,1.0460349736621328,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,null,null,null,null,null,0.1598096,0.28914059999999997,0.42106990000000005,6.4962119999999998E-2,{"$f":"AW23+AX23-(AY23+AZ23)","v":-3.7081820000000099E-2},null,0.22417899999999999,null,{"$f":"AJ23","v":0},9714.1592359544993,2.9036831581237266,2.59000000000007E-2,{"$error":"#DIV/0!"},null,null,null,0]
[null,-19,{"$f":"$D$3","v":111},{"$f":"$D$2","v":"United States"},1994,null,null,null,null,null,null,null,null,null,null,null,-0.44,1.4E-2,null,null,null,null,null,null,null,null,null,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,5.4336966908747009E-2,5.6224500118533527E-3,1.0056224500118534,{"$f":"+V24/V23-1","v":{"$error":"#DIV/0!"}},{"$f":"1+AN24","v":{"$error":"#DIV/0!"}},{"$f":"AO24/AM24","v":{"$error":"#DIV/0!"}},"@RISK Correlations",{"$f":"\"n.a. / nx shock in \"&CELL(\"address\",$AR$36)","v":"n.a. / nx shock in $AR$36"},{"$f":"\"n.a. / g shock in \"&CELL(\"address\",$AS$36)","v":"n.a. / g shock in $AS$36"},{"$f":"\"n.a. / yol shock in \"&CELL(\"address\",$AT$36)","v":"n.a. / yol shock in $AT$36"},{"$f":"\"n.a. / yoa shock in \"&CELL(\"address\",$AU$36)","v":"n.a. / yoa shock in $AU$36"},{"$f":"\"assets / RHS in \"&CELL(\"address\",$AS$22)","v":"assets / RHS in $AS$22"},0.16296160000000001,0.2916378,0.4152612,7.261724E-2,-3.3279040000000037E-2,null,0.21902099999999999,null,0,9979.3557830960599,4.484395224087212,2.7300000000000324E-2,{"$error":"#DIV/0!"},null,null,null,0]
[null,-18,111,"United States",1995,null,null,null,null,null,null,null,null,null,null,null,-0.13,0.13,6.0000000000000001E-3,null,null,null,null,null,null,null,null,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,0.14681016658442814,0.1590146006217692,1.1590146006217692,{"$error":"#DIV/0!"},{"$f":"1+AN25","v":{"$error":"#DIV/0!"}},{"$f":"AO25/AM25","v":{"$error":"#DIV/0!"}},{"$f":"\"n.a. / nx shock in \"&CELL(\"address\",$AR$36)","v":"n.a. / nx shock in $AR$36"},1,null,null,null,null,0.17420660000000002,0.348024,0.49033890000000002,8.6924279999999993E-2,-5.5032579999999998E-2,null,0.2611,null,0,10267.7591652275,3.7745803114636405,2.8899999999996373E-2,{"$error":"#DIV/0!"},null,null,null,0]
[null,-17,111,"United States",1996,null,null,null,null,null,null,null,null,null,null,null,-0.15,-0.04,0.88,6.0000000000000001E-3,null,null,null,null,null,null,null,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,0.12134497128002986,8.843221542236579E-2,1.0884322154223658,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"\"n.a. / g shock in \"&CELL(\"address\",$AS$36)","v":"n.a. / g shock in $AS$36"},{"$f":"Q24","v":-0.44},1,null,null,null,0.19332750000000001,0.3892794,0.55902529999999995,8.2010349999999996E-2,-5.8428749999999918E-2,null,0.30726900000000001,null,0,10594.273906681699,3.5016604688468354,3.1799999999996498E-2,{"$error":"#DIV/0!"},null,null,null,1]
[null,-16,111,"United States",1997,null,null,null,null,null,null,null,null,null,null,null,-0.18,0.19,0.24,0.28999999999999998,6.4000000000000001E-2,null,null,null,null,null,null,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,0.10376254676227625,0.14085084954796878,1.1408508495479688,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"\"n.a. / yol shock in \"&CELL(\"address\",$AT$36)","v":"n.a. / yol shock in $AT$36"},{"$f":"Q25","v":-0.13},{"$f":"R25","v":0.13},1,null,null,0.20881720000000001,0.42978969999999994,0.67213489999999998,7.4687980000000001E-2,-0.10821597999999999,null,0.35510199999999997,null,0,10943.8849456023,4.0149342559632331,3.300000000000991E-2,{"$error":"#DIV/0!"},null,null,null,1]
[null,-15,111,"United States",1998,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,{"$f":"+W28/V28","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,0.1274451737756046,0.13839450721329638,1.1383945072132964,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"\"n.a. / yoa shock in \"&CELL(\"address\",$AU$36)","v":"n.a. / yoa shock in $AU$36"},{"$f":"Q26","v":-0.15},{"$f":"R26","v":-0.04},{"$f":"S26","v":0.88},1,null,0.21013699999999999,0.48768539999999999,0.76161649999999992,6.7229369999999997E-2,-0.13102346999999992,null,0.420456,null,0,11330.204084182,3.7171594507607315,3.5299999999994336E-2,{"$error":"#DIV/0!"},null,null,null,1]
[null,-14,111,"United States",1999,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,{"$error":"#DIV/0!"},{"$f":"+AD29/AD28-1","v":{"$error":"#DIV/0!"}},{"$f":"+Y29/V29","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"+AF29*(1-BM29*($D$7))","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},null,0.15882254299054077,9.7633401004251441E-2,1.0976334010042514,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"\"assets / RHS in \"&CELL(\"address\",$AS$22)","v":"assets / RHS in $AS$22"},{"$f":"Q27","v":-0.18},{"$f":"R27","v":0.19},{"$f":"S27","v":0.24},{"$f":"T27","v":0.28999999999999998},1,0.21481169999999999,0.5753722,0.85721429999999998,5.3093009999999996E-2,-0.12012341000000004,null,0.52227900000000005,null,0,11734.6923699873,3.4435272566160622,3.5700000000000287E-2,{"$f":"AD29-AF29","v":{"$error":"#DIV/0!"}},null,null,null,1]
[null,-13,111,"United States",2000,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,{"$f":"+W30/V30","v":{"$error":"#DIV/0!"}},{"$f":"+AD30/AD29-1","v":{"$error":"#DIV/0!"}},{"$f":"+Y30/V30","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$f":"+AF30*(1-BM30*($D$7))","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},null,-2.6883245701806446E-2,-2.0138127951750073E-2,0.97986187204824993,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,"nx shock","g shock","yol shock","yoa shock","agdp",0.23730440000000003,0.50929950000000002,0.86633819999999995,4.8627919999999998E-2,-0.16836222000000001,null,0.46067200000000003,null,0,12148.9270106479,2.6624833249954269,3.5300000000004106E-2,{"$f":"AD30-AF30","v":{"$error":"#DIV/0!"}},null,null,null,1]
[null,-12,111,"United States",2001,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,-7.3952225913697545E-2,-2.6591088080984315E-2,0.97340891191901568,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},"Period 1",{"$f":"RiskNormal(0,0.005,RiskCorrmat(NewMatrix4,1))","v":{"$error":"#NAME?"}},{"$f":"RiskNormal(0,0.014,RiskCorrmat(NewMatrix4,2))","v":{"$error":"#NAME?"}},{"$f":"RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,3))","v":{"$error":"#NAME?"}},{"$f":"RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,4))","v":{"$error":"#NAME?"}},{"$f":"RiskNormal(0,0.064,RiskCorrmat(NewMatrix4,5))","v":{"$error":"#NAME?"}},0.2428708,0.4361546,0.8685518000000001,4.9263269999999998E-2,-0.23878967000000006,null,0.38689099999999998,null,0,12557.1309582056,2.2008712432851079,3.3599999999994301E-2,{"$error":"#DIV/0!"},null,null,null,1]
[null,-11,111,"United States",2002,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,"n.a.","n.a.","n.a.",null,null,0,0,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},null,-1.9756286234727249E-2,-5.9082370026021014E-2,0.94091762997397899,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},"Period 2",{"$f":"(RiskNormal(0,0.005,RiskCorrmat(NewMatrix4,1))*(1-$AU$12))+($AU$12*(RiskNormal(0,0.005,RiskCorrmat(NewMatrix4,1)) + $AT$12*AR31))","v":{"$error":"#NAME?"}},{"$f":"(RiskNormal(0,0.014,RiskCorrmat(NewMatrix4,2))*(1-$AU$13))+($AU$13*(RiskNormal(0,0.014,RiskCorrmat(NewMatrix4,2)) + $AT$13*AS31))","v":{"$error":"#NAME?"}},{"$f":"RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,3))*(1-$AU$14)+($AU$14*(RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,3)) + $AT$14*AT31))","v":{"$error":"#NAME?"}},{"$f":"RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,4))*(1-$AU$15)+($AU$15*(RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,4)) + $AT$15*AU31))","v":{"$error":"#NAME?"}},{"$f":"RiskNormal(0,0.064,RiskCorrmat(NewMatrix4,5))*(1-$AU$16)+($AU$16*(RiskNormal(0,0.064,RiskCorrmat(NewMatrix4,5)) + $AT$16*AV31))","v":{"$error":"#NAME?"}},0.27359250000000002,0.36613639999999997,0.8279531,5.4153670000000001E-2,-0.24237787000000011,null,0.31198300000000001,null,0,12917.520616706099,3.0151637640229136,2.8699999999999726E-2,{"$error":"#VALUE!"},null,null,null,1]
[null,-10,111,"United States",2003,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,"n.a.","n.a.","n.a.",null,null,0,0,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},null,0.21298439312089101,8.473329452744105E-2,1.084733294527441,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},"Period 3",{"$f":"(RiskNormal(0,0.005,RiskCorrmat(NewMatrix4,1))*(1-$AU$12))+($AU$12*(RiskNormal(0,0.005,RiskCorrmat(NewMatrix4,1)) + $AT$12*AR32))","v":{"$error":"#NAME?"}},{"$f":"(RiskNormal(0,0.014,RiskCorrmat(NewMatrix4,2))*(1-$AU$13))+($AU$13*(RiskNormal(0,0.014,RiskCorrmat(NewMatrix4,2)) + $AT$13*AS32))","v":{"$error":"#NAME?"}},{"$f":"RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,3))*(1-$AU$14)+($AU$14*(RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,3)) + $AT$14*AT32))","v":{"$error":"#NAME?"}},{"$f":"RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,4))*(1-$AU$15)+($AU$15*(RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,4)) + $AT$15*AU32))","v":{"$error":"#NAME?"}},{"$f":"RiskNormal(0,0.064,RiskCorrmat(NewMatrix4,5))*(1-$AU$16)+($AU$16*(RiskNormal(0,0.064,RiskCorrmat(NewMatrix4,5)) + $AT$16*AV32))","v":{"$error":"#NAME?"}},0.26660630000000002,0.47970940000000001,0.91014499999999998,5.8759040000000005E-2,-0.22258833999999994,null,0.42094999999999999,null,0,13257.2514089255,1.7170014825798705,2.6300000000002433E-2,{"$error":"#VALUE!"},null,null,null,1]
[null,-9,111,"United States",2004,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,"n.a.","n.a.","n.a.",null,null,0,0,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},null,0.15324819686085855,7.200158627865183E-2,1.0720015862786518,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},"Period 4",{"$f":"(RiskNormal(0,0.005,RiskCorrmat(NewMatrix4,1))*(1-$AU$12))+($AU$12*(RiskNormal(0,0.005,RiskCorrmat(NewMatrix4,1)) + $AT$12*AR33))","v":{"$error":"#NAME?"}},{"$f":"(RiskNormal(0,0.014,RiskCorrmat(NewMatrix4,2))*(1-$AU$13))+($AU$13*(RiskNormal(0,0.014,RiskCorrmat(NewMatrix4,2)) + $AT$13*AS33))","v":{"$error":"#NAME?"}},{"$f":"RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,3))*(1-$AU$14)+($AU$14*(RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,3)) + $AT$14*AT33))","v":{"$error":"#NAME?"}},{"$f":"RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,4))*(1-$AU$15)+($AU$15*(RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,4)) + $AT$15*AU33))","v":{"$error":"#NAME?"}},{"$f":"RiskNormal(0,0.064,RiskCorrmat(NewMatrix4,5))*(1-$AU$16)+($AU$16*(RiskNormal(0,0.064,RiskCorrmat(NewMatrix4,5)) + $AT$16*AV33))","v":{"$error":"#NAME?"}},0.30595719999999998,0.54546460000000008,0.99346050000000008,7.6973769999999997E-2,-0.21901247000000001,null,0.46849099999999999,null,0,13586.031243866901,1.6065942028987399,2.4800000000003708E-2,{"$error":"#VALUE!"},null,null,null,1]
[null,-8,111,"United States",2005,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,"n.a.","n.a.","n.a.",null,null,0,0,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},null,0.25827418416244985,0.11193881363418989,1.1119388136341899,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},"Period 5",{"$f":"(RiskNormal(0,0.005,RiskCorrmat(NewMatrix4,1))*(1-$AU$12))+($AU$12*(RiskNormal(0,0.005,RiskCorrmat(NewMatrix4,1)) + $AT$12*AR34))","v":{"$error":"#NAME?"}},{"$f":"(RiskNormal(0,0.014,RiskCorrmat(NewMatrix4,2))*(1-$AU$13))+($AU$13*(RiskNormal(0,0.014,RiskCorrmat(NewMatrix4,2)) + $AT$13*AS34))","v":{"$error":"#NAME?"}},{"$f":"RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,3))*(1-$AU$14)+($AU$14*(RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,3)) + $AT$14*AT34))","v":{"$error":"#NAME?"}},{"$f":"RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,4))*(1-$AU$15)+($AU$15*(RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,4)) + $AT$15*AU34))","v":{"$error":"#NAME?"}},{"$f":"RiskNormal(0,0.064,RiskCorrmat(NewMatrix4,5))*(1-$AU$16)+($AU$16*(RiskNormal(0,0.064,RiskCorrmat(NewMatrix4,5)) + $AT$16*AV34))","v":{"$error":"#NAME?"}},null,null,null,null,null,null,{"$error":"#REF!"},null,0,13912.095993719699,0.92417001191017834,2.3999999999999355E-2,{"$error":"#VALUE!"},null,null,null,1]
[null,-7,111,"United States",2006,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,"n.a.","n.a.","n.a.",null,null,0,0,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},null,0.17998247405149392,9.9934440865156571E-2,1.0999344408651566,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},"Period 6",{"$f":"(RiskNormal(0,0.005,RiskCorrmat(NewMatrix4,1))*(1-$AU$12))+($AU$12*(RiskNormal(0,0.005,RiskCorrmat(NewMatrix4,1)) + $AT$12*AR35))","v":{"$error":"#NAME?"}},{"$f":"(RiskNormal(0,0.014,RiskCorrmat(NewMatrix4,2))*(1-$AU$13))+($AU$13*(RiskNormal(0,0.014,RiskCorrmat(NewMatrix4,2)) + $AT$13*AS35))","v":{"$error":"#NAME?"}},{"$f":"RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,3))*(1-$AU$14)+($AU$14*(RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,3)) + $AT$14*AT35))","v":{"$error":"#NAME?"}},{"$f":"RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,4))*(1-$AU$15)+($AU$15*(RiskNormal(0,0.006,RiskCorrmat(NewMatrix4,4)) + $AT$15*AU35))","v":{"$error":"#NAME?"}},{"$f":"RiskNormal(0,0.064,RiskCorrmat(NewMatrix4,5))*(1-$AU$16)+($AU$16*(RiskNormal(0,0.064,RiskCorrmat(NewMatrix4,5)) + $AT$16*AV35))","v":{"$error":"#NAME?"}},null,null,null,null,null,null,{"$error":"#N/A"},null,0,14240.421459171501,1.569577216342672,2.3600000000001176E-2,{"$error":"#VALUE!"},null,null,null,1]
[null,-6,111,"United States",2007,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,"n.a.","n.a.","n.a.",null,null,0,0,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},null,0.21700036240169651,0.12678634766251173,1.1267863476625117,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,null,null,null,null,null,null,null,null,null,null,null,{"$error":"#N/A"},null,null,14563.6790262946,1.758616371052983,2.2699999999993281E-2,{"$error":"#VALUE!"},null,null,null,1]
[null,-5,111,"United States",2008,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,"n.a.","n.a.","n.a.",null,null,0,0,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},null,-7.4023478690798949E-3,7.4652901173508868E-2,1.0746529011735089,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,null,null,null,null,null,null,null,null,null,null,null,{"$error":"#N/A"},null,null,14892.8181722889,-0.1482867320703698,2.260000000000284E-2,{"$error":"#VALUE!"},null,null,null,1]
[null,-4,111,"United States",2009,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,"n.a.","n.a.","n.a.",null,null,0,0,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},null,2.4689375207144648E-2,-5.1519257889380055E-2,0.94848074211061995,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},"Debt less disc val",{"$f":"_xll.RiskOutput()+(1-(PRODUCT(AX54:AX59)))*AJ45","v":{"$error":"#NAME?"}},null,null,null,null,null,null,null,null,null,null,{"$error":"#N/A"},null,null,15187.695972100199,3.5770242592963246,1.9799999999998485E-2,{"$error":"#VALUE!"},null,null,null,1]
[null,-3,111,"United States",2010,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,"n.a.","n.a.","n.a.",null,null,0,0,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},null,0.10588205320574229,6.041847421341151E-2,1.0604184742134115,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,null,null,null,null,null,null,null,null,null,null,null,{"$error":"#N/A"},null,null,15379.0609413487,1.5775971165388107,1.2600000000002609E-2,{"$error":"#VALUE!"},null,null,null,1]
[null,-2,111,"United States",2011,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,"n.a.","n.a.","n.a.",null,null,0,0,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},null,3.2077876352361478E-2,7.9564230356050425E-2,1.0795642303560504,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},"Debt less disc val after revaluation",{"$f":"(AR39)+($S$2*BB43)","v":{"$error":"#NAME?"}},null,null,null,null,null,null,null,null,null,null,{"$error":"#N/A"},null,null,15582.064545774499,-0.35687598000290643,1.3199999999999878E-2,{"$error":"#VALUE!"},null,null,null,1]
[null,{"$f":"B43-1","v":-1},111,"United States",{"$f":"+E43-1","v":2012},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,"n.a.","n.a.","n.a.",null,null,0,0,{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},null,4.2722624121015684E-2,1.2848358996962794E-2,1.0128483589969628,{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},null,null,null,null,null,null,null,null,null,null,null,null,{"$error":"#N/A"},null,null,15828.261165597802,-0.27385275619474414,1.5800000000004255E-2,{"$error":"#VALUE!"},null,null,null,1]
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