\begin{tabular}{lcc}
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\multicolumn{3}{c}{Panel (a): Calibration}\\\\

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Parameters & Value & Source\\
\hline \\
Size of Tariff ($\tau$) &0.17& \cite{goldmansachs2025}
\\Capital Share ($\nu$) &0.33& Standard\\Risk Aversion ($\gamma$) &5.00& Standard \\\\GDP Share U.S. (1984-2019) &0.27& Penn WT\\GDP Share Euro Zone (1984-2019) &0.15& Penn WT\\GDP Share U.S.(2023) &0.26& World Bank\\GDP Share Euro Zone (2023)  &0.15& World Bank \\\\\textbf{Calibrated Parameters} & & \\\\Share of Active Households ($\psi$) &0.03 \\Share of Traded Consumption ($\alpha$) &0.45& \\Supply Shock Volatility ($\sigma_N$) &0.03\\Demand Shock Volatility ($\sigma_\chi$) &0.07\\\\
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\multicolumn{3}{c}{Panel (b): Targeted Moments}\\\\
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\\
Interest Rate Difference (USA - ANZ)(pp.) & -2.48 &-2.70  \\ 
& [-2.73,-2.24] & \\ 
Currency Excess Return (USA - ANZ)(pp.) & -2.40 &-2.70 \\ 
&[-3.53,-1.28]& \\ 
Correlation of Exchange Rate with Consumption Growth & -0.10 &-0.07 \\ 
&[-0.35,0.16]& \\ 
Standard Deviation of Consumption Growth (\%) & 1.95 &0.65 \\ 
&[1.62,2.29]& \\ 


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