Question on calibration

Steady state
1

Dear Professor Pfeifer,

I was trying to match the steady state value to the empirical data.

The problem is: I mean to match the ratio of loans(B in the model) and GDP(Y in the model) to the empirical data. The net export is not included in the GDP of model, while the real data of GDP actually contains the net export. So which ratio of empirical data should I match? B/Y or B/(Y without net export) ?

Thank you for your time on this.

2

Are those external loans? If yes, there is a problem, because the dynamics in loans will depend on the dynamics of net exports. Having only of them in the model will cause inconsistencies.