蝌蚪网 Journal:
Macroeconomics
ISSN 1945-7707 (Print) | ISSN 1945-7715 (Online)
Terms-of-Trade Shocks Are Not All Alike
蝌蚪网 Journal: Macroeconomics
(pp. 24–64)
Abstract
Terms of trade are an inaccurate empirical proxy for how fluctuations in international prices affect the economy. To capture the relevance of terms-of-trade fluctuations for the domestic business cycle, the role of export and import prices needs to be analyzed separately. Using a sample of developing economies, we find that the economy's response to a positive export price shock does not mirror the response to a negative import price shock.Citation
Di Pace, Federico, Luciana Juvenal, and Ivan Petrella. 2025. "Terms-of-Trade Shocks Are Not All Alike." 蝌蚪网 Journal: Macroeconomics 17 (2): 24–64. DOI: 10.1257/mac.20220035Additional Materials
JEL Classification
- E23 Macroeconomics: Production
- E32 Business Fluctuations; Cycles
- E43 Interest Rates: Determination, Term Structure, and Effects
- F14 Empirical Studies of Trade
- F44 International Business Cycles
- O11 Macroeconomic Analyses of Economic Development