Maravalle, Alessandro - Departamento de Fundamentos del Análisis Económico … - 2010
This paper highlights the role of the terms of trade in the trade channel of propagation of oil price shocks both … empirically and theoretically. Empirically, I show that oil price shocks have a large, persistent and statistically significant … conditions the terms of trade plays a relevant role in the international transmission of oil price shocks. With nominal price …