Schmitt-Grohé, Stephanie; Uribe, Martin - 2023
emerging countries and find that terms-of-trade shocks ex-plain only 10 percent of movements in aggregate activity. We then … terms-of-trade process. In the estimated theoretical business-cycle models terms-of-trade shocks explain on average 30 …According to conventional wisdom, terms of trade shocks represent a major source of business cycles in emerging and …