trading partners' total factor productivity (TFP). Our hypothesis is that business cycles should be more correlated between …

among trading partners' aggregate productivity. Our hypothesis is that business cycles should be more strongly correlated … into its extensive and intensive margins, we find that the extensive margin explains most of the trade-productivity and …, in which the aggregate productivity correlation increases with trade in varieties. A numerical exercise shows that our …

factor productivity (TFP). Our hypothesis is that business cycles should be more correlated between countries that trade a …