This paper investigates the impact of long-run terms-of-trade shocks. Analytically, we show that, if capital goods are … during 1965-89. Favorable terms-of-trade shocks increase investment and (especially government) consumption, but reduce …, but Dutch Disease effects are strikingly absent. Investment, consumption, and nontradable output respond more to a terms-of-trade …

trade data. We impose homogeneity, and find an aggregate elasticity similar in value to conventional macroeconomic estimates …

Trade integration can play a much larger role in boosting shared prosperity. The current focus on trade tensions … threatens to obscure the great untapped benefits possible from further trade reform. The opportunities provided by information … technology and other fundamental changes in the global economy are yet to be reflected in modern areas of trade policy, such as …

There is a widespread view that the adjustment of U.S. trade prices--and hence merchandise trade flows--in the face of … the recent behavior of U.S. trade prices, and concludes that the modest movements are largely attributable to a decline in … computer prices, swings in commodity prices, and the growing importance of computers in U.S. trade. Empirical results suggest …

Europe is facing slower growth as a result of protracted financial turbulence and spillovers from the U.S. Meanwhile … risks to real activity with the need to anchor inflation. Emerging Europe is well placed to continue to grow, albeit at a …

Europe's contraction is ending, but the recovery is fragile. Policymakers should look beyond the crisis to secure a …