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Backus, David K. - 1998

The combination of substantial terms of trade variability and unstable correlation patterns of trade prices with output and trade volumes has led some to suggest a break in the link between trade volumes and prices. We find that oil accounts for much of the variation in the terms of trade over...

Persistent link: https://www.econbiz.de/10012472116

Oil Price Movements and the Global Economy : A Model-Based Assessment

Elekdag, Selim - 2008

We develop a five-region version (Canada, a group of oil exporting countries, the United States, emerging Asia and Japan plus the euro area) of the Global Economy Model (GEM) encompassing production and trade of crude oil, and use it to study the international transmission mechanism of shocks...

Persistent link: https://www.econbiz.de/10012464854

Non-Monetary Exchange Within Firms and Industry

Prendergast, Canice - 1996

This paper considers why non-monetary means of exchange, such as barter and the reciprocation of favors, are chosen by firms despite the usual benefits of monetary transactions. We consider the chosen means of exchange when both monetary and non-monetary exchange mechanisms are available. We...

Persistent link: https://www.econbiz.de/10012473069

Savings and the Terms of Trade Under Borrowing Constraints

Agenor, Pierre-Richard - 2000

This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings. The first part uses a simple three-period model to show that, if households expect to face binding borrowing constraints in bad states of nature, savings rates will respond...

Persistent link: https://www.econbiz.de/10012471007

Adjusting Output and Productivity Indexes for Changes in the Terms of Trade

Diewert, W. Erwin - 1985

In this paper we employ index number theory in addressing the problem of adjusting real national income and real … domestic product for changes in a country's terms of trade. More specifically, using recent developments in the theory of … only production theory, whereas in the traditional paradigm which treats traded goods as perfectly substitutable with a …

Persistent link: https://www.econbiz.de/10012477521

The Roles of the Terms of Trade and Nontraded-Good-Prices in Exchange Rate Variations

Stockman, Alan C. - 1984

This paper demonstrates that disturbances to supplies or demands for internationally traded goods affect exchange-rates differently than do disturbances in markets for nontraded goods. The paper develops a stochastic two-country equilibrium model of exchange rates, asset prices, and goods...

Persistent link: https://www.econbiz.de/10012477749

Current Account Dynamics and the Terms of Trade : Harberger-Laursen-Metzler Two Generations Later

Persson, Torsten - 1983

The current account dynamics is examined for a small open economy which is subject to exogenous changes in its static terms of trade and in world interest rates. The model used is one with overlapping finite-lived generations, which we argue gives rise to a more reasonable saving behaviour than...

Persistent link: https://www.econbiz.de/10012477973

Real Wages and the Terms of Trade : Alternative Indexation Rules for an Open Economy

Marston, Richard C. - 1982

This paper examines the desirability of wage indexation in an open economy subject to economic disturbances which change the terms of trade and raise the prices of imported goods. Two indexation rules are considered, the traditional form of indexation to the consumer price index and indexation...

Persistent link: https://www.econbiz.de/10012478059

Transitory Terms-of-Trade Shocks and the Current Account : The Case of Constant Time Preference

Obstfeld, Maurice - 1982

The paper uses an intertemporal perfect-foresight optimizing model to analyze the effect of transitory terms-of-trade shocks on a small open . economy's current-account and utility time profiles. An adverse terms-of-trade shift known to be temporary induces the economy to run down its stock of...

Persistent link: https://www.econbiz.de/10012478277

Intermediate Imports, the Terms of Trade, and the Dynamics of the Exchange Rate and Current Account

Obstfeld, Maurice - 1980

This paper studies the macroeconomic effects of an increase in the price of an imported intermediate production input. The framework of the analysis is a small open economy with abating exchange rate and endogenous terms if trade, in which saving depends on residents'(variable) rate of time...

Persistent link: https://www.econbiz.de/10012478594

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