trade, providing a natural hedge against world price fluctuations. We find the consumption terms of trade at local prices is … more volatile than at world prices, but the two are strongly positively correlated. The same commodities dominate the …

reduce taxes on labor income, showing that such a policy could increase world productive capacity while being consistent with …

countries, this paper estimates the impact of terms of trade volatility and secular change between 1870 and 1938. We find that … volatility was much more important than secular change. Additionally, both effects were asymmetric between core and periphery …

This paper investigates the sources of terms of trade volatility, specifically addressing the relative importance of …

of life deep into the 18th century. Does world market integration breed more or less commodity price volatility? The … been associated with much greater commodity price volatility, while world market integration associated with peace and pro …Poor countries are more volatile than rich countries, and we know this volatility impedes their growth. We also know …

, modern economists argue that volatility reduces growth in the poor periphery. This paper assess these de …-industrialization and volatility forces between 1782 and 1913 during the Great Divergence. First, it argues that the new economic order had …-reducing terms of trade volatility was the other. Between 1820 and 1870, terms of trade volatility was much greater in the poor …

Did adoption of the gold standard exacerbate or diminish macroeconomic volatility? Supporters thought so, critics … absorption in a world of real shocks and nominal stickiness. A simple model shows how a lack of flexibility can be discerned in … the transmission of terms of trade shocks. Evidence on the relationship between real exchange rate volatility and terms of …