prices to characterize optimal fiscal and monetary policy in response to productivity and terms of trade shocks. Contrary to … for a devaluation of the currency, those induced by a drop in productivity in the non-tradable sector require a …

and total factor productivity growth in small and large states in the South. There are three main findings. First …, productivity growth increases with North-South trade-related technology diffusion and education and the interaction between the two … their interaction on productivity growth in small states is more than three times that for large countries, with the …

the positive effect of liberalization on productivity when they do not account for the endogeneity bias. On the theory …"There is a growing literature that investigates the effect of trade liberalization on productivity. Nearly all such … studies assume that trade policy is determined independently of productivity, hence it is exogenous. The author shows that …

for greater capital accumulation, without being fully reflected in a higher rate of total factor productivity (TFP) growth …