policy and terms-of-trade fluctuations using a sample of 74 countries, both developed and developing. It finds evidence that … booms in the terms of trade do not necessarily lead to larger government surpluses in developing countries, particularly in …

Persistent differences in interest rates across countries account for much of the profitability of currency carry trade … finished goods. This pattern arises in a complete-markets model with trade specialization and limited shipping capacity … producers. Empirically, a commodity-based strategy explains a substantial portion of the carry-trade risk premia, and all of …

understate the share of imports in final consumption and, thereby, the gains from trade …We use Belgian data on domestic firm-to-firm transactions and ask how the measurement of the share of imports in final … substantially affect the measurement of the share of imports in final consumption. However, using the national IO tables alone may …

. The framework of the analysis is a small open economy with abating exchange rate and endogenous terms if trade, in which … current-account surplus. The terms of trade between foreign and domestic finished goods always improve in the long run …

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 the last twenty five years and its quantitative role varies …

the transmission of terms of trade shocks. Evidence on the relationship between real exchange rate volatility and terms of … trade volatility from the late nineteenth and early twentieth century exposes a dramatic change. The classical gold standard …Did adoption of the gold standard exacerbate or diminish macroeconomic volatility? Supporters thought so, critics …

developed and the developing countries. Our analysis will evaluate how the presence of terms of trade adjust-rent and distorted … endogenous terms of trade adjustment, there are cases in which a competitive international banking system may not revitalize … appropriate conditionality, and the presence of endogenous terms of trade adjustment puts greater weight on investment …

productivity and country-specific variables. In contrast to canonical export models where firm profits are additively separable … generate heterogeneous domestic sourcing responses to trade shocks …

When subsidies and tariffs are applied to imports with fluctuating prices, it is shown that the output response of … the implementation of trade policy …

trade policy, namely that trade protection should be higher in sectors characterized by lower import penetration (we call … assumptions that trade taxes are the only policy instruments and that the government has access to non-distortionary taxation. We … analyze a model in which the government can use quotas and VERs in addition to trade taxes and raising public funds may be …