The microdata underlying U.S. import and export price indexes exhibit frequent product turnover and highly rigid prices … "product replacement bias" and quantify its importance using U.S. microdata on import and export prices. We show that …, accounting for product replacement bias, long-run exchange rate "pass-through" into U.S. import and export price indexes is …

to have dealt with the volatility better. Why? This paper explores Australian terms of trade volatility since 1901. It …Even though Australia has experienced frequent and large commodity export price shocks like the Third World, it seems …

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 …

price volatility or specialization dominates terms of trade and thus aggregate volatility in poor countries is thus …Poor countries are more volatile than rich countries, and we know this volatility impedes their growth. We also know … that commodity price volatility is a key source of those shocks. This paper explores commodity and manufactures price over …

of the imports and exports relatively well. In addition, the model with trade in durables helps to understand the …Data for OECD countries document: 1. imports and exports are about three times as volatile as GDP; 2. imports and … to replicate the behavior of imports and exports, though they can match net exports relatively well. Inspired by the fact …

panel database for 35 countries, this paper estimates the impact of terms of trade volatility and secular change on country …Most countries in the periphery specialized in the export of just a handful of primary products for most of their … performance between 1870 and 1939. Volatility was much more important for accumulation and growth than was secular change …

The national terms of trade, defined as the ratio of an export price index to an import price index has been … extensively studied empirically. In this paper we construct an alternative measure, which we call the consumption terms of trade … variation of the terms of trade of 38 countries. Using a novel variance decomposition method, we find that the bulk of terms of …

-reducing terms of trade volatility was the other. Between 1820 and 1870, terms of trade volatility was much greater in the poor … from 1870-2000, we know that terms of trade volatility lowers long run growth in the poor periphery, and that the negative … impact is big. Given that terms of trade volatility in the poor periphery was even bigger during the century before 1870, it …

This paper evaluates the impact of international reserves, terms of trade shocks and capital flows on the real exchange …

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 …