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 …

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 …

This paper investigates the sources of terms of trade volatility, specifically addressing the relative importance of … goods-price effects vs. country-price effects. For fuel exporters, most of the terms of trade variation stems from goods … terms of trade variation that appears to be about equally due to goods-price effects and country-price effects …

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 …

exports and imports, and the implications of this choice for exchange rate pass-through into prices and quantities. We derive …

to merchandise imports from all countries, we find a fall in net labor demand due to trade, but comparing the growth of …We quantify the impact on U.S. employment from imports and exports during 1995-2011, using the World Input … gain due to merchandise exports was 3.7 million jobs. In comparison, U.S. merchandise imports from China led to reduced …

data on bilateral trade in manufactures among 92 countries and to firm-level export data for a much narrower sample shows …A recent literature has introduced heterogeneous firms into models of international trade. This literature has adopted … not hold in the data. We show how a standard heterogeneous-firm trade model can be amended to allow for only an integer …