This paper focuses on the sluggish growth of world trade relative to income growth in recent years. The analysis uses …

Structural transformation depends not only on how much countries export but also on what they export and with whom they … complexity of the export basket. We identify five priority areas for policies: (1) reduction of trade costs, at and behind the …

export and import prices. Using a sample of developing countries our paper shows that this is not the case. We construct … export and import price indices using commodity and manufacturing price data matched with trade shares and separately … identify export price, import price, and global economic activity shocks using sign and narrative restrictions. Taken together …

trade volatility offset the positive impact of commodity booms; and export diversification of primary commodity abundant …

, export or import bans would come at a deleterious cost to the global economy. The paper concludes that fostering …

, despite the larger trade elasticities implied by firm heterogeneity. As a consequence, the world-wide trade response, though …