This paper investigates the sources of terms of trade volatility, specifically addressing the relative importance of …

trade, providing a natural hedge against world price fluctuations. We find the consumption terms of trade at local prices is … more volatile than at world prices, but the two are strongly positively correlated. The same commodities dominate the …

of life deep into the 18th century. Does world market integration breed more or less commodity price volatility? The … been associated with much greater commodity price volatility, while world market integration associated with peace and pro …Poor countries are more volatile than rich countries, and we know this volatility impedes their growth. We also know …

, modern economists argue that volatility reduces growth in the poor periphery. This paper assess these de …-industrialization and volatility forces between 1782 and 1913 during the Great Divergence. First, it argues that the new economic order had …-reducing terms of trade volatility was the other. Between 1820 and 1870, terms of trade volatility was much greater in the poor …

Did adoption of the gold standard exacerbate or diminish macroeconomic volatility? Supporters thought so, critics … absorption in a world of real shocks and nominal stickiness. A simple model shows how a lack of flexibility can be discerned in … the transmission of terms of trade shocks. Evidence on the relationship between real exchange rate volatility and terms of …

It has been suggested that countries which export in especially risky sectors will experience higher output volatility …. This measure is strongly correlated with terms-of-trade and output volatility, but does not exhibit a close relationship to …

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