While theoretical models suggest that trade is likely to increase productivity and income levels, the empirical … evidence is rather mixed. For some countries, trade has a strong impact on growth, whereas for other countries there is no or … even a negative linkage. We examine one likely prerequisite for a welfare increasing impact of trade, that is, the role of …

African economies that export natural resources have benefited from positive terms-of-trade effects. In addition, there is …

Business cycles reflect changes over time in the amount of trade between individuals. In this paper we show that … incorporating explicitly intra-temporal gains from trade between individuals into a macroeconomic model can provide new insight into … "gains from trade" approach can easily explain why changes in perceptions about the future (including "news" about the future …

African economies that export natural resources have benefited from positive terms-of-trade effects. In addition, there is …