We offer a new explanation as to why international trade is so volatile in response to economic shocks. Our approach … combines the uncertainty shock idea of Bloom (2009) with a model of international trade, extending the idea to the open economy …, this response leads to a bigger contraction in international trade flows than in domestic economic activity. We confront …

We offer a new explanation as to why international trade is so volatile in response to economic shocks. Our approach … combines the uncertainty shock idea of Bloom (2009) with a model of trade, extending the idea to the open economy. Firms import … international trade flows than in domestic activity. We confront the model with newly-compiled U.S. import data and industrial …

We offer a new explanation as to why international trade is so volatile in response to economic shocks. Our approach … combines the uncertainty shock idea of Bloom (2009) with a model of international trade, extending the idea to the open economy …, this response leads to a bigger contraction in international trade flows than in domestic economic activity. We confront …

We offer a new explanation as to why international trade is so volatile in response to economic shocks. Our approach … combines the uncertainty shock idea of Bloom (2009) with a model of international trade, extending the idea to the open economy …, this response leads to a bigger contraction in international trade flows than in domestic economic activity. We confront …

We offer a new explanation as to why international trade is so volatile in response to economic shocks. Our approach … combines the uncertainty shock idea of Bloom (2009) with a model of international trade, extending the idea to the open economy …, this response leads to a bigger contraction in international trade flows than in domestic economic activity. We confront …