COVID-19 has raised questions about the resilience of agri-food trade to global shocks to the system. This paper analyses the changes in agri-food trade (values, extensive and intensive margin, and diversification) during the pandemic at global and regional levels. It also considers parallels in...

This paper constructs a model of growth based on Adam Smith's notions of specialization and extent of the market. We seek to explain the following stylized facts. 1) The share of household production in total output has fallen over time as the economy has grown. 2) Services as a percent of GDP...

Almost 80 percent of capital goods production in the world is concentrated in 10 countries. Poor countries import most of their capital goods. We argue that international trade in capital goods has quantitatively important effects on economic development through two channels: (i) capital...