. The relationship between these variables is theoretically ambiguous: an adverse transitory terms of trade shock can either …

alternative explanation of the J-curve phenomenon. We find that an unanticipated ToT shock increases real output as well as … ToT shock leads to the J-curve effect. We find that our main result, concerning the J-curve phenomenon, continues to hold …

exported primary commodities, imported capital goods and intermediate inputs, and a financial shock, modeled as fluctuations in …

Friedman's hypothesis. In response to a negative terms-of-trade shock, countries with fixed regimes experience large and …

. Current accounts experience, on average, a contemporaneous variation of only about 1/2 of the magnitude of the price shock …

. This paper investigates the extent to which a credit shock in one country is transmitted to its trade partners. To this end … investment loans. We find that a negative credit shock to one country induces a sharp contraction in that country's economy …. The degree of credit-shock transmission depends on the home bias in international trade and the type of goods countries …