This paper analyzes how terms of trade affect aggregate productivity using a two-country monopolistic competitive …’s productivity is affected by the terms of trade. This introduces a novel mechanism for business cycle synchronization. Moreover, for … how terms of trade movements can lead to excess volatility of consumption and highly persistent productivity. On the …

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

several methods to decompose total factor productivity growth into secular and unexpected components. All our empirical …

recommendations to reduce the trade imbalances through productivity-enhancing reforms in advanced economies are likely to yield only …

recommendations to reduce the trade imbalances through productivity-enhancing reforms in advanced economies are likely to yield only …

the international transmission of productivity improvements generate the observed degree of risk-sharing: one associated …

international transmission of productivity improvements generate the observed degree of risk-sharing: one associated with a …