The Terms Of Trade And Economic Fluctuations
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The Terms Of Trade And Economic Fluctuations
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Author : Mr.Enrique G. Mendoza
language : en
Publisher: International Monetary Fund
Release Date : 1992-11-01
The Terms Of Trade And Economic Fluctuations written by Mr.Enrique G. Mendoza and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-11-01 with Business & Economics categories.
A three-good, stochastic intertemporal equilibrium model of a small open economy is used to examine the link between terms of trade and business cycles. Equilibrium co-movements of model economies representing industrial and developing countries are computed and compared with the stylized facts of 30 countries. The results show that terms-of-trade shocks account for half of observed output variability and that the model mimics the Harberger-Laursen-Metzler effect and produces large deviations from purchasing power parity. The elasticity of substitution between tradable and nontradable goods and the persistence of the shocks play a key role in producing these results.
Commodity Terms Of Trade
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2009-09-01
Commodity Terms Of Trade written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-09-01 with Business & Economics categories.
We compile a historical dataset covering nearly 40 years of booms and busts in the commodity terms of trade of over 150 countries. We discuss the characteristics of these events and their effects on macroeconomic performance and, in particular, compare the most recent commodity-price cycle with its historical precedents.
Terms Of Trade Shocks Are Not All Alike
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Author : Federico Di Pace
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2020-12-11
Terms Of Trade Shocks Are Not All Alike written by Federico Di Pace and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-11 with Business & Economics categories.
When analyzing terms-of-trade shocks, it is implicitly assumed that the economy responds symmetrically to changes in export and import prices. Using a sample of developing countries our paper shows that this is not the case. We construct export and import price indices using commodity and manufacturing price data matched with trade shares and separately identify export price, import price, and global economic activity shocks using sign and narrative restrictions. Taken together, export and import price shocks account for around 40 percent of output fluctuations but export price shocks are, on average, twice as important as import price shocks for domestic business cycles.
Commodity Terms Of Trade
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Author : Bertrand Gruss
language : en
Publisher: International Monetary Fund
Release Date : 2019-01-24
Commodity Terms Of Trade written by Bertrand Gruss and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-24 with Business & Economics categories.
This paper presents a comprehensive database of country-specific commodity price indices for 182 economies covering the period 1962-2018. For each country, the change in the international price of up to 45 individual commodities is weighted using commodity-level trade data. The database includes a commodity terms-of-trade index—which proxies the windfall gains and losses of income associated with changes in world prices—as well as additional country-specific series, including commodity export and import price indices. We provide indices that are constructed using, alternatively, fixed weights (based on average trade flows over several decades) and time-varying weights (which can account for time variation in the mix of commodities traded and the overall importance of commodities in economic activity). The paper also discusses the dynamics of commodity terms of trade across country groups and their influence on key macroeconomic aggregates.
Terms Of Trade
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Author :
language : en
Publisher:
Release Date :
Terms Of Trade written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
World Food Prices The Terms Of Trade Real Exchange Rate Nexus And Monetary Policy
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Author : Mr.Luis Catão
language : en
Publisher: International Monetary Fund
Release Date : 2013-05-17
World Food Prices The Terms Of Trade Real Exchange Rate Nexus And Monetary Policy written by Mr.Luis Catão and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-17 with Business & Economics categories.
How should monetary policy respond to large fluctuations in world food prices? We study this question in an open economy model in which imported food has a larger weight in domestic consumption than abroad and international risk sharing can be imperfect. A key novelty is that the real exchange rate and the terms of trade can move in opposite directions in response to world food price shocks. This exacerbates the policy trade-off between stabilizing output prices vis a vis the real exchange rate, to an extent that depends on risk sharing and the price elasticity of exports. Under perfect risk sharing, targeting the headline CPI welfare-dominates targeting the PPI if the variance of food price shocks is not too small and the export price elasticity is realistically high. In such a case, however, targeting forecast CPI is a superior choice. With incomplete risk sharing, PPI targeting is clearly a winner.
British Economic Fluctuations 1790 1939
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Author : Derek H. Aldcroft
language : en
Publisher: Springer
Release Date : 1972-06-01
British Economic Fluctuations 1790 1939 written by Derek H. Aldcroft and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1972-06-01 with Business & Economics categories.
Macroeconomic Fluctuations In Sub Saharan Africa
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Author : Mr.Alexander W. Hoffmaister
language : en
Publisher: International Monetary Fund
Release Date : 1997-07-01
Macroeconomic Fluctuations In Sub Saharan Africa written by Mr.Alexander W. Hoffmaister and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-07-01 with Business & Economics categories.
The sources of macroeconomic fluctuations in sub–Saharan African are examined by comparing the CFA franc countries with the non–CFA franc countries. External shocks, especially terms of trade shocks, appear to have a greater influence on fluctuations of output and the real exchange rate in CFA franc countries. This result does not appear to be associated with differences in the economic structure but may reflect the fixed exchange rate regime, which does not (partially) buffer these countries from external shocks. Macroeconomic fluctuations in non–CFA franc countries are similar to those in other developing countries, particularly in Latin America.
Economics Of Trade And Development
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Author : James Daniel Theberge
language : en
Publisher: John Wiley & Sons
Release Date : 1968
Economics Of Trade And Development written by James Daniel Theberge and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 1968 with Business & Economics categories.
Monographic compilation of readings in the economic theory of trade in relation to economic development - covers the effects of industrialization on exports, comparative advantage and development policy, Terms of Trade and economic development, tariff negotiation, technology transfer, capital formation, foreign investment in developing countries, policy obstacles to trade and development, etc. References and statistical tables.
Economic Cycles
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Author : Solomos Solomou
language : en
Publisher: Manchester University Press
Release Date : 1998
Economic Cycles written by Solomos Solomou and has been published by Manchester University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business cycles categories.
The ups and downs of booms and slumps, often referred to as business cycles, are features of all modern economies. This book considers business cycles over three epochs 1870-1913, 1919-1938 and the post-World War II period. It provides an analysis of the key macroeconomic questions relating to economic fluctuations. Why are the ups and down more volatile in some epochs than others? Why are some business cycle shocks more persistent in their effects? Is there an international business cycle? Can present business cycle features predict future patterns? What impact will institutional changes, such as EMU have on future fluctuations?