Leibovici, Fernando; Waugh, Michael E. - National Bureau of Economic Research (NBER) - 2014
This paper studies the dynamics of international trade flows at business cycle frequencies. We show that introducing … business cycle frequencies. Our insight is that because international trade is time-intensive, variation in the rate at which … of international trade, our model is quantitatively consistent with salient features of U.S. cyclical import fluctuations …