The objective of this paper is to evaluate the impact of commodity terms of trade (CTOT) shocks on the labour market resilience of Sub-Saharan Africa (SSA) countries, comparing the franc zone countries on one hand, from the non-franc zone countries on the other hand. The results from the PVAR...

Das Statistische Bundesamt veröffentlicht neben dem preisbereinigten Bruttoinlandsprodukt auch den Realwert des Bruttoinlandsprodukts. Die beiden Indikatoren unterscheiden sich um den Terms-of-Trade-Effekt. Der vorliegende Beitrag präsentiert Ergebnisse für das Jahr 2021. Demnach musste die...

We study the classic transfer problem of predicting the effects of an international transfer on the terms of trade and the current account. A two-country model with debt and capital allows for realistic features of historical transfers: they follow wartime increases in government spending and...

In the presence of economies of scale in the investment technology, trade openness may have non-conventional effects on the level of investment, its cyclical behavior, and the volatility of the terms of trade. Trade openness may lead to boom-bust cycles of investment supported by self-fulfilling...

Based on a panel of 53 advanced and emerging countries, we evaluate the contribution of both terms of trade level and volatility shocks in explaining business cycle fluctuations. By estimating with an SVAR-SV model with the stochastic volatility built in the mean equation, we find the level...

This paper investigates the sources of terms of trade volatility, specifically addressing the relative importance of goods-price effects vs. country-price effects. For fuel exporters, most of the terms of trade variation stems from goods-price effects, as one would have expected, a priori. For...