SVAR models that include a single world price (such as the terms-of-trade) predict that world shocks explain a small … multiple commodity prices transmit world disturbances. Estimates on a panel of 138 countries over the period 1960-2015 indicate … that world shocks explain on average 33 percent of output fluctuations in individual economies. This figure doubles when …

intratemporal relative price such as the terms of trade and possibly an intertemporal price such as the world interest rate. This … paper presents an empirical framework in which multiple commodity prices and the world interest rate transmit world … disturbances. Estimates on a panel of 138 countries over the period 1960-2015 indicate that world shocks explain on average 33 …

intratemporal relative price such as the terms of trade and possibly an intertemporal price such as the world interest rate. This … paper presents an empirical framework in which multiple commodity prices and the world interest rate transmit world … disturbances. Estimates on a panel of 138 countries over the period 1960-2015 indicate that world shocks explain on average 33 …

unfavorable harvest shocks in other regions of the world significantly curtail domestic economic activity. The effects are much …