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| Author: | Backus, D. K. Crucini, M. J. |
| Title: | Oil prices and the terms of trade |
| Journal: | Journal of International Economics
2000 : FEB, VOL. 50:1, 185-213 |
| Index terms: | Oil prices Productivity International trade Business cycles |
| Language: | eng |
| Abstract: | The authors find that oil accounts for much of the variation in the terms of trade over the last twenty five years and its quantitative role varies significantly over time. And since the dynamic general equilibrium model predicts that the responds differently to oil supply shocks than to other shocks, changes in their relative importance help to account for the unstable correlations in the data. |
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