Oil prices and the terms of trade

Journal of International Economics

Volumn 50, Issue 1, 2000, Pages 185-213

  Backus, David K ^a,b   Crucini, Mario J ^c  

^a NEW YORK UNIVERSITY   (United States)

^b NATIONAL BUREAU OF ECONOMIC RESEARCH   (United States)

^c OHIO STATE UNIVERSITY   (United States)

Author keywords

International transmission of business cycles; Oil; Productivity; Real exchange rates; Terms of trade

Indexed keywords

BUSINESS CYCLE; OIL TRADE; PRICE DYNAMICS; TERMS OF TRADE;

EID: 0033975350     PISSN: 00221996     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0022-1996(98)00064-6     Document Type: Article

References (28)

1. Ambler, S., Cardia, E., Zimmermann, C., 1995. Intermediate Goods and the International Business Cycle, mimeo, Centre de Recherche sur l'Emploi et les Fluctuations Economiques, Universite du Quebec.
2. Atkeson, A., Kehoe, P.J., 1994. Putty-clay capital and energy. Federal Reserve Bank of Minneapolis Staff Report.
3. Backus, D.K., Kehoe, P.J., Kydland, F.E., 1994. Dynamics of the trade balance and the terms of trade: the J-curve? American Economic Review 84, 84-103.
4. Backus, D., Kehoe, P., Kydland, F., 1995. International business cycles: theory and evidence. In: Cooley, T.F. (Ed.), Frontiers of Business Cycle Research. Princeton University Press, Princeton.
5. Bidarkota, P., Crucini, M.J., 1997. Commodity Prices and the Terms of Trade, Ohio State University Working Paper 98-01, December.
6. Baxter, M., Crucini, M.J., 1995. Business cycles and the asset market structure of foreign trade. International Economic Review 36, 821-854.
7. Berndt, E.R., Wood, D.O., 1979. Engineering and econometric interpretations of energy-capital complementarity. American Economic Review 69(3), 342-354.
8. Boileau, M., 1997, Trade in Capital Goods and the Volatility of Net Exports and the Terms of Trade, mimeo, University of Toronto.
9. Costello, D.M., Praschnik, J., 1993. Intermediate Goods and the Transmission of International Business Cycles, mimeo, University of Western Ontario.
10. Cremer, J., Salehi-Isfahani, D., 1991. Models of the Oil Market. Harwood Academic Publishers, New York.
11. Crucini, M.J., Kahn, J., 1996. Tariffs and aggregate economic activity: lessons from the Great Depression. Journal of Monetary Economics 38, 427-468.
12. Finn, M., 1995. Variance properties of Solow's productivity residuals and their cyclical implications. Journal of Economic Dynamics and Control 19, 1249-1281.
13. Glick, R., Rogoff, K., 1995. Global versus country-specific productivity shocks and the current account. Journal of Monetary Economics 35, 159-192.
14. Hamilton, J., 1983. Oil and the macroeconomy since World War II. Journal of Political Economy 91, 228-248.
15. Hodrick, R., Prescott, E., Post-war, U.S., 1997. business cycles: an emprical investigation. Journal of Money, Credit, and Banking 29, 1-16.
16. Hogg, R.V., Tanis, E.A., 1983. Probability and Statistical Inference. Macmillan Publishing, New York.
17. Kim, I., Loungani, P., 1992. The role of energy in real business cycle models. Journal of Monetary Economics 29, 173-189.
18. King, R.G., Plosser, C.I., Rebelo, S.T., 1988. Production, growth, and business cycles: I. The basic neoclassical model. Journal of Monetary Economics 21, 195-232.
19. Kouparitsas, M., 1997. North-South terms of trade: an empirical investigation, Federal Reserve Bank of Chicago, Working Paper No. 97-5, September.
20. Kouparitsas, M., 1995. North-South asset markets and business cycle transmission, mimeo.
21. Kydland, F., Prescott, E., 1982. Time to build and aggregate fluctuations. Econometrica 50, 1345-1370.
22. Jorgensen, D.W., 1986. The great transition: energy and economic exhange. The Energy Journal 7(3), 1-13.
23. Mussa, M., 1986. Nominal exchange rate regimes and the behavior of real exchange rates: evidence and implications. Carnegie-Rochester Conference Series on Public Policy 25, 117-214.
24. Nordhaus, W.D., 1980. Oil and economic performance in industrialized countries. Brookings Papers on Economic Activity 2, 341-399.
25. Pencavel, J., 1986. Labor supply of men: a survey. In: Ashenfelter, O., Layard, R. (Eds.), Handbook of Labor Economics. North-Holland, Amsterdam.
26. Rotemberg, J.J., Woodford, M., 1996. Imperfect competition and the effects of energy price increases on economic activity. Journal of Money, Credit, and Banking 28, 549-577.
27. Sachs, J., 1981. The current account and macroeconomic adjustment in the 1970's. Brookings Papers on Economic Activity 12, 201-268.
28. Stockman, A.C., Tesar, L.L., 1995. Tastes and technology in a two-country model of the business cycle: explaining international comovements. American Economic Review 85, 168-185.