Terms-of-Trade Shocks are Not All Alike
研究发现贸易条件不能准确反映国际价格波动对经济的影响，需分别分析出口和进口价格冲击，且发展中国家对两者的反应并不对称。
Terms of trade are an inaccurate empirical proxy for how fluctuations in international prices affect the economy. To capture the relevance of terms of trade fluctuations for the domestic business cycle, the role of export and import prices needs to be analyzed separately. Using a sample of developing economies, we find that the economy’s response to a positive export price shock does not mirror the response to a negative import price shock.