Dataciencia

Colección SciELO Chile

Trade in Commodities and Business Cycle Volatility

Indexado

WoS	WOS:000673929900006
Scopus	SCOPUS_ID:85115852486

DOI

10.1257/MAC.20180131

Año

2021

Tipo

artículo de investigación

Citas Totales

Autores Afiliación Chile

Instituciones Chile

% Participación
Internacional

Autores
Afiliación Extranjera

Instituciones
Extranjeras

Abstract

This paper studies the role of differences in the patterns of production and international trade on the business cycle volatility of emerging and developed economies. We study a multisector small open economy in which firms produce and trade commodities and manufactures. We estimate the model to match key-cross-sectional and time-series differences across countries. Emerging economies run trade surpluses in commodities and trade deficits in manufactures, while sectoral trade flows are balanced in developed economies. We find that these differences amplify the response of emerging economies to commodity price fluctuations. We show evidence consistent with this mechanism using -cross-country data.

Revista

Revista	ISSN
American Economic #Journal: Macroeconomics	1945-7707

Métricas Externas

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Disciplinas de Investigación

WOS
Economics

Scopus
Sin Disciplinas

SciELO
Sin Disciplinas

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Publicaciones WoS (Ediciones: ISSHP, ISTP, AHCI, SSCI, SCI), Scopus, SciELO Chile.

Colaboración Institucional

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Autores - Afiliación

Ord.	Autor	Género	Institución - País
1	Kohn, David	Hombre	Pontificia Universidad Católica de Chile - Chile
2	Leibovici, Fernando	Hombre	Fed Reserve Bank St Louis - Estados Unidos Federal Reserve Bank of St. Louis - Estados Unidos
3	Tretvoll, Hakon	-	Stat Norway - Noruega NHH Norwegian Sch Econ - Noruega NHH Norwegian School of Economics - Noruega

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Financiamiento

Fuente
Fondo Nacional de Desarrollo Científico y Tecnológico
Comisión Nacional de Investigación Científica y Tecnológica
CONICYT, grant FONDECYT Iniciacion

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Agradecimientos

Agradecimiento
Giorgio Primiceri was coeditor for this article. We would like to thank three anonymous referees and V.V. Chari, Constantino Hevia, Federico Mandelman, Andres Neumeyer, Kim Ruhl, Felipe Saffie, Stephanie -Schmitt-Grohe, Martin Uribe, and Alejandro Vicondoa for helpful comments and feedback. We also thank participants at BI Norwegian Business School, Society of Computational Economics meetings (Bordeaux), Universidad de San Andres, NYU Alumni Conference, RIDGE International Macro Workshop, McMaster University, Oslo Business School, Carleton University, Bank of Canada, Society for Economic Dynamics meetings (Edinburgh), SECHI meetings, Universidad de Chile, Federal Reserve Bank of St. Louis, Illinois State University, NHH Norwegian School of Economics, Notre Dame-PUC Luksburg Conference, Oslo Macro Group, Universidad Santiago de Chile, Workshop in International Economics and Finance (Jamaica), and York University. David Kohn acknowledges financial support from CONICYT, grant FONDECYT Iniciacion #11170457. The views expressed in this paper are those of the individual authors and do not necessarily reflect official positions of the Federal Reserve Bank of St. Louis, the Federal Reserve System, or the Board of Governors.
*Kohn: Instituto de Economía, Pontificia Universidad Católica de Chile, Vicuña Mackenna 4860, 7820436, Santiago, Chile (email: davidkohn@uc.cl); Leibovici: Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102 (email: fleibovici@gmail.com); Tretvoll: Statistics Norway and NHH Norwegian School of Economics, Akersveien 26, 0177 Oslo, Norway (email: hakon@tretvoll.com). Giorgio Primiceri was coeditor for this article. We would like to thank three anonymous referees and V.V. Chari, Constantino Hevia, Federico Mandelman, Andrés Neumeyer, Kim Ruhl, Felipe Saffie, Stephanie Schmitt-Grohe, Martín Uribe, and Alejandro Vicondoa for helpful comments and feedback. We also thank participants at BI Norwegian Business School, Society of Computational Economics meetings (Bordeaux), Universidad de San Andrés, NYU Alumni Conference, RIDGE International Macro Workshop, McMaster University, Oslo Business School, Carleton University, Bank of Canada, Society for Economic Dynamics meetings (Edinburgh), SECHI meetings, Universidad de Chile, Federal Reserve Bank of St. Louis, Illinois State University, NHH Norwegian School of Economics, Notre Dame—PUC Luksburg Conference, Oslo Macro Group, Universidad Santiago de Chile, Workshop in International Economics and Finance (Jamaica), and York University. David Kohn acknowledges financial support from CONICYT, grant FONDECYT Iniciación #11170457. The views expressed in this paper are those of the individual authors and do not necessarily reflect official positions of the Federal Reserve Bank of St. Louis, the Federal Reserve System, or the Board of Governors.

Agradecimiento

Giorgio Primiceri was coeditor for this article. We would like to thank three anonymous referees and V.V. Chari, Constantino Hevia, Federico Mandelman, Andres Neumeyer, Kim Ruhl, Felipe Saffie, Stephanie -Schmitt-Grohe, Martin Uribe, and Alejandro Vicondoa for helpful comments and feedback. We also thank participants at BI Norwegian Business School, Society of Computational Economics meetings (Bordeaux), Universidad de San Andres, NYU Alumni Conference, RIDGE International Macro Workshop, McMaster University, Oslo Business School, Carleton University, Bank of Canada, Society for Economic Dynamics meetings (Edinburgh), SECHI meetings, Universidad de Chile, Federal Reserve Bank of St. Louis, Illinois State University, NHH Norwegian School of Economics, Notre Dame-PUC Luksburg Conference, Oslo Macro Group, Universidad Santiago de Chile, Workshop in International Economics and Finance (Jamaica), and York University. David Kohn acknowledges financial support from CONICYT, grant FONDECYT Iniciacion #11170457. The views expressed in this paper are those of the individual authors and do not necessarily reflect official positions of the Federal Reserve Bank of St. Louis, the Federal Reserve System, or the Board of Governors.

*Kohn: Instituto de Economía, Pontificia Universidad Católica de Chile, Vicuña Mackenna 4860, 7820436, Santiago, Chile (email: davidkohn@uc.cl); Leibovici: Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102 (email: fleibovici@gmail.com); Tretvoll: Statistics Norway and NHH Norwegian School of Economics, Akersveien 26, 0177 Oslo, Norway (email: hakon@tretvoll.com). Giorgio Primiceri was coeditor for this article. We would like to thank three anonymous referees and V.V. Chari, Constantino Hevia, Federico Mandelman, Andrés Neumeyer, Kim Ruhl, Felipe Saffie, Stephanie Schmitt-Grohe, Martín Uribe, and Alejandro Vicondoa for helpful comments and feedback. We also thank participants at BI Norwegian Business School, Society of Computational Economics meetings (Bordeaux), Universidad de San Andrés, NYU Alumni Conference, RIDGE International Macro Workshop, McMaster University, Oslo Business School, Carleton University, Bank of Canada, Society for Economic Dynamics meetings (Edinburgh), SECHI meetings, Universidad de Chile, Federal Reserve Bank of St. Louis, Illinois State University, NHH Norwegian School of Economics, Notre Dame—PUC Luksburg Conference, Oslo Macro Group, Universidad Santiago de Chile, Workshop in International Economics and Finance (Jamaica), and York University. David Kohn acknowledges financial support from CONICYT, grant FONDECYT Iniciación #11170457. The views expressed in this paper are those of the individual authors and do not necessarily reflect official positions of the Federal Reserve Bank of St. Louis, the Federal Reserve System, or the Board of Governors.