According to conventional wisdom, terms‐of‐trade shocks represent a major source of
business cycles in emerging and poor countries. This view is largely based on the analysis …

A cutting-edge graduate-level textbook on the macroeconomics of international trade
Combining theoretical models and data in ways unimaginable just a few years ago, open …

We estimate a small-scale, structural general equilibrium model of a small open economy
using Bayesian methods. Our main focus is the conduct of monetary policy in Australia …

We estimate a nonlinear VAR to quantify the impact of US economic policy uncertainty
shocks on the Canadian unemployment rate in booms and busts. We find strong evidence in …

In this chapter, we discuss a number of challenges for structural macroeconomic models in
the light of the Great Recession and its aftermath. It shows that a benchmark DSGE model …

Recent research on macroeconomic fluctuations in emerging economies has advocated
introducing a stochastic productivity trend or allowing for interest rate shocks and financial …

This paper proposes an empirical model which can be used to estimate the international
transmission of volatility shocks. Using this model we estimate that a one standard deviation …

We develop an empirical model to study the influence of global factors in driving trend
inflation and the inflation gap. We apply our model to 7 developed economies and 21 …

We develop a dynamic factor model with time-varying parameters and stochastic volatility,
estimate it using a large panel of macroeconomic and financial data for 22 countries and …

The recent oil price fall has created concern among policy makers regarding the
consequences of terms of trade shocks for resource-rich countries. This concern is not a …