Gita Gopinath, Oleg Itskhoki, Brent Neiman, 30 September 2012

This paper documents the behaviour of trade prices during the Great Trade Collapse of 2008-2009 using transaction-level data from the US Bureau of Labor Statistics. The authors' findings present a challenge for theories of the trade collapse based on cost shocks specific to traded goods that work through prices.

Robert Clark, Nicolas Vincent, Jean Boivin, 06 March 2010

How much of a change in exchange rates is required to redress global imbalances? This column presents new evidence from online bookstores suggesting that neither shoppers nor retailers react to price differences across borders. This implies that realignment of cross-country consumption levels may require large and persistent exchange rate changes.

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