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Macroeconomic Consequences of Terms of Trade Episodes, Past and Present

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  • Tim Atkin
  • Mark Caputo
  • Tim Robinson
  • Hao Wang

Abstract

The early 21st century saw Australia experience its largest and longest terms of trade boom. This paper places this recent boom in a long-run historical context by comparing the current episode with earlier cycles. While similarities exist across most episodes, current macroeconomic policy frameworks and settings are quite different to those of the past. This mitigated the broader macroeconomic consequences of the upswing and as the terms of trade decline may do likewise.

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File URL: https://cama.crawford.anu.edu.au/sites/default/files/publication/cama_crawford_anu_edu_au/2014-01/11_2014_atkin_caputo_robinson_wang.pdf
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Bibliographic Info

Paper provided by Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University in its series CAMA Working Papers with number 2014-11.

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Length: 49 pages
Date of creation: Jan 2014
Date of revision:
Handle: RePEc:een:camaaa:2014-11

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Keywords: Commodity prices; terms of trade; macroeconomic policy;

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