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Some Reflections On The Terms Of Trade

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  • Kjeld Bjerke

Abstract

In my article I have taken up different expressions for the terms of trade in foreign trade, and especially I have been interested in a breakdown of total gain into two parts, namely the part due to the terms‐of‐trade effects and the part due to the price level effects. I have also taken up the inter‐sectoral gain from terms of trade and the relation to the terms of trade in foreign trade. Besides the usual index for terms of trade‐the ratio between output prices and input prices‐I have also introduced another index for terms of trade corresponding to the relation between the output price index and an index consisting of a weighted average of input prices and prices for final demand. Finally I have tried to give some emperical findings which should throw light on the development of the Danish terms of trade for the period 1949 to 1964.

Suggested Citation

  • Kjeld Bjerke, 1968. "Some Reflections On The Terms Of Trade," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 14(2), pages 183-198, June.
    • Handle: RePEc:bla:revinw:v:14:y:1968:i:2:p:183-198
    DOI: 10.1111/j.1475-4991.1968.tb00940.x
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    Cited by:

    1. Timothy J. Kehoe & Kim J. Ruhl, 2008. "Are Shocks to the Terms of Trade Shocks to Productivity?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(4), pages 804-819, October.
    2. W. Erwin Diewert, 1995. "Price and Volume Measures in the System of National Accounts," NBER Working Papers 5103, National Bureau of Economic Research, Inc.
    3. Surajit Deb, 2002. "Terms of Trade in a Multi-Sectoral Framework: Analysis for All-India and States," Working papers 112, Centre for Development Economics, Delhi School of Economics.
    4. Timothy J. Kehoe & Kim J. Ruhl, 2008. "Are Shocks to the Terms of Trade Shocks to Productivity?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(4), pages 804-819, October.

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