Trade prices and the Global Trade Collapse of 2008-2009
By: Gita Gopinath, Oleg Itskhoki, Brent Neiman
Contributors: Itskhoki, Oleg; Neiman, Brent; National Bureau of Economic Research
Series: NBER working paper series -- working paper 17594; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 17594.
Publisher: National Bureau of Economic Research
Published: 2011
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "We document the behavior of trade prices during the Great Trade Collapse of 2008-2009 using transaction-level data from the U.S.  Bureau of Labor Statistics.  First, we find that differentiated manufactures exhibited marked stability in their trade prices during the large decline in their trade volumes.  Prices of non-differentiated manufactures, by contrast, declined sharply.  Second, while the trade collapse was much steeper among differentiated durable manufacturers than among non-durables, prices in both categories barely changed.  Third, despite this lack of movement in average price levels, the frequency and magnitude of price adjustments at the product level noticeably changed with the onset of the crisis"--National Bureau of Economic Research web site.
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