, 1993 - 2009 millions of jobs nafta 7. 4 8. 8 9. 0 8. 8 9. 5 9. 2 8. 9 8. 5 7. 8 7. 8 7. 6 8. 6 10. 3 china enters wto 9. 3 8. 0 8. 5 8. 3 source : department of commerce international trade administration ( 2010 ). international trade research report no. 1 : exports support american jobs ( http : / / trade. gov / publications / pdfs / exportssupport - american - jobs. pdf ) graph 6. percent of employment in manufacturing in the united states 18. 5 17. 5 china enters wto 16. 5 15. 5 14. 5 13. 5 12. 5 11. 5 10. 5 9. 5 source : estimates from federal reserve bank of st. louis ( fred ). graph 7. us : price of cars and trucks relative to general price level1 / us city average, index 1994 = 100 nafta new trucks new cars 1 / price index for new trucks and new cars relative to cpi. not seasonally adjusted. source : us bureau of labor statistics. references acemoglu, daron and pascual restrepo. ( 2017 ). “ robots and jobs : evidence from us labor markets. ” nber working paper no. 23285. arkolakis, costas. arnaud costinot and andres rodriguez - clare. ( 2012 ). “ new trade theory, same old gains? ” american economic review. burstein, ariel and javier cravino. ( 2015 ). “ measured aggregate gains from international trade. ” american economic journal : macroeconomics. chiquiar, daniel. enrique covarrubias and alejandrina salcedo. ( 2017 ). “ labor market consequences of trade openness and competition in foreign markets. ” banco de mexico working papers no. 201701. cocco, federico. ( 2016 ). “ most us manufacturing jobs lost to technology, not trade. ” financial times. https : / / www. ft. com / content / dec677c0 - b7e6 - 11e6 - ba85 - 95d1533d9a62 de long, j. bradford. ( 2017 ). “ nafta and other trade deals have not gutted american manufacturing - period. ” vox. http : / / www. vox. com / the -

no 10 – 24. ecb ( 2011 ), “ patterns of euro area and us macroeconomic cycles – what has been different this time? ”, monthly bulletin, may. gerali, a., neri, s., sessa, l., signoretti, f. ( 2008 ). “ credit and banking in a dsge model of the euro area, ” banca d ’ italia working paper, no 740. gertler, m., kiyotaki, n. and queralto, a. ( 2010 ), “ financial crises, bank risk exposure and government financial policy ”, unpublished manuscript. gorton, g. b. ( 2010 ), “ questions and answers about the financial crisis ”, nber working paper no 15787. hart, 0. ( 1975 ), “ on the optimality of equilibrium when the market structure is incomplete ”, journal of economic theory, vol. 11, pp. 418 – 443. heider, f., hoerova, m. and holthausen, c. ( 2009 ) “ liquidity hoarding and interbank market spreads : the role of counterparty risk ”, ecb working papers, no 1126. leeper, e. m., ( 1991 ), “ equilibria under ‘ active ’ and ‘ passive ’ monetary and fiscal policies ”, journal of monetary economics, vol. 27, pp 129 – 147. leeper, e. m. ( 2010 ), “ monetary science, fiscal alchemy ”, nber working paper no 16510. lombardo, g. and mcadam, p. ( 2011 ), “ financial market frictions in a small open economy for the euro area, ” ecb working paper ( forthcoming ). obstfeld, m., ( 1996 ), “ models of currency crises with self - fulfilling features, ” european economic review, vol. 40, pp. 1037 – 1047. gonzalez - paramo, j. m. ( 2005 ), speech delivered at the conference on “ new perspectives on fiscal sustainability ”, frankfurt, 13 october, http : / / www. ecb. int / press / key / date / 2005 / html / sp051013. en. html. sargent, t. j. and wallace, n. ( 1981 ), “ some unpleasant monetarist arithmetic ”, federal reserve bank of minneapolis quarterly review sims, c