01647cas a2200229 a 4500 AALejournalIMF021388 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513563916 1018-5941 BD-DhAAL BD-DhAAL Terms-of-Trade Shocks are Not all Alike. Washington, D.C. : International Monetary Fund, 2020. 1 online resource (61 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students When analyzing terms-of-trade shocks, it is implicitly assumed that the economy responds symmetrically to changes in export and import prices. Using a sample of developing countries our paper shows that this is not the case. We construct export and import price indices using commodity and manufacturing price data matched with trade shares and separately identify export price, import price, and global economic activity shocks using sign and narrative restrictions. Taken together, export and import price shocks account for around 40 percent of output fluctuations but export price shocks are, on average, twice as important as import price shocks for domestic business cycles. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2020/280 Full text available on IMF http://elibrary.imf.org/view/journals/001/2020/280/001.2020.issue-280-en.xml IMF e-Library