Research Discussion Paper – RDP 2011-05 Terms of Trade Shocks: What are They and What Do They Do?


We would like to thank Jonathan Kearns, Adrian Pagan and participants of the 2011 Australasian Meeting of the Econometric Society in Adelaide. Responsibility for any remaining errors rests with us. The views expressed in this paper are those of the authors and are not necessarily those of the Reserve Bank of Australia.