RDP 2014-01: Macroeconomic Consequences of Terms of Trade Episodes, Past and Present Appendix A: Dating the Terms of Trade

Table A1 shows all the peaks and troughs of the terms of trade since 1870 identified by the BBQ algorithm.

Table A1: Terms Of Trade Peaks And Troughs
Peaks Troughs
1871:Q4 1877:Q4
1882:Q4 1894:Q4
1905:Q2 1911:Q2
1913:Q2 1922:Q2
1925:Q2 1931:Q2
1937:Q2 1944:Q2
1951:Q2 1967:Q3
1974:Q1 1978:Q4
1981:Q3 1986:Q4
1989:Q1 1993:Q4

Source: authors' calculation