RDP 2014-01: Macroeconomic Consequences of Terms of Trade Episodes, Past and Present Appendix A: Dating the Terms of Trade
January 2014 – ISSN 1320-7229 (Print), ISSN 1448-5109 (Online)
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Table A1 shows all the peaks and troughs of the terms of trade since 1870 identified by the BBQ algorithm.
| 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 | 
| 2011:Q3 | |
| 
												 Source: authors' calculation  | 
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