The national terms of trade, defined as the ratio of an export price index to an import price index has been extensively studied empirically. In this paper we construct an alternative measure, which w
Country-specific commodity price indices, including export, import, and terms-of-trade indices. For each country, the change in the international price of up to 45 individual commodities is weighted u
This paper examines the hypothesis that commodity price trends are useful indicators of OECD price developments. After a discussion of statistical techniques to assess the time series properties of in
Organisation for Economic Co-operation and Development20
Country-specific commodity price indices, including export, import, and terms-of-trade indices. For each country, the change in the international price of up to 45 individual commodities is weighted u
This paper studies the value of broad commodity price indexes as predictors of consumer price inflation in the G-7 industrial countries. After an introduction, the paper discusses the theoretical rela