Excerpt

Trade Prices and the Global Trade Collapse of 2008-09. Gita Gopinath,July 29, 2012, Paper. "We document the behavior of trade prices during the Great Trade Collapse of 2008- 2009 using transaction-level data from the U.S. Bureau of Labor Statistics. First, we find that differentiated manufactures exhibited marked stability in their trade prices during the large decline in their trade volumes. Prices of non-differentiated manufactures, by contrast, declined sharply. Second, while the trade collapse was much steeper among differentiated durable manufacturers than among non-durables, prices in both categories barely changed..." Link