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Macroeconomic Consequences of Terms of Trade Episodes, Past and Present
Author(s) -
Robinson Tim,
Atkin Tim,
Caputo Mark,
Wang Hao
Publication year - 2017
Publication title -
australian economic history review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.493
H-Index - 16
eISSN - 1467-8446
pISSN - 0004-8992
DOI - 10.1111/aehr.12090
Subject(s) - boom , economics , context (archaeology) , international economics , macroeconomics , keynesian economics , history , geology , archaeology , oceanography
The early‐twenty first century saw Australia experience its largest and longest terms of trade boom. This paper places the most recent terms of trade boom in its historical context. While similarities exist with previous episodes, the macroeconomic policy frameworks and settings prevailing were quite different to those of the past. These different frameworks and settings mitigated the broader macroeconomic consequences of the terms of trade upswing and may do likewise as it declines.