Explaining Business Cycles in Small Open Economies: How Much Do World Prices Matter?

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Sharing a Ride on the Commodities Roller Coaster: Common Factors in Business Cycles of Emerging Economies (2015, background): “A set of papers in this literature has explored the role of terms of trade variations in driving aggregate fluctuations in EMEs (Mendoza, 1995; Kose, 2002).”
Financial Integration and Macroeconomic Volatility (2003, methodology): “Using dynamic small open economy models, Kose (2002) finds that terms of trade shocks can explain a sizable fraction of volatility, and Senhadji (1998) shows the important role played by the foreign demand shocks.”