The Great Trade Collapse of 2008-09: An Inventory Adjustment?
NBER Working Paper No. 16059
---- Acknowledgments ----
We thank editors, Pierre-Olivier Gourinchas and Ayhan Kose, two anonymous referees, Thierry Mayer, Fabrizio Perri, and seminar participants at UC Davis, UC Santa Cruz, ITAM, Penn State, BEA, IMF/Banque de France Conference on Economic Linkages, Spillovers, and the Financial Crisis, Penn/Philadelphia Fed Macroeconomics Workshop, and UTDT/IADB/LACEA International Workshop. Jarcy Zee provided excellent research assistance. The views expressed here are those of the authors and do not necessarily reflect the views of the Federal Reserve Bank of Philadelphia, the Federal Reserve System, or the National Bureau of Economic Research.