Philly Fed: trade declines in US recession normal
A paper published by the Federal Reserve Bank of Philadelphia in May examines the role of inventories in the decline of production, trade, and expenditures in the United States in the economic crisis of late 2008 and 2009.
Empirically, the author shows that international trade declined more drastically than trade-weighted production or absorption as there was a sizeable inventory adjustment. This is most clearly evident in the car industry, which reflected the largest drop in trade. However
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