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Exchange rate volatility and US commodity trade with the rest of the world
Authors:Mohsen Bahmani‐Oskooee  Zohre Ardalani  Marzieh Bolhasani
Affiliation:The Center for Research on International Economics , University of Wisconsin‐Milwaukee , Milwaukee, USA
Abstract:Exchange rate volatility is argued to affect the trade flows negatively and positively. Indeed, empirical studies that have addressed the issue have supported both effects. These studies have used aggregate trade flows data either between one country and the rest of the world or between two countries at the bilateral level. Studies that have disaggregated trade data by industry are rare. Thus, we extend the literature by looking at the experiences of 66 American industries that trade with the rest of the world using monthly data. In most cases, trade flows are not affected by GARCH‐based volatility of the real effective exchange rate of the dollar.
Keywords:exchange rate volatility  GARCH  industry data  United States
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