Last modified: 2016-01-07
There is a theoretical assumption that movements in the terms-of-trade are important source of the small open economy business cycles. This paper answer, how important they are in the Slovak economy. The empirical measure of the contribution of terms-of-trade shocks to aggregate fluctuations based on an SVAR model is provided. The results of the research could help to understand an impact of the movements in oil prices on Slovak economic performance.