| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18569 |
| 来源ID | Working Paper 18569 |
| Macroeconomic Performance During Commodity Price Booms and Busts | |
| Luis Felipe Céspedes; Andrés Velasco | |
| 发表日期 | 2012-11-29 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Fluctuations in commodity prices are often associated with macroeconomic volatility. But not all nations are created equal in this regard. The macro response to commodity booms and busts depends both on the structural characteristics of the economy and on the policy framework that is in place. In this paper we investigate the macro response of a group of commodity-producing nations in episodes of large commodity prices shocks. First we provide a theoretical framework to analyze how shocks to commodity prices affect the domestic economy. For this we use a simple open-economy model with nominal rigidities and financial frictions. Then we provide empirical evidence (using commodity price boom and bust episodes) that commodity price shocks have a significant impact on output and investment dynamics. Economies with more flexible exchange rate regimes exhibit less pronounced responses of output during these episodes. We also provide evidence that the impact of those shocks on investment tends to be larger for economies with less developed financial markets. Moreover, we find that international reserve accumulation, more stable political systems, and less open capital accounts tend to reduce the real exchange rate appreciation (depreciation) in episodes of commodity price booms (busts). |
| 主题 | Macroeconomics ; Monetary Policy ; International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w18569 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576244 |
| 推荐引用方式 GB/T 7714 | Luis Felipe Céspedes,Andrés Velasco. Macroeconomic Performance During Commodity Price Booms and Busts. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18569.pdf（1157KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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