SVAR models that include a single world price (such as the terms-of-trade) predict that world shocks explain a small fraction of movements in domestic output (typically less than 10 percent). This paper presents an empirical framework in which multiple commodity prices transmit world...

[eng] SUMMARY From our point of view tlie sliort period can be defined on the one hand by the poor development of consciousness It is the period of routine res ponses typical of cumulative processes rise or downfall In that case the behaviour of the economical subjects results only from their...