Arezki, Rabah; Hadri, Kaddour; Rao, Yao - Department of Economics, Oxford University - 2013
In this paper, we re-examine two important aspects of the dynamics of rel- ative primary commodity prices, namely the secular trend and the short run volatility. To do so, we employ 25 series, some of them starting as far back as 1650 and powerful panel data stationarity tests that allow for...