volatility and persistence of primary commodity prices, and the model is shown to deliver equilibrium real exchange rates that … volatility of real exchange rates in the data. The analysis implies that existing models used to analyze real exchange rates …

currency coverage, whereas volatility in REER misalignment is likely to propagate to inflation of the home economy concerned …

SVAR models that include a single world price (such as the terms-of-trade) predict that world shocks explain a small … multiple commodity prices transmit world disturbances. Estimates on a panel of 138 countries over the period 1960-2015 indicate … that world shocks explain on average 33 percent of output fluctuations in individual economies. This figure doubles when …

volatility of emerging and developed economies. We study a multi-sector small open economy in which firms produce and trade …

intervention policy successfully reduces credit, investment, and output volatility, along with substantial welfare gains when …

real-time data is slightly lower than the revision in World Bank estimates and much lower than International Monetary Fund …