Commodity prices and their secular trends are at the core of many different development theories, particularly relevant for the Latin American region, like the Prebisch-Singer hypothesis, the natural resource curse theory or the somehow malthusian scarcity prediction. In this article we review...

Despite the central role of the Hotelling model within the theory of nonrenewable resources, tests of the model are rarely found. If existent, these tests tend to ignore two key features, namely market power and exploration. We therefore suggest an extension of the basic Hotelling framework to...

The paper presents a model of world economy with two countries where one of them dubbed home sells the exhaustible resource to final producers in both countries, which compete at the final goods market. The interaction between final producers is reached via the sticky price mechanics, whereas...