returns, inflation and the business activity. Second, it documents increased correlation of the commodity returns with the … the business cycle. Fourth, it proves that the commodities retained their inflation hedging abilities in the financialized …

. Theory translates into an intuitive econometric system that identifies the causal impact of trade on income and growth, and …We build and estimate a structural dynamic general equilibrium model of growth and trade. Trade affects growth through …, growth affects trade, directly through changes in country size and indirectly through altering the incidence of trade costs …