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It is widely understood that the real price of globally traded commodities is determined by the forces of demand and supply. One of the main determinants of the real price of commodities is shifts in the demand for commodities associated with unexpected fluctuations in global real economic...
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Perron and Wada (2009) propose a new method of decomposition of the GDP in its trend and cycle components, which … a mixture of normals in the disturbances of the trend and cycle component of output. The obtained trend clearly re …
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