The interdependence between commodity-price and GDP cycles : a frequency domain approach

Number: 
913
Published: 
Classification JEL: 
C22, E32, Q02
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy

We study the interdependence between real commodity prices and world real GDP using long-term annual data since 1870, by performing two empirical exercises. First, we compute long-term and medium-term cycles and measure their degree of synchronization for