Trends, fluctuations, and determinants of commodity prices

Borradores de Economia
Número: 
521
Publicado: 
Clasificación JEL: 
C32, E31, E32, E41, E52
Palabras clave: 
Política monetaria, Modelos markov-switching, Modelos VAR, muestreo de Gibbs

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A threefold analysis of commodity prices is carried out to observe their long-run behaviour, their short-run properties and the main determinants. According to the evidence, the Prebisch-Singer hypothesis does not seem to be a property of most prices. The