Arango, Luis Eduardo; Arias, Fernando; Flórez, Luz Adriana - Banco de la Republica de Colombia
A threefold analysis of commodity prices is carried out to observe their long-run behaviour, their short-run properties … most prices. The cycles of commodity prices are asymmetric but contrary to the case of economic activity, the longer phase … corresponds to slumps. Interest rates seem to maintain a negative relationship with commodity prices. …