Farias, Cleyton; Silva, Marcelo - In: Economia : revista da ANPEC 24 (2023) 2, pp. 264-311
commodity price fluctuations, a productivity (TFP) shock for each sector and a commodity price shock. Both TFP and commodity …-balance-to-output ratio. The authors also show that commodity price news shocks explain about 24% of output aggregate fluctuations in the … small open economy. Practical implications Given the importance of both anticipated and unanticipated commodity price shocks …