Movements in commodity prices can have large effects on output and inflation. From both an academic and policy perspective, changes in commodity prices relative to the prices of services and manufactured goods pose a number of important questions. First, what are the fundamental processes or...

Movements in commodity prices can have large effects on output and inflation. From both an academic and policy perspective, changes in commodity prices relative to the prices of services and manufactured goods pose a number of important questions. First, what are the fundamental processes or...

Standard solution methods for linearised models with rational expectations take the structural parameters to be constant. These solutions are fundamental for likelihood based estimation of such models. Regime changes, such as those associated with either changed rules for economic policy,...