We study the interdependence between aggregate commodity prices and world Gross Domestic Product (GDP) by performing two empirical exercises with long-run data that starts in the 19th Century. First, we compute long-term and medium-term cycles and measure their degree of synchronization for...

We study whether the implications of an international consumption-based asset-pricing model are useful to provide out-sample predictability evidence for the real exchange rate. This model implies a predictability equation that results from the presence of both internal and external consumption...

We compute a measure of the finance-neutral potential output for Colombia, Chile and Mexico. Our methodology is based on Borio et al (2013, 2014) and incorporates the cycle of credit, house prices and the real exchange rate on the computation of the output gap. The literature on business cycles...