In this paper we study the role of fiscal policy in a macroeconomic model with imperfect competition in the product market. We find that fiscal spending per se and a less competitive industry reduce the responsiveness of income to productivity shocks. The government should follow a...

This paper studies the effects of financial speculation on commodity futures returns, using publicly available data from the US Commodity Futures Trading Commission, aggregated by trader groups. We exploit the heteroskedasticity in the weekly data to identify exogenous variation in speculators'...

This paper studies the effects of financial speculation on commodity futures returns, using publicly available data from the US Commodity Futures Trading Commission, aggregated by trader groups. We exploit the heteroskedasticity in the weekly data to identify exogenous variation in speculators'...