The volatile movements in commodity prices during the last years have raised new questions to be discussed in both policy and academic spheres. Up to the financial slump of the second quarter of 2008 commodity prices grew fast for several consecutive years in a highly volatile context. The...

Up to the financial slump of the second quarter of 2008 commodity prices grew fast for several consecutive years in a highly volatile context. Recent commodity fluctuations have raised both policy concerns and a prolific academic debate. This paper offers a coherent theoretical and empirical...

Up to the financial slump of the second quarter of 2008 commodity prices grew fast for several consecutive years in a highly volatile context. Recent commodity fluctuations have raised both policy concerns and a prolific academic debate. This paper offers a coherent theoretical and empirical...

In this paper a bank faces excess demand in the loan market, can sort loan applicants by an observable measure of quality, and faces a small but positive probability of default. The bank uses two policies to allocate credit: (i) tighten restrictions on loan quality; (ii) limit the number of...

The last few years have seen an explosion of Dynamic and Stochastic General Equilibrium (DSGE) models built for policy analysis and forecasting in industrialized countries. The set of papers presented to the recent joint U.S. Federal Reserve Board-European Central Bank-IMF conference: "DSGE...