This study provides evidence that episodes of internal stability of exchange rates among the 11 Euro countries during 1957-98 were associated with periods of lower real commodity price volatility. These stabilizing effects are statistically significant for fertilizer, metals, petroleum, and...

This paper studies the economic consequences of booms and busts in the world oil market for a "prototypical small Gulf state economy". Given the predominant nature of the oil sector in such economies, the substantial literature on "booming sector economies" and the "Dutch Disease" is the obvious...

This paper reviews the Beveridge-Nelson technique for decomposing economic time series, and illustrate its usefulness for examining the cyclical and secular movements in real GDP in Colombia. Government expenditures and revenues are analysed in order to assess the extent to which the sharp...