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dc.titleReal Exchange Rates and Primary Commodity Prices: Mussa Meets Backus-Smith
dc.contributor.authorAyres, João
dc.contributor.authorHevia, Constantino
dc.contributor.authorNicolini, Juan Pablo
dc.contributor.orgunitDepartment of Research and Chief Economist
dc.date.available2021-12-10T00:00:00
dc.date.issue2021-12-10T00:00:00
dc.description.abstractWe show that explicitly modeling primary commodities in an otherwise totally standard incomplete markets open economy model can go a long way in explaining the Mussa puzzle and the Backus-Smith puzzle, two of the main puzzles in the international economics literature.
dc.format.extent92
dc.identifier.doihttp://dx.doi.org/10.18235/0003838
dc.identifier.urlhttps://publications.iadb.org/publications/english/document/Real-Exchange-Rates-and-Primary-Commodity-Prices-Mussa-Meets-Backus-Smith.pdf
dc.language.isoen
dc.publisherInter-American Development Bank
dc.subjectCommodity Price
dc.subjectExchange Rate
dc.subjectLabor Market
dc.subjectMacroeconomy
dc.subject.jelcodeF31 - Foreign Exchange
dc.subject.jelcodeF41 - Open Economy Macroeconomics
dc.subject.keywordsMussa puzzle;Backus-Smith puzzle
dc.typeWorking Papers
idb.identifier.pubnumberIDB-WP-01281
idb.operationRG-K1098
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