Commodity Prices and Growth

Domenico Ferraro and Pietro Peretto

Economic Journal, 2018, vol. 128, issue 616, 3242-3265

Abstract: In this article, we propose an endogenous growth model of commodity‐rich economies in which: (i) long‐run (steady‐state) growth is endogenous and yet independent of commodity prices; (ii) commodity prices affect short‐run growth through transitional dynamics; and (iii) the status of net commodity importer/exporter is endogenous. We argue that these predictions are consistent with historical evidence from the 19th to the 21st century.

Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:wly:econjl:v:128:y:2018:i:616:p:3242-3265

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