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Commodity Prices and Growth

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  • Domenico Ferraro
  • Pietro F. Peretto

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.

Suggested Citation

  • Domenico Ferraro & Pietro F. Peretto, 2018. "Commodity Prices and Growth," Economic Journal, Royal Economic Society, vol. 128(616), pages 3242-3265, December.
  • Handle: RePEc:wly:econjl:v:128:y:2018:i:616:p:3242-3265
    DOI: 10.1111/ecoj.12559
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    Cited by:

    1. Mohtadi, Soran & Castells-Quintana, David, 2021. "The distributional dimension of the resource curse: Commodity price shocks and income inequality," Structural Change and Economic Dynamics, Elsevier, vol. 59(C), pages 63-78.
    2. Athanasios Triantafyllou & Dimitrios Bakas & Marilou Ioakimidis, 2023. "Commodity price uncertainty as a leading indicator of economic activity," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(4), pages 4194-4219, October.
    3. Pelzl, Paul & Poelhekke, Steven, 2021. "Good mine, bad mine: Natural resource heterogeneity and Dutch disease in Indonesia," Journal of International Economics, Elsevier, vol. 131(C).
    4. Muhammad Ayyoub & Julia Wörz, 2021. "Inflation‐growth nexus in developing economies: New empirical evidence from a disaggregated approach," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 241-257, January.
    5. Díaz Antonia & Puch Luis A., 2019. "Investment, technological progress and energy efficiency," The B.E. Journal of Macroeconomics, De Gruyter, vol. 19(2), pages 1-28, June.

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