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Real Exchange Rates and Primary Commodity Prices: Mussa Meets Backus-Smith

Author

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  • Ayres, JoaÞo
  • Hevia, Constantino
  • Nicolini, Juan Pablo

Abstract

We 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.

Suggested Citation

  • Ayres, JoaÞo & Hevia, Constantino & Nicolini, Juan Pablo, 2021. "Real Exchange Rates and Primary Commodity Prices: Mussa Meets Backus-Smith," IDB Publications (Working Papers) 11873, Inter-American Development Bank.
    • Handle: RePEc:idb:brikps:11873
    DOI: http://dx.doi.org/10.18235/0003838
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    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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