COMMODITY PRICES AND GROWTH

• 成果类型: Article
• 署名作者: Ferraro, Domenico; Peretto, Pietro F.
• 署名单位: Arizona State University; Arizona State University-Tempe; Duke University
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12559
• 发表日期: 2018
• 页码: 3242-3265
• 关键词: oil-supply shocks; Super cycles; curse; scale; big

摘要

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.