Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/290087 
Year of Publication: 
2021
Series/Report no.: 
IDB Working Paper Series No. IDB-WP-1281
Publisher: 
Inter-American Development Bank (IDB), Washington, DC
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.
Subjects: 
Primary commodity prices
Mussa puzzle
Backus-Smith puzzle
JEL: 
F31
F41
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Working Paper

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