Essays in commodity price shocks in small open economies
This thesis contributes to the understanding of the effect and transmission of commodity price shocks in commodityexporting economies. The first chapter studies the role of domestic production linkages between the commodity sector and the rest of the economy. It starts by documenting a dampening eff...
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| Tipo de recurso: | tesis doctoral |
| Estado: | Versión publicada |
| Fecha de publicación: | 2021 |
| País: | España |
| Institución: | CBUC, CESCA |
| Repositorio: | TDR. Tesis Doctorales en Red |
| OAI Identifier: | oai:www.tdx.cat:10803/672683 |
| Acceso en línea: | http://hdl.handle.net/10803/672683 |
| Access Level: | acceso abierto |
| Palabra clave: | Commodity price shocks Small open economies 33 |
| Sumario: | This thesis contributes to the understanding of the effect and transmission of commodity price shocks in commodityexporting economies. The first chapter studies the role of domestic production linkages between the commodity sector and the rest of the economy. It starts by documenting a dampening effect over GDP generated by stronger connections of the commodity sector, either as customer or supplier of intermediate goods. To rationalize this fact, I build a real business cycle model with production linkages for a small open economy that produces commodity goods, with an empirical application for the commodity boom of the 2000s. The second chapter explores the interaction between nominal rigidities and production linkages for the transmission of the shock. The main finding is that, depending on the source of nominal rigidities, there could be either dampening of amplification, while production linkages unambiguously dampen the effect. The third chapter explores the role of household heterogeneity for the transmission of the shock. Building a two-agent New Keynesian model with non-homothetic preferences, I find that the response of consumption to an increase in the commodity price is dampened, relative to a model with homothetic preferences, because the increase in income induces a reallocation in the consumption basket towards more income-elastic and expensive goods. |
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