Series: IMF Working Papers
Author(s): Ron Alquist , and Olivier Coibion
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 05 June 2013
Keywords: comovement, factor models, factor analysis, global production, agricultural commodities, idiosyncratic shocks, International Business Cycles, comovement: factor models,
We present a simple macroeconomic model with a continuum of primary commodities used in the production of the final good, such that the real prices of commodities have a factor structure. One factor captures the co...