Commodity Prices and Growth
构建了一个资源丰富经济体的内生增长模型，发现大宗商品价格不影响长期增长，但通过过渡动态影响短期增长，且净进口/出口状态是内生的，模型预测与19至21世纪历史证据一致。
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.