- McKinnon K, November 2019, Evaluating the portfolio rebalancing hypothesis in the presence of the international goods market paper no. 85/2019.
- McKinnon K, November 2019, Investigating the drivers of international comovement in real financial asset returns paper no. 84/2019.
- Majumder MK, Raghavan M, Vespignani J, October 2019, Oil curse, economic growth and trade openness paper no. 78/2019.
The implications of demand for resources by emerging market economies and understanding the special features of commodity economies are currently issues for policy makers and investors. Emerging markets in particular are an important driver of the most recent commodity price cycle. This program seeks to understand commodity cycles and their financial market and macroeconomic effects, as well as the interactions between the three from both an emerging and developed country perspective.
The program focuses on:
- Understanding trends and cycles in commodity markets
- Currency, equity and commodity market linkages
- Global business cycle linkages and the role of emerging markets
- Oil price shocks and their transmission through the macroeconomy
- Food price shocks and their passthrough to the macroeconomy and poverty implications
- Policy responses to relative price movements
- The macroeconomics of sovereign wealth funds