Can Exchange Rates Forecast Commodity Prices?
---- Acknowledgements -----
We would like to thank C. Burnside, C. Engel, M. McCracken, R. Startz, V. Stavrakeva, A. Tarozzi, M. Yogo and seminar participants at the University of Washington for comments. We are also grateful to various staff members of the Reserve Bank of Australia, the Bank of Canada, the Reserve Bank of New Zealand, and the IMF for helpful discussions and for providing some of the data used in this paper. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.