The Consumption Terms of Trade and Commodity Prices
---- Acknowledgements -----
We have benefited from the comments of our discussants Mark Spiegel and Roberto S. Mariano as well as the editors, Andrew Rose and Takatoshi Ito. Mario Crucini acknowledges the financial support of the National Science Foundation (SES-0524868). Both authors are grateful to Martin Young, Head of Department, Economics and Finance at Massey University, for supporting the visit which facilitated this collaboration. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.