Monetary Rules for Commodity Traders
---- Acknowledgements -----
We thank Marola Castillo for assistance beyond the call of duty. We are also indebted to Oliver Blanchard, Pierre Olivier Gourinchas, two anonymous referees, participants of the IMF Review - Central Bank of Turkey Conference on Policy Responses to Commodity Price Movements, Istanbul, April 2012, and especially our discussant Stefan Laséen for extensive and useful comments and suggestions. Of course, any error is only ours. The views expressed in this paper are the authors' alone and do not necessarily reflect those of the IMF or IMF policy, nor of the National Bureau of Economic Research.