Commodity-Price Comovement and Global Economic Activity
---- Acknowledgements -----
The authors are grateful to Yuriy Gorodnichenko, Olivier Blanchard, John Bluedorn, Zeno Enders, Julian di Giovanni, Lutz Kilian, Serena Ng, Benjamin Wong, and seminar participants at the Bank of France, the Bundesbank, the Board of Governors, the Centre for Applied Macro and Petroleum Economics conference “Oil and Macroeconomics,” the European Central Bank, the Norges Bank, the Toulouse School of Economics, and UC Irvine for helpful comments. Data for this project were kindly provided by Christiane Baumeister, Lutz Kilian and the trade associations of the aluminum (EEA), copper (ICSG), tin (ITRI), and nickel (INSG) industries. The first draft of this paper was written while Coibion was a visiting scholar at the IMF, whose support was greatly appreciated. The paper was previously distributed under the title “Commodity Price Comovement: Sources and Implications.” The views expressed in the paper are those of the authors and should not be interpreted as reflecting the views of the Bank of Canada, its Governing Council, the International Monetary Fund, the National Bureau of Economic Research, or any other institution with which the authors are or have been affiliated.