is given to the source. Monetary Rules for Commodity Traders

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. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications