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The paper concludes that world copper prices play an important role in short-term fluctuations and probably influence long-term growth of the Chilean economy. While many mechanisms may be at work, investment seems to play a major role. In a copper price boom, the higher copper price and associated capital inflows create upward pressure on the real exchange rate. The appreciation of the Chilean peso during the first part of the copper cycle contributes to lower inflation, which could partly explain why real wages grow more rapidly in this part of the cycle.

Investments: Metals --- Inflation --- Macroeconomics --- Natural Resource Extraction --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Metals and Metal Products --- Cement --- Glass --- Ceramics --- Industry Studies: Primary Products and Construction: General --- Price Level --- Deflation --- Investment & securities --- Extractive industries --- Economic growth --- Metal prices --- Copper --- Mining sector --- Business cycles --- Prices --- Commodities --- Economic sectors --- Metals --- Mineral industries --- Chile

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IMF research summaries on (1) oil market developments and the global economy (by Selim Elekdag), and (2) credit booms (by Marco Terrones); country study on India (by Helene Poirson); call for papers for November 2007 Jacques Polak Eighth Annual Research Conference; listing of contents of Vol. 54, Issue No. 2 of IMF Staff Papers; listing of recent IMF Working Papers; and listing of visiting scholars at the IMF during April-June 2007.

Investments: Energy --- Finance: General --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Exports and Imports --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Energy: Demand and Supply --- Prices --- Energy: General --- Commodity Markets --- General Financial Markets: General (includes Measurement and Data) --- Monetary economics --- Investment & securities --- Finance --- Currency --- Foreign exchange --- Credit booms --- Oil prices --- Oil --- Exchange rates --- Credit --- Money --- Commodities --- Petroleum industry and trade --- Financial services industry --- India

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Research summaries on (1) globalization and macroeconomic volatility (by M. Ayhan Kose), and (2) international financial integration and domestic financial systems (by Thierry Tressel); country study on Germany (by Stephan Danninger); book summary of China and India--Learning from Each Other; listing of contents of Vol. 54, Issue No. 1 of IMF Staff Papers; listing of recent external publications by IMF staff; listing of recent IMF Working Papers; and listing of visiting scholars at the IMF during September 2006-April 2007.

Exports and Imports --- Finance: General --- Labor --- Macroeconomics --- Globalization --- Banks and Banking --- General Financial Markets: General (includes Measurement and Data) --- International Investment --- Long-term Capital Movements --- Demand and Supply of Labor: General --- Globalization: General --- Public Enterprises --- Public-Private Enterprises --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Finance --- International economics --- Labour --- income economics --- Civil service & public sector --- Banking --- Financial integration --- Emerging and frontier financial markets --- Capital flows --- Labor markets --- Sudden stops --- Financial markets --- Balance of payments --- Financial services industry --- Capital movements --- International finance --- Labor market --- India --- Income economics

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We develop a model of double matching in the labor market and the social environment in order to explain different migration patterns in response to local economic shocks. This approach explains the different behaviors of workers in different groups, regions, or countries in an endogenous way by showing the existence of multiple equilibria, rather than in an exogenous manner by introducing ex-ante regulations or unemployment benefits. This model can also explain why individuals from some communities form ‘sister’ communities in some cases and not in others.

Labor --- Taxation --- Emigration and Immigration --- Geographic Labor Mobility --- Immigrant Workers --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Urban, Rural, and Regional Economics: Regional Migration --- Regional Labor Markets --- Population --- International Migration --- Unemployment: Models, Duration, Incidence, and Job Search --- Taxation, Subsidies, and Revenue: General --- Wages, Compensation, and Labor Costs: General --- Migration, immigration & emigration --- Labour --- income economics --- Public finance & taxation --- Migration --- Labor mobility --- Tax incentives --- Population and demographics --- Emigration and immigration --- Economic theory --- United States --- Income economics