Commodity-rich economies share many common factors, which resulted in the generalization of any findings obtained from a single commodity-rich economy. This paper proposes a small open economy model for a commodity-rich country and studies the triggers of business cycles for four different commodity-rich economies to highlight the existence of heterogeneity among commodity-rich economies. The model introduces government consumption in a non-separable form to the utility function. Commodities have a central role in private consumption, production of final goods, and windfalls for the domestic government. We feed the model with a variety of shocks suggested by the previous literature. The estimations of the model show that oil-rich economies are more vulnerable to external shocks than their commodity-rich counterparts. The findings of the paper indicate that government spending is a significant source of heterogeneity. Also, given the relatively higher share of commodity rents when the principal commodity is oil, oil-rich countries need to adopt more prudential fiscal measures.

大宗商品经济体有许多共同因素，这导致从单一大宗商品经济体获得的任何发现都得到概括。本文为商品丰富的国家提出了一个小型的开放经济模型，并研究了四个不同商品丰富的经济体的商业周期触发因素，以强调商品丰富的经济体之间存在异质性。该模型以不可分割的形式将政府消费引入效用函数。大宗商品在私人消费，最终产品生产以及国内政府的意外收获方面发挥着核心作用。我们为模型提供了先前文献中提出的各种冲击。该模型的估计表明，石油丰富的经济体比商品丰富的经济体更容易受到外部冲击。该论文的发现表明，政府支出是异质性的重要来源。同样，鉴于当主要商品为石油时商品租金所占份额相对较高，石油资源丰富的国家需要采取更为审慎的财政措施。