What are good models to forecast commodity prices, do commodity price forecasts depend on the state of the economy (e.g., on whether uncertainty is high or low), and what variables are the key players in explaining different commodity prices in different states of the economy? Ines Fortin and Jaroslava Hlouskova will investigate these questions, among others, in a two-year FWF project. The project will be carried out in cooperation with Michael Obersteiner (IIASA) and Jesus Crespo Cuaresma (WU Vienna).