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This paper studies the role of input–output (IO) linkages in the propagation of commodity price shocks. We present empirical evidence documenting a positive correlation between commodity prices and GDP that decreases in the intensity of production linkages between the commodity sector and the rest. In a model for a small open economy, stronger linkages reduce the demand for inputs by the commodity sector, dampening the response of real GDP after a positive commodity price shock. A calibrated version of the model shows that the elasticity of GDP would be 6% lower if the commodity sector had been 5% more connected.