Periodically, the global economy experiences great commodity booms and busts,
characterized by a broad and sharp comovement of commodity prices. There have been two …

There are two explanations for agricultural price dynamics. One follows cobweb logic and
models fluctuations driven by expectation errors but emphasises that these expectations …

This paper explores the impact of investor flows and financial market conditions on returns in
crude oil futures markets. I argue that informational frictions and the associated speculative …

Recent volatility of prices of major grains has generated a wide array of analyses and policy
prescriptions that reveal the inability of economists to approach a consensus on the nature …

In the last half-decade, sharp jumps in the prices of wheat, rice, and corn, which furnish
about two–thirds of the calorie requirements of mankind, have attracted worldwide attention …

Replicability is a cornerstone of all scientific disciplines. While agricultural economists often
provide recommendations to stakeholders that inform, among others policymaking, we …

This paper provides long-run evidence on the dynamic effects of supply and demand shocks
on commodity prices. I assemble and analyze a new data set of price and production levels …

Many countries use trade policy to insulate their domestic markets from price volatility.
However, there is a widespread concern that such policies—particularly export restrictions …

The global food crises of 2008 and 2010 and the increased price volatility revolve around
biofuels policies and their interaction with each other, farm policies and between countries …

Primary commodities are used as inputs into all production processes, yet they account for
approximately 16 percent of world trade. Despite their share in trade, we show that the …