High and volatile prices of major commodities have generated a wide array of analyses and policy prescriptions, including influential studies identifying price bubbles in periods of high volatility. Here we consider a model of the market for a storable commodity in which price expectations are...

Die deutsche Industrie sah sich bis Mitte 2008 einem erheblichen Kostendruck ausgesetzt, der durch steigende Preise für Rohstoffe ausgelöst war. Besonders die stark gestiegenen Energiepreise mit einem Ölpreisniveau von bis zu 150 Dollar je Barrel sorgten für erhebliche Belastungen....

The price of crude oil in the U.S. never exceeded $40 per barrel until mid-2004. By 2006 it reached$70, and in July 2008 it peaked at $145. By late 2008 it had plummeted to about $30 before increasingto $110 in 2011. Are speculators at least partly to blame for these sharp price changes? We...

Emerging economies, particularly those dependent on commodity exports, are prone to highly disruptive economic cycles. This paper proposes a small open economy model for a net commodity exporter to quantitatively study the triggers of these cycles. The economy consists of two sectors, one of...