Ai, Chunrong; Chatrath, Arjun; Song, Frank - In: American Journal of Agricultural Economics 88 (2006) 3, pp. 574-588
We present strong evidence against the excess-comovement hypothesis—that the prices of commodities move together beyond what can be explained by fundamentals. Prior studies employ broad macroeconomic indicators to explain common price movements, and potentially correlated fundamentals are not...
