This paper studies the relationship between trade policy and food prices. We show that, when individuals are loss … averse, governments may use trade policy to shield the domestic economy from large food price shocks. This creates a … complementarity between the price of food in international markets and trade policy. Specifically, unilateral actions give rise to a …

This paper examines the implications of elevated global food prices for inflation in select Central Asian economies … - Kazakhstan, the Kyrgyz Republic, Tajikistan, and Uzbekistan. The findings suggest that global food inflation has significant …

This paper examines the historical effects of the El Niño-Southern Oscillation (ENSO) cycle on world prices and … economic activity. The analysis indicates that ENSO has economically-important and statistically-significant effects on world … inflation movements over the past several years. ENSO also has some explanatory power for world consumer price inflation and …

The large swings in world food prices in recent years renew interest in the question of how monetary policy in small … sticky prices and where food plays a distinctive role in utility. We show how world food price shocks affect natural output … to be welfare-superior to alternative policy rules once the variance of food price shocks is sufficiently large as in …

How should monetary policy respond to large fluctuations in world food prices? We study this question in an open … response to world food price shocks. This exacerbates the policy trade-off between stabilizing output prices vis a vis the real … economy model in which imported food has a larger weight in domestic consumption than abroad and international risk sharing …

assessing the effect of rising food prices on the poor. This paper attempts to combine these strands by dividing inflation into … food and nonfood inflation and assessing whether food inflation affects income inequality differently from nonfood … the role of food inflation is more mixed. In a sample of Indian states broken down into urban and rural areas, we find …

This paper attempts to assess the incremental external financing requirements occasioned by changes in world food … on estimates of changes in food prices due to the Round obtained in previous studies, and on detailed data on food trade … by country and commodity, the present study shows that the increase in net food import costs are likely to be smaller …