producers' hedging demand (speculators' risk-capacity) increase hedging costs via price-pressure on futures, reduce producers …

This paper uses a dynamic optimization model to estimate the welfare gains of hedging against commodity price risk for …

, 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 unbounded. We derive its implications for price time series and … empirical tests of price behavior. In this model commodity price is equal to marginal consumption value, and hence bubbles as …

Real rigidities that limit the responsiveness of real marginal cost to output are a key ingredient of sticky price …

and import price dynamics in the aftermath of large devaluations. In particular, desired inventory adjustment in response … to a sudden, large increase in the relative price of imported goods creates a short-term trade implosion, an immediate …, temporary drop in the value and number of distinct varieties imported, as well as a slow increase in the retail price of …