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Nonrenewable Resource Prices : Deterministic or Stochastic Trends?

Lee, Junsoo - 2005

In this paper we examine temporal properties of eleven natural resource real price series from 1870-1990 by employing a Lagrangian Multiplier unit root test that allows for two endogenously determined structural breaks with and without a quadratic trend. Contrary to previous research, we find...

Persistent link: https://www.econbiz.de/10012467192

The Natural Resource Curse : A Survey

Frankel, Jeffrey A. - 2010

sub-standard economic performance. They are: long-term trends in world commodity prices, volatility, crowding out of …

Persistent link: https://www.econbiz.de/10012462796

The Consumption Terms of Trade and Commodity Prices

Berka, Martin - 2009

The national terms of trade, defined as the ratio of an export price index to an import price index has been extensively studied empirically. In this paper we construct an alternative measure, which we call the consumption terms of trade. This measure recognizes the fact that consumers and firms...

Persistent link: https://www.econbiz.de/10012463069

Commodity Price Volatility and World Market Integration since 1700

Jacks, David S. - 2009

Poor countries are more volatile than rich countries, and we know this volatility impedes their growth. We also know … that commodity price volatility is a key source of those shocks. This paper explores commodity and manufactures price over … the past three centuries to answer three questions: Has commodity price volatility increased over time? The answer is no …

Persistent link: https://www.econbiz.de/10012463899

Financialization in Commodity Markets

Chari, V.V. - 2017

growth rate and volatility of commodity spot prices. This view gained credence because in the 2000s trading volume increased …

Persistent link: https://www.econbiz.de/10012453945

Was This Time Different? Fiscal Policy in Commodity Republics

Céspedes, Luis Felipe - 2013

We revisit the issue of fiscal procyclicality in commodity-rich nations -commodity republics in the nomenclature of this paper. Since commodity prices are plausibly a main driver of fiscal policy outcomes in these countries, we focus on the behavior of fiscal variables across the commodity...

Persistent link: https://www.econbiz.de/10012458915

Biofuels, Binding Constraints and Agricultural Commodity Price Volatility

Abbott, Philip - 2013

corn, contributing to both higher prices and greater price volatility. But turbulence in recent economic events have caused … ways that are observable in data. Price volatility and "subsidy incidence" also depend on which regime is in place. Simple … differences in variations of corn prices versus energy prices. Apparent price volatility seems due to mechanism switching and to …

Persistent link: https://www.econbiz.de/10012459788

Commodity Prices, Overshooting, Money Surprises, and Fed Credibility

Frankel, Jeffrey A. - 1983

The general price level does not provide a sensitive indicator of whether monetary policy is tight or loose, because mostprices are sticky. Interest rates are free to move, but they are an ambiguous indicator of monetary policy: one does not know whether changes in the interest rate are due to...

Persistent link: https://www.econbiz.de/10012477981

Commodity Currencies and Monetary Policy

Devereux, Michael B. - 2018

Countries that specialize in commodity exports often exhibit a correlation between the relevant commodity price and the value of their currency. We explore a natural but little-studied explanation for this correlation. An increase in the commodity price leads to increases in the future values of...

Persistent link: https://www.econbiz.de/10012480727

African Export Successes : Surprises, Stylized Facts, and Explanations

Easterly, William - 2010

We establish the following stylized facts: (1) Exports are characterized by Big Hits, (2) the Big Hits change from one period to the next, and (3) these changes are not explained by global factors like global commodity prices. These conclusions are robust to excluding extractable products (oil...

Persistent link: https://www.econbiz.de/10012462060

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