Pietola, Kyösti; Liu, Xing; Robles, Miguel - International Food Policy Research Institute (IFPRI) - 2010
The study estimates a conditional mean model for international wheat prices and inventories. Endogenous price … linkage between volatility, prices, and inventories is important because volatility increases returns to inventories, which in … optimization problem. The data suggest that the price of both wheat and wheat inventories is nonstationary and that they are …