The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.
Commodity Booms and Busts
Abstract
Periodically, the global economy experiences great commodity booms and busts, characterized by a broad and sharp comovement of commodity prices. There have been two such episodes since the Korean War. The first event peaked in 1974 and the second in 2008, 34 years apart. Both created major economic and political shocks, including fallen governments and human suffering due to high food prices. Each occurrence raised serious concerns over food and energy security and led to more government intervention in the commodity markets. Although there is no simple explanation for what causes such complex events, they do share similar characteristics. We find at the core of these cycles a set of contemporaneous supply and demand surprises that coincided with low inventories and that were magnified by macroeconomic shocks and policy responses. In the next few decades, the world faces the prospect of continued increases in the demand for commodities and greater uncertainty about supply. However, because market participants are likely to respond by increasing inventory holdings and investing in new technologies, we see no reason to expect an increase in the frequency of dramatic commodity booms and busts.
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Cites
The Limits to Growth: A report for the Club of Rome's Project on the Predicament of Mankind
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How to understand high food prices
Gilbert, C. L. (2010) · Journal of Agricultural Economics · doi:10.1111/j.1477-9552.2010.00248.x · Cited by 738
Evidence of a Shift in the Short-Run Price Elasticity of Gasoline Demand
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“Hughes et al. (2008) estimate that the price elasticity of demand for 6In the United States, forward contracting is threatened by the recent Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.”
Index Funds, Financialization, and Commodity Futures Markets
Irwin, S. H., & Sanders, D. R. (2011) · Applied Economic Perspectives and Policy · doi:10.1093/aepp/ppq032 · Cited by 488
Agricultural Research, Productivity, and Food Prices in the Long Run
Alston, J. M., Beddow, J. M., & Pardey, P. G. (2009) · Science · doi:10.1126/science.1170451 · Cited by 428
Cited by
Political Economy of Public Policies: Insights from Distortions to Agricultural and Food Markets
Anderson, K., Rausser, G., & Swinnen, J. (2013) · Journal of Economic Literature · doi:10.1257/jel.51.2.423 · Cited by 298
Self-citation
Metadata
- Authors
- Carter, C. A., Rausser, G. C., & Smith, A.
- Venue
- Annual Review of Resource Economics
- Publisher
- Annual Reviews
- Published
- 2011-10-01
- Volume
- 3
- Issue
- 1
- Pages
- 87-118
- ISSN
- 1941-1340 (ISSN-L)
- 1941-1359
- OpenAlex
- W2155768584
- Cited by
- 177
- References
- 5
- FWCI
- 2.73
- Type
- journal article
- Language
- en
- Open access
- closed
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