| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9689 |
| DP9689 Do Oil Price Increases Cause Higher Food Prices? | |
| Lutz Kilian; Christiane Baumeister | |
| 发表日期 | 2013-10-13 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | U.S. retail food price increases in recent years may seem large in nominal terms, but after adjusting for inflation have been quite modest even after the change in U.S. biofuel policies in 2006. In contrast, increases in the real prices of corn, soybeans, wheat and rice received by U.S. farmers have been more substantial and can be linked in part to increases in the real price of oil. That link, however, appears largely driven by common macroeconomic determinants of the prices of oil and agricultural commodities rather than the pass-through from higher oil prices. We show that there is no evidence that corn ethanol mandates have created a tight link between oil and agricultural markets. Rather increases in food commodity prices not associated with changes in global real activity appear to reflect a wide range of idiosyncratic shocks ranging from changes in biofuel policies to poor harvests. Increases in agricultural commodity prices in turn contribute little to U.S. retail food price increases, because of the small cost share of agricultural products in food prices. There is no evidence that oil price shocks have caused more than a negligible increase in retail food prices in recent years. Nor is there evidence for the prevailing wisdom that oil-price driven increases in the cost of food processing, packaging, transportation and distribution are responsible for higher retail food prices. Finally, there is no evidence that oil-market specific events or for that matter U.S. biofuel policies help explain the evolution of the real price of rice, which is perhaps the single most important food commodity for many developing countries. |
| 主题 | International Macroeconomics |
| 关键词 | Globalization inflation Consumer prices Pass-through agriculture Crop prices Corn Ethanol Biofuel Food crisis |
| URL | https://cepr.org/publications/dp9689 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538525 |
| 推荐引用方式 GB/T 7714 | Lutz Kilian,Christiane Baumeister. DP9689 Do Oil Price Increases Cause Higher Food Prices?. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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