全球智库信息集成服务系统(G2TT): On The Behavior of Commodity Prices

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w3439
来源ID	Working Paper 3439
	On The Behavior of Commodity Prices
	Angus Deaton; Guy Laroque
发表日期	1990-09-01
出版年	1990
语种	英语
摘要	The classical theory of commodity price determination integrates myopic supply and demand on the one hand with competitive storage (speculation) under rational expectations on the other. Taking into account the fact that inventories mist; be non-negative, this paper derives from the theory testable implications on the behavior of prices, and makes a first attempt to confront these implications with the empirical evidence. The nonlinearities turn out to be a crucial ingredient in matching the stylized facts, particularity the asymmetries and the sharp upward flares that characterize many commodity prices. The model, simple as it is, goes a long way in reproducing the main features of the data for a range of commodities.
主题	Macroeconomics
URL	https://www.nber.org/papers/w3439
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/560731
推荐引用方式 GB/T 7714	Angus Deaton,Guy Laroque. On The Behavior of Commodity Prices. 1990.