El modelo de inventarios de mercancías considerando la interacción entre procesadores y especuladores

The paper works with an alternative version for the rational expectations commodity storage model, where both speculators and processing firms are stockholders. The model identifies the stocks carried by commodity processors with those stocks described by the supply of storage model, but instead of using the convenience yield approach, processors’ demand for stocks is derived from a model for manufacturing inventories (Ramey 1989). Speculators intervene in the model through enforcing the arbitrage condition. We solve the model numerically to compare the different policy functions implied by each model (speculators, processors and both agents.) Finally, we present estimates of the model based on the same aggregate commodity price data used by Deaton and Laroque (1992).