What drives commodity price booms and busts?

David S. Jacks and Martin Stuermer

What drives commodity price booms and busts? We provide evidence on the dynamic effects of commodity demand shocks, commodity supply shocks, and inventory demand shocks on real commodity prices. In particular, we analyze a new data set of price and production levels for 12 agricultural, metal, and soft commodities from 1870 to 2013. We identify differences in the type of shock driving prices of the various types of commodities and relate these differences to commodity types which reflect differences in long-run elasticities of supply and demand. Our results show that demand shocks strongly dominate supply shocks

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Year of publication:	November 2016
Authors:	Jacks, David S. ; Stuermer, Martin
Publisher:	Dallas : Federal Reserve Bank of Dallas, Research Department
Subject:	Rohstoffpreis \| Commodity price \| Volatilität \| Volatility \| Schock \| Shock \| VAR-Modell \| VAR model \| USA \| United States \| 1870-2013

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Extent:	1 Online-Ressource (circa 29 Seiten) Illustrationen
Series:	Working paper / Federal Reserve Bank of Dallas, Research Department. - Dallas, Tex. : [Verlag nicht ermittelbar], ZDB-ID 2136192-7. - Vol. 1614 FRB of Dallas Working Paper ; No. 1614
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Classification:	E30 - Prices, Business Fluctuations, and Cycles. General ; N50 - Agriculture, Natural Resources, Environment, and Extractive Industries. General, International, or Comparative ; Q31 - Demand and Supply ; Q33 - Resource Booms
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10011567929