Lee, Junsoo; List, John A.; Strazicich, Mark C. - Department of Economics, Appalachian State University - 2005
In this paper we examine temporal properties of eleven natural resource real price series from 1870-1990. Recent studies by Ahrens and Sharma [1997], Berck and Roberts [1996], and Slade [1988], among others, find that many nonrenewable resource prices have a stochastic trend. We revisit this...