Primary Commodity Prices: Economic Models and Policy

Commodity markets are of considerable interest and importance to economists, econometricians and dealers. This book reports on the proceedings of an international conference on 'Primary Commodity Prices: Economic Models and Policy', held in London in March 1989 at CEPR. A range of papers by leading international authorities covers topics such as expectations formation in econometric commodity market models; price determination in the market for aluminium; the estimation of dynamic disequilibrium models with rational expectations; the prices of perennial crops; modelling the effects of foreign and domestic policies on agricultural prices; exchange-rate volatility and commodity prices; long-run influences on petroleum prices; price stabilization versus financing in commodity policy; and a comparision of forward markets and buffer stocks as commodity earnings stabilizers. A key feature is the development of policy implications of recent theoretical and empirical work in the field of commodity economics. Most papers are accompanied by discussants' comments to draw out their technical and policy implications, and the editors also provide a detailed policy introduction. This volume provides a combination of technical excellence and explicit policy analysis unrivalled in terms of both analytical quality and relevance. This book's readership will include commodity economists, commodity market practitioners and policy analysts, as well as both professionals and advanced students interested in the fields of applied econometrics, economic development and international trade.