Series: IMF Working Papers
Author(s): Norbert Funke , Weifeng Wu , and Yanliang Miao
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 March 2011
Keywords: Food commodity prices, Competitive storage model, Rational expectation equilibrium, real interest rate, price elasticity, kurtosis, skewness, real interest rates, Computational Techniques,
We revive in this paper the empirical relevance of the competitive storage model by taking a holistic approach to food commodity prices. We augment the seminal Deaton and Laroque (1992, 1996) model by incorporating...