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文章基本信息

  • 标题:Do Interest Rates Explain Disaggregate Commodity Price Growth?
  • 本地全文:下载
  • 作者:Franken, Jason R.V. ; Garcia, Philip ; Irwin, Scott H.
  • 期刊名称:Journal of Food Distribution Research
  • 印刷版ISSN:0047-245X
  • 出版年度:2006
  • 卷号:37
  • 期号:SUPPL
  • 出版社:Food Distribution Research Society
  • 摘要:The storage at a loss paradox - inventories despite an inadequate spot-futures price spread to cover storage costs— - is an unresolved issue of long-standing interest to economists. Alternative explanations include risk premiums for futures market speculators, convenience yields from holding inventories, and mismeasurement/aggregation of data. Statistical analyses of regional- and elevator-level data suggest that aggregation can impact results, and that soybean price behavior is generally consistent with inter-temporal arbitrage conditions, while corn price behavior points to convenience yields at longer horizons.
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