Deconstructing Wheat Price Spikes: A Model of Supply and Demand, Financial Speculation, and Commodity Price Comovement

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英文名称：

Deconstructing Wheat Price Spikes: A Model of Supply and Demand, Financial Speculation, and Commodity Price Comovement

作者：

Joseph P. Janzen; Colin A. Carter; Aaron Smith; Michael K. Adjemian

工作单位：

USDA's Economic Research Service

来源地址：

https://www.ers.usda.gov/publications/pub-details/?pubid=45202

关键词：

Commodity prices;  comovement;  futures;  index funds;  speculation;  wheat; 

年份：

2014

出版地：

Washington, DC, USA

总页数：

51 pp

语种：

English

摘要：

In 2008, wheat futures prices spiked and then crashed along with prices for other agricultural and non-agricultural commodities. This study uses an econometric model to explain the influence of various factors, including passive speculation by large traders, on wheat prices. Findings show that market-specific shocks related to supply and demand for wheat were the dominant cause of price spikes.