Hidden Bibliographic Details
| Other authors / contributors: | McDermott, C. John.
International Monetary Fund. Research Department.
|
|---|
| ISBN: | 1451895518
9781451895513
1281599972
9781281599971
1462355048
9781462355044
1452778515
9781452778518
9786613780669
6613780669
9781451848991
1451848994
|
|---|
| Notes: | Includes bibliographical references (pages 26-27).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
|
|---|
| Summary: | Using the longest dataset publicly available (The Economist's index of industrial commodity prices), we analyze the behavior of real commodity prices over the period 1862-99, and have two main findings. First, while there has been a downward trend in real commodity prices of 1.3 percent per year over the last 140 years, little support is found for a break in the long-run trend decline in commodity prices. Second, there is evidence of a ratcheting up in the variability of price movements. The amplitude of price movements increased in the early 1900s, while the frequency of large price movements increased after the collapse of the Bretton Woods regime of fixed exchange rates in the early 1970s. While there is a downward trend in real commodity prices, this is of little practical policy relevance as it is small and completely dominated by the variability of prices.
|
|---|
| Other form: | Print version: Cashin, Paul. Long-run behavior of commodity prices. [Washington, D.C.] : International Monetary Fund, Research Dept., ©2001
|
|---|
| Standard no.: | 10.5089/9781451895513.001
|
|---|
