Biofuel and Food-Commodity Prices
AbstractThe paper summarizes key findings of alternative lines of research on the relationship between food and fuel markets, and identifies gaps between two bodies of literature: one that investigates the relationship between food and fuel prices, and another that investigates the impact of the introduction of biofuels on commodity-food prices. The former body of literature suggests that biofuel prices do not affect food-commodity prices, but the latter suggests it does. We try to explain this gap, and then show that although biofuel was an important contributor to the recent food-price inflation of 2001–2008, its effect on food-commodity prices declined after the recession of 2008/09. We also show that the introduction of cross-price elasticity is important when explaining soybean price, but less so when explaining corn prices.
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Hochman, G.; Kaplan, S.; Rajagopal, D.; Zilberman, D. Biofuel and Food-Commodity Prices. Agriculture 2012, 2, 272-281.
Hochman G, Kaplan S, Rajagopal D, Zilberman D. Biofuel and Food-Commodity Prices. Agriculture. 2012; 2(3):272-281.Chicago/Turabian Style
Hochman, Gal; Kaplan, Scott; Rajagopal, Deepak; Zilberman, David. 2012. "Biofuel and Food-Commodity Prices." Agriculture 2, no. 3: 272-281.