More on the Energy/Non-Energy Commodity Price Link

Baffes, John

dc.creator	Baffes, John
dc.date	2012-03-19T19:11:17Z
dc.date	2012-03-19T19:11:17Z
dc.date	2009-06-01
dc.date.accessioned	2023-02-17T21:10:33Z
dc.date.available	2023-02-17T21:10:33Z
dc.identifier	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20090630085856
dc.identifier	http://hdl.handle.net/10986/4174
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/245211
dc.description	This paper examines the energy/non-energy commodity price link, based on a reduced form econometric model and using annual data from 1960 to 2008. The transmission elasticity from energy to the non-energy index is estimated at 0.28. At a more disaggregated level, the fertilizer index exhibited the largest elasticity (0.55), followed by precious metals (0.46), food (0.27), metals and minerals (0.25), and raw materials (0.11). By contrast, only a few price indices responded strongly to inflation, although the trend parameter estimate (often viewed as a proxy for technological progress) is negative for agriculture and positive for metals. A key implication of the pass-through results is that for as long as energy prices remain elevated, most non-energy commodity prices are expected to be high.
dc.language	English
dc.relation	Policy Research working paper ; no. WPS 4982
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	AGRICULTURAL PRICES
dc.subject	AVAILABILITY
dc.subject	AVAILABILITY OF DATA
dc.subject	BARTER
dc.subject	BIOMASS
dc.subject	COAL
dc.subject	COMMODITIES
dc.subject	COMMODITY
dc.subject	COMMODITY BOOM
dc.subject	COMMODITY MARKET
dc.subject	COMMODITY MARKETS
dc.subject	COMMODITY PRICE
dc.subject	COMMODITY PRICE INDICES
dc.subject	COMMODITY PRICES
dc.subject	CRUDE OIL
dc.subject	CRUDE OIL PRICE
dc.subject	DATA MINING
dc.subject	DEBT
dc.subject	DEVELOPING COUNTRIES
dc.subject	DEVELOPING COUNTRY
dc.subject	DOMESTIC MARKETS
dc.subject	DOMESTIC PRICES
dc.subject	ECONOMIC EFFECTS
dc.subject	EFFICIENT MARKET
dc.subject	ENERGY MARKETS
dc.subject	ENERGY PRICE
dc.subject	ENERGY PRICES
dc.subject	ENERGY TRANSMISSION
dc.subject	EXCHANGE MARKET
dc.subject	EXCHANGE MARKETS
dc.subject	EXCHANGE RATES
dc.subject	EXPENDITURES
dc.subject	FOOD COMMODITIES
dc.subject	FOOD PRICE
dc.subject	GLOBAL ECONOMIC PROSPECTS
dc.subject	GOLD PRICES
dc.subject	INCOME
dc.subject	INDUSTRIAL COUNTRIES
dc.subject	INFLATION
dc.subject	INFLATIONARY PRESSURES
dc.subject	MARKET EFFICIENCY
dc.subject	MARKET INEFFICIENCIES
dc.subject	MARKET INTEGRATION
dc.subject	NATURAL GAS
dc.subject	OIL PRICES
dc.subject	OIL SHOCKS
dc.subject	OIL SPILLS
dc.subject	OILS
dc.subject	POTASSIUM
dc.subject	PRICE INCREASE
dc.subject	PRICE INCREASES
dc.subject	PRICE INDEX
dc.subject	PRICE INDICES
dc.subject	PRICE MOVEMENTS
dc.subject	PRICE SERIES
dc.subject	PRIMARY COMMODITIES
dc.subject	PRIMARY COMMODITY
dc.subject	PRODUCTION PROCESS
dc.subject	RAW MATERIALS
dc.subject	RESULT
dc.subject	RESULTS
dc.subject	SEARCH
dc.subject	SOYBEAN MEAL
dc.subject	SOYBEAN OIL
dc.subject	SPREAD
dc.subject	TECHNOLOGICAL CHANGE
dc.subject	USES
dc.subject	WEB
dc.subject	WORLD TRADE
dc.title	More on the Energy/Non-Energy Commodity Price Link
dc.type	Publications & Research :: Policy Research Working Paper
dc.coverage	The World Region
dc.coverage	The World Region