The interaction between food prices and oil prices
AbstractThis paper provides a statistical methodology to estimate the impact of oil price uncertainty on food prices. In doing so, it examines the joint impact of oil price and food price uncertainties and their correlation on the food price. Also, the theoretical model was applied to the oil-based Trinidad and Tobago and the empirical results confirm the theoretical predictions. The empirical results indicate that a higher oil price increases food price. Also, a higher oil price volatility yields a higher food price. Moreover, an increase in the oil supply reduces the food price.
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Bibliographic InfoArticle provided by Elsevier in its journal Energy Economics.
Volume (Year): 32 (2010)
Issue (Month): 6 (November)
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Web page: http://www.elsevier.com/locate/eneco
Oil/food price uncertainty Expected utility;
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