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The sources of variability in U.S. food prices

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  • Lambert, David K.
  • Miljkovic, Dragan

Abstract

Food prices surged in the United States and around the world between 2006 and 2008. Global increases have been attributed to income growth in the developing world, diversion of farm products from food to industrial usage, speculation in commodity markets, and energy price increases. Although pass-through of farm commodity price increases to retail prices may be mitigated by additional processing costs and food sector organizational structure, food prices in the U.S. have also recently outpaced general price increases. Time series analysis of factors influencing monthly food prices from 1970 through February 2009 suggest that innovations in farm prices and manufacturing wages, rather than consumer incomes or the prices of other food production inputs including fuel play the most significant role in determining food price changes.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Policy Modeling.

Volume (Year): 32 (2010)
Issue (Month): 2 (March)
Pages: 210-222

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Handle: RePEc:eee:jpolmo:v:32:y::i:2:p:210-222

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Web page: http://www.elsevier.com/locate/inca/505735

Related research

Keywords: Food prices Farm prices Energy prices United States;

References

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  1. Johansen, Soren, 1991. "Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models," Econometrica, Econometric Society, vol. 59(6), pages 1551-80, November.
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  7. Barry K. Goodwin & Matthew T. Holt, 1999. "Price Transmission and Asymmetric Adjustment in the U.S. Beef Sector," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(3), pages 630-637.
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  9. James G. MacKinnon, 1995. "Numerical Distribution Functions for Unit Root and Cointegration Tests," Working Papers 918, Queen's University, Department of Economics.
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  12. David A. Bessler & Derya G. Akleman, 1998. "Farm Prices, Retail Prices, and Directed Graphs: Results for Pork and Beef," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(5), pages 1144-1149.
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Citations

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Cited by:
  1. Irz, Xavier T. & Niemi, Jyrki S. & Xing, Liu, 2011. "Determinants Of Food Price Inflation In Finland," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 114460, European Association of Agricultural Economists.
  2. Babula, Ronald A. & Price, Gregory K., 2012. "New regulatory authority over significant price discovery contracts: An example of natural gas swaps with econometric applications," Journal of Policy Modeling, Elsevier, vol. 34(3), pages 372-388.
  3. Irz, Xavier & Niemi, Jyrki & Liu, Xing, 2013. "Determinants of food price inflation in Finland—The role of energy," Energy Policy, Elsevier, vol. 63(C), pages 656-663.

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