Trends, Fluctuations, and Determinants of Commodity Prices

Number: 
521
Published: 
Classification JEL: 
E3, E32, F4, O13, O47, Q11
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy

A threefold analysis of commodity prices is carried out to observe their long-run behaviour, their short-run properties and the main determinants. According to the evidence, the Prebisch-Singer hypothesis does not seem to be a property of most prices. The