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Summary of the Book
The Contribution of Primary Commodity Price Increases
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adjustment aggregate demand agricultural allocation asset average behavior beneﬁts BPEA buffer stock cartel coefﬁcient commodity markets competitive consumers consumption convenience yield costs countries crude oil decline deﬂator demand and supply difﬁcult disruption domestic price Economic effect energy exchange rates exports ﬁgure ﬁnal demand prices ﬁnance ﬁrms ﬁrst future prices global growth higher Houthakker imports income inﬂation rate inﬂationary inﬂuence intervention inventories issues Japan long-run macroeconomic marginal revenue market prices metals mmbd monetary money supply monopolist nations OECD oil prices OPEC output percent period petroleum price changes price ﬂuctuations price increases price index price level price path price shock price stabilization primary commodity prices problem proﬁts raw material prices reduce reﬂected relative prices result rise Saudi shortage shortfall signiﬁcant Soviet Union speciﬁc speculative spot market spot price Statistics tariff trade trend U.S. dollar unemployment United variable wage rates West Germany world market