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The Role of Primary Commodities in Industrial Economies
The Contribution of Primary Commodity Price Increases
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adjustment aggregate demand agreement agricultural asset average behavior beneﬁts BPEA buffer stock cartel commodity markets competitive consumers consumption convenience yield costs crude oil decline demand and supply difﬁcult disruptions domestic price Economic effect energy exchange rates expected exports ﬁgure ﬁnal demand prices ﬁnance ﬁrms ﬁrst future prices global grain growth higher Houthakker imports income inflation 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 proﬁt raw material prices reduce reﬂected relative prices reserves resource revenue rise Saudi shortage shortfall signiﬁcant Soviet Union speciﬁc speculative spot market spot price Statistics trade U.S. dollar unemployment United variable wage rates West Germany world market