The Economics of Food Price Volatility

Front Cover
Jean-Paul Chavas, David Hummels, Brian D. Wright
University of Chicago Press, Oct 14, 2014 - Business & Economics - 383 pages
There has been an increase in food price instability in recent years, with varied consequences for farmers, market participants, and consumers. Before policy makers can design schemes to reduce food price uncertainty or ameliorate its effects, they must first understand the factors that have contributed to recent price instability. Does it arise primarily from technological or weather-related supply shocks, or from changes in demand like those induced by the growing use of biofuel? Does financial speculation affect food price volatility?

The researchers who contributed to The Economics of Food Price Volatility address these and other questions. They examine the forces driving both recent and historical patterns in food price volatility, as well as the effects of various public policies in affecting this volatility. The chapters include studies of the links between food and energy markets, the impact of biofuel policy on the level and variability of food prices, and the effects of weather-related disruptions in supply. The findings shed light on the way price volatility affects the welfare of farmers, traders, and consumers.
 

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Contents

Introduction JeanPaul Chavas David Hummels and Brian D Wright
1
James M MacDonald
13
Implications for Harvest Volatility Steven T Berry Michael J Roberts and Wolfram Schlenker Comment Derek Headey
59
Brian D Wright
91
A ShiftingMean Vector Autoregressive Analysis Walter Enders and Matthew T Holt Comment Barry K Goodwin
135
Jock R Anderson
193
Evidence from the CFTCs Daily Large Trader Data Files Nicole M Aulerich Scott H Irwin and Philip Garcia Comment Aaron Smith
211
Shenggen Fan
261
Marc F Bellemare
311
Ron Trostle
345
Contributors
371
Author Index
375
Subject Index
381
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About the author (2014)

Jean-Paul Chavas is the Anderson-Bascom Professor of Agricultural and Applied Economics at the University of Wisconsin?Madison and a member of the board of directors of the NBER. David Hummels is professor of economics in the Krannert School of Management at Purdue University and a research associate of the NBER. Brian Wright is professor in and chair of the Department of Agricultural and Resource Economics at the University of California, Berkeley.