1. The second question suggested by the analytical framework is whether market failures will result from decreases in the prices of commodity outputs, in a context of agricultural policy reform. To answer this question, we need to know: (1) how price decreases will affect the level of production of both commodity and non-commodity outputs, and (2) what is the value of the resulting reduction in...

The authors found that, concurrent with the rapidly growing index investment in commodity markets since the early 2000s, prices of non-energy commodity futures in the United States have become increasingly correlated with oil prices; this trend has been significantly more pronounced for commodities in two popular commodity indices. This finding reflects the financialization of the commodity mar...

This paper presents a theory of inflation in an economy with commodity money and supports it by evidence from the inflationary episodes in France during the fourteenth and fifteenth centuries. The paper shows that commodity money can be inflated similarly to fiat money through repeated debasements, which act like devaluation. Furthermore, as with fiat money, demand for commodity money falls wit...

The construction of commodity-by-commodity input-output matrices from Make and Use matrices is a much debated area. Different views compete with each other, both in theoretical aspects as in practical appraisement of the importance of the various issues involved. The commodity-technology assumption and the industry-technology assumptions form the basic theoretical concepts between which one mus...

There has been considerable success in analytic modeling of the 802.11 MAC layer. These models are based on a number of fundamental assumptions. In this paper we attempt to verify these assumptions by taking careful measurements using an 802.11e testbed with commodity hardware. We show that the assumptions do not always hold but our measurements offer insight as to why the models may still prod...

Future contracts in commodity market with limited maturities are primarily used for hedging commodity price-fluctuation risks or for taking advantage of price movements, rather than for the buying or selling of the actual cash commodity. This paper is an effort to analyze the market efficiency of the Indian commodity market and volatility spillover effects between the spot and future market wit...

We study here numerically the behavior of an ideal gas like model of markets having only one non-consumable commodity. We investigate the behavior of the steady-state distributions of money, commodity and total wealth, as the dynamics of trading or exchange of money and commodity proceeds, with local (in time) fluctuations in the price of the commodity. These distributions are studied in market...

With a constant new stream of financial services coming to the market, each often more exotic and complicated than the last, the financial services industry, which includes commodity derivatives exchanges, brokerage houses and banks providing price risk reduction services (the so-called hedging services), is one of the fastest growing industries. In order to assure survival, these companies sho...

Commodity currency literature recently stressed the importance of commodity prices as a determinant of real exchange rates in developing countries (Cashin, Cespedes and Sahay 2004). We provide new empirical evidence on this issue by focusing on countries which are specialized in the ex-port of one leading commodity. For those countries, we investigate to which extent their real exchange rate is...

We study market games with multiple posts per commodity. We provide some facts that characterize prices of commodities across posts and show the following results: (i) As the number of agents increases, the price variability across posts for a commodity becomes smaller and it becomes zero when the number of agents becomes infinite, irrespectively of the distribution of characteristics in the ec...