A simple model of primary commodity price determination: 1900–80 |
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| Authors: | D Sapsford |
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| Institution: | 1. Economics Research Centre , University of East Anglia , Norwich;2. Research Department , International Monetary Fund , Washington, DC, USA |
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| Abstract: | This article specifies and estimates a model of the determination of the real price of primary commodities over the period 1900 to 1980. The empirical evidence reported in the article suggests that the long‐run behaviour of real commodity prices is significantly influenced by both demand and supply side forces, as represented by the level of world production and a distributed lag of previous real prices respectively. |
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