Industrialization and the demand for mineral commodities

Martin Stuermer

No 1413, Working Papers from Federal Reserve Bank of Dallas

Abstract: This paper uses a new data set extending back to 1840 to investigate how industrialization affects the derived demand for mineral commodities. I establish that there is substantial heterogeneity in the long-run effect of manufacturing output on demand across five commodities after controlling for sectoral change, substitution and technological development. My results imply substantial differences across commodities with regard to future demand from industrializing countries and with regard to the effect of demand shocks on prices. Models should include non-Gormand preferences to account for this heterogeneity.

Keywords: Commodities; non-renewable resources; elasticity of demand; non-homothetic preferences; nonstationary heterogenous panel (search for similar items in EconPapers)
JEL-codes: E23 N50 O13 Q31 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2014-12-29
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (8)

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Related works:
Journal Article: Industrialization and the demand for mineral commodities (2017)
Working Paper: Industrialization and the demand for mineral commodities (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:feddwp:1413

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DOI: 10.24149/wp1413

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