The Ethanol Mandate and Corn Price Volatility

Peter Maniloff and Sul-Ki Lee ()
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Sul-Ki Lee: Division of Economics and Business, Colorado School of Mines

No 2015-01, Working Papers from Colorado School of Mines, Division of Economics and Business

Abstract: Food price shocks can have substantial welfare implications, particularly in the world's low income regions. A number of previous studies has shown that the United States ethanol mandate has increased average corn price levels. We provide suggestive evidence that the mandate has also increased corn price volatility. Identification relies upon a series of falsification tests. Our results suggest that the ethanol mandate has increased the likelihood of very high price levels by even more than previously thought.

Keywords: Ethanol; biofuels; food price shocks; food security (search for similar items in EconPapers)
Pages: 26 pages
Date: 2015-02
New Economics Papers: this item is included in nep-agr and nep-mfd
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:mns:wpaper:wp201501

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