Relative Commodity Prices and Cointegration

Juergen von Hagen

Journal of Business & Economic Statistics, 1989, vol. 7, issue 4, 497-503

Abstract: The Prebisch-Singer hypothesis of a secular decline in the relative price of primary commodities is reassessed, on the basis of recently available time series data, for 1900-86. Special attention is given to adequate dynnamic modeling of price fluctuations. Primary and manufactured-goods prices are found to be cointegrated. The hypothesis of stationarity for the long-run relative-price movements cannot be rejected. The empirical evidence does not support the Prebisch-Singer hypothesis.

Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:bes:jnlbes:v:7:y:1989:i:4:p:497-503

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