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In search of attention in agricultural commodity markets

Tomáš Mišečka, Pavel Ciaian, Miroslava Rajcaniova and Jan Pokrivcak

Economics Letters, 2019, vol. 184, issue C

Abstract: This paper investigates the impact of attention driven behaviour on agricultural commodity prices. We proxy attention driven behaviour using search queries for the commodity names in Google. We apply the ARDL model to estimate the impact of search queries on three internationally traded agricultural commodities – corn, wheat and soybean – using weakly data for the period 2009–2015. The results show that there is causal and permanent relationship between Google search queries and prices of corn and wheat confirming the presence of the attention driven behaviour. However, the estimates do not confirm this relationship for soybean price.

Keywords: Attention driven behaviour; Search queries; Agricultural commodity prices (search for similar items in EconPapers)
JEL-codes: D83 L86 Q21 (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1016/j.econlet.2019.108668

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