The long-run impact of energy prices on world agricultural markets: The role of macro-economic linkages

A. Gohin and F. Chantret

Energy Policy, 2010, vol. 38, issue 1, 333-339

Abstract: The world prices of some food and energy products have followed similar large swings in recent years. We investigate the long-run relationship between these prices using a world Computable General Equilibrium model with detailed representations of food and energy markets. Particular attention is paid to specifying macro-economic linkages which have often been overlooked in recent analysis and debate. We find that the omission of these macro-economic linkages has a substantial bearing on this relationship. A positive relationship due to the cost push effect has been identified in most analysis, but we find that the introduction of the real income effect may indeed imply a negative relationship between world food and energy prices.

Keywords: Oil; prices; Agricultural; prices; Computable; General; Equilibrium; model (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (69)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:enepol:v:38:y:2010:i:1:p:333-339

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