Three bubbles and a panic: An explanatory review of recent food commodity price events

摘要: Abstract This paper is a summary of the behaviour food commodity prices in 2007–2008 and review causes price increases, extracted from report to Chief Scientific Advisor Her Majesty’s Government [Thirtle, C., Piesse, J., 2008. An Explanatory Review World Food Commodity Price Events 2007–2008. A Report Advisor. Department for Innovation, Universities Skills, London]. The historical background shows that spike was much less severe than 1970s. conventional wisdom main commodities were falling prior 2006 questioned. Most ceased quite stable 1980s. separates underlying changes driving long run trends. literature on critically reviewed summarised. There reasonably broad consensus most causes, but impact depreciation US Dollar. are also concluding speculations future.