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

摘要: 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 using a Computable General Equilibrium model with detailed representations markets. Particular attention is paid to specifying macro-economic linkages which often been overlooked analysis debate. find that omission has substantial bearing on this relationship. A positive due cost push effect identified most analysis, but we introduction real income may indeed imply negative prices.