Commodity Food Prices: Review and Empirics

<table class="table-group" id="tab8"><tr><td><table class="table"><tr><td class="thead-hr" colspan="2"><hr/></td></tr><tr class="thead"><td align="left">Parameters</td><td align="center">Values</td></tr><tr><td class="thead-hr" colspan="2"><hr/></td></tr><tr><td align="left"><span style="width: 28.5px;"><svg height="23.450001" id="M75" style="vertical-align:-6.11113pt" version="1.1" viewbox="0 0 28.5 23.450001" width="28.5" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<g transform="matrix(.017,-0,0,-.017,5.725,15.775)"><path d="M548 455q-32 -77 -74 -77q-37 0 -103 10l-3 -2q36 -30 48.5 -62t12.5 -80q0 -103 -75 -179.5t-175 -76.5q-70 0 -113 45t-43 128q0 115 83.5 200.5t209.5 85.5q31 0 77.5 -4t67.5 -4q36 0 62 30zM350 274q0 54 -17 86q-19 35 -57 35q-50 0 -90 -37.5t-59 -91.5t-19 -109
q0 -61 24.5 -96.5t65.5 -35.5q51 0 87.5 46.5t50.5 100.5t14 102z" id="x1D70E"></path></g>
<g transform="matrix(.012,-0,0,-.012,15.338,7.613)"><path d="M412 140l28 -9q0 -2 -35 -131h-373v23q112 112 161 170q59 70 92 127t33 115q0 63 -31 98t-86 35q-75 0 -137 -93l-22 20l57 81q55 59 135 59q69 0 118.5 -46.5t49.5 -122.5q0 -62 -29.5 -114t-102.5 -130l-141 -149h186q42 0 58.5 10.5t38.5 56.5z" id="x32"></path></g><g transform="matrix(.012,-0,0,-.012,15.338,19.863)"><path d="M642 419q-50 -36 -71 -94q-28 -78 -68 -170q-39 -89 -114 -135q-34 -21 -83 -31l-45 -219l-31 -31q-8 7 -15 29.5t-2 45.5l35 172q-153 10 -153 169q0 28 6 84q7 68 7 88q0 48 -27 48q-18 0 -51 -28l-7 26q62 75 118 75q49 0 49 -90q0 -47 -5 -81q-10 -72 -10 -108
q0 -117 82 -133l87 455l62 19l7 -2l-99 -478q91 12 131 120q34 93 51 154q20 73 36 88q42 40 103 56z" id="x1D713"></path></g>
<g transform="matrix(.008,-0,0,-.008,23.113,23.388)"><path d="M384 0h-275v27q67 5 81.5 18.5t14.5 68.5v385q0 38 -7.5 47.5t-40.5 10.5l-48 2v24q85 15 178 52v-521q0 -55 14.5 -68.5t82.5 -18.5v-27z" id="x31"></path></g>
</svg></span></td><td align="center">0.0001</td></tr><tr><td align="left"><span style="width: 44.875px;"><svg height="19.1625" id="M76" style="vertical-align:-5.56926pt" version="1.1" viewbox="0 0 44.875 19.1625" width="44.875" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<g transform="matrix(.017,-0,0,-.017,.062,12.162)"><path d="M412 140l28 -9q0 -2 -35 -131h-373v23q112 112 161 170q59 70 92 127t33 115q0 63 -31 98t-86 35q-75 0 -137 -93l-22 20l57 81q55 59 135 59q69 0 118.5 -46.5t49.5 -122.5q0 -62 -29.5 -114t-102.5 -130l-141 -149h186q42 0 58.5 10.5t38.5 56.5z" id="x32"></path></g><g transform="matrix(.017,-0,0,-.017,8.222,12.162)"><path d="M574 449q-23 -58 -38 -79q-16 -4 -79 -4q-27 -100 -46 -219q-14 -87 7 -87t74 36l13 -27q-74 -81 -139 -81q-48 0 -48 62q0 22 8 59l60 258l-154 4q-21 -103 -54.5 -209t-64.5 -151q-38 -23 -83 -23l-7 15q46 36 94 152.5t64 216.5q-81 0 -138 -54l-18 23q22 27 39.5 43
t61.5 33.5t100 17.5q43 0 131.5 -2.5t129.5 -2.5q23 0 33.5 5t24.5 25z" id="x1D70B"></path></g><g transform="matrix(.017,-0,0,-.017,18.268,12.162)"><path d="M368 703l-264 -866h-60l265 866h59z" id="x2F"></path></g><g transform="matrix(.017,-0,0,-.017,25.272,12.162)"><path d="M529 97q-70 -109 -136 -109q-41 0 -56 94q-23 144 -37 284q-38 -88 -99 -202.5t-93 -156.5q-26 -8 -76 -19l-9 21q71 78 145.5 193t124.5 232q-5 84 -15 128q-12 55 -29.5 75.5t-42.5 20.5q-21 0 -45 -13l-8 24q16 17 46 30t55 13q43 0 70 -46.5t40 -169.5
q27 -249 51 -392q7 -46 23 -46q24 0 70 60z" id="x1D706"></path></g>
<g transform="matrix(.012,-0,0,-.012,34.65,16.25)"><path d="M383 397q0 -32 -35 -49q-12 -6 -23 8q-37 45 -84 45t-90 -71q-40 -65 -40 -167q0 -57 22 -86t59 -29q38 0 81.5 24.5t69.5 51.5l16 -21q-44 -53 -104 -84t-109 -31q-56 0 -89.5 41t-33.5 117q0 61 30 124t79 105q33 28 81 50.5t86 22.5q34 0 59 -15.5t25 -35.5z" id="x1D450"></path></g>
<g transform="matrix(.008,-0,0,-.008,39.488,19.1)"><path d="M384 0h-275v27q67 5 81.5 18.5t14.5 68.5v385q0 38 -7.5 47.5t-40.5 10.5l-48 2v24q85 15 178 52v-521q0 -55 14.5 -68.5t82.5 -18.5v-27z" id="x31"></path></g>
</svg></span></td><td align="center">6.4499 (0.5375 years) </td></tr><tr><td align="left"><span style="width: 19.6625px;"><svg height="19.1625" id="M77" style="vertical-align:-5.56926pt" version="1.1" viewbox="0 0 19.6625 19.1625" width="19.6625" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<g transform="matrix(.017,-0,0,-.017,.062,12.162)"><path d="M529 97q-70 -109 -136 -109q-41 0 -56 94q-23 144 -37 284q-38 -88 -99 -202.5t-93 -156.5q-26 -8 -76 -19l-9 21q71 78 145.5 193t124.5 232q-5 84 -15 128q-12 55 -29.5 75.5t-42.5 20.5q-21 0 -45 -13l-8 24q16 17 46 30t55 13q43 0 70 -46.5t40 -169.5
q27 -249 51 -392q7 -46 23 -46q24 0 70 60z" id="x1D706"></path></g>
<g transform="matrix(.012,-0,0,-.012,9.45,16.25)"><path d="M383 397q0 -32 -35 -49q-12 -6 -23 8q-37 45 -84 45t-90 -71q-40 -65 -40 -167q0 -57 22 -86t59 -29q38 0 81.5 24.5t69.5 51.5l16 -21q-44 -53 -104 -84t-109 -31q-56 0 -89.5 41t-33.5 117q0 61 30 124t79 105q33 28 81 50.5t86 22.5q34 0 59 -15.5t25 -35.5z" id="x1D450"></path></g>
<g transform="matrix(.008,-0,0,-.008,14.275,19.1)"><path d="M384 0h-275v27q67 5 81.5 18.5t14.5 68.5v385q0 38 -7.5 47.5t-40.5 10.5l-48 2v24q85 15 178 52v-521q0 -55 14.5 -68.5t82.5 -18.5v-27z" id="x31"></path></g>
</svg></span></td><td align="center">0.9741</td></tr><tr><td align="left"><span style="width: 22.4px;"><svg height="16.299999" id="M78" style="vertical-align:-6.87549pt" version="1.1" viewbox="0 0 22.4 16.299999" width="22.4" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<g transform="matrix(.017,-0,0,-.017,.062,7.675)"><path d="M516 277q0 -126 -140 -231q-36 -27 -75.5 -42.5t-63.5 -15.5q-38 0 -73 43q-10 -44 -18 -106q-18 -134 -32 -151q-12 -16 -40 -25t-46 -10l-5 14q22 38 84 406q16 92 44.5 146.5t88.5 95.5q68 47 136 47q63 0 101.5 -47.5t38.5 -123.5zM432 259q0 61 -27 101t-79 40
t-82 -49t-49 -148l-24 -127q42 -36 88 -36q79 0 126 61.5t47 157.5z" id="x1D70C"></path></g>
<g transform="matrix(.012,-0,0,-.012,9.225,12.713)"><path d="M642 419q-50 -36 -71 -94q-28 -78 -68 -170q-39 -89 -114 -135q-34 -21 -83 -31l-45 -219l-31 -31q-8 7 -15 29.5t-2 45.5l35 172q-153 10 -153 169q0 28 6 84q7 68 7 88q0 48 -27 48q-18 0 -51 -28l-7 26q62 75 118 75q49 0 49 -90q0 -47 -5 -81q-10 -72 -10 -108
q0 -117 82 -133l87 455l62 19l7 -2l-99 -478q91 12 131 120q34 93 51 154q20 73 36 88q42 40 103 56z" id="x1D713"></path></g>
<g transform="matrix(.008,-0,0,-.008,17.012,16.238)"><path d="M384 0h-275v27q67 5 81.5 18.5t14.5 68.5v385q0 38 -7.5 47.5t-40.5 10.5l-48 2v24q85 15 178 52v-521q0 -55 14.5 -68.5t82.5 -18.5v-27z" id="x31"></path></g>
</svg></span></td><td align="center">0.8420</td></tr><tr><td align="left"><span style="width: 22.8375px;"><svg height="23.450001" id="M79" style="vertical-align:-6.11113pt" version="1.1" viewbox="0 0 22.8375 23.450001" width="22.8375" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<g transform="matrix(.017,-0,0,-.017,.062,15.775)"><path d="M548 455q-32 -77 -74 -77q-37 0 -103 10l-3 -2q36 -30 48.5 -62t12.5 -80q0 -103 -75 -179.5t-175 -76.5q-70 0 -113 45t-43 128q0 115 83.5 200.5t209.5 85.5q31 0 77.5 -4t67.5 -4q36 0 62 30zM350 274q0 54 -17 86q-19 35 -57 35q-50 0 -90 -37.5t-59 -91.5t-19 -109
q0 -61 24.5 -96.5t65.5 -35.5q51 0 87.5 46.5t50.5 100.5t14 102z" id="x1D70E"></path></g>
<g transform="matrix(.012,-0,0,-.012,9.663,7.613)"><path d="M412 140l28 -9q0 -2 -35 -131h-373v23q112 112 161 170q59 70 92 127t33 115q0 63 -31 98t-86 35q-75 0 -137 -93l-22 20l57 81q55 59 135 59q69 0 118.5 -46.5t49.5 -122.5q0 -62 -29.5 -114t-102.5 -130l-141 -149h186q42 0 58.5 10.5t38.5 56.5z" id="x32"></path></g><g transform="matrix(.012,-0,0,-.012,9.663,19.863)"><path d="M642 419q-50 -36 -71 -94q-28 -78 -68 -170q-39 -89 -114 -135q-34 -21 -83 -31l-45 -219l-31 -31q-8 7 -15 29.5t-2 45.5l35 172q-153 10 -153 169q0 28 6 84q7 68 7 88q0 48 -27 48q-18 0 -51 -28l-7 26q62 75 118 75q49 0 49 -90q0 -47 -5 -81q-10 -72 -10 -108
q0 -117 82 -133l87 455l62 19l7 -2l-99 -478q91 12 131 120q34 93 51 154q20 73 36 88q42 40 103 56z" id="x1D713"></path></g>
<g transform="matrix(.008,-0,0,-.008,17.45,23.388)"><path d="M412 140l28 -9q0 -2 -35 -131h-373v23q112 112 161 170q59 70 92 127t33 115q0 63 -31 98t-86 35q-75 0 -137 -93l-22 20l57 81q55 59 135 59q69 0 118.5 -46.5t49.5 -122.5q0 -62 -29.5 -114t-102.5 -130l-141 -149h186q42 0 58.5 10.5t38.5 56.5z" id="x32"></path></g>
</svg></span></td><td align="center">0.0009</td></tr><tr><td align="left"><span style="width: 44.875px;"><svg height="19.1625" id="M80" style="vertical-align:-5.56926pt" version="1.1" viewbox="0 0 44.875 19.1625" width="44.875" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<g transform="matrix(.017,-0,0,-.017,.062,12.162)"><path d="M412 140l28 -9q0 -2 -35 -131h-373v23q112 112 161 170q59 70 92 127t33 115q0 63 -31 98t-86 35q-75 0 -137 -93l-22 20l57 81q55 59 135 59q69 0 118.5 -46.5t49.5 -122.5q0 -62 -29.5 -114t-102.5 -130l-141 -149h186q42 0 58.5 10.5t38.5 56.5z" id="x32"></path></g><g transform="matrix(.017,-0,0,-.017,8.222,12.162)"><path d="M574 449q-23 -58 -38 -79q-16 -4 -79 -4q-27 -100 -46 -219q-14 -87 7 -87t74 36l13 -27q-74 -81 -139 -81q-48 0 -48 62q0 22 8 59l60 258l-154 4q-21 -103 -54.5 -209t-64.5 -151q-38 -23 -83 -23l-7 15q46 36 94 152.5t64 216.5q-81 0 -138 -54l-18 23q22 27 39.5 43
t61.5 33.5t100 17.5q43 0 131.5 -2.5t129.5 -2.5q23 0 33.5 5t24.5 25z" id="x1D70B"></path></g><g transform="matrix(.017,-0,0,-.017,18.268,12.162)"><path d="M368 703l-264 -866h-60l265 866h59z" id="x2F"></path></g><g transform="matrix(.017,-0,0,-.017,25.272,12.162)"><path d="M529 97q-70 -109 -136 -109q-41 0 -56 94q-23 144 -37 284q-38 -88 -99 -202.5t-93 -156.5q-26 -8 -76 -19l-9 21q71 78 145.5 193t124.5 232q-5 84 -15 128q-12 55 -29.5 75.5t-42.5 20.5q-21 0 -45 -13l-8 24q16 17 46 30t55 13q43 0 70 -46.5t40 -169.5
q27 -249 51 -392q7 -46 23 -46q24 0 70 60z" id="x1D706"></path></g>
<g transform="matrix(.012,-0,0,-.012,34.65,16.25)"><path d="M383 397q0 -32 -35 -49q-12 -6 -23 8q-37 45 -84 45t-90 -71q-40 -65 -40 -167q0 -57 22 -86t59 -29q38 0 81.5 24.5t69.5 51.5l16 -21q-44 -53 -104 -84t-109 -31q-56 0 -89.5 41t-33.5 117q0 61 30 124t79 105q33 28 81 50.5t86 22.5q34 0 59 -15.5t25 -35.5z" id="x1D450"></path></g>
<g transform="matrix(.008,-0,0,-.008,39.488,19.1)"><path d="M412 140l28 -9q0 -2 -35 -131h-373v23q112 112 161 170q59 70 92 127t33 115q0 63 -31 98t-86 35q-75 0 -137 -93l-22 20l57 81q55 59 135 59q69 0 118.5 -46.5t49.5 -122.5q0 -62 -29.5 -114t-102.5 -130l-141 -149h186q42 0 58.5 10.5t38.5 56.5z" id="x32"></path></g>
</svg></span></td><td align="center">25.1651 (2.0970 years)</td></tr><tr><td align="left"><span style="width: 19.6625px;"><svg height="19.1625" id="M81" style="vertical-align:-5.56926pt" version="1.1" viewbox="0 0 19.6625 19.1625" width="19.6625" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<g transform="matrix(.017,-0,0,-.017,.062,12.162)"><path d="M529 97q-70 -109 -136 -109q-41 0 -56 94q-23 144 -37 284q-38 -88 -99 -202.5t-93 -156.5q-26 -8 -76 -19l-9 21q71 78 145.5 193t124.5 232q-5 84 -15 128q-12 55 -29.5 75.5t-42.5 20.5q-21 0 -45 -13l-8 24q16 17 46 30t55 13q43 0 70 -46.5t40 -169.5
q27 -249 51 -392q7 -46 23 -46q24 0 70 60z" id="x1D706"></path></g>
<g transform="matrix(.012,-0,0,-.012,9.45,16.25)"><path d="M383 397q0 -32 -35 -49q-12 -6 -23 8q-37 45 -84 45t-90 -71q-40 -65 -40 -167q0 -57 22 -86t59 -29q38 0 81.5 24.5t69.5 51.5l16 -21q-44 -53 -104 -84t-109 -31q-56 0 -89.5 41t-33.5 117q0 61 30 124t79 105q33 28 81 50.5t86 22.5q34 0 59 -15.5t25 -35.5z" id="x1D450"></path></g>
<g transform="matrix(.008,-0,0,-.008,14.275,19.1)"><path d="M412 140l28 -9q0 -2 -35 -131h-373v23q112 112 161 170q59 70 92 127t33 115q0 63 -31 98t-86 35q-75 0 -137 -93l-22 20l57 81q55 59 135 59q69 0 118.5 -46.5t49.5 -122.5q0 -62 -29.5 -114t-102.5 -130l-141 -149h186q42 0 58.5 10.5t38.5 56.5z" id="x32"></path></g>
</svg></span></td><td align="center">0.2496</td></tr><tr><td align="left"><span style="width: 22.4px;"><svg height="16.299999" id="M82" style="vertical-align:-6.87549pt" version="1.1" viewbox="0 0 22.4 16.299999" width="22.4" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<g transform="matrix(.017,-0,0,-.017,.062,7.675)"><path d="M516 277q0 -126 -140 -231q-36 -27 -75.5 -42.5t-63.5 -15.5q-38 0 -73 43q-10 -44 -18 -106q-18 -134 -32 -151q-12 -16 -40 -25t-46 -10l-5 14q22 38 84 406q16 92 44.5 146.5t88.5 95.5q68 47 136 47q63 0 101.5 -47.5t38.5 -123.5zM432 259q0 61 -27 101t-79 40
t-82 -49t-49 -148l-24 -127q42 -36 88 -36q79 0 126 61.5t47 157.5z" id="x1D70C"></path></g>
<g transform="matrix(.012,-0,0,-.012,9.225,12.713)"><path d="M642 419q-50 -36 -71 -94q-28 -78 -68 -170q-39 -89 -114 -135q-34 -21 -83 -31l-45 -219l-31 -31q-8 7 -15 29.5t-2 45.5l35 172q-153 10 -153 169q0 28 6 84q7 68 7 88q0 48 -27 48q-18 0 -51 -28l-7 26q62 75 118 75q49 0 49 -90q0 -47 -5 -81q-10 -72 -10 -108
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<g transform="matrix(.008,-0,0,-.008,17.012,16.238)"><path d="M412 140l28 -9q0 -2 -35 -131h-373v23q112 112 161 170q59 70 92 127t33 115q0 63 -31 98t-86 35q-75 0 -137 -93l-22 20l57 81q55 59 135 59q69 0 118.5 -46.5t49.5 -122.5q0 -62 -29.5 -114t-102.5 -130l-141 -149h186q42 0 58.5 10.5t38.5 56.5z" id="x32"></path></g>
</svg></span></td><td align="center">0.9196</td></tr><tr class="table-tr"><td colspan="2"><hr class="tbody-hr"/></td></tr></table></td></tr></table>

Economics Research International

tab8

Table 8

Table 8: Commodity Food Prices: Review and Empirics 