Table 4: Selection of studies supporting the Masters’ hypothesis.

StudiesObject of investigationEconometric approachTime series range

[27]Potential feedback loop of high food prices driven by excessive speculationRolling window Granger causality tests01/2002–02/2008
[39]Supply, demand, and market factors affecting food pricesOLS regression; rolling window Granger causality tests1/2002–06/2009
[2]Impacts of demand and supply shocks on commodity pricesUnivariate Granger causality tests; regression analysis1971–2009
[40]Linkage between commodity markets; special focus on rice marketsDaily rolling window Granger causality tests31/12/1999–02/07/2008