Commodity Food Prices: Review and Empirics

<table class="table-group" id="tab7"><tr><td><table class="table"><tr><td class="thead-hr" colspan="3"><hr/></td></tr><tr class="thead"><td align="left">Variance of disturbances</td><td align="center">Values</td><td align="center"><svg height="12.1125" id="M64" style="vertical-align:-3.50804pt" version="1.1" viewbox="0 0 8.4750004 12.1125" width="8.4750004" 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="M474 429q-19 -69 -47 -222l-65 -347q-8 -49 0 -60t49 -16l26 -3l-4 -26l-246 -12l4 25l17 3q37 6 50 20.5t23 60.5l67 321h-2q-65 -79 -150 -138q-69 -47 -104 -47q-28 0 -48.5 32t-20.5 81q0 78 35 148t90 117q67 57 161 77q23 5 58 5q43 0 90 -15zM387 387
q-30 16 -75 16q-58 0 -92 -27q-49 -39 -78.5 -112t-29.5 -136q0 -34 8.5 -52.5t21.5 -18.5q40 0 109.5 63.5t103.5 115.5q16 53 32 151z" id="x1D45E"></path></g>
</svg>-ratio</td></tr><tr><td class="thead-hr" colspan="3"><hr/></td></tr><tr><td align="left"><span style="width: 16.225px;"><svg height="23.025" id="M65" style="vertical-align:-5.76988pt" version="1.1" viewbox="0 0 16.225 23.025" width="16.225" 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="M471 401q0 -32 -14 -91l-83 -376q-30 -146 -21 -180l-7 -15q-22 0 -47.5 23.5t-25.5 40.5q0 49 53 271l53 224q4 18 6.5 31t3.5 22.5t1 15t-2 9t-4.5 4.5t-6.5 1q-31 0 -100.5 -63.5t-126.5 -145.5q-16 -53 -40 -163q-48 -11 -74 -21l-7 8l82 341q9 36 -4 36
q-8 0 -28.5 -14t-38.5 -32l-17 22q41 43 85 71t66 28q23 0 23 -39q0 -19 -10 -64l-24 -103h2q77 101 201 182q37 24 74 24q31 0 31 -47z" id="x1D702"></path></g>
</svg></span></td><td align="center">0.00000</td><td align="center">0.0000</td></tr><tr><td align="left"><span style="width: 17.9375px;"><svg height="20.0625" id="M66" style="vertical-align:-3.3907pt" version="1.1" viewbox="0 0 17.9375 20.0625" width="17.9375" 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="M615 290q0 -148 -114 -245q-65 -57 -125 -57q-39 0 -62 27t-29 70q-31 -41 -72 -69t-74 -28q-49 0 -82.5 43t-33.5 124q0 97 55 174.5t148 124.5l15 -24q-59 -45 -94 -113t-35 -146q0 -58 19.5 -88.5t48.5 -30.5q33 0 62 34.5t45 101.5q16 73 20 135l80 17l5 -6
q-11 -37 -23.5 -100t-12.5 -92q0 -47 16.5 -71.5t44.5 -24.5q62 0 95.5 67t33.5 160q0 107 -63 152l1 9q14 14 45 14q29 0 57.5 -44t28.5 -114z" id="x1D714"></path></g>
</svg></span></td><td align="center">0.00000</td><td align="center">0.0000</td></tr><tr><td align="left"><span style="width: 21.0875px;"><svg height="22.775" id="M67" style="vertical-align:-5.56926pt" version="1.1" viewbox="0 0 21.0875 22.775" width="21.0875" 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="M484 406q0 -21 -22 -38q-10 -7 -18 -1q-15 11 -30 11q-30 0 -77.5 -37t-74.5 -67l79 -168q11 -23 19.5 -34.5t13 -14t10.5 -2.5q9 0 30 17.5t40 42.5l17 -23q-31 -45 -57.5 -69.5t-40.5 -29.5t-31 -5q-18 0 -32 13.5t-35 55.5q-34 71 -69 160q-36 -32 -59 -56
q-12 -27 -36 -158q-44 -7 -77 -15l-5 7l82 349q6 25 -2 25q-16 0 -72 -41l-14 22q44 41 89 69.5t66 28.5q19 0 19 -32q0 -16 -6 -43l-35 -160l146 143q94 92 136 92q20 0 33 -12t13 -30z" id="x1D705"></path></g>
<g transform="matrix(.008,-0,0,-.008,15.7,22.713)"><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">3.015 × 10<sup>−5</sup></td><td align="center">0.2283</td></tr><tr><td align="left"><span style="width: 21.0875px;"><svg height="22.775" id="M68" style="vertical-align:-5.56926pt" version="1.1" viewbox="0 0 21.0875 22.775" width="21.0875" 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="M484 406q0 -21 -22 -38q-10 -7 -18 -1q-15 11 -30 11q-30 0 -77.5 -37t-74.5 -67l79 -168q11 -23 19.5 -34.5t13 -14t10.5 -2.5q9 0 30 17.5t40 42.5l17 -23q-31 -45 -57.5 -69.5t-40.5 -29.5t-31 -5q-18 0 -32 13.5t-35 55.5q-34 71 -69 160q-36 -32 -59 -56
q-12 -27 -36 -158q-44 -7 -77 -15l-5 7l82 349q6 25 -2 25q-16 0 -72 -41l-14 22q44 41 89 69.5t66 28.5q19 0 19 -32q0 -16 -6 -43l-35 -160l146 143q94 92 136 92q20 0 33 -12t13 -30z" id="x1D705"></path></g>
<g transform="matrix(.008,-0,0,-.008,15.7,22.713)"><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">0.00013</td><td align="center">1.0000</td></tr><tr><td align="left"><span style="width: 16.0625px;"><svg height="20.0625" id="M69" style="vertical-align:-3.3907pt" version="1.1" viewbox="0 0 16.0625 20.0625" width="16.0625" 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="M387 375q0 -16 -17 -31t-29 -15q-9 0 -12 13q-13 74 -80 74q-36 0 -61 -24.5t-25 -56.5t24 -51.5t68 -19.5q33 0 47 2l2 -7l-32 -42q-20 2 -54 2q-45 0 -74 -21.5t-29 -60.5q0 -41 28 -65.5t73 -24.5q78 0 145 67l17 -23q-33 -47 -84.5 -75t-111.5 -28q-70 0 -114.5 35.5
t-44.5 92.5q0 46 38 78t95 45v2q-35 10 -54.5 33t-19.5 52q0 55 53 88.5t122 33.5q67 0 98.5 -23.5t31.5 -49.5z" id="x1D700"></path></g>
</svg></span></td><td align="center">0.00000</td><td align="center">0.0000</td></tr><tr class="table-tr"><td colspan="3"><hr class="tbody-hr"/></td></tr></table></td></tr><tr class="table-fn"><td><svg height="12.1125" id="M70" style="vertical-align:-3.50804pt" version="1.1" viewbox="0 0 8.4750004 12.1125" width="8.4750004" 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="M474 429q-19 -69 -47 -222l-65 -347q-8 -49 0 -60t49 -16l26 -3l-4 -26l-246 -12l4 25l17 3q37 6 50 20.5t23 60.5l67 321h-2q-65 -79 -150 -138q-69 -47 -104 -47q-28 0 -48.5 32t-20.5 81q0 78 35 148t90 117q67 57 161 77q23 5 58 5q43 0 90 -15zM387 387
q-30 16 -75 16q-58 0 -92 -27q-49 -39 -78.5 -112t-29.5 -136q0 -34 8.5 -52.5t21.5 -18.5q40 0 109.5 63.5t103.5 115.5q16 53 32 151z" id="x1D45E"></path></g>
</svg>-ratio is the ratio of each variance to the largest.<br/></td></tr></table>

Variance of disturbances: values and <svg height="12.1125" id="M63" style="vertical-align:-3.50804pt" version="1.1" viewbox="0 0 8.4750004 12.1125" width="8.4750004" 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="M474 429q-19 -69 -47 -222l-65 -347q-8 -49 0 -60t49 -16l26 -3l-4 -26l-246 -12l4 25l17 3q37 6 50 20.5t23 60.5l67 321h-2q-65 -79 -150 -138q-69 -47 -104 -47q-28 0 -48.5 32t-20.5 81q0 78 35 148t90 117q67 57 161 77q23 5 58 5q43 0 90 -15zM387 387
q-30 16 -75 16q-58 0 -92 -27q-49 -39 -78.5 -112t-29.5 -136q0 -34 8.5 -52.5t21.5 -18.5q40 0 109.5 63.5t103.5 115.5q16 53 32 151z" id="x1D45E"></path></g>
</svg>-ratio.

Economics Research International

Commodity Food Prices: Review and Empirics

Table 7