Long-term trends in the Real real prices of primary commodities: Inflation bias and the Prebisch-Singer hypothesis

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dc.contributor.authorSvedberg, Peter
dc.contributor.authorTilton, John E.
dc.date.accessioned2024-01-10T13:50:05Z
dc.date.available2024-01-10T13:50:05Z
dc.date.issued2011
dc.description.abstractIn his recent article on measuring the long-term trends in the real prices of primary commodities, Cuddington (2010) extends in several important respects our earlier efforts (Svedberg and Tilton, 2006) to correct real commodity price trends for biases in the Consumer Price Index and other deflators. First, he argues for a log-linear relationship between prices and time. Second, he proposes a simple and quick method for obtaining corrected price trends from the published but uncorrected estimates. Finally, he illustrates, for the case of copper and presumably for many other commodities as well, the difficulties of obtaining real price trends significantly different from zero when the log values of the price data contain a unit root, requiring the use of difference stationary models.
dc.description.abstractWe welcome these insights, which should improve and make easier efforts to estimate correctly real commodity price trends over the long run. We would stress, however, that it is still important to correct for the biases in inflation indices, notwithstanding the failure of difference stationary models to obtain long-run real price trends (both corrected and uncorrected) significantly different from zero. (C) 2010 Elsevier Ltd. All rights reserved.
dc.fechaingreso.objetodigital09-04-2024
dc.format.extent3 páginas
dc.fuente.origenWOS
dc.identifier.doi10.1016/j.resourpol.2010.08.003
dc.identifier.issn0301-4207
dc.identifier.urihttps://doi.org/10.1016/j.resourpol.2010.08.003
dc.identifier.urihttps://repositorio.uc.cl/handle/11534/79504
dc.identifier.wosidWOS:000289328000010
dc.information.autorucIngeniería;Tilton J;S/I;1002636
dc.issue.numero1
dc.language.isoen
dc.nota.accesoContenido parcial
dc.pagina.final93
dc.pagina.inicio91
dc.publisherELSEVIER SCI LTD
dc.revistaRESOURCES POLICY
dc.rightsacceso restringido
dc.subjectPrimary commodity prices
dc.subjectPrebisch-Singer hypothesis
dc.subjectInflation bias
dc.subjectRelative price trends
dc.subject.ods12 Responsible Consumption and Production
dc.subject.odspa12 Producción y consumo responsable
dc.titleLong-term trends in the Real real prices of primary commodities: Inflation bias and the Prebisch-Singer hypothesis
dc.typeartículo
dc.volumen36
sipa.codpersvinculados1002636
sipa.indexWOS
sipa.indexScopus
sipa.trazabilidadCarga SIPA;09-01-2024
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