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Agriculture 2012, 2(3), 272-281; doi:10.3390/agriculture2030272
Article

Biofuel and Food-Commodity Prices

1,* , 2
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Received: 4 August 2012; in revised form: 10 September 2012 / Accepted: 18 September 2012 / Published: 24 September 2012
(This article belongs to the Special Issue Biofuels, Food Security, and Accompanying Environmental Concerns)
View Full-Text   |   Download PDF [181 KB, uploaded 24 September 2012]
Abstract: The paper summarizes key findings of alternative lines of research on the relationship between food and fuel markets, and identifies gaps between two bodies of literature: one that investigates the relationship between food and fuel prices, and another that investigates the impact of the introduction of biofuels on commodity-food prices. The former body of literature suggests that biofuel prices do not affect food-commodity prices, but the latter suggests it does. We try to explain this gap, and then show that although biofuel was an important contributor to the recent food-price inflation of 2001–2008, its effect on food-commodity prices declined after the recession of 2008/09. We also show that the introduction of cross-price elasticity is important when explaining soybean price, but less so when explaining corn prices.
Keywords: biofuels; commodity-food prices; economic growth; energy prices; exchange rate biofuels; commodity-food prices; economic growth; energy prices; exchange rate
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

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MDPI and ACS Style

Hochman, G.; Kaplan, S.; Rajagopal, D.; Zilberman, D. Biofuel and Food-Commodity Prices. Agriculture 2012, 2, 272-281.

AMA Style

Hochman G, Kaplan S, Rajagopal D, Zilberman D. Biofuel and Food-Commodity Prices. Agriculture. 2012; 2(3):272-281.

Chicago/Turabian Style

Hochman, Gal; Kaplan, Scott; Rajagopal, Deepak; Zilberman, David. 2012. "Biofuel and Food-Commodity Prices." Agriculture 2, no. 3: 272-281.


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