Precios de productos almacenables: implicaciones del modelo de inventarios

  • Eugenio Bobenrieth

Abstract

Stock variations are recognized, by market participants and by the literature,
as relevant in the determination of prices of storable assets. This paper presents
results in the literature of rational expectations dynamic models based on
stock variations, to explain price variations. The non-negativity restrictions in
aggregate storage induce endogenous non-linearity in the market demand for
the asset. The model generates empirical regularities observed in price series:
occasional sharp price increases, periods of stability, positive serial correlation,
and conditional (and limit) asymmetry in the price distribution.
Keywords Commodities, price, storage, speculation
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How to Cite
Bobenrieth, E. (2016). Precios de productos almacenables: implicaciones del modelo de inventarios. Estudios de Economía, 31(1), pp. 67-78. Retrieved from https://estudiosdeeconomia.uchile.cl/index.php/EDE/article/view/40860/43509
Section
Articles
Published
2016-05-06