A Short Note on Updating the Grilli and Yang Commodity Price Index

Pfaffenzeller, Stephan; Newbold, Paul; Rayner, A. J.

doi:10.1093/wber/lhl013

Cited by 106 publications

(72 citation statements)

References 8 publications

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“…Ocampo and Parra (2003) used UNCTAD and IMF commodity prices to update the G-Y series until 2000. Pfaffenzeller et al (2007) published the actual list of the product used by Grilli and Yang and a detailed update until 2003. These authors went back to the original series used by Grilli and Yang and recalculated them since 1900, resulting in slight differences with respect to the original series.…”

Section: Appendix A: Methodology Used To Extend and Update The Commodmentioning

confidence: 99%

The terms of trade for commodities since the mid-19^thcentury

Ocampo¹,

Parra-Lancourt²

2010

RHE / JILAEH

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This paper shows that there was an improvement in the barter terms of trade for non-fuel commodities vs. manufactures in the late 19 th and early 20 th centuries, followed by significant deterioration over the rest of the 20 th century. However, the decline over most of the 20 th century was neither continuous nor was it distributed evenly among different commodity groups. The far-reaching changes that the world economy underwent around 1920 and again around 1979 led to a stepwise deterioration which, over the long term, was reflected in roughly a halving of real commodity prices. Tropical agriculture fared the worst, whereas minerals had the best performance, with non-tropical agriculture in an intermediate situation. RESUMENEste ensayo muestra que hubo una mejoría en los términos de intercambio de trueque de los productos bá sicos a fines del siglo XIX y comienzos del XX, seguido por un deterioro significativo en el resto del siglo XX. Sin embargo, el deterioro durante la mayor parte del siglo XX no fue continuo ni se distribuyó en forma homogénea en diferentes grupos de productos. Los cambios de largo alcance que experimentó la economía mundial en torno a 1920 y nuevamente a 1979 se reflejaron en una caída escalonada, que a largo plazo redujo los precios reales de productos bá sicos aproximadamente a la mitad. La agricultura tropical experimentó el peor desempeñ o y la minería el mejor, con la agricultura no tropical en una situació n intermedia. El incremento de los precios que se experimentó en la primera década del siglo XXI puede ser el inicio de una nueva fase de alza de larga duració n, pero es demasiado temprano para saberlo.Palabras clave: Productos bá sicos, términos de intercambio, hipó tesis de Prebisch-Singer, cambios estructurales

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Section: Appendix A: Methodology Used To Extend and Update The Commodmentioning

confidence: 99%

The terms of trade for commodities since the mid-19^thcentury

Ocampo¹,

Parra-Lancourt²

2010

RHE / JILAEH

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“…The commodity price indices often used in the literature are Laspeyres-style indices based on Grilli & Yang's (1988) methodology and extended by Pfaffenzeller et al (2007), which use a fixed basket of commodity weights for each country. This method has the advantage of being comparable across time: since weights are fixed over the length of the series, the composition of the index does not change and movements in the series can be directly interpreted as movements in the price of those commodities.…”

Section: Commodity Prices and Their Behaviormentioning

confidence: 99%

Was this time different?: Fiscal policy in commodity republics

Céspedes

Velasco

2014

Journal of Development Economics

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for excellent research assistantship and to Cristian Muñoz for data collection. We are also grateful to Luis Catao for sharing his data with us. We thank Guillermo Calvo, Choongsoo Kim, Harald Uhlig and three anonymous referees for very useful comments and suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

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“…14 Since, their dataset (or variants) has become the most widely used for empirical research on historical commodity prices. The original data from GY has been recently revised and updated to 2003 by Pfaffenzeller et al (2007).…”

Section: Datamentioning

confidence: 99%

Primary commodity prices: Co-movements, common factors and fundamentals

Byrne

Fazio

Fiess³

2011

Policy Research Working Papers

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The behavior of commodities is critical for developing and developed countries alike. This paper contributes to the empirical evidence on the co-movement and determinants of commodity prices. Using nonstationary panel methods, we document a statistically significant degree of co-movement due to a common factor. Within a Factor Augmented VAR approach, real interest rate and uncertainty, as postulated by a simple asset pricing model, are both found to be negatively related to this common factor. This evidence is robust to the inclusion of demand and supply shocks, which both positively impact on the co-movement of commodity prices.

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A Short Note on Updating the Grilli and Yang Commodity Price Index

Cited by 106 publications

References 8 publications

The terms of trade for commodities since the mid-19^thcentury

The terms of trade for commodities since the mid-19^thcentury

Was this time different?: Fiscal policy in commodity republics

Primary commodity prices: Co-movements, common factors and fundamentals

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A Short Note on Updating the Grilli and Yang Commodity Price Index

Cited by 106 publications

References 8 publications

The terms of trade for commodities since the mid-19thcentury

The terms of trade for commodities since the mid-19thcentury

Was this time different?: Fiscal policy in commodity republics

Primary commodity prices: Co-movements, common factors and fundamentals

Contact Info

Product

Resources

About

The terms of trade for commodities since the mid-19^thcentury

The terms of trade for commodities since the mid-19^thcentury