| dc.contributor.author | Pindyck, Robert S. | en_US |
| dc.contributor.other | Massachusetts Institute of Technology. Center for Energy and Environmental Policy Research. | en_US |
| dc.date.accessioned | 2009-04-03T17:04:40Z | |
| dc.date.available | 2009-04-03T17:04:40Z | |
| dc.date.issued | 2001 | en_US |
| dc.identifier | 2001-002 | en_US |
| dc.identifier.uri | http://hdl.handle.net/1721.1/44974 | |
| dc.description.abstract | I discuss the short-run dynamics of commodity prices, production, and inventories, as well as the sources and effects of market volatility. I explain how prices, rates of production, and inventory levels are interrelated, and are determined via equilibrium in two interconnected markets: a cash market for spot purchases and sales of the commodity, and a market for storage. I show how equilibrium in these markets affects and is affected by changes in the level of price volatility. I also explain the role and behavior of commodity futures markets, and the relationship between spot pries, futures prices, and inventory behavior. I illustrate these ideas with data for the petroleum complex--crude oil, heating oil, and gasoline--over the past two decades. | en_US |
| dc.description.sponsorship | Supported by the MIT Center for Energy and Environmental Policy Research. | en_US |
| dc.format.extent | 38 p | en_US |
| dc.publisher | MIT Center for Energy and Environmental Policy Research | en_US |
| dc.relation.ispartofseries | MIT-CEEPR (Series) ; 01-002WP. | en_US |
| dc.title | The dynamics of commodity spot and futures markets | en_US |
| dc.type | Working Paper | en_US |
| dc.identifier.oclc | 52315031 | en_US |
