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Empirically testing the law of one price in international commodity markets: a rational expectations approach



Empirically testing the law of one price in international commodity markets: a rational expectations approach



Dissertation Abstracts International, A Humanities and Social Sciences 49(7): p.1897



The law of one price (LOP) is an important ingredient in theories of international trade and exchange rate determination. A simple model of intertemporal spatial trade which incorporates the price and exchange rate expectations of commodity arbitragers is constructed. An econometric procedure for empirically applying the expectations augmented model is also evaluated. The model is applied to international markets for US agricultural commodities and to the international metals market.

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Accession: 001823057

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