NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Philip Abbott

Department of Agricultural Economics
Purdue University
Krannert Bldg, Rm 576
403 W State Street
West Lafayette, IN 47907-2056
Phone:(1) 765-494-4274

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NBER Working Papers and Publications

October 2014Biofuels, Binding Constraints, and Agricultural Commodity Price Volatility
in The Economics of Food Price Volatility, Jean-Paul Chavas, David Hummels, and Brian D. Wright, editors
The share of U.S. corn production used to produce ethanol increased from 12.4% in the 2004/05 crop year to over 38.5% in the 2010/11 crop year, and remained there even in 2011/12. Even after accounting for return of by-products to the feed market, this is a persistent new demand for corn that has changed price dynamics. Nevertheless, the role of biofuels in determining recent high corn and other agricultural commodity prices and volatility remains controversial. Policy measures to encourage biofuels production, including the Renewable Fuels Standard (RFS) mandates, subsidies to ethanol blenders, regulations on gasoline chemistry, and import tariffs, helped create this demand for corn and contributed to incentives to create the capacity to produce ethanol and to use corn for fuel rather tha...
March 2013Biofuels, Binding Constraints and Agricultural Commodity Price Volatility
w18873
The share of U.S. corn production used to produce ethanol increased from 12.4% in the 2004/05 crop year to over 38.5% in the 2010/11 crop year, and remained at that high level in 2011/12. Even after accounting for return of by-products to the feed market, this is a large and persistent new demand for corn that surely has changed price dynamics. Nevertheless, the role of biofuels in determining recent high corn and other agricultural commodity prices, as well as their volatility, remains controversial. Policy measures to encourage biofuels production, including the Renewable Fuels Standard (RFS) mandates, subsidies to ethanol blenders, regulations on gasoline chemistry and import tariffs, helped to create this new, persistent demand for corn and contributed to incentives to create the ca...

Published: Biofuels, Binding Constraints, and Agricultural Commodity Price Volatility, Philip Abbott. in The Economics of Food Price Volatility, Chavas, Hummels, and Wright. 2014

 
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