TY - BOOK ID - 84540904 TI - Commodity and Manufactures Prices in the Long Run PY - 1991 SN - 1462394434 1455208108 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Commercial products KW - Commodities KW - Commodity Markets KW - Commodity price fluctuations KW - Commodity price indexes KW - Commodity prices KW - Deflation KW - Economic History: Macroeconomics and Monetary Economics KW - Economic sectors KW - Growth and Fluctuations: General, International, or Comparative KW - Industries: Manufacturing KW - Industry Studies: Manufacturing: General KW - Inflation KW - Investment & securities KW - Investments: Commodities KW - Macroeconomics KW - Manufacturing industries KW - Manufacturing KW - Price indexes KW - Price Level KW - Prices KW - United Kingdom UR - https://www.unicat.be/uniCat?func=search&query=sysid:84540904 AB - The low level of primary commodity prices since 1985 is examined in the context of the behavior of those prices relative to prices of manufactured goods since 1854. The Prebisch-Singer hypothesis of a secular decline in relative commodity prices is sustained, but the recent decline is shown to be well outside the realm of historical experience. Commodity and manufactures prices are found to be cointegrated, conditional on the negative trend and a number of unexplained short-term swings. The earlier finding of a Gibson paradox is explained in terms of the difference between short- and long-run relationships. ER -