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Record W3121258113

The ENSO Effect and Asymmetries in Wheat Price Dynamics

2017· preprint· en· W3121258113 on OpenAlexaboutno aff
David Ubilava

Bibliographic record

VenueRePEc: Research Papers in Economics · 2017
Typepreprint
Languageen
FieldEconomics, Econometrics and Finance
TopicMarket Dynamics and Volatility
Canadian institutionsnot available
Fundersnot available
KeywordsLa NiñaEconomicsEl Niño Southern OscillationProxy (statistics)Anomaly (physics)Autoregressive modelClimatologyMonetary economicsEconometricsMathematicsPhysics
DOInot available

Abstract

fetched live from OpenAlex

Climate has historically played a critical role in the development of nations, primarily due to its intrinsic linkage with agricultural production and prices. This study examines one such relationship between the better known and most talked about climate anomaly, El Niño Southern Oscillation (ENSO), and the international prices of wheat, one of the most produced and consumed grain cereals in the world. The ENSO–price relationship, moreover, is assumed to be characterized by nonlinear dynamics, because of the known asymmetric nature of ENSO cycles, as well as that of wheat prices. This study applies a vector smooth transition autoregressive (VSTAR) modeling framework to monthly spot prices of wheat from the United States, the European Union, Australia, Canada, and Argentina, as well as the sea surface temperature anomalies from the Nino3.4 region, which serves as a proxy for the ENSO variable. Results show that, overall, wheat prices tend to increase after La Niña events, and decrease after El Niño events. The regime-dependent dynamics are apparent with more amplified price responses after La Niña shocks, and with more persistent price responses during the La Niña conditions. This is consistent with the economics of storage, wherein shocks related to expected supply and demand are known to have a more pronounced effect in a low-inventory regime. Findings of this study have strong implications for development economics, as they point to an additional channel of adversity due to the ENSO-related climate shocks. Moreover, the ENSO-induced price fluctuations are likely to affect the dynamics of international food and cash programs during extreme episodes of this climate anomaly.

Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.

How this classification was reachedexpand

Full frame machine prediction

Teacher imitation

Not calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.

metaresearch head score (Codex)0.001
metaresearch head score (Gemma)0.002
Version: metacan-v3-hybrid-931329e0061cValidation status: machine_predicted_unvalidated
Candidate categoriesnone
Consensus categoriesnone
DomainCandidate signal: none · Consensus signal: none
Study designCandidate signal: Simulation or modeling · Consensus signal: none
GenreCandidate signal: Empirical · Consensus signal: Empirical
Teacher disagreement score0.007
Threshold uncertainty score0.014

Distilled classifier scores by category (both heads)

CategoryCodexGemma
Metaresearch0.0010.002
Meta-epidemiology (narrow)0.0000.000
Meta-epidemiology (broad)0.0000.000
Bibliometrics0.0000.000
Science and technology studies0.0000.000
Scholarly communication0.0010.001
Open science0.0000.000
Research integrity0.0000.000
Insufficient payload (model declined to judge)0.0020.000

Machine scores (provisional)

The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.

Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.

Opus teacher head0.025
GPT teacher head0.292
Teacher spread0.267 · how far apart the two teachers sit on this one work
Validation statusscore_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it

Classification

machine, unvalidated

Machine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.

The models applied no category: nothing in the taxonomy fit this work.
Study designSimulation or modeling
Domainnot available
GenreEmpirical

How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".

Quick stats

Citations0
Published2017
Admission routes1
Has abstractyes

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