THE IMPACT OF THE RECENT FEDERAL RESERVE LARGESCALE ASSET PURCHASES ON THE AGRICULTURAL COMMODITY PRICES: A HISTORICAL DECOMPOSITION
Abstract
In this study, we evaluate the effects of the recent Federal Reserve’s purchases of longterm
assets on prices of agricultural commodities. The first large-scale asset purchases
began at the end of 2008, after the Great Recession, and the second purchases began in
November of 2010. The commodities included in this analysis are meats (beef, pork, and
broilers), cereal grains (corn, soybeans, wheat, and rice), and softs (sugar, coffee, cocoa,
and cotton). Using historical decompositions, we find significant increases in the nominal
agricultural prices of ten out of 12 agricultural commodities under investigation from the
second large-scale asset purchases (in 2010) but the first set large-scale asset purchases had
only two positive effects.
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65606
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