The Simple Economics of Commodity Price Speculation
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https://www.nber.org/papers/w18951
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The price of crude oil in the U.S. never exceeded $40 per barrel until mid-2004. By 2006 it reached $70, and in July 2008 it peaked at $145. By late 2008 it had plummeted to about $30 before increasing to $110 in 2011. Are speculators at least partly to blame for these sharp price changes? We
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美国国家经济研究局创建时间：
2013-04-01
