Limits to Arbitrage and Hedging: Evidence from Commodity Markets
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Motivated by the literature on limits-to-arbitrage, we build an equilibrium model of commodity markets in which speculators are capital constrained, and commodity producers have hedging demands for commodity futures. Increases (decreases) in producers' hedging demand (speculators' risk-capacity)
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美国国家经济研究局创建时间：
2011-03-01
